Market News

Market News (INET BFA)

25Sep

#WomensMonth: Esha Mansingh of DP World is empowering women and transforming business

The recent Brics discussions held in Johannesburg echoed sentiments of unity, collaboration, and mutual growth. For the local advertising and marketing community of South Africa, these deliberations should hold immense potential, setting the stage for lucrative opportunities. Image supplied. Musa Kalenga, group CEO, The Brave Group, says the recent BRICS meeting sets the stage for lucrative opportunities for the creative industry Central to the Brics charter is fostering economic cooperation. As these countries build stronger ties, trade barriers are set to diminish. As businesses expand across Brics nations, they will require sophisticated marketing insights to navigate unfamiliar terrains. Agencies equipped with local knowledge and global perspectives stand to benefit immensely.

Source - South Africa Finance News
25 Sep 2023
8Sep

Understanding Business Car Insurance

Running a business involves a multitude of responsibilities, and one of them is ensuring the safety of your vehicles. Business car insurance is a critical aspect that provides protection against unforeseen circumstances while using vehicles for business purposes. In this guide, we will delve into the intricacies of business car insurance, its types, importance, and how to navigate the process effectively. Understanding Business Car Insurance Business car insurance, also known as commercial auto insurance, is designed to cover vehicles used for business-related activities. Whether it's transporting goods, employees, or clients, this specialized insurance offers coverage beyond personal car insurance, safeguarding your business from potential financial setbacks due to accidents, theft, or damages. Types of Business Car Insurance Commercial Auto Insurance This type of insurance covers vehicles owned by the business, providing protection for accidents, property damage, bodily injury, and even damage caused by uninsured or underinsured drivers. Hired and Non-Owned Auto Insurance If your business uses vehicles that aren't owned by the company or employees use their personal vehicles for business tasks, this insurance offers coverage for such situations. Importance of Business Car Insurance Business car insurance holds immense importance due to the unique risks associated with commercial vehicle usage. It not only protects your business financially but also ensures smooth operations even in challenging circumstances. Factors Affecting Business Car Insurance Rates Various factors influence the rates of business car insurance, including: Driving Record A clean driving record demonstrates responsible behavior and can lead to lower insurance premiums. Type of Coverage The extent of coverage you choose affects the cost. Comprehensive coverage will naturally incur higher premiums but provides broader protection. Vehicle Usage How the vehicles are used-whether for transporting goods, employees, or sales

Source - Mzansi Indaba
8 Sep 2023
8Sep

Asian equities edge lower as dollar, yuan weaken: Markets wrap

Spot gold rose 0.3% to $1 924.94 an ounce. By Richard Henderson, Bloomberg 8 Sep 2023 Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while trading in Hong Kong was scrapped due to weather. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. ADVERTISEMENT CONTINUE READING BELOW The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures were little changed Friday. Apple's Asia-based suppliers also fell. In currencies, the dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction f

Source - Moneyweb
8 Sep 2023
8Sep

Business pioneer Raymond Ackerman dies at 92

Business mogul and founder of JSE-listed Pick n Pay group, Raymond Ackerman, dies at the age of 92. Ackerman founded Pick n Pay in 1967 alongside his wife, Wendy. He purchased four stores in 1960 which has now expanded to close to 2000 stores across South Africa. It was mentioned in the statement that Ackerman came from a retail family. His father, Gus Ackerman, founded Pick n Pay to later sell it to the Greatermans, who then hired Raymond as a trainee manager in 1951. Ackerman went on to win the Outstanding Young Person Award alongside Gary Player. He is an avid believer of "the customer is Queen and that doing good, is good for business. Ackerman was well-known for his business sayings. The Citizen mentions that Ackerman was an avid believer in the "four legs of the table - administration, social responsibility, marketing, people and merchandise with people on top. Ackerman is survived by his wife, Wendy, his children, Gareth, Kathy, Suzanne and Jonathan. He has 12 grandchildren as well as four great-grandchildren. Compiled by Abigail Visagie

Source - Bloemfontein Courant
8 Sep 2023
8Sep

Interest rate worries continue to impact markets

The JSE declined by 1.65% on Thursday as persistent concerns about global growth and the possibility of additional interest rate increases by the US Federal Reserve (Fed) dampened investor's mood. With load shedding stage 6 still in effect, the kept falling and traded over the R19/$ level at 21h55 local time. According to the latest data, "South Africa's consumer confidence increased in the third quarter of 2023 in comparison to the second quarter, however, it was still in negative territory, Trading Economics added. Wall Street was mixed yesterday, with the S&P 500 losing 0.30% and the Nasdaq falling 0.91% while the Jones traded 0.20% higher at 22h05. Especially after declines in big tech and "bets increased that the Fed will keep interest rates higher for longer as the US economy remains robust. Initial jobless claims came below market forecasts to hit the lowest level since February prompting a rise in Treasury yields and weighing on tech shares, stated Trading Economics. European stocks ended the day lower, tracking weakness in US markets, following a smaller-than-expected initial jobless claims report that increased expectations the Fed would maintain high interest rates for an extended period of time. Investors also analysed lacklustre economic data while also attempting to predict European monetary policy. A smaller-than-expected economic growth in 2Q223 was indicated by revised GDP data for the Eurozone, and Germany's industrial production numbers were also disappointing. The information strengthened bets that the European Central Bank (ECB) could hold interest rates stable next week. The Hong Kong stock market lost 1.34% on Thursday after mounting concerns that China's economic growth was still slowing. Despite the rate of losses being less severe than anticipated, new data revealed that both exports and imports in the nation experienced further declines in August. The dropped 0.75% as Japanese stocks ended an eight-day winning streak and followed overnight losses on Wall

Source - Investing
8 Sep 2023
8Sep

SOUTH32 LIMITED — 2023 Annual Report

8 September 2023 2023 Annual Report South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth)) (ACN 093 732 597) ASX / LSE / JSE Share Code: S32; ADR: SOUHY ISIN: AU000000S320 2023 ANNUAL REPORT South32 Limited (ASX, JSE, LSE: S32; ADR: SOUHY) (South32) advises that the following documents in PDF format have today been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. - 2023 Annual Report - 2023 Corporate Governance Statement - Appendix 4G: Key to Disclosures — Corporate Governance Council Principles & Recommendations These documents may be accessed via South32's website at https://www.south32.net/investors/annual-reporting-suite or www.south32.net. The 2023 Annual Report is available on the National Storage Mechanism in unedited full text will be uploaded in structured electronic format on 13 September 2023. About us South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We produce commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world. Investor Relations Ben Baker T +61 8 9324 9363 M +61 403 763 086 E Ben.Baker@south32.net Media Relations Jamie Macdonald Miles Godfrey T +61 8 9324 9000 T +61 8 9324 9000 M +61 408 925 140 M +61 415 325 906 E Jamie.Macdonald@south32.net E Miles.Godfrey@south32.net Further information on South32 can be found at www.south32.net. Approved for release by Graham Kerr, Chief Executive Officer JSE Sp

Source - Moneyweb
8 Sep 2023
8Sep

BYTES TECHNOLOGY GROUP PLC — TR-1: Standard form for notification of major holdings

8 September 2023 R110.00 TR-1: Standard form for notification of major holdings Bytes Technology Group plc (Incorporated in England and Wales) (Registered number: 12935776) LEI: 213800LA4DZLFBAC9O33 Share code: BYI ISIN: GB00BMH18Q19 (‘BTG', ‘the Company') TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00BMH18Q19 Issuer Name BYTES TECHNOLOGY GROUP PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name BlackRock, Inc. City of registered office (if applicable) Wilmington Country of registered office (if applicable) USA 4. Details of the shareholder Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above City of registered office (if applicable) Country of registered office (if applicable) 5. Date on which the threshold was crossed or reached 06 Sep 2023 6. Date on which Issuer notified 07 Sep 2023 7. Total positions of person(s) subject to the notification obligation % of voting % of voting rights rights attached through financial Total of Total number to shares (total instruments (total of both in % of voting rights of 8.A) 8.B 1 + 8.B 2) (8.A + 8.B) held in issuer Resulting situation on the date on which threshold was crossed or reached 5.050000 0.480000 5.530000 13274001 Position of previous notification (if applicable) 4.970000 0.470000 5.440000 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A. Voting rights attached to shares Class/Type of Number of direct Number of indirect % of direct % of indirect shares ISIN code(if voting rights voting rights voting rights voting rights possible) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1) GB00BMH18Q19 12095454 5.050000 Sub Total 8.A 12095454 5.050000% 8B1. Financial Instruments according to (DTR5.3.1R.(1) (a)) Type of financial Exercise/conversion Number of

Source - Moneyweb
8 Sep 2023
8Sep

Asian equities edge lower as dollar, yuan weaken: Markets wrap

Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while trading in Hong Kong was scrapped due to weather. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. ADVERTISEMENT CONTINUE READING BELOW The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures were little changed Friday. Apple's Asia-based suppliers also fell. In currencies, the dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controll

Source - South Africa Finance News
8 Sep 2023
8Sep

Raymond Ackerman memorial service: ALL the details confirmed

The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. Here's when you can live-stream. The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. As first reported by The South African website Ackerman died on Wednesday, 6 September at the age of 92. The memorial service for the South African businessman and retail giant will be held on Monday, 11 September at The service can be live streamed HERE Ackerman founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. POST YOUR CONDOLENCES Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. BELOW, 10 THINGS YOU MAY NOT HAVE KNOWN ABOUT RAYMOND ACKERMAN 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became

Source - The South African
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief

Source - Sunday Independent
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released yesterday showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80% of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-to-date rev

Source - Cape Times
8 Sep 2023
8Sep

Asian equities edge lower as dollar, yuan weaken: markets wrap

due to weather , according to the exchange operator. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4% - one of its worst days this year. The dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations, people familiar with the matter said. "Apple's growth story is heavily reliant on China, and if the Beijing crackdown in

Source - MSN
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder

Source - Sunday Independent
8 Sep 2023
8Sep

5 things to consider when starting a business in these challenging times

According to the University of the Western Cape (UWC), South Africa has a greater start-up failure rate than the rest of the globe, with 70% to 80% of small enterprises failing within the first five years. ‘'Such a statistic can make the very idea of trying to start a business in South Africa seem like an impossibility, because the challenges go beyond navigating the legal and regulatory landscape. ‘'It includes securing funding, building a customer base in a competitive market and ensuring ongoing operations and productivity in the face of persistent load shedding,'' says Sandra Beswick, the senior business rescue practitioner and director of Fluence Capital. Beswick adds that, overall, 2022 may be described as a year of recovery, with more than 60% of South African enterprises reporting growth despite the obstacles that emerged. ‘'When it comes to looking ahead for aspiring entrepreneurs , it's wise to do so with an awareness of requirements and trends, challenges and opportunities, if a new company is ever to succeed. Here are Beswick's five key considerations for starting a business during difficult times: Have a business plan and review it regularly A complete business plan is essential for any organisation and the ideal starting point since it needs research into your target market, potential rivals, financial predictions, operational specifics, and marketing tactics. With the numerous problems that South African businesses encounter, it is critical that your business plan be evaluated on a regular basis to guarantee that you and your company stay adaptive in an ever-changing - and increasingly challenging - climate. Tick the legal boxes Dreams and goals aside, there is a fair amount of red tape involved in starting a business in South Africa. While legal requirements differ depending on the size and structure of the business, and the industry it's in, there are a few key requirements. These include establishing what business structure you will use, sett

Source - Pretoria News
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. More on this Hospitality sector up in arms about DStv price hike before Rugby World Cup Don't walk, run! Sho't Left launches epic deals of up to 50% discount on travel bookings during Travel Week De Lille seeks Cabinet approval of R1.2bn for Tourism Equity Fund TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommo

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-t

Source - Sunday Tribune
8 Sep 2023
8Sep

Clients increase their risk appetite as investment goals are hampered by volatile markets, says new study

• Almost all (97%) of wealth managers and financial advisors say their clients' investment goals and objectives have been adversely affected by recent market volatility Ortec Finance • Seven in 10 (69%) say the risk profile of their clients' investments has increased in the past 12 months and over eight in 10 (82%) predict clients will further increase their risk profile in the next 12 months • Almost all (97%) think that the industry is effective at monitoring clients' investment goals, objectives and risk profiles as required by ‘Know Your Client' regulations Clients of wealth managers, portfolio managers, financial advisors and financial planners have already increased their risk appetite or will do so in the next 12 months as their investment goals and objectives have been adversely affected by recent volatile markets, according to new global research* from Ortec Finance, the leading global provider of risk and return management solutions for professional investors. The global study among wealth managers and financial advisors whose organizations collectively manage approximately $750 billion, found almost all (97% of survey respondents) of their clients have had their investment goals and objectives adversely affected by recent market volatility. One fifth (20%) say this has caused their clients up to a six-month delay in realizing their investment goals, increasing to 45% who say this has caused a delay of between six and nine months. Under a third (29%) say this has caused a delay of between nine and 12 months and 3% estimate it to be between 12 and 18 months. This adverse impact on clients' investment goals and delays on realizing them comes despite 95% of wealth managers and financial advisors viewing their clients' investment goals as realistic. 18% say they are very realistic. The global study by Ortec Finance, carried out among wealth managers, financial advisors and planners in Canada, the US, the UK, Australia, Germany and Switzerland, rev

Source - FAnews
8 Sep 2023
8Sep

THE FOSCHINI GROUP LIMITED — Results of annual general meeting

8 September 2023 Results of annual general meeting THE FOSCHINI GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1937/009504/06) Share code: TFG ISIN: ZAE000148466 ("TFG" or "the Company") RESULTS OF ANNUAL GENERAL MEETING At the annual general meeting of The Foschini Group Limited held yesterday, 7 September 2023, all the ordinary and special resolutions were passed by the requisite majority of votes, cast by way of poll in each case, except for Non- binding advisory ordinary resolution 13, relating to the endorsement of the Company's remuneration policy. The Company's total number of ordinary shares in issue eligible to vote is 328,812,054 and the total number of shares represented in person or by proxy at the meeting was 268,785,494 representing 81.74% of the eligible shares. The voting results of the Resolutions were as follows: Total shares cast disclosed as a percentage in Total shares in issue eligible relation to the total number of shares voted at to vote the meeting For Against Total Shares Shares (%) (%) (number) voted abstained Ordinary resolution no.1: 100.00 0.00 268,295,631 81.60 0.15 Presentation of annual financial statements Ordinary resolution no.2: 99.26 0.74 268,693,237 81.72 0.03 Re-appointment of external auditor Ordinary resolution no. 3: Re- 65.03 34.97 268,099,641 81.54 0.21 election of Mr R Stein as a director Ordinary resolution no. 4: Re- 69.26 30.74 268,697,809 81.72 0.03 election of Ms N V Simamane as a director Ordinary resolution no. 5: Re- 90.34 9.66 268,697,809 81.72 0.03 election of Mr D Friedland as a director Ordinary resolution no. 6: Re- 99.82 0.18 268,696,549 81.72 0.03 election of Mr J N Potgieter as a director Ordinary resolution no. 7: 85.94 14.06 268,693,549 81.72 0.03 Election of Mr E Oblowitz as a member of the Audit Committee Ordinary resolution no. 8: 77.27 22.73 268,693,549 81.72 0.03 Election of Ms B L M Makgabo- Fiskerstrand as a member of the Audit Committee Ordi

Source - Moneyweb
8 Sep 2023
8Sep

Prioritising environmental sustainability is crucial for long term business survival and success

The era of businesses simply prioritizing the bottom line and focusing solely on increasing profitability is long gone. Today, beyond making profits, businesses not only have to incorporate the principles and ethics of being good corporate citizens that add value to society, but also need to make considerations about conducting business sustainably. Sustainability speaks to thinking about the longevity of a business not just in relation to the consistency of its earnings, but also in relation to the environmental impact of doing business. Ensuring long-term profitability means that business strategy should also focus on investing in the protection and preservation of the environment which provides inputs, contains the infrastructure used in production, and hosts communities and markets for the products and services offered by businesses. The recent Financial Mail Green Economy Conference brought to you by Schneider Electric in partnership Mulilo, Siemens Energy Southern Africa, Sanlam Investments, Kyocera, Energy and Water Sector Education and Training Authority and Lesedi companies committed to environmental sustainability and to realizing a greener future, unpacked the practical steps companies can take to become eco-conscious. The first step that companies need to take on the path to becoming more environmentally sustainable is to have a plan. "No company strategy can go without planning for green and the environment Like good corporate governance we should see sustainability as an integrated part of doing business, said Devan Pillay, the Cluster President, Anglophone Africa for Schneider Electric. Pillay added that companies can simply begin by reviewing their power consumption. By developing a consciousness about high consumption, companies can begin to consider and implement interventions to decrease their energy footprint. Changing behaviour around energy consumption can assist companies to integrate greening practices to become more competitive by decreasing their costs. Robyn Vila

Source - Arena Events
8 Sep 2023
8Sep

Glencore's Massive Share Repurchase Spurs Market Buzz

Glencore plc repurchases 2,110,000 of its shares on the London Stock Exchange, part of an ongoing buy-back program. The company holds 1,356,123,041 treasury shares, with a total of 12,343,876,959 ordinary shares in issue. This move is aimed at optimizing capital structure and enhancing shareholder value in line with the company's long-term objectives. In a recent move that has reverberated through the financial world, Glencore plc, has announced a substantial share repurchase transaction. This development comes as part of the second phase of the company's ongoing buy-back program, initially disclosed in August 2023. On September 7, 2023, Glencore plc purchased a total of 2,110,000 of its ordinary shares with a nominal value of USD 0.01 each on the London Stock Exchange (LSE) from UBS AG, London Branch (UBS). This purchase marks a significant step in the company's efforts to optimize its capital structure and return value to shareholders. Key Transaction Details The company plans to hold these repurchased shares in treasury. Following this transaction, Glencore plc now holds a total of 1,356,123,041 of its ordinary shares in treasury. Concurrently, the company has 12,343,876,959 ordinary shares in issue, excluding treasury shares, representing the total number of voting rights. Shareholders can use this figure as the denominator for calculations related to notifying their interests in the company, as required under the FCA's Disclosure Guidance and Transparency Rules. This strategic share repurchase is part of Glencore plc's broader buy-back program, anticipated to conclude in February 2024. The company first unveiled details of this program in August 2023. Aggregate Information These figures provide a comprehensive overview of the share transactions on various trading platforms, reflecting the weighted average prices and volumes. The transactions occurred predominantly on the LSE, with substantial volumes. Trade stocks, forex, commodities, metals and CFDs on stock indices with an interna

Source - Rateweb
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. More on this Hospitality sector up in arms about DStv price hike before Rugby World Cup Don't walk, run! Sho't Left launches epic deals of up to 50% discount on travel bookings during Travel Week De Lille seeks Cabinet approval of R1.2bn for Tourism Equity Fund TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommo

Source - Cape Argus
8 Sep 2023
8Sep

Asian equities edge lower as dollar, yuan weaken: markets wrap

Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while the morning trading session in Hong Kong was scrapped due to weather , according to the exchange operator. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4% - one of its worst days this year. The dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to exte

Source - Daily Maverick
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released yesterday showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80% of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-to-date rev

Source - The Star Online
8 Sep 2023
8Sep

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-t

Source - Pretoria News
8 Sep 2023
8Sep

Monthly global markets review - August 2023

A look back at markets in August when shares fell amid worries over China's property sector. Philip Robotham, Head of Intermediary at Schroders South Africa Philip Robotham The month in summary Global shares fell in August amid worries over renewed weakness in the Chinese real estate sector. Economic data from China also continued to be worse than expected and emerging markets underperformed their developed peers. Government bond yields rose (meaning prices fell). Please note any past performance mentioned is not a guide to future performance and may not be repeated. The sectors, securities, regions and countries shown are for illustrative purposes only and are not to be considered a recommendation to buy or sell. US US equities declined in August. Investors' confidence that the Federal Reserve's (Fed) tightening cycle ended with the rate rise in July took a knock due to indications that policy makers are divided on next steps. Economic data for the US remained robust. Minutes from the Fed's July meeting showed that while most members had agreed that a 25 basis point hike was appropriate, a minority preferred to keep rates unchanged. On the data front, retail sales improved in July versus June, although that data was likely influenced by discount activity including Prime Day. Industrial activity slowed a little in August with the flash purchasing managers' index (PMI) dropping to 50.4 from 52 (in the PMI surveys a reading below 50 implies contraction, while a reading above 50 implies expansion). Manufacturing contracted further while service sector growth slowed The unemployment rate rose to 3.8% from 3.5% in July, far above economic projections of an unchanged reading. Inflation (CPI) ticked up slightly in July to 3.2% from 3.0%. Several of the household-name tech giants experienced a pullback and weighed on the index overall. At the sector level, consumer staples companies were generally weaker, as were financials and real estate. Energy stocks were more resilient over the month, likely

Source - FAnews
8 Sep 2023
8Sep

MTN resilience upgrades improves network experience for users

MyBroadband measured the impact of MTN's plan to upgrade its key sites as part of a comprehensive network resilience plan The plan included working with vendors and providers to upgrade rectifiers, add additional battery capacity — allowing for a minimum of six hours of battery autonomy — and increase the number of static and mobile generators. Additional security measures were deployed in areas with higher risks of vandalism, such as replacing copper cables with aluminium. The upgrades also included capacity enhancements, using MTN's available spectrum better. To evaluate the impact of these resilience upgrades, MyBroadband analysed MTN's network performance in various regions of Johannesburg, including central Johannesburg, Sandton, Krugersdorp, Soweto and Johannesburg South. We analysed data from the MyBroadband Speedtest app using tests conducted in the first and third quarters of 2023 to measure the change in network performance from the upgrades. Data from the first few months of 2023 shows that MTN was struggling to combat the effects of load-shedding, which negatively impacted the network experience of its users. Comparing this with data from the same areas six months later shows a significant upswing, proving that these upgrades have improved the user experience. At the start of the year, the average download speed in the selected areas was only 107 Mbps, with upload speeds of 29 Mbps. After the resilience upgrades, the average download speed is up to 145 Mbps, a 35% improvement. Upload speeds also improved by 21%, up to 35 Mbps. MTN Group CEO Ralph Mupita recently said they aim to increase their network uptime in South Africa to 99% during stage 6 load-shedding. This will consume a sizable portion of MTN's capital expenditure budget, but Mupita said they remain committed to investing at least R10 billion per year for the next five years into their South African network. The MTN resilience testing results are summarised in the table below.

Source - Mybroadband
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

Source - The Star Online
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

Source - Cape Times
8 Sep 2023
8Sep

Apple shares steady premarket, Fed rate path in focus - what's moving markets

Investing.com -- Apple (NASDAQ: ) shares hug the flatline in premarket trading on Friday following a two-day skid sparked by reports that China is telling government officials not to use the California company's iPhone device for work. Elsewhere, two more Federal Reserve policymakers hint that the central bank may skip hiking interest rates at its September gathering, while U.S. Treasury Secretary Janet Yellen suggests that China's post-COVID economic woes may not have a "significant impact" on the United States. 1. Nasdaq futures inch down after Apple-driven decline U.S. stock futures pointed lower on Friday, as investors gauged a sharp drop in Apple's stock this week and weighed the possibility of more Federal Reserve rate hikes this year. At 05:53 ET (09:53 GMT), the contract lost 61 points or 0.2%, fell by 10 points or 0.2%, and shed 45 points or 0.3%. The main indices on Wall Street were mixed at the close of trading on Thursday, with the 30-stock edging up 0.2% and the benchmark dipping by 0.3%. Attention widely centered around a Wall Street Journal report that central government officials in China had been ordered not to use Apple's iPhone and other foreign-branded mobile devices for work, which traders took as a potential sign that Beijing may be willing to sideline American tech companies in favor of their Chinese counterparts. A separate report from the Financial Times said that state employees across China have also been told to cease using iPhones. Shares in Apple, which relies on China for almost a fifth of its total revenue and is set to unveil the latest model of its mega-popular iPhone next week, slumped to a second consecutive day of losses, dragging the tech-heavy down by 0.9%. 2. Apple stabilizes premarket after two-day tumble Apple shares held near the flatline in premarket U.S. trading on Friday following a slide of about 6% over the past two sessions that has now wiped close to $200 billion in value off of the stock's market capitalization. The losses had a wide-sprea

Source - Investing
8 Sep 2023
8Sep

Value-based care and programmes to improve patient experience and outcomes at Life Healthcare

Value-based healthcare emphasizes the importance of collaboration, communication, and coordination among healthcare professionals to ensure patientsreceive comprehensive and personalised care that meets their specific needs. This approach recognises that healthcare is a complex system and that addressing patients' physical, mental, and social needs holistically leads to better outcomes and overall well-being. "In the current private healthcare system, doctors and hospitals are mostly reimbursed for the volume of patients they see or procedures they do," says André Joseph, funder relations and health policy executive at Life Healthcare. "Value-based care shifts the focus from volume of services to quality and value. Value based care encourages healthcare providers to prioritise preventative care, early interventions, and evidence-based practices. This has resulted in better management of chronic conditions, reduced hospital admissions, and improved overall health outcomes. Value is created through the enhancement of the patient experience and improvement of quality of care and patient outcomes," states André. How do patients benefit from integrated care and funder network deals? "Navigating the healthcare system is a complex exercise for patients," says André. "They need to interact with multiple fragmented providers offering multiple services, often at different locations, and at different price points. In private healthcare, patients are faced with complex , often with little understanding on how to utilise their benefits optimally, and no certainty whether their healthcare will be funded." "An integrated care pathway, such as Life Healthcare's most recent integrated care programme for renal patients, eliminates the current fragmentation in care. The patient is given clearer information about their care experience and journey, which healthcare practitioners they will interact with at defined points in their care journey, and what their care is likely to cost." "Additionally, v

Source - Life Healthcare
8 Sep 2023
8Sep

MTN launches skills development academy in Uganda

Nompilo Morafo, MTN Group chief sustainability and corporate affairs officer.TN has opened a skills school in Uganda to address the digital skills gap, particularly among rural and marginalised youth. The MTN Skills Academy seeks to provide youngsters across the African continent with access to digital and financial skills training as a catalyst for job development and expanded employment prospects. MTN said yesterday that it is well positioned to serve communities thanks to its collaboration with ATC Uganda, which has Digital Communities situated at the base of its towers, and Huawei, which has a mobile Digitruck giving connection. ATC's Digital Communities are digitally connected spaces that are equipped with ICT and offer instructor-led or self-guided digital literacy and youth education instruction, financial literacy and career skilling, or healthcare services with the goal of improving quality of life through connectivity. In addition, MTN Uganda debuted its digital bus, which provides mobile connectivity to enable community members to access the MTN Skills Academy from numerous locations across the country. Joyce Nabbosa Ssebugwawo, Minister of State for Information, Communications and Technology, said: "This project will enable our youth to tap into the vast resources that MTN offers for our nation's development." Nompilo Morafo, MTN Group chief sustainability and corporate affairs officer, said: "We believe that this platform will be pivotal in providing Ugandan youth with the essential skills required to flourish in the digital economy. "Not only will this help alleviate the shortage of digital skills, but it will also reverberate positively across the nation's economic growth trajectory, aligning to the newly launched Digital Transformation Roadmap." Trade summit Meanwhile, the Uganda-South Africa investment and trade summit, attended by MTN Group and other significant South African companies that have operations in Uganda, concluded this week. The summit's goal is to boost inve

Source - ITWeb Africa
8 Sep 2023
8Sep

Giving companies more time to hold delinquent directors accountable is a step in the right direction

By Parmi Natesan The proposed amendment to section 162 of the Companies Act (Act 17 of 2008) is one of several amendments proposed by theDepartment of Trade, Industry and Competition (Dtic) in the Companies Amendment Bills. It follows on from a recommendation made by the Zondo Commission of Inquiry into State Capture to extend the time period during which application could be made to declare a director delinquent. The current law states that an application to declare a director delinquent can be made if the person is currently a director of the company, or was one in the preceding 24 months. The latest proposal is to extend this time bar to five years, and further to give the courts discretion to extend it still further if they see cause. The statute of limitations for directorial misconduct has thus been greatly extended and even, in some cases,eliminated. More on this Eskom CEO appointment process must be driven by engineers and industry experts Steinhoff - not for the faint hearted: Too big to fail completely Corporate SA Inc to be held to greater account after Patel tables Companies' Amendment Bills The Institute of Directors in South Africa (IoDSA) supports this move. As we made clear in our submission to the Dtic on these proposed amendments, one of the conclusions one can draw from the Zondo Commission is that directors play a critical role in creating and maintaining well-governed organisations - and that if they do not discharge their duties properly, the consequences for the organisation can be catastrophic. Our long-held position, enshrined in the King Reports on Corporate Governance, is that good governance is intimately connected with corporate health and long-term ability to deliver on its goals. The implosions of our key parastatals and some of our highly respected private corporations over the past years can often be linked back to governance failures and, in large part, to director delinquency. But, as we all know, the road to hell is paved with good intentions. Delin

Source - Cape Argus
8 Sep 2023
8Sep

RAKEZ, Indian Economic Trade Organisation to boost international business collaboration WAM 08 Sep 2023, 23:34 GMT+10

RAS AL KHAIMAH, 8th September, 2023 (WAM) -- Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organisation (IETO) have signed a Memorandum of Understanding (MoU) to strengthen international trade and investment ties between the UAE and India, underlining their mutual commitment to business excellence. The MoU was signed by RAKEZ Chief Commercial Officer Anas Hijjawi and IETO President Dr. Asif Iqbal. The collaboration focuses on several objectives, including initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers and provide them with the platform to connect with potential partners and investors in the UAE. The agreement also promises customised business services for Indian companies that are tailored to their aspirations of expanding into the MENA region. Additionally, RAKEZ will further streamline the market entry process for Indian businesses looking to set up operations in the UAE by assisting in navigating regulatory requirements and obtaining necessary licences. Another key feature of the MoU is the networking and business matchmaking opportunities, enabling Indian companies to interact with both local and international stakeholders within RAKEZ. RAKEZ Group CEO Ramy Jallad said, "Our ties with Indian business entities are vital in strengthening UAE-India relations, which has been on the rise post the Comprehensive Economic Partnership Agreement (CEPA) of 2022. The latest MoU with IETO and our recent collaboration with the Indian Chamber of Food and Agriculture to boost bilateral agro-trade highlights our dedication to nurturing international business ties and enhancing trade avenues with key markets such as India." Dr. Iqbal, in turn, said, "RAKEZ serves as an ideal framework that is built around facilitating business-friendly policies. It is an excellent hub for growing businesses across various scales, seeking simplified company formation processes in the UAE. It is exciting to witness a significant number of Indian

Source - South Africa News
8 Sep 2023
8Sep

Transforming care at Life Healthcare through value-based care

It's apparent that the healthcare landscape in South Africa has many challenges. We recognise the enormous challenges presented to patients andfunders in the public and private sectors by the cost of healthcare and the increasing burden of various disease conditions. Our commitment to value-based care means we focus on delivering high-quality and cost-effective care. We strive to improve patient outcomes and experiences while also managing healthcare costs. Interventions include promoting preventative care, coordinating care transitions, and implementing evidence -based practices. Life Healthcare prioritises the well-being of our patients through our extensive network arrangement and our commitment to value-based care by ensuring we have a wide range of trusted healthcare providers available to our patients. This allows us to offer comprehensive and coordinated care across various specialties, ensuring that our patients receive the right care at the right time. Additionally, we collaborate with your medical aids through value-based contracts that incentivise quality and cost-effective care. These contracts tie reimbursement to patient outcomes and encourage providers to deliver efficient and effective care, leading to improved patient experiences and reduced healthcare costs. André Joseph, funder relations and health policy executive says: "We are committed to transforming care by engaging with funders and medical professionals to advance the clinical product and alternative reimbursement models that promotes better outcomes, patient experience, cost efficiency, and value creation for the healthcare system." Thanks to our healthcare professionals, employees, and partners — South Africa's major medical schemes have chosen us as their anchor provider. Life Healthcare is a designated service provider to most of the major medical schemes for their members on network plans. This endorsement is testament to our passion, dedication and a consistent level of high-quality care and professiona

Source - Life Healthcare
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. More on this Raymond Ackerman: A South African giant has fallen How Raymond Ackerman shaped great minds SA mourns loss of a son with a big heart, Raymond Ackerman When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, mer

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Capitec jumps almost 8% as it flags earnings growth

Capitec, SA's largest retail bank by customer numbers, has flagged a modest uptick in interim earnings as financial pressures on consumers led to higher credit impairments. The Stellenbosch-headquartered lender, which has more than 20 million active clients, advised shareholders on Friday that group headline earnings per share are expected to rise between 8% and 10% for the six months to end-August 2023, up from a restated R37.36 for the comparative period. The restatement relates to the implementation of IFRS 17 Insurance contracts standard at the beginning of March. In early afternoon trade, shares in the bank, valued at about R195 billion on the JSE, were up 7.7%, but have still lost almost 12% on a one-year basis. Capitec said it tightened its credit extension criteria during the six months to end-August to appropriately address the risk in its loan book created by adverse economic conditions characterised by persistent inflationary pressures and higher borrowing costs. "The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023," Capitec said in a statement. "This led to consumers being under financial pressure, which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio." The SA Reserve Bank (SARB) hiked its benchmark repo rate to a 14-year high of 8.25% in May in an attempt to reign in an annual inflation rate that had remained above the upper limit of its 3% to 6% target range for 13 consecutive months. However, inflation slipped back into the target range the following month with Stats SA reporting annualised inflation in June of 5.4% with the reading for the following month easing further to 4.7%. While that has suggested that inflation may have peaked, taking pressure off policymakers to hike rates further, SARB governor Lesetja Kganyago said last month that the job of combating inflation was "not done". Kganyago's t

Source - News24
8 Sep 2023
8Sep

Ethiopia: Govt Working to Improve Ease of Doing Business in Ethiopia

Addis Ababa - The Ethiopian government is working to improve ease of doing business in the country, State Minister of Industry Tarekegn Bululta said. Ethiopians have today begun celebrating eve of their New Year by campaigning various national issues including culture of public service, national sacrifice, productivity, harmony and human goodness during the six days of Pagumen, which is the 13th month of Ethiopian calendar with five or six days. As part of the campaign, the nation has today observed the first day of Pagumen by promoting the importance of enhanced and dedicated service to national development. Speaking to ENA, State Minister of Industry Tarekegn Bululta said Ethiopia has great potential for development with a young and growing population and abundant natural resources. Hence, Ethiopia has been working to attract more investment. Companies are increasingly interested in entering to invest in industries, he said. The government is improving the availability of land for investors engaged in manufacturing. Priority is being given to the manufacturing industry. He said adding that will continue to grow. The efforts being carried out to create efficient services to expedite the investment activities in the country would be intensified further. According to him, the government has set up six clusters to improve ease of doing business in the manufacturing sector. "We have organized six clusters led by the National Steering Committee to facilitate and support business in Ethiopia. Customs and finance sector, raw material, infrastructure, private sector cluster, capacity building, continues dialogue forum with regional states." By making these clusters effective, we believe that it will be possible to increase the market share in our country from 38 to 60 in the next 10 years. There, 96 products have been identified including food, beverage, engineering, leather and chemicals. Read the original article on ENA

Source - Allafrica
8 Sep 2023
8Sep

A special reminder to women to consider the "what ifs"

Laura du Preez has been writing about personal finance topics for more than 20 years, including eight years as personal finance editor for two leading media houses. Making sure you are financially secure means testing what will happen if certain events occur in the future. Planning for the what ifs — what if I die or become disabled - is important for breadwinners. A breadwinner's partner — even the stay-at-home mother - however, should equally be aware of what will happen if the partner dies, what if she is single in retirement and if she becomes disabled. Single mothers make up 15% of working South Africans, the latest Old Mutual Savings and Investment Monitor shows. Close to half of these women get no support from their children's father making it critical for them as the sole breadwinner to plan for what ifs. Prioritise yourself Protecting yourself from these potential what ifs may be harder for women who, on average, earn 35% less than men. However, the key to one day being a "wealthy aunty" is to realise that nobody is coming to save you, Babalwa Nonkenge, investment specialist advisor at 20Five Wealth, told a woman's month event hosted by Ninety One. You have to prioritise yourself ahead of your family as your ability to make a difference to those around you depends on you being empowered, she said. Married women should also prioritise their own welfare, even if their spouse takes care of them financially. You should embrace the best outcome, but plan for the worst, Janet Hugo, an independent financial adviser from Sterling Wealth, told women at an event hosted by Sterling Wealth and Allan Gray. If finances are not your forte, don't be ashamed, just find the right expert to help you, Nonkenge says. What if … I am unable to work or what if I die? The risk of not being able to work is high for women from an early age. However, women are not as well-insured as men, Discovery Life executives pointed out at the Discovery event. Fourteen percent of all women and girls around the w

Source - Smart About Money
8 Sep 2023
8Sep

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

Source - Cape Times
8 Sep 2023
8Sep

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

Source - The Star Online
8 Sep 2023
8Sep

ANGLO AMERICAN PLC — Dividend Declaration: Sterling and Euro Rates

8 September 2023 R477.87 Dividend Declaration: Sterling and Euro Rates Anglo American plc (the "Company") Registered office: 17 Charterhouse Street, London EC1N 6RA Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM Interim Dividend of 55 US cents per ordinary share (Dividend no 43) Amounts per ordinary share in Sterling and Euros Further to the announcement of 27 July 2023 of an interim dividend of 55 US cents per ordinary share, the equivalent of the dividend detailed above in Sterling is 43.830 pence per share and in Euros is 51.119 Euro cents per share based on exchange rates of US$1=£0.7969 and US$1=€0.9309. The US$:£/€ conversion rates were determined by the actual rates achieved by Anglo American buying forward contracts for those currencies during the two working days preceding this announcement, for delivery on the dividend payment date. As announced on 27 July 2023, the equivalent of the dividend in South African Rand is 969.60050 cents per ordinary share, based on an exchange rate of US$1:R17.6291, taken on Wednesday, 26 July 2023. The payment date of the dividend is Tuesday, 26 September 2023. Other details relating to the dividend are contained in the announcement of 27 July 2023 and are on the Company's website: www.angloamerican.com. Clare Davage Deputy Company Secretary Anglo American plc 8 September 2023 The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 08-09-2023 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, rep

Source - Moneyweb
8 Sep 2023
8Sep

Markets Face Crucial Test as Inflation Data Likely to Increase Pressure on the Fed

Investors should brace for more volatility next week as the stock market faces a triple whammy of risk events. U.S. CPI inflation, the latest retail sales figures, and a read on wholesale prices will be in focus amid growing uncertainty over the Federal Reserve's policy outlook. Looking for more actionable trade ideas to navigate the current market volatility? Members of InvestingPro get exclusive ideas and guidance to navigate any climate. Learn More > Next week will help determine what the Federal Reserve's near-term outlook for interest rates will be as the U.S. central bank faces the difficult task of balancing between its ongoing battle to contain inflation and cool the economy without tipping it into a recession. As of Friday morning, financial markets see a 94% chance of the Fed leaving rates unchanged at its meeting later this month, compared to just a 6% chance of a 25-basis point increase, according to Investing.com's Source: Investing.com But what the Fed will do beyond September remains an open question, with future hikes not entirely off the table. In fact, traders now see a roughly 40% chance of the Fed raising its benchmark interest rate by a quarter-percentage-point to a range between 5.50%-5.75% at its November meeting. Source: Investing.com At the same time, hopes of seeing rate cuts by early 2024 have almost completely faded. With investors growing increasingly uncertain over the Fed's monetary policy plans, a lot will be on the line next week as cracks begin to widen in the year-to-date rally on Wall Street amid rising bond yields, spiking prices and sending the higher. Wednesday, September 13: U.S. CPI Report With Fed Chair Jerome Powell reiterating that his main objective is to bring inflation back under control, next week's inflation data will be key in determining the Fed's policy moves through the end of 2023. The U.S. government will release the August report on Wednesday, September 13, at 8:30 AM ET, and the numbers will likely show that prices continue to inc

Source - Investing
8 Sep 2023
8Sep

OMM Programme builds water infrastructure to improve lives, strengthen economy

The Olifants Management Model Programme ( OMM Programme ) is the Lebalelo Water User Association's flagship capital expenditure programme that aimsto fast-track the construction of bulk and potable water infrastructure to supply targeted communities and commercial water users (such as mining companies and industrial users) in Sekhukhune District Municipality and Mogalakwena Local Municipality. It will also enhance water supply to the Polokwane Local Municipality. Established in 2002, the Association has built, operated and successfully maintained bulk raw water infrastructure for over 20 years. The OMM Programme represents a synergistic, long-term social compact between Government and business The OMM Programme is a collaboration between institutional members and commercial members. Institutional collaborators currently include the Department of Water and Sanitation (DWS), Mogalakwena Local Municipality, Polokwane Local Municipality and Sekhukhune District Municipality. Commercial collaborators currently include African Rainbow Minerals, Anglo American Platinum, Assore, Bushveld Minerals, Cheetah Chrome, Corridor Resources, Fetakgomo Tubatse Industrial Park, Glencore-Merafe, Kadoma Investments, Impala Platinum, Ivanplats, Northam Platinum, Sibanye-Stillwater, Sylvania Platinum, Tameng Mining and Exploration, Vanadium Resources and Zijin Platinum. Not only is the OMM Programme being funded on a 50:50 basis between commercial and institutional members, the decision-making responsibilities are shared equally through collaborative structures to protect all stakeholders' interests and enhance accountability. Institutional interfacing and alignment between all the members has been key to maintaining the collaboration while moving the OMM Programme forward at a steady rate. The OMM Programme is re-sequencing and expanding the ORWRDP The Olifants River Water Resources Development Project's (ORWRDP) was conceptualised by DWS to relieve pressure on the Flag Boshielo Dam and to supply water to Polo

Source - Engineering News
8 Sep 2023
8Sep

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. Sanlam CEO Paul Hanratty The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. More on this Sanlam flags stellar half-year earnings ahead SanlamAllianz becomes a leading financial services player in Africa Santam posts 7% growth in interim gross written premiums as it eyes opportunities in power surge cover Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening o

Source - Cape Argus
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. More on this Tshwane concerned as load shedding cripples electricity network 5 things to consider when starting a business in these challenging times Moody's upgrades Eskom's rating outlook from positive to stable Load shedding takes a toll on tourism's business performance Cost of living crisis: How inflation has an impact on grocery prices and your pocket Is your back-up power enough to keep you going? South Africans must brace for even higher costs of living, eating in next few weeks The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million co

Source - Cape Argus
8 Sep 2023
8Sep

CAPITEC BANK HOLDINGS LIMITED — Voluntary Trading Statement

8 September 2023 Voluntary Trading Statement CAPITEC BANK HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1999/025903/06 Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec" or "the group") VOLUNTARY TRADING STATEMENT In accordance with Capitec's custom of keeping shareholders informed, the board advises that a reasonable degree of certainty exists that for the 6 months ended 31 August 2023: — group headline earnings per share will be between 4 035 cents and 4 110 cents per share, representing an increase of between 8% and 10% compared to the restated 3 736 cents per share for the comparative 6 months ended 31 August 2022*; and — group earnings per share will be between 4 037 cents and 4 112 cents per share, representing an increase of between 8% and 10% compared to the restated 3 738 cents per share for the comparative 6 months ended 31 August 2022*. The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023. This led to consumers being under financial pressure which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio. During the 6 months ended 31 August 2023, the credit granting criteria were tightened further to appropriately address the risk in the loan book created by the adverse economic conditions. As at 31 August 2023, provisions for expected credit losses are conservative. Furthermore, recent inflation and GDP data show signs of improvement. Net transaction fee income and funeral plan income contributed positively to the earnings and headline earnings growth. Net transaction fee income performed strongly driven by growth in transaction volumes and the addition of new products. Growth in the active funeral plan book, due to high sales and client retention, as well as good collection rates

Source - Moneyweb
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Source - Pretoria News
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Source - The Star Online
8 Sep 2023
8Sep

OMM Programme builds water infrastructure to improve lives, strengthen economy

The Olifants Management Model Programme ( OMM Programme ) is the Lebalelo Water User Association's flagship capital expenditure programme that aims to fast-track the construction of bulk and potable water infrastructure to supply targeted communities and commercial water users (such as mining companies and industrial users) in Sekhukhune District Municipality and Mogalakwena Local Municipality. It will also enhance water supply to the Polokwane Local Municipality. Established in 2002, the Association has built, operated and successfully maintained bulk raw water infrastructure for over 20 years. The OMM Programme represents a synergistic, long-term social compact between Government and business The OMM Programme is a collaboration between institutional members and commercial members. Institutional collaborators currently include the Department of Water and Sanitation (DWS), Mogalakwena Local Municipality, Polokwane Local Municipality and Sekhukhune District Municipality. Commercial collaborators currently include African Rainbow Minerals, Anglo American Platinum, Assore, Bushveld Minerals, Cheetah Chrome, Corridor Resources, Fetakgomo Tubatse Industrial Park, Glencore-Merafe, Kadoma Investments, Impala Platinum, Ivanplats, Northam Platinum, Sibanye-Stillwater, Sylvania Platinum, Tameng Mining and Exploration, Vanadium Resources and Zijin Platinum. Not only is the OMM Programme being funded on a 50:50 basis between commercial and institutional members, the decision-making responsibilities are shared equally through collaborative structures to protect all stakeholders' interests and enhance accountability. Institutional interfacing and alignment between all the members has been key to maintaining the collaboration while moving the OMM Programme forward at a steady rate. The OMM Programme is re-sequencing and expanding the ORWRDP The Olifants River Water Resources Development Project's (ORWRDP) was conceptualised by DWS to relieve pressure on the Flag Boshielo Dam and to supply water to Pol

Source - Mining Weekly
8 Sep 2023
8Sep

MTN terminates tower deal with IHS in Nigeria

MTN Group said American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. The company said it was proactively renegotiating its tower contracts in Nigeria as the lease of approximately 2 500 of its network sites in its largest market, for which IHS had provided services, will expire in 2024 and 2025. Last year, MTN completed a sale-and-leaseback deal with IHS to take over more than 5 700 of its tower sites in South Africa. Since then, the relationship between the two companies has soured and MTN is currently in a shareholder dispute with the tower firm, in which it holds 26%, over governance issues. American Tower previously bought MTN's stake in its tower operations in Uganda and Ghana. - (c) 2023 Bloomberg LP Get the latest tech news in your inbox at 5am daily Source: techcentral.co.za

Source - South Africa Finance News
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Source - Cape Times
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year.

Source - Sunday Independent
8 Sep 2023
8Sep

Capitec is closing the taps

Capitec says it is being more stringent over giving loans amidst the challenging economic environment.In a voluntary trading statement for the six months that ended 31 August 2023, the bank said that the economic climate in South Africa had been characterised by high interest rates and inflation above the government's target. "This led to consumers being under financial pressure, which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio," the group said. During the period, the group tightened its credit granting criteria to address the risks to the loan book amidst the difficult economic environment. Looking positively, the group said that provisions for expected credit losses are conservative as of 31 August. In addition, the recent headline inflation number of 4.7% for July and the 0.6% GDP growth in Q2 have led to optimism within the group. The net transaction fee income and funeral plan income has also boosted earnings and profit. Net transaction fee income performed well due to the growth in transaction volumes and the expansion of new products. Growth in the active funeral plan book due to high sales, client retention and cold collection rates. The group expects its headline earnings per share to increase by between 8% and 10% to 4,035 cents and 4,110 cents per share for the period under review. Group earnings per share are also expected to increase by between 8% and 10% to 4,037 cents and 4,112 cents per share.

Source - Business Tech
8 Sep 2023
8Sep

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. Sanlam CEO Paul Hanratty The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening of the rand boosted H1 returns ... Shares have been making 52-week highs". Martin Rodgers (@SAValueInvestor) said on X: "Solid update on Sanlam's interim results for FY2023. So much detail with these insurance companies you will need a

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Bayobab's License Boosts Nigeria's Connectivity

Nigeria| Bayobab Group, formerly known as MTN (JO: ) GlobalConnect, is thrilled to announce the acquisition of a National Long-Distance Operator License from Nigerian regulatory authorities. This milestone ushers in a new era of connectivity meeting Nigeria's surging data demand. Bayobab Nigeria can now facilitate long-distance traffic, fostering enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed his enthusiasm, stating, "This achievement marks a transformative moment for us as we eagerly anticipate contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are deeply committed to pushing the boundaries of what is achievable in the realm of connectivity." He further emphasized, "This license serves as a testament to our unwavering dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We firmly believe that connectivity forms the foundation upon which innovation thrives. Our commitment to excellence and innovation will continue to guide us as we embark on this new chapter, delivering next-gen digital connectivity across Nigeria." Nigeria's Digital Transformation: A Booming Landscape of Connectivity In a dynamic era of digital transformation, Nigeria's connectivity landscape has witnessed remarkable growth, fundamentally changing how its population accesses information, conducts business and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is reshaping daily life in Nigeria. Mobile technology plays an instrumental role in the nation's economy, with mobile broadband being the predominant means of internet access, unlocking new possibilities. The surge in digital services, spanning from mobile financial solutions to dynamic e-learning platforms, has sparked a revolution in how Nigerians access essential services, resulting in an escalating de

Source - Investing
8 Sep 2023
8Sep

Labour market reform ‘too slow' — Nxesi

While Deputy President Paul Mashatile calls for greater stakeholder partnerships. 8 Sep 2023 Progress on implementing reforms in South Africa's labour market has dragged on for much longer than expected at the National Economic Development and Labour Council (Nedlac), says Minister of the Department of Employment and Labour Thulas Nxesi. Speaking during the 28 th Annual Nedlac Summit at the Gallagher Convention Centre in Midrand, Johannesburg, on Friday, he said: "Unfortunately, there is one area of work in Nedlac where progress is just too slow, and that is the area of labour market reform." ADVERTISEMENT CONTINUE READING BELOW Read: SA wants to create 2m jobs before 2024 election According to the minister, back in 2021, expectations were that it would take the government and labour less than a year to implement changes to the labour market that would improve conditions and efficiency. "In early 2021, after business, labour and government had tabled their proposals for labour law reform, I had hoped that within six or eight months, we would have reached an agreement on a number of changes that would improve the efficiency of the labour market without disturbing worker rights," he said. "Some of the amendments proposed by the parties included improving the functioning of the Labour Court and collective bargaining which ensure that in practice, the rights of workers are realised. However, the process is ongoing and we are now too late for this parliamentary cycle," added Nxesi. He said that it will be prudent for Nedlac to extend its labour market reform scope to consider the rights of workers in non-standard employment, like in remote work and the gig economy, to cater for the changing working environment. Social partnerships For Deputy President Paul Mashatile, who delivered a keynote address at the Nedlac Summit, social partnerships between government, business and organised labour will be critical in shaping a labour market able to support economic growth. ADVERTISEMENT CONTINUE R

Source - Moneyweb
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. More on this Raymond Ackerman: A South African giant has fallen How Raymond Ackerman shaped great minds SA mourns loss of a son with a big heart, Raymond Ackerman When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, mer

Source - Cape Argus
8 Sep 2023
8Sep

MTN Nigeria selects ATC to provide tower services

MTN Nigeria has selected ATC to provide services for 2 500 sites.TC Nigeria has been revealed as the new preferred tower company, which will lease around 2,500 network sites to MTN. MTN Nigeria notified the Nigerian Exchange of the plan, stating that the lease for about 2, 500 network sites, for which IHS Nigeria currently provides tower services, is set to expire in 2024 and 2025. The company said in accordance with MTN Nigeria's procurement policy, which attempts to ensure a transparent and competitive bidding procedure, the company has now selected ATC to provide services for these sites. It said: "This will further diversify our site portfolio and align with our proactive initiatives to renegotiate tower agreements, focusing on ensuring terms that will help cushion the business from the volatility in our trading environment. ATC will take over the provision of tower services for the affected sites from 2025." Of the 19 markets within which MTN Group operates, Nigeria contributes the lion's share of group revenue. In the current reporting period, MTN Nigeria's mobile subscribers increased by 4.0% to 77.1 million, active data users surged by 11.5% to 41 million

Source - ITWeb Africa
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

Source - Sunday Independent
8 Sep 2023
8Sep

TRUWORTHS INTERNATIONAL LIMITED — Dealings in the company's securities by an executive director of the company

8 September 2023 R74.44 Dealings in the company's securities by an executive director of the company TRUWORTHS INTERNATIONAL LIMITED (Incorporated in the Republic of South Africa) (Registration number 1944/017491/06) JSE and A2X Code: TRU NSX Code: TRW ISIN: ZAE000028296 LEI: 37890099AFD770037522 ("the company") DEALINGS IN THE COMPANY'S SECURITIES BY AN EXECUTIVE DIRECTOR OF THE COMPANY Notice is hereby given, in terms of paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, of the following transaction in respect of the company's shares by an executive director of the company ("the participant"). The transaction, for which the prescribed clearance was given, is in respect of the sale of ordinary shares of the company (in which the participant has a 100% direct and beneficial interest) and was executed on- market on 6 September 2023. The transaction relates to restricted shares which were awarded on 19 March 2009 in terms of the company's 1998 share scheme and which vested on 6 September 2023. The shares were sold at a volume weighted average selling price of R72.0273 (high R72.47; low R71.80) and were undertaken to settle the loan repayable and tax due on vesting, and to rebalance the participant's investment portfolio: Name : Michael Samuel Mark Chief Executive Officer : Truworths International Limited Number of shares sold : 269 881 Total selling price : R19 438 780.00 Cape Town 8 September 2023 Sponsor in South Africa One Capital Sponsor in Namibia Merchantec Capital Date: 08-09-2023 12:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequent

Source - Moneyweb
8 Sep 2023
8Sep

Business leaders declare support for JET transmission finance

Senior officials from the South African government's Just Energy Transition (JET) Project Management Unit have set out potential financing options for transmission infrastructure, while the Just Energy Transition International Partners Group (IPG) have confirmed their readiness to work with financial institutions to expand transmission capacity. During an event focused on transmission at the Africa Climate Summit, in Nairobi, on September 7, business leaders declared transmission the single-biggest bottleneck to reliable energy supply in the country. The business leaders agree that expanding transmission capacity in South Africa is key to bringing more renewable energy onto the grid and ending loadshedding. The IPG, which comprises the UK, the US, the European Union (EU), France and Germany, believe that, alongside other development partners and the private sector, mobilise significant finance for transmission infrastructure in South Africa. Local and international banks and financiers also indicated interest in collaborating to support the sector in this endeavour. Business Leadership South Africa (BLSA) CEO Busi Mavuso said it was critical that concrete steps be taken to address the transmission problem in South Africa, not only for short-term reliable energy but over the long term as well. "We are pleased to see international partners looking at financing this vital area with their Just Transition funds and we hope to see government take up the offer, Mavuso stated, adding that the BLSA strongly supported the government's Energy Regulation Amendment Bill, which would hopefully be passed soon. South African Photovoltaic Industry Association CEO Rethabile Melamu noted that the private sector was actively engaged in developing renewables at scale but need grid extensions to connect their projects. "The JET financing is a great opportunity and we are keen to see regulatory changes implemented to facilitate the financing for expanding the grid, she added. Increased transmission capacity in S

Source - Engineering News
8 Sep 2023
8Sep

Altron FinTech's zero-downtime inverter solution: Elevating the future of business continuity

Customer experience and simplified business continuity is what Altron FinTech strives to achieve with all our initiatives. We hear our customers and see their business pain points and innovate our solutions to be always-on business continuity driven. Click here for more information about Altron FinTech In a world where financial operations can’t afford a pause, our latest campaign focuses on keeping our customers’ business running during those long loadshedding hours during business hours. Our commitment to always-on business continuity is unwavering, and we’ve tailored our technology to directly address the pressing challenges our customers face. Our primary goal? To eliminate disruptions, empower our customers operations, and enhance the overall experience they have with us. At Altron FinTech, we’re not just providing solutions; we’re reshaping and simplifying the future of uninterrupted financial transaction processing. We recently sat down with Johan Gellatly, Managing Director at Altron FinTech. Johan’s dedication to placing our customers at the pinnacle of exceptional customer experience is commendable. In our conversation, he delved into the significance of this campaign and its role in elevating the customer experience with Altron FinTech solutions. What inspired you to develop the idea for this inverter campaign focused on uninterrupted power supply for businesses? We started off with this campaign because we assessed our customers’ ability to conduct their business when there is loadshedding during business hours and we did an analysis on how much business they stand to lose due to loadshedding during business hours. We were surprised at how many customers are actually struggling with loadshedding challenges and how much of an effect it is having on their business commercially and keeping their doors open. Our solutions are power and computer driven solutions, so if our customers are unable to connect to the in

Source - Business Tech
8 Sep 2023
8Sep

Police officers investigate a case of business robbery

Police spokesperson Warrant Officer Majola Nkohli confirmed that police are investigating a case of business robbery after at least 10 armed men targeted a wholesale and stole a large amount of money in Flagstaff on September 4. He said three of them held one of the employees at gunpoint and marshalled him to an office with a safe. He said suspects managed to steal large amounts of money before fleeing the scene. "It is further alleged that the incident was swiftly coordinated as it did not affect shopping. "The suspects are still at large," said Nkohli. Police are urging anyone with information that could lead to the arrest of the suspects to contact the nearest police station. The information may also be shared via Crime Stop on 08600 10111.

Source - News24
8 Sep 2023
8Sep

Asian markets extend losses as US rate hike fears build

tocks sank again Friday after another report pointing to a resilient US jobs market added to the misery for investors who fear the Federal Reserve is not finished with its campaign of monetary tightening. The losses extended a sell-off endured for most of the week as various indicators suggested the world's top economy was in rude health and the battle against inflation was still far from won, while Chinese data showed continued weakness. It followed a tough day on Wall Street, which was also hit by a sharp drop in Apple fuelled by concerns about China's decision to ban government departments from using iPhones. Traders are now gearing up for policy decisions by major central banks towards the end of the month, with the Federal Reserve concluding a much-anticipated meeting on September 20. Markets largely expect data-driven US officials to keep rates on hold at a two-decade high, having seen inflation come down in response to more than a year of hikes and signs of a softening labour market. However, the latest set of strong readings -- including on the services sector and jobs -- and a surge in oil prices have sparked fears the Fed will announce one more hike before the end of the year or keep borrowing costs elevated for an extended period, risking a recession. Those worries were compounded Thursday by news that jobs claims came in below forecasts last week. "The higher-for-longer interest rate narrative and the inevitable lag effect of monetary policy create uncertainty around the Federal Reserve's ability to steer its monetary policies precisely," said Stephen Innes at SPI Asset Management. "As a result, the Fed's choices in risk management will play a significant role in determining the economy's ultimate trajectory. "Inflation has spiked significantly above its target and could remain very sticky as Saudi Arabia pursues a balanced budget through higher oil prices. Therefore, it would be wise for the Fed to tighten its monetary policy more instead of less, or at least keep the screws t

Source - MSN
8 Sep 2023
8Sep

DAVID KNEE: Investors can find ‘safety' in SA asset valuations

SA real bond yields are more attractive than those of most other countries Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Despite how unexpectedly challenging the year has been so far for SA assets, we have not gone rushing for the exits to seek "safety" offshore. In our view local assets are still clearly offering better prospective returns for the risks involved over the next three to five years than their global counterparts. This means our multi-asset portfolios, such as the M&G Balanced and Inflation Plus funds, favour SA equities and bonds over their global counterparts, though select global equities and bonds are also attractive, and these offshore assets play critical roles as diversifiers in our portfolios. Global equities vs SA equities One of the most compelling reasons for our positioning is the differential between the valuations of global and SA equities. In aggregate, global equities are trading slightly cheaply than their long-run fair value, which is reflecting the cheapness of many global equity markets, offset by the relative expensiveness of the US market, which with a 12-month forward price-earnings ratio of 19.4 times pushed the MSCI ACWI PE ratio to 16.2 times by mid-August Because there are still unresolved questions about downside risks to global earnings going forward, and combined with the lack of a strong valuation signal, we are comfortable maintaining a neutral position in global equities and remain selective: we continue to be underweight US equities, as well as Canada and Australia. We prefer the UK, Japan, China and certain other emerging markets that are relatively cheap. Meanwhile, SA equity valuations (FTSE/JSE Capped Swix index 12-month forward PE ratio) were trading at 10.6 times at the end of July, broadly reflecting concerns over future earnings sustainability and higher "risk free" interest rate hurdles. We believe this presents r

Source - Business Live
8 Sep 2023
8Sep

Asian markets extend losses as US rate hike fears build

Stocks sank again Friday after another report pointing to a resilient US jobs market added to the misery for investors who fear the Federal Reserve is not finished with its campaign of monetary tightening. The losses extended a sell-off endured for most of the week as various indicators suggested the world's top economy was in rude health and the battle against inflation was still far from won, while Chinese data showed continued weakness. It followed a tough day on Wall Street, which was also hit by a sharp drop in Apple fuelled by concerns about China's decision to ban government departments from using iPhones. Traders are now gearing up for policy decisions by major central banks towards the end of the month, with the Federal Reserve concluding a much-anticipated meeting on September 20. Markets largely expect data-driven US officials to keep rates on hold at a two-decade high, having seen inflation come down in response to more than a year of hikes and signs of a softening labour market. However, the latest set of strong readings -- including on the services sector and jobs -- and a surge in oil prices have sparked fears the Fed will announce one more hike before the end of the year or keep borrowing costs elevated for an extended period, risking a recession. Those worries were compounded Thursday by news that jobs claims came in below forecasts last week. "The higher-for-longer interest rate narrative and the inevitable lag effect of monetary policy create uncertainty around the Federal Reserve's ability to steer its monetary policies precisely," said Stephen Innes at SPI Asset Management. "As a result, the Fed's choices in risk management will play a significant role in determining the economy's ultimate trajectory. "Inflation has spiked significantly above its target and could remain very sticky as Saudi Arabia pursues a balanced budget through higher oil prices. Therefore, it would be wise for the Fed to tighten its monetary policy more instead of less, or at least keep the screws

Source - Briefly
8 Sep 2023
8Sep

Charms and rituals are used by criminals in Nigeria — should police deploy spiritual security too?

CRIME is among the major challenges confronting Nigeria as a nation. The pervasiveness of crime has repeatedly called into question the effectiveness and efficiency of the Nigeria Police Force.This is despite their exclusive reliance on modern policing strategies and techniques. Traditionally, crime-related matters have been handled through what's known as "spiritual security". This is a knowledge system that involves the use of amulets, charms, rituals and talismans for protection, power and clairvoyance. As sociologists specialising in criminology , we were interested in what the Nigerian police personnel had to say about these mechanisms of protection. We conducted a study of their perceptions and attitudes. Many told us that they believed criminals used spiritual security for power and protection. Some officers confirmed that they themselves used charms and the like to help in their jobs. Nigerians use spiritual security mechanisms in other areas of social life such as healthcare delivery conflict resolution and household crime control. But they've been overlooked in formal policing. We conclude that this indigenous approach to crime fighting could prove useful to the police, particularly in intelligence gathering, crime investigation and crime control. Traditional belief systems could complement the country's colonially based law enforcement and social control systems and improve their efficiency. Traditional belief systems Spiritual security is a traditional knowledge system that dates from precolonial times. It was a way that Nigerian people dealt with social issues. Not only for security, but also to settle disputes and for social control, conflict resolution, justice administration, peace engineering and social harmony. Advertisements The knowledge system of most African societies is generally predicated on a belief system that's divided into the physical (visible and seen) and the spiritual (mysterious and unobservable). History tells us that African people gave high credence t

Source - The African Mirror
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

Source - Cape Times
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

Source - The Star Online
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

THE Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia.Some suggested that Ethiopia risked slipping into another civil war The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns , the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. Advertisements The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen interest in Ethiopia. The rhetoric that presents the Amhara people as a national enemy has gone on, unchallenged , for almost 50 years. What has changed now is that the rhetoric has shifted towards widespread, government-sanctioned vio

Source - The African Mirror
8 Sep 2023
8Sep

The new networking: When African tech solutions meet conservation

AS the sun creeps above a rising mist to cast a warm, golden glow across the savannah and the hills beyond, the land is already busy with the routine of a thousand animals; the trek to watering holes, the foraging, and the predating that brings tourists in their thousands to witness a spectacle found no-where else, but in Africa. This is the beginning of a new day in the 65,000 acres of the Lewa Wildlife Conservancy. The early stirrings of life have had ranger Dominic Maringa up since pre-dawn, keeping an eye on it all. He doesn't use a 4×4 vehicle or binoculars to cast an experienced eye over the park, however. As Head of Conservation and Wildlife Programs at the conservancy's modern Joint Operations Command Center, Maringa sits before an array of screens displaying live feeds from all over the park. Each screen could just as well be its own cinema. On one, Rocco, a formidable rhino, can be seen standing against a fence post separating the conservancy from the neighbouring Ngare Ndare forest, apparently fixated on a spot in the forest. He stands totally still, as if, in his own short-sighted way, he was pondering one of life's great mysteries. On another screen, Kendi, a majestic elephant, can be seen strolling down the well-trodden and geo-fenced Leparua-Lewa route, known to both wildlife and the nearby community members as a bridge between human settlements and the untamed wilderness. Across the set of screens, tales of harmonious (and at times less harmonious) coexistence among elephants, lions, rhinos, monkeys, and other wild animals are visible. Sometimes, however, the harmony on the screens at the heart of this virtual theatre, located in Meru County in Kenya's Eastern Province, is upset by something more ominous than a lion killing a watering impala: the overlapping of wild animals and humans. This is why Maringa is leaning forward with keen interest, closely watching the movements of both Rocco and Kendi. He seems to know their moves and intentions almost before they do. Witho

Source - The African Mirror
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. More on this Pick n Pay founder Raymond Ackerman dies at 92 Pick n Pay founder Raymond Ackerman created the blueprint for retail success in SA - John Steenhuisen ‘Raymond Ackerman made South Africa a better place' Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from

Source - Cape Argus
8 Sep 2023
8Sep

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. More on this ‘Raymond Ackerman made South Africa a better place' The life and times of Pick n Pay founder Raymond Ackerman: 1931-2023 Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed t

Source - Cape Argus
8 Sep 2023
8Sep

Business Talk — Dr Ernest Hilaire unpacks the Saint Lucia Citizenship by Investment Programme

In this episode of Business Talk with Michael Avery, Dr Ernest Hilaire - Saint Lucia’s Minister for Tourism, Investment, Creative Industries, Culture, and Information - discusses the Saint Lucia Citizenship by Investment Programme. Dr Hilaire represents the Castries South constituency in the House of Assembly for the Saint Lucia Labour Party. He previously served as the Personal Assistant to Prime Minister Dr Kenny Anthony, was the Permanent Secretary in the Ministry of Youth and Sports, and managed Saint Lucia’s co-hosting of the ICC Cricket World Cup in 2007. He was also appointed Saint Lucia’s High Commissioner to the United Kingdom in November 2012 and is a former Chairman of the Citizenship Investment Programme (CIP). The interview In this Business Talk interview, Hilaire highlights why Saint Lucia is an excellent place to live and unpacks the benefits of acquiring citizenship through the Saint Lucia Citizenship by Investment Programme. He explains how long it usually takes for applications for citizenship to be completed, and discusses the four investment options available. Hilaire concludes the interview by detailing the importance of building partnerships to help people secure their Saint Lucia citizenship through the programme. You can watch the full interview with Dr Ernest Hilaire below.

Source - Business Tech
8 Sep 2023
8Sep

Luxury stock selloff offering opportunity

Analysis of inflation targeting and a look at the art of stock watchlists. 8 Sep 2023 You can also listen to this podcast on iono.fm here Richemont is back at late 2021 levels. Gary Booysen from Rand Swiss on his preferred luxury stocks. Dr Adrian Saville Genera Capital talks inflation targeting. Where does it come from, and does it work? Simon shares insights on stock watchlists and setting target prices. Guests on today'show: Gary Booysen: Rand Swiss Dr Adrian Saville: Genera Capital AUTHOR PROFILE COMMENTS

Source - Moneyweb
8 Sep 2023
8Sep

African Sustainable Mining Piques Interest of Global Players.

Rapid advancements in technology have resulted in the development of sustainable innovations in mining practices, changing how the sector operates. In the wake of the global energy transition, mining companies have come under pressure to adopt sustainable business practices and employ low-carbon technologies in order to mitigate adverse environmental impacts. Private- and public-sector led mining activities across Africa have begun to prioritize sustainable techniques to promote environmental sustainability, social responsibility, and good business practices. In turn, the sustainable mining industry has become an increasingly attractive investment opportunity for global players seeking to enhance their returns on investment while spearheading climate protection and resilience. The Critical Minerals Africa (CMA) summit {https://criticalmineralsafrica.com/} — scheduled for October 17-19 in Cape Town — will connect capital and technology providers to African mineral producers, fostering synergies between the mining and tech industries. Taking place concurrently with Africa's largest energy event, the African Energy Week conference { https://aecweek.com/} , CMA 2023 facilitates new investment and technology into both the African energy and mining sectors under efforts to forge a sustainable future for all. The emergence of advanced technologies such as machine learning, artificial intelligence, cloud computing, and robotics is poised to advance process automation within Africa's mining industry. Automation can enable real-time monitoring of minerals and metals through mines and processing plants and allow mining companies to use simulations during the mining design stage to test multiple solutions before implementation. Automation also enables mines to reduce costs and improve competitiveness during operation, with more efficient sources of energy and improved water quality management set to drive profitability, safety and efficiency. Investing in automation will unlock a fresh wave of pro

Source - Known Magazine
8 Sep 2023
8Sep

Sylvia Mdunyelwa, one of South Africa's great jazz vocalists, kept music traditions alive

Not just a great jazz singer, Sylvia Mdunyelwa was also an activist, educator, broadcaster and actress. If Miriam Makeba is hailed as the South African vocalist of her generation who brilliantly embraced (and actually shaped) global music sounds, and Sathima Bea Benjamin as the experimenter who entranced the modern jazz scene in Europe and the US, then Ncediwe Sylvia Mdunyelwa joins that pantheon of late, great South African singers as the consummate vocal classicist. Known affectionately in her home city of Cape Town as "Mama Kaap", Mdunyelwa passed away on 25 August at the age of 74. As a researcher who documents historical and current South African jazz and popular music, I believe Mdunyelwa merits recognition not only for the regard she won from fellow players but also for her activism as a community music educator and advocate for South African jazz. Breakdowns and Baguettes At the core of her music was a fierce insistence on respect for the tradition — of the great American jazz singers such as Ella Fitzgerald and Sarah Vaughan as well as the traditional music of her isiXhosa-speaking community — and for the song. Who was Sylvia Mdunyelwa? Born in the Cape Town township of Langa , Mdunyelwa grew up in those traditions during the 1950s and 1960s, as white minority rule and apartheid were clamping down on black political activity. Her uncle, Aspro Sipoyo , led the close-harmony vocal group The Semitones and her sister was a jazz singer. Her home became a meeting place for musicians, including bassist Victor Ntoni . Family gatherings sounded loud with religious songs; Fitzgerald, Vaughan and another US jazz vocalist, Carmen McRae, were all regulars on the record player. Singing along, the young Nce became a singer even before she had articulated the ambition to be one. Her first employment in the late 1960s was at Cape Town's Space Theatre as a receptionist. The Space provided a stage for independent and often politically challenging drama, for poets and music. There she grew her

Source - Daily Maverick
8 Sep 2023
8Sep

Exploring Liberty Life in Cape Town: A Comprehensive Guide

/ By September 8, 2023 Have you ever wondered how Liberty Life has woven itself into the vibrant tapestry of Cape Town?This bustling coastal city is not just a paradise for tourists, but it also hosts a that plays an important role in its residents' lives. As we embark on our journey to uncover the true story of Liberty Life in Cape Town, we will discover how it has impacted the community in which it resides. In short, Liberty Life in Cape Town is more than just an insurance and financial services provider; it is also a partner in the city's financial well-being. Liberty Life has been a fixture in Cape Town for decades, owing in part to its rich history and a diverse range of services tailored specifically to the city's market. So if you've ever wondered what Liberty Life in Cape Town is like, here's where you should start. We'll explore the history, services, community impact, and even the challenges faced by Liberty Life in the following sections, so if we want to get really deep into the company's presence in Cape Town, why don't we go all the way back to the beginning? So, strap yourself in and prepare to discover the fascinating world of Liberty Life in the Mother City. History of Liberty Life in Cape Town Delving into the rich tapestry of Liberty Life in Cape Town, one can't help but be captivated by its fascinating historical journey. As we embark on a voyage through time, we unearth the origins and development of this venerable institution, tracing its path through key milestones and pivotal events that have shaped its remarkable history. Origins and Founding : Liberty Life's story in Cape Town commences with its inception in the early 1950s. Founded with the vision of providing financial security and peace of mind to South Africans, the company's roots were firmly planted in a nation seeking stability and prosperity. It was during this period of post-war recovery and nation-building that Liberty Life emerged as a beacon of hope for individuals and families alike. The Pioneering

Source - Greater Good
8 Sep 2023
8Sep

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

Source - Sunday Independent
8 Sep 2023
8Sep

De Beers ‘confident' talks will avert strike at SA's Venetia mine

On Tuesday, NUM said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. By Nelson Banya, Reuters 8 Sep 2023 Anglo American's De Beers is confident ongoing talks with South Africa's National Union of Mineworkers (NUM) will avert a wage strike at Venetia, the country's largest diamond mine, the company said on Friday. On Tuesday, NUM, South Africa's biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1 500 workers would impact operations at Venetia's new $2.3 billion underground operations, which started production in July. De Beers stopped its 30-year open pit operations at Venetia in December 2022. ADVERTISEMENT CONTINUE READING BELOW In a statement, De Beers said it held a meeting with NUM representatives on September 6, facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA), a statutory body that mediates labour disputes. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with the NUM," De Beers said. The miner said the diamond industry is facing "challenging market conditions" impacting its business. NUM was not immediately available for comment. De Beers said it was pursuing a five-year wage deal with workers to provide operational certainty amid the transition to underground mining which targets annual production of 4 million carats, the equivalent of 12% of the group's forecast output for 2023. COMMENTS

Source - Moneyweb
8 Sep 2023
8Sep

GLENCORE PLC - GLN - Cancellation of Treasury Shares

Release Date: Code(s): GLN GLN - Cancellation of Treasury Shares GLENCORE PLC (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN ISIN: JE00B4T3BW64 LEI: 2138002658CPO9NBH955 Baar, Switzerland 08 September 2023 Cancellation of treasury shares In line with the Company's policy to maintain its number of treasury shares below 10% of total issued share capital from time to time, the Company announces today the cancellation of 100,000,000 treasury shares. The Company furthermore announces the transfer of 25 million treasury shares, at market value, to the Company's employee benefit trust (EBT) to satisfy potential awards under the Company's employee share schemes. Following these actions, as of opening of dealings today, the total number of ordinary shares in treasury was 1,231,123,041, representing approximately 9.05% of the Company's total issued share capital. In accordance with Listing Rule 12.6.4, the Company discloses the following information: Date of cancellation 8 September 2023 Number of treasury shares cancelled 100,000,000 Number of treasury shares transferred to EBT 25,000,000 Total number of issued ordinary shares following the cancellation 13,600,000,000 Total number of treasury shares following the cancellation and transfer 1,231,123,041 Total number of ordinary shares less treasury shares 12,368,876,959 For further information please contact: Investors Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com Media Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com Company Secretarial John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com Nicola Leigh t: +41 41 709 27 55 m: +41 79 735 39 16 nicola.leigh@glencore.com Lionel Mateo t: +41 41 709 28 47 m: +41 79 152 09 05 lionel.mateo@glencore.com www.glencore.com Follow us on social media: linkedin.com/company/glencore twitter.com

Source - Sharenet
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

Source - Sunday Independent
8 Sep 2023
8Sep

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

Source - Cape Times
8 Sep 2023
8Sep

China's CMOC to boost Congo copper output after ending row with Gecamines

China's CMOC Group will raise its copper output in Democratic Republic of Congo to 600,000 metric tons next year, after it recently agreed to end a dispute with state-miner Gecamines, it said on Thursday. The Chinese miner said it is ramping up output at Tenke Fungurume Mining (TFM), where exports of copper and cobalt had been banned until May this year following a row with Gecamines that it recently agreed to settle. More production lines at the TFM mine will raise copper output to 450 000 tons next year, CMOC said. The company aims to produce an additional 150 000 tons of copper at KFM mine, formerly known as Kisanfu, which started producing this year. The Chinese miner didn't provide next year's output forecast for cobalt. CMOC produced 254,286 tons of copper and 20,286 tons of cobalt from the mines in Congo last year. The output from Congo mines would place CMOC within the ranks of the world's top 10 producers, it said, adding that it will surpass Glencore as the world's top cobalt producer. Congo is the world's top cobalt supplier and No. 3 copper producer after Peru and Chile. "Considering the great potential of TFM and KFM in their huge resources, CMOC is committed to studying the feasibility of further expansion as when power supply shortage is further eased in the DRC," CMOC Vice President Zhou Jun said. CMOC resumed shipments of copper and cobalt in May after a ban that lasted nearly a year due to a dispute with Congolese authorities. "Since the export resumed in May, transport of the products has been going smoothly. We expect to de-stock by the end of the month when around 240,000 tons of copper in stock will be transported," Jun said.

Source - Engineering News
8 Sep 2023
8Sep

Five Signs That the Ancestors Are Angry at You

Throughout history and across cultures, many people believe in the existence of ancestral spirits who watch over their descendants.These ancestors are often seen as protectors and guides, but they can also become displeased or even angry if their descendants fail to honor or respect them properly. While the idea of ancestors' anger may vary from one culture to another, there are common signs that may indicate when they are not pleased. In this article, we will explore five signs that may suggest the ancestors are angry at you. Persistent Bad Luck One of the most common signs of ancestral displeasure is experiencing a prolonged streak of bad luck. This could manifest as financial difficulties, health problems, or personal struggles. In many cultures, it is believed that the ancestors play a significant role in the well-being of their descendants. When things continually go wrong, it may be a sign that your ancestors are upset with you. Traditional rituals, such as offerings or prayers, may be necessary to appease them and restore your good fortune. Recurring Nightmares or Disturbing Dreams Ancestors are often thought to communicate with the living through dreams. If you find yourself having recurring nightmares or disturbing dreams, it could be a sign that your ancestors are trying to convey their dissatisfaction or concerns. Pay attention to the content of these dreams, as they may contain clues about what is troubling them. Consulting with a spiritual advisor or performing rituals to seek guidance and appeasement may be beneficial in such cases. Family Discord and Strife Another sign of ancestral displeasure is an increase in family conflicts and discord. Ancestors are believed to be the guardians of family unity and harmony. When relationships within a family deteriorate, it may indicate that your ancestors are unhappy with the way family bonds are being maintained or neglected. To address this, family members might need to come together, reconcile their differences, and engage in rit

Source - Mzansi Indaba
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

Source - Independent Online (IOL)
8 Sep 2023
8Sep

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

Source - The Star Online
8 Sep 2023
8Sep

De Beers eyes five-year agreement as diamond strike looms

Anglo American subsidiary De Beers said on Friday it is looking to secure a five-year wage deal with the National Union of Mineworkers (NUM), with that union considering an offer amid the looming threat of a strike at its Venetia Mine and its sorting and sales business. "We believe that a five-year agreement will provide a measure of certainty, particularly against the backdrop of the transition from open pit mining to the underground mine at Venetia Mine and the recent move of our sorting and valuation business from Kimberley to Johannesburg," it said in a statement. "As the diamond industry, we are also faced with challenging market conditions that are continuing to have an adverse impact on our business." NUM said on Tuesday it had begun a mobilisation process among its 1 500 members, with the union demanding a wage increase of 9%, while De Beers was offering 6%. After four months of talks, a dispute has been declared with the Commission for Conciliation, Mediation and Arbitration, the union said, adding that members would not accept less than 9%, and had progressively moved down from a demand of 25%. The union said that food, fuel and general inflation had skyrocketed, leaving no room for "peanuts," and that it was prepared for the "mother of all strikes." De Beers said on Friday the only outstanding issue is wages, with the union considering its offer after a meeting under the auspices of the CCMA on Wednesday. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with the NUM," it said. SA labour laws require a dispute to be referred to the CCMA, which starts a 30-day conciliation process, although this can be extended with the consent of the parties. De Beers has had reached the bottom of its open pit at Venetia in Limpopo in 2022, and has since transitioned to underground mining, delivering its first stones in July. READ | De Beers' new mine in Limpopo delivers first diamonds Venetia continues to process lower

Source - News24
8 Sep 2023
8Sep

GLENCORE PLC — GLN — Cancellation of Treasury Shares

8 September 2023 GLN — Cancellation of Treasury Shares GLENCORE PLC (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN ISIN: JE00B4T3BW64 LEI: 2138002658CPO9NBH955 Baar, Switzerland 08 September 2023 Cancellation of treasury shares In line with the Company's policy to maintain its number of treasury shares below 10% of total issued share capital from time to time, the Company announces today the cancellation of 100,000,000 treasury shares. The Company furthermore announces the transfer of 25 million treasury shares, at market value, to the Company's employee benefit trust (EBT) to satisfy potential awards under the Company's employee share schemes. Following these actions, as of opening of dealings today, the total number of ordinary shares in treasury was 1,231,123,041, representing approximately 9.05% of the Company's total issued share capital. In accordance with Listing Rule 12.6.4, the Company discloses the following information: Date of cancellation 8 September 2023 Number of treasury shares cancelled 100,000,000 Number of treasury shares transferred to EBT 25,000,000 Total number of issued ordinary shares following the cancellation 13,600,000,000 Total number of treasury shares following the cancellation and transfer 1,231,123,041 Total number of ordinary shares less treasury shares 12,368,876,959 For further information please contact: Investors Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com Media Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com Company Secretarial John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com Nicola Leigh t: +41 41 709 27 55 m: +41 79 735 39 16 nicola.leigh@glencore.com Lionel Mateo t: +41 41 709 28 47 m: +41 79 152 09 05 lionel.mateo@glencore.com www.glencore.com Follow us on social media: linkedin.com/company/glencore twitter.com/glencore

Source - Moneyweb
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

Source - Cape Argus
8 Sep 2023
8Sep

Listings of New Financial Instruments

8 September 2023 Listings of New Financial Instruments EQUITES PROPERTY FUND LIMITED (Registration no 2013/080877/06) Incorporated in the Republic of South Africa JSE alpha code: EQUI LISTINGS OF NEW FINANCIAL INSTRUMENTS The JSE Limited has granted approval for new financial instruments listings to Equites Property Fund Limited under its Domestic Medium Term Note Programme dated 30 August 2021 as follows: New Instrument: EQT014 Authorised programme size: R10,000,000,000.00 Total amount in issue after this issuance: R4,538,000,000.00 Nominal value issued: R300,000,000.00 Issue price: 100% Coupon: 3 Month JIBAR plus margin Margin: 129 bps Coupon rate indicator: Floating Trade type: Price Final maturity date: 11 June 2026 Books close date(s): 1 December to 10 December, 1 March to 10 March, 1 June to 10 June, 1 September to 10 September Interest payment date(s): 11 December, 11 March, 11 June, 11 September Last day to register: By 17:00 on 30 November, 28 February, 31 May, 31 August Issue date: 11 September 2023 Date convention: Following Interest commencement date: 11 September 2023 First interest payment date: 11 December 2023 ISIN: ZAG000198870 Additional information: Senior unsecured New Instrument: EQT015 Authorised programme size: R10,000,000,000.00 Total amount in issue after this issuance: R4,988,000,000.00 Nominal value issued: R450,000,000.00 Issue price: 100% Coupon: 3 Month JIBAR plus margin Margin: 139 bps Coupon rate indicator: Floating Trade type: Price Final maturity date: 11 June 2028 Books close date(s): 1 December to 10 December, 1 March to 10 March, 1 June to 10 June, 1 September to 10 September Interest payment date(s): 11 December, 11 March, 11 June, 11 September Last day to register: By 17:00 on 30 November, 28 February, 31 May, 31 August Issue date: 11 September 2023 Date convention: Following Interest commencement date: 11 September 2023 First interest payment date: 11 December 2023 ISIN: ZAG000198730 Additional informa

Source - Moneyweb
8 Sep 2023
8Sep

VHS exposes learners to career opportunities

The Grade 11s had an opportunity to gain information from higher education institutions to help them decide on their future careersChoir Festival at VHS On Thursday, Vryheid High School (VHS) hosted its annual Choir Festival. Schools that participated included Vryheid Comprehensive Secondary School, Vryheid Landbou High School, Nuwe Republiek Skool, Vryheid High School, Sarel Cilliers High School, Newcastle High School, St Dominic's Newcastle and the Vryheid Mass Choir. The schools had to sing various songs in the Gospel and African Contemporary Music categories. Great harmony was produced as all the schools excelled in the respective categories. The Vryheid Mass Choir, which comprises Vryheid High School and Vryheid Landbou, ended the festival on a high note with their performance. The festival was a great success and VHS wishes to thank all the schools that participated.

Source - Northern Natal News
8 Sep 2023
8Sep

5 important things happening in South Africa today

Here's what is happening in and affecting South Africa today:Some good news: The risk of South Africa being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin has receded, according to Standard Bank Group CEO Sim Tshabalala. A post-results transcript shows that he told investors and pundits that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine. [ Business Day ] Investment concerns: South African asset managers attracted investments worth R567.3 billion in the second quarter, but investors also sold investments worth R577.7 billion, resulting in net outflows of R10.4 billion. Senior policy advisor at ASISA Sunette Mulder said existing investors may have sold out of their investments to alleviate the financial pressure they are currently experiencing. [ Daily Investor ] Eskom eases load shedding: Power utility Eskom said load shedding will be eased today (8 September), with stage 5 kicking in from 05h00. The group said an updated schedule for the weekend is expected to be published sometime during the day. [ BusinessTech ] More trouble for Karpowership: Another legal challenge is looming over Karpowership in Saldanha Bay as environmental groups said Environment Minister Barbara Creecy's latest decision was unlawful. Creecy allowed Karpowership to submit a Generic Environmental Management Programme (GEMPr) for the Western Cape port well past the regulatory deadline. Environmental groups The Green Connection and Natural Justice argue that the decision is unlawful because Creecy did not consider their arguments against the company's appeal of the Chief Director's decision. [ 702 ] Markets: The rand recovered some losses on Thursday after a consumer confidence index improved, although new data also showed that South Africa's current account deficit had widened. The rand had weakened for most of this week, partly fuelled by a repeat of t

Source - Business Tech
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Source - Sunday Tribune
8 Sep 2023
8Sep

Raymond Ackerman memorial service: ALL the details confirmed

The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. Here's when you can live-stream. The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. As first reported by SA People Ackerman died on Wednesday, 6 September at the age of 92. The memorial service for the South African businessman and retail giant will be held on Monday, 11 September at The service can be live streamed HERE Ackerman founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. POST YOUR CONDOLENCES Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. BELOW, 10 THINGS YOU MAY NOT HAVE KNOWN ABOUT RAYMOND ACKERMAN 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life pr

Source - SA People News
8 Sep 2023
8Sep

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

Source - MSN
8 Sep 2023
8Sep

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. More on this ‘Raymond Ackerman made South Africa a better place' The life and times of Pick n Pay founder Raymond Ackerman: 1931-2023 Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed t

Source - Independent Online (IOL)
8 Sep 2023
8Sep

China's CMOC to boost Congo copper output after ending row with Gecamines

China's CMOC Group will raise its copper output in Democratic Republic of Congo to 600,000 metric tons next year, after it recently agreed to end a dispute with state-miner Gecamines, it said on Thursday. The Chinese miner said it is ramping up output at Tenke Fungurume Mining (TFM), where exports of copper and cobalt had been banned until May this year following a row with Gecamines that it recently agreed to settle. More production lines at the TFM mine will raise copper output to 450 000 tons next year, CMOC said. The company aims to produce an additional 150 000 tons of copper at KFM mine, formerly known as Kisanfu, which started producing this year. The Chinese miner didn't provide next year's output forecast for cobalt. CMOC produced 254,286 tons of copper and 20,286 tons of cobalt from the mines in Congo last year. The output from Congo mines would place CMOC within the ranks of the world's top 10 producers, it said, adding that it will surpass Glencore as the world's top cobalt producer. Congo is the world's top cobalt supplier and No. 3 copper producer after Peru and Chile. "Considering the great potential of TFM and KFM in their huge resources, CMOC is committed to studying the feasibility of further expansion as when power supply shortage is further eased in the DRC," CMOC Vice President Zhou Jun said. CMOC resumed shipments of copper and cobalt in May after a ban that lasted nearly a year due to a dispute with Congolese authorities. "Since the export resumed in May, transport of the products has been going smoothly. We expect to de-stock by the end of the month when around 240,000 tons of copper in stock will be transported," Jun said.

Source - Mining Weekly
8 Sep 2023
8Sep

South Africa: President Ramaphosa to Attend G20 Summit

President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit this weekend. "President Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the Presidency said. Department of International Relations and Cooperation Minister Dr Naledi Pandor will support the

Source - Allafrica
8 Sep 2023
8Sep

EThekwini remains open for Business and investment

EThekwini remains open for Business and investment The City co-hosted a business engagement to promote investment in the City. TO REITERATE that eThekwini is open for business and investment, the City co-hosted a business engagement with the Department of Trade and Industry and the Durban Chamber of Commerce and Industry recently. The event, which was attended by prominent business leaders, aimed to address business concerns that have impacted operations within the City. It also provided an opportunity for eThekwini Mayor Councillor Mxolisi Kaunda to engage in meaningful discussions with the Minister of Trade and Industry and Competition Ebrahim Patel. The engagement drew attention to the collaboration of diverse business stakeholders during the peak of the COVID-19 pandemic. This partnership led to the formulation of an Economic Recovery Strategy, now serving as a blueprint for addressing various types of disasters that may arise in the City. Mayor Kaunda expressed gratitude to the business sector for their unwavering support in revitalising the City’s economy, following the crises. "Despite the losses experienced, the business community’s commitment to both the City and its residents must be applauded. In line with fostering proactive dialogue, the City has established several platforms to engage with organised business entities. These platforms encompass the eThekwini Economic Council, the CEOs Forum, the KZN Growth Coalition 8-Aside, and a newly formed committee of technical experts from both the City and the business sector, said Mayor Kaunda. He said this technical infrastructure committee focuses its efforts on tackling crucial infrastructure challenges relating to water, roads, and electricity. This is done with the aim of further enhancing the City’s growth, service delivery, and major investment projects, he added.

Source - eThekweni Municipal
8 Sep 2023
8Sep

De Beers upbeat talks with union will avert strike at Venetia

National Union of Mineworkers demands a 9% pay hike while the company can only offered 6% Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Anglo American's De Beers is confident ongoing talks with the National Union of Mineworkers (NUM) will avert a wage strike at Venetia, SA's largest diamond mine, the company said on Friday. On Tuesday, NUM, the biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1,500 workers would affect operations at Venetia's new $2.3bn underground operations, which started production in July. De Beers stopped its 30-year open pit operations at Venetia in December 2022. In a statement, De Beers said it held a meeting with NUM representatives on September 6, facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA), a statutory body that mediates labour disputes. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with NUM," De Beers said. The miner said the diamond industry is facing "challenging market conditions" affecting its business. NUM was not immediately available for comment. De Beers said it was pursuing a five-year wage deal with workers to provide operational certainty amid the transition to underground mining which targets annual production of 4- million carats, the equivalent of 12% of the group's forecast output for 2023. Reuters Stock Watch - 07 Sept 2023 | The Close Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Source - Business Live
8 Sep 2023
8Sep

Boosting SA Employment with Business Process Outsourcing (BPO)

One of South Africa's pressing challenges is generating meaningful employment, particularly for its youth population. CCI, a leading player in the BPO sector, serves an international clientele across Africa. Its focus on growth, quality service, and long-term partnerships has positioned it as a top-tier BPO operator in South Africa. CCI prioritizes job creation, with 76% of its employees coming from low-income households. Additionally, CCI actively promotes gender diversity, with 67% female placement and 52% female leadership. The Business Process Outsourcing (BPO) industry stands as a promising avenue to address this need, offering opportunities to individuals from diverse educational backgrounds. Success in this sector hinges on the right attitude, strong communication skills, and an aptitude for working with people. Supported by the South African government, the BPO industry aims to create up to 500,000 new jobs by 2030. South Africa's BPO industry aims for a 4% global revenue share by 2030, according to a Deloitte report. This growth is a testament to the sector's success as a driver of economic growth and employment, especially for young individuals and marginalized communities. The South African government recognizes the BPO industry's potential to address unemployment and growth challenges. The company's CEO, Peter Andrew, notes that CCI's growth continues in 2023, with the launch of 12 new client campaigns across various industries. These campaigns have already created 2,458 new jobs and 253 management and support roles this year, with a long-term goal of creating 20,000 jobs within the sector. CCI partners with CareerBox to provide youth with the necessary skills for the BPO industry, offering a work readiness training program focused on technical and soft skills development. This empowers youth, uplifts communities, and drives job placement and transformation, with 98.5% of CCI promotions from CareerBox-trained candidates. The BPO industry also emphasizes on-the-job training and

Source - IT News Africa
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Source - The Star Online
8 Sep 2023
8Sep

HAMMERSON PLC — Hammerson plc announces Indicative Results of Tender Offers in respect of its bonds due 2025 and bonds due

8 September 2023 R5.89 Hammerson plc announces Indicative Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES INDICATIVE RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the indicative results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tende

Source - Moneyweb
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. More on this ‘Need for inquiry into banking practices long overdue' Crotty and Roper: Advocates for unjust corporate power or enemies of media freedom? Right to Bank: How safe is your account in the hands of political banks? Banking's Grey Area: Banking regulation overhaul re

Source - Cape Argus
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Source - Pretoria News
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Source - MSN
8 Sep 2023
8Sep

Bayobab's License Boosts Nigeria's Connectivity

Nigeria| Bayobab Group, formerly known as MTN GlobalConnect, is thrilled to announce the acquisition of a National Long-Distance Operator License from Nigerian regulatory authorities. This milestone ushers in a new era of connectivity meeting Nigeria's surging data demand. Bayobab Nigeria can now facilitate long-distance traffic, fostering enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed his enthusiasm, stating, "This achievement marks a transformative moment for us as we eagerly anticipate contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are deeply committed to pushing the boundaries of what is achievable in the realm of connectivity." He further emphasized, "This license serves as a testament to our unwavering dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We firmly believe that connectivity forms the foundation upon which innovation thrives. Our commitment to excellence and innovation will continue to guide us as we embark on this new chapter, delivering next-gen digital connectivity across Nigeria." Nigeria's Digital Transformation: A Booming Landscape of Connectivity In a dynamic era of digital transformation, Nigeria's connectivity landscape has witnessed remarkable growth, fundamentally changing how its population accesses information, conducts business and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is reshaping daily life in Nigeria. Mobile technology plays an instrumental role in the nation's economy, with mobile broadband being the predominant means of internet access, unlocking new possibilities. The surge in digital services, spanning from mobile financial solutions to dynamic e-learning platforms, has sparked a revolution in how Nigerians access essential services, resulting in an escalating demand fo

Source - IT News Africa
8 Sep 2023
8Sep

MTN terminates tower deal with IHS in Nigeria

MTN Group said American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. The company said it was proactively renegotiating its tower contracts in Nigeria as the lease of approximately 2 500 of its network sites in its largest market, for which IHS had provided services, will expire in 2024 and 2025. Last year, MTN completed a sale-and-leaseback deal with IHS to take over more than 5 700 of its tower sites in South Africa. Since then, the relationship between the two companies has soured and MTN is currently in a shareholder dispute with the tower firm, in which it holds 26%, over governance issues. American Tower previously bought MTN's stake in its tower operations in Uganda and Ghana. - (c) 2023 Bloomberg LP

Source - Tech Central
8 Sep 2023
8Sep

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening of the rand boosted H1 returns ... Shares have been making 52-week highs". Martin Rodgers (@SAValueInvestor) said on X: "Solid update on Sanlam's interim results for FY2023. So much detail with these insurance companies you will need a blue tick to get it all i

Source - Sunday Independent
8 Sep 2023
8Sep

RMB advises Heineken on employee share ownership scheme

Media release 8 September 2023 Heineken Beverages empowers its South African business with advice from its trusted advisor Rand Merchant Bank Heineken Beverages South Africa (HBSA), a subsidiary of Heineken Beverages Holdings (Heineken Beverages), has this week established a new evergreen employee share ownership scheme (ESOP) with the assistance and support of RMB as its sole financial advisor. Through the Bokamoso Trust, the ESOP will own 6% of HBSA for the direct benefit of HBSA's approximately 5,000 South African employees. In a separate but related transaction, RMB also acted as sole financial advisor to Heineken Beverages in relation to the restructuring of the previous empowerment partner to Distell, the Distell Development Trust (DDT), to establish it as a 9% shareholder of HBSA. These combined transactions result in HBSA having a Broad-Based Black Economic Empowerment (B-BBEE) ownership of 15%, delivering on its commitments to the Competition Tribunal in terms of the Heineken/Distell/Namibian Breweries transaction. RMB provided Heineken Beverages with an innovative and bespoke solution from design to implementation to deliver the desired B-BBEE solution for HBSA, showcasing RMB's ability to develop and execute complex inter-related transactions in an efficient manner to achieve HBSA's commercial and transformation objectives in South Africa, within tight regulatory imposed timelines. "RMB is pleased to have partnered with a regional beverages champion such as Heineken Beverages for this transaction, which represents a significant step forward in enhancing the lives of the employees and communities in which HBSA operates. This transaction is another example of how RMB endeavours to become a trusted advisor to its clients," Ferdi Vorster at RMB concludes. End Related Featured

Source - RMB
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Source - Sunday Tribune
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. "Solar systems undeniably offer the best long-term value. They are particularly beneficial for businesses needing a consistent energy supply to safeguard their operations and potentially enhance their future cash flow. IOL News

Source - Independent Online (IOL)
8 Sep 2023
8Sep

CAPITEC BANK HOLDINGS LIMITED - Voluntary Trading Statement

Release Date: Voluntary Trading Statement CAPITEC BANK HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1999/025903/06 Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec" or "the group") VOLUNTARY TRADING STATEMENT In accordance with Capitec's custom of keeping shareholders informed, the board advises that a reasonable degree of certainty exists that for the 6 months ended 31 August 2023: - group headline earnings per share will be between 4 035 cents and 4 110 cents per share, representing an increase of between 8% and 10% compared to the restated 3 736 cents per share for the comparative 6 months ended 31 August 2022*; and - group earnings per share will be between 4 037 cents and 4 112 cents per share, representing an increase of between 8% and 10% compared to the restated 3 738 cents per share for the comparative 6 months ended 31 August 2022*. The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023. This led to consumers being under financial pressure which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio. During the 6 months ended 31 August 2023, the credit granting criteria were tightened further to appropriately address the risk in the loan book created by the adverse economic conditions. As at 31 August 2023, provisions for expected credit losses are conservative. Furthermore, recent inflation and GDP data show signs of improvement. Net transaction fee income and funeral plan income contributed positively to the earnings and headline earnings growth. Net transaction fee income performed strongly driven by growth in transaction volumes and the addition of new products. Growth in the active funeral plan book, due to high sales and client retention, as well as good collection rates ensure

Source - Sharenet
8 Sep 2023
8Sep

The Unraveling of Love: Musa Mseleku and Mbali Headed for Divorce

Love stories have a unique way of capturing our hearts, making us believe in the power of love against all odds.One such love story that has intrigued South African audiences for years is that of Musa Mseleku and Mbali Mseleku. Their journey, as chronicled on the reality TV show "Uthando Nesthembu," has been one of love, challenges, and the pursuit of a non-conventional family dynamic. However, recent reports suggest that their love might be facing its toughest test yet, as the couple appears to be headed for divorce. The Beginnings of Musa and Mbali's Love Story Musa Mseleku, a successful businessman, and Mbali Mseleku, a nurse and businesswoman, first captured the public's attention with their polygamous lifestyle, which they openly shared on television. "Uthando Nesthembu" provided a glimpse into their unique family structure, as Musa had married four wives, including Mbali, and together, they navigated the complexities of a polygamous marriage. Their story was celebrated by some as a symbol of love's ability to transcend societal norms and expectations. It challenged traditional ideas of marriage and monogamy, prompting discussions about alternative family dynamics and the possibility of harmonious coexistence in a polygamous household. The Challenges and Triumphs While their journey was marked by moments of joy and togetherness, it was not without its challenges. Viewers watched as the family faced issues related to jealousy, emotional turmoil, and the complexities of co-parenting. Musa was often caught in the middle, trying to balance the needs and emotions of his four wives. Mbali, being one of the youngest wives, faced her share of struggles, including navigating her relationship with the other wives and her own aspirations. Throughout the series, Musa and Mbali's love for each other remained evident, and they often talked about their commitment to each other and the family they had created. Their love story served as a testament to the idea that love could conquer all, even the

Source - Mzansi Indaba
8 Sep 2023
8Sep

Liberia: Count us Out of the Elections

Aggrieved voters in Electoral District# 11, Montserrado County have threatened to boycott the ensuing October 10 Presidential and LegislativeElections as a result of the disqualification of their leading Representative Candidate, Thomas Nimene Tweh alias Original Countryman by the Supreme Court of Liberia. Last week, the Court mandated the National Elections Commission (NEC) to nullify the candidacy of Mr. Tweh, who is commonly known as Original Country Man (OCM), on grounds that he was ineligible to contest following a domicile case filed against him by candidate Siah Tandanpollie of the New Liberia Party (NLP). Tandapollie contended that Mr. Tweh does not reside in district # 11, but God Grace Community in Louisiana, district # 1 in Montserrado County . As a result of the Court's ruling which was in keeping with Article 30 (b) of the 1986 constitution, supporters of Mr. Tweh are being subjected to provocations and humiliation from their political archrivals. His campaign flyers and banners were being taken down by supporters of his political archrivals. The citizens are planning to set road blocks and boycott the October 1o elections as a result against the decision taken against Mr. Tweh until steps are taken to prevent the unnecessary disqualification of a candidate less than 36 days to the elections. Speaking to Reporters over the weekend, the Spokesman of the aggrieved women, Theresa Davies disclosed that citizens of the district are disenchanted over the manner and form in which their "choice" was denied from exercising his political right to represent his people. "Mr. Tweh is our choice; if you look at the way people went to his house that night after the court ruling, you will know that people really love and want him to represent them. We will not vote for this government or support any of their candidates in this district or county because of the decision from the court," Theresa Davies, noted She emphasized that financial resources, energy and efforts applied by hundreds of re

Source - Allafrica
8 Sep 2023
8Sep

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Source - Cape Times
8 Sep 2023
8Sep

Boosting SA Employment with Business Process Outsourcing (BPO)

One of South Africa's pressing challenges is generating meaningful employment, particularly for its youth population. CCI, a leading player in the BPO sector, serves an international clientele across Africa. Its focus on growth, quality service, and long-term partnerships has positioned it as a top-tier BPO operator in South Africa. CCI prioritizes job creation, with 76% of its employees coming from low-income households. Additionally, CCI actively promotes gender diversity, with 67% female placement and 52% female leadership. The Business Process Outsourcing (BPO) industry stands as a promising avenue to address this need, offering opportunities to individuals from diverse educational backgrounds. Success in this sector hinges on the right attitude, strong communication skills, and an aptitude for working with people. Supported by the South African government, the BPO industry aims to create up to 500,000 new jobs by 2030. South Africa's BPO industry aims for a 4% global revenue share by 2030, according to a Deloitte report. This growth is a testament to the sector's success as a driver of economic growth and employment, especially for young individuals and marginalized communities. The South African government recognizes the BPO industry's potential to address unemployment and growth challenges. The company's CEO, Peter Andrew, notes that CCI's growth continues in 2023, with the launch of 12 new client campaigns across various industries. These campaigns have already created 2,458 new jobs and 253 management and support roles this year, with a long-term goal of creating 20,000 jobs within the sector. CCI partners with CareerBox to provide youth with the necessary skills for the BPO industry, offering a work readiness training program focused on technical and soft skills development. This empowers youth, uplifts communities, and drives job placement and transformation, with 98.5% of CCI promotions from CareerBox-trained candidates. The BPO industry also emphasizes on-the-job training and

Source - Investing
8 Sep 2023
8Sep

Capitec Bank announces system maintenance from MIDNIGHT

Capitec Bank, one of South Africa's leading banking services, has cautioned its customers about a planned system maintenance which may affect some of its banking tools. CAPITEC BANK MOBILE APP TO BE AFFECTED BY SYSTEM MAINTENANCE TASK CAPITEC BANKING APP SYNONYMOUS WITH CAUSING CLIENTS ANXIETY DA WORRIED ABOUT SASSA BENEFICIARIES

Source - Economy24
8 Sep 2023
8Sep

Food vs funeral cover: Sanlam's mass market drives policy lapses

The insurer is working with cash-strapped consumers to try to reduce lapses, group finance chief says. 8 Sep 2023 South Africa's largest life insurer, Sanlam, has seen higher policy lapses by some clients in the lower-income segment as consumers grapple with the high interest rate, the inflationary environment and an economy struck with muted growth. Although the insurer evaded the gloomy impacts of the tough trading environment, posting a 118% increase in headline earnings per share for the first half of its financial year, it said longer-duration persistency ratios, or the rate at which policies stayed in force, continued to show stress. ADVERTISEMENT CONTINUE READING BELOW Read: Sanlam sees threefold increase in profits Lower death claims lift Sanlam profit Speaking to Moneyweb following the release of the company's interim results to June 2023 , Sanlam's group finance director Abigail Mukhuba said consumers at "the bottom of the triangle", with limited discretionary spend to put towards life insurance products, were mostly impacted. Low economic growth in South Africa and tight policy action due to sticky inflation have squeezed consumers' disposable income. "…People in the mass market… [were] more impacted by the tougher economic conditions than the retail affluent… So if they are having to be forced to choose between putting food on the plate or having funeral cover, or food versus having insurance, you're going to be forced to eat," Mukhuba said. Read: Financial stress on the rise SA's rich and poor crumbling under financial pressure It's not just the middle class, top 5% feeling debt pain too In the company's mass business, which still makes up a smaller proportion relative to the affluent book, some lapses have increased by about 20% during the reporting period, Mukhuba said. "We also acknowledge that it is tough times out there. People are not getting increases of 10%. If they are lucky, they are getting inflation [salary increases], and that obviously has an impa

Source - Moneyweb
8 Sep 2023
8Sep

Summit to highlight critical minerals processing

Mining technology, critical mineral processing, and skills to drive a low carbon future and just energy transition will be discussed at an upcoming summit hosted by the Wits Mining Institute (WMI) on September 28 and 29. "Our first focus aims to promote research and innovation in the exploration, extraction and processing of critical raw materials that are essential for a sustainable and just energy transition," says WMI director Professor Glen Nwaila , adding that it has "become imperative to achieve the global target of net zero emissions by 2050". Another focus is the importance of circular economy principles in the mining industry. In this instance, the summit will explore secondary sources of metals, such as stockpiles and metallurgical tailings, and discuss how the mining industry can transition to a service-oriented model. "This contrasts with the traditional ownership model, and instead aims to achieve a metal for subscription model that is relevant to modern investors, consumers and employees who have become more socially conscious," he explains. To be held at the University of the Witwatersrand (Wits), in Johannesburg, the Twenty-first Century Mining Technology, Skills and Exhibition event will focus on four key areas, namely integrated critical raw materials for the just energy transition, circular mining and minerals, digital technologies and cybersecurity, and waterless mining. According to Nwaila, the event represents over a decade of partnership between gold miner Sibanye-Stillwater and the WMI. Aside from sponsoring WMI's flagship centre — the Sibanye-Stillwater DigiMine — Sibanye-Stillwater also recently sponsored the newly refurbished and rebranded Wits Sibanye-Stillwater Innovation bridge, which links the East and West campuses. This year, the WMI summit collaboration includes sponsorship from mining organisations South32, African Rainbow Minerals, Impala Platinum, Datamine, Ramjack Technology Solutions, Schauenburg Systems, Gold One, Accenture and the Mandela Mining

Source - Mining Weekly
8 Sep 2023
8Sep

Canopy by Hilton Cape Town Longkloof, South Africa — update

Name of the Project Canopy by Hilton Cape Town Longkloof. Location The hotel will be located at Long Kloof Studios, c/o Park road and Kloof street, Cape Town. Project Owner/s Growthpoint Properties. Project Description The project forms part of a precinct redevelopment by Growthpoint. A key feature of the precinct is the 150-room Canopy by Hilton Cape Town Longkloof Hotel, the first of its kind in Africa. It opens onto the public yard, featuring curated ground-level retail. The integration of the former MLT House's facade, preserving its historical significance, adds character to the hotel's design. With nearly 17 000 m of available space in Longkloof, of which about 16 600 m is occupied, the public yard serves as a central space accessible to all. The space includes a new coffee shop. The precinct hosts tech-oriented, entrepreneurial businesses, including the expanding Workshop 17 situated at 32 on Kloof, the precinct's first renovated building that opened in August 2019. The Refinery, a historic Herbert Baker-designed school building, underwent modernisation. The Darter Studio and Threshers Studio buildings were revamped to create connected office spaces, attracting creative and tech enterprises. The precinct has also made provision for an additional 150 underground parking bays. Potential Job Creation Not stated. Capital Expenditure The project represents a R550-million investment in the city. Planned Start/End Date Initially planned for completion towards late 2021, the project was postponed amid a period of uncertainty in South Africa. With a recent surge in tourism in Cape Town, particularly during the typically quiet winter months, and a noticeable upswing in economic activity within the city, Growthpoint deems the present moment ideal to revive the project. Growthpoint Western Cape regional asset manager Timothy Irvine said in September 2023 that the decision to delay construction because of economic uncertainty was apt, but market conditions now signal the right time to res

Source - Engineering News
8 Sep 2023
8Sep

Colombia mulls future of massive coal mine as water dries up

Colombia's massive El Cerrejon coal mine has landed in the crosshairs of President Gustavo Petro, who has blamed the open-pit operation for plunging the local Indigenous community into a severe water crisis. Gigantic black craters scar the earth in La Guajira, northern Colombia, after four decades of coal extraction that has sucked up large quantities of water in an already-arid region hit by a wave of extreme droughts. The leftist leader Petro, who has championed environmental concerns, in July declared an "economic, social and ecological emergency" in La Guajira, where poverty levels are at 67 percent, and dozens of children die every year from malnutrition. In August, during a visit by Switzerland's president, Petro said he was looking for a "coordinated exit" by Glencore, the Swiss commodities giant which owns the mine. El Cerrejon is the largest open-pit coal mine in Latin America, stretching over 69,000 hectares (170,000 acres) across a harsh landscape that is also home to the semi-nomadic Wayuu tribe, who live in huts and survive off ranching, small-scale agriculture, and fishing. Traditionally, they capture and store water in reservoirs known as "jagueyes." Petro has said that much of the region's scarce water supplies are now being monopolized by the "agriculture, energy, and coal" industries. His state of emergency in the region forbids the extension of mining contracts or the expansion of any existing projects. In 2022 a United Nations report listed El Cerrejon as among the 50 most polluted places in the world , saying the mine has had "devastating" consequences for the Wayuu, and that residents living near it have "high levels of toxic substances in their blood." Last month, the mine published on its website a rejection of the accusations in the report, underlining its investment in social and environmental projects. The company has also highlighted its efforts to improve water supply, including distributing water and building infrastructure for communities. Economic blow Ex

Source - Briefly
8 Sep 2023
8Sep

Online platform to make Rhodes Business School's MBA accessible to students beyond South Africa's borders

As Rhodes Business School aims to extend its Association of Masters of Business Administration-accredited MBA to reach into Africa and beyond, it has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE). The eLearnAfrica-supported VLE, to be operational from 2024, will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for, says the school's director, Professor Owen Skae "We are very excited about this, as it means our MBA is now more accessible than ever, he says, highlighting the immersion, flexibility and convenience that the partnership with eLearnAfrica brings. The VLE-enabled MBA will allow the current four two-week block attendances - two blocks in year one and two blocks in year two - to be reduced to one block in each year for the invaluable face-face delivery mode. "Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring, Skae says, noting that two things from teaching through the pandemic were learnt, namely that returning to the old business -as-usual model of ‘chalk and talk' is not going to happen like it used to and, at the same time, running Zoom or Teams sessions and just displaying power -point slides do not suffice. "Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital' is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution. The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students while creating a virtual classroom environment for academic staff to deliver

Source - Engineering News
8 Sep 2023
8Sep

Anglo American eager for Buena Vista concentrate

PERTH (miningweekly.com) — ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada. Magnum has inked a memorandum of understanding (MoU) with Anglo American to progress negotiations towards a binding transaction, covering all commercial iron-ore products from Buena Vista, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades. The MoU is non-binding and any potential agreement between the two companies would be subject to a due diligence process, Magnum told shareholders on Friday. A recent scoping study into the Buena Vista project has estimated that the project could produce some 1.6-million tonne a year of concentrate over a mine life of 25-years. The scoping study estimated capital cost of between $182-million and $378-million and an operating cost of between $44/t and $90/t, with the internal rate of return ranging between 26% and 54%, and the net present value between $360-million and $745-million. Magnum has previously told shareholders that the company would embark on a prefeasibility study for the Buena Vista project within a year, followed by a feasibility study. The company is currently seeking funding to advance these studies and secure funding optionality for project development. The company said on Friday that it was pursuing options to bring Buena Vista into production in the shortest and most economical way.

Source - Engineering News
8 Sep 2023
8Sep

Anglo American eager for Buena Vista concentrate

PERTH (miningweekly.com) — ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada. Magnum has inked a memorandum of understanding (MoU) with Anglo American to progress negotiations towards a binding transaction, covering all commercial iron-ore products from Buena Vista, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades. The MoU is non-binding and any potential agreement between the two companies would be subject to a due diligence process, Magnum told shareholders on Friday. A recent scoping study into the Buena Vista project has estimated that the project could produce some 1.6-million tonne a year of concentrate over a mine life of 25-years. The scoping study estimated capital cost of between $182-million and $378-million and an operating cost of between $44/t and $90/t, with the internal rate of return ranging between 26% and 54%, and the net present value between $360-million and $745-million. Magnum has previously told shareholders that the company would embark on a prefeasibility study for the Buena Vista project within a year, followed by a feasibility study. The company is currently seeking funding to advance these studies and secure funding optionality for project development. The company said on Friday that it was pursuing options to bring Buena Vista into production in the shortest and most economical way.

Source - Mining Weekly
8 Sep 2023
8Sep

Online platform to make Rhodes Business School's MBA accessible to students beyond South Africa's borders

As Rhodes Business School aims to extend its Association of Masters of Business Administration-accredited MBA to reach into Africa and beyond, it has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE). The eLearnAfrica-supported VLE, to be operational from 2024, will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for, says the school's director, Professor Owen Skae "We are very excited about this, as it means our MBA is now more accessible than ever, he says, highlighting the immersion, flexibility and convenience that the partnership with eLearnAfrica brings. The VLE-enabled MBA will allow the current four two-week block attendances - two blocks in year one and two blocks in year two - to be reduced to one block in each year for the invaluable face-face delivery mode. "Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring, Skae says, noting that two things from teaching through the pandemic were learnt, namely that returning to the old business -as-usual model of ‘chalk and talk' is not going to happen like it used to and, at the same time, running Zoom or Teams sessions and just displaying power -point slides do not suffice. "Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital' is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution. The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students while creating a virtual classroom environment for academic staff to deliver

Source - Mining Weekly
8 Sep 2023
8Sep

Black Rock mine and Gloria modernisation projects, South Africa — update

Name of the Project Black Rock mine and Gloria modernisation projects Location Black Rock, in the Northern Cape, South Africa Project Owner/s Assmang, which is jointly controlled by Assore and African Rainbow Minerals. Project Description The projects will modernise and expand the mine by increasing volume and flexibility to produce the differentiated medium- to high-grade products , which the manganese market is increasingly demanding and for which it is paying a premium, while improving efficiencies. The project will increase overall production to about five-million tons a year of manganese, subject to rail availability and market conditions. Potential Job Creation Not stated. Net Present Value/Internal Rate of Return Not stated. Capital Expenditure R2.97-billion has been approved for the project , most of it sustaining capital expenditure. Eighty-seven per cent of the approved capital for the project was spent on the Gloria project as at December 31, 2021. The Black Rock project is estimated at R7.3-billion. Planned Start/End Date Black Rock was completed in September 2022, while Gloria's raise section achieved construction completion in June 2023. Latest Developments Project close-out on the Gloria project is under way, with the project forecast to be formally closed out within the approved budget of R3-billion. Key Contracts, Suppliers and Consultants DRA Global ( engineering , procurement and construction management). Contact Details for Project Information Assore, tel +27 11 770 6800. African Rainbow Minerals investor relations and corporate affairs head Jongisa Magagula , tel +27 11 779 1300, fax +27 11 779 1312 or email jongisa.magagula@arm.co.za. To watch Creamer Media's latest video reports, click here

Source - Mining Weekly
8 Sep 2023
8Sep

Harmony Gold reports two deaths after safest year on record

T "Harmony Gold Mining Company regrets to announce that two employees tragically lost their lives at its Kusasalethu mine, following a fall of groundincident caused by a seismic event on Tuesday, 5 September 2023," read the statement. The company recorded six fatalities in its financial year which ended on 30 June. It registered 13 deaths in the previous financial year. On Tuesday, the National Union of Mineworkers (NUM), South Africa's biggest mineworkers union, said the mining sector had recorded 27 fatal accidents so far this year, with gold miners accounting for 15 of them. In 2022, South Africa recorded 49 mine-related deaths, its safest year on record, down from 74 fatalities in 2021. Provided by SyndiGate Media Inc. ( Syndigate.info

Source - MSN
8 Sep 2023
8Sep

Stage 6 load shedding: What is the best way for your business to beat Eskom outh Africa's return to Stage 6 load shedding af

The recent surge in load shedding is attributed to a combination of increased planned maintenance, unplanned outages at coal power stations, and heightened user demand. Matthew Cruise, the head of public relations at Hohm Energy, in an interview with IOL News, said: "The return to Stage 6 load shedding is indicative of the systemic issues plaguing our energy infrastructure. It's a wake-up call that temporary fixes are not a long-term solution. He further highlighted the Electricity Minister Kgosientsho Ramokgopa's confirmation that the lack of maintenance at Eskom's generating units was causing significant grid failure. Asked about his thoughts on how South Africa would keep the lights on by burning millions of rands in diesel every day, in light of reports that there was a budget deficit of R143.8 billion for July - the most significant since 2004 - Cruise said: "The short answer is that the lights will not stay on, as we have run out of money to continue burning diesel at the rate that we have. In addition to being financially unsustainable, the government's strategy of burning diesel to keep the lights on was harmful to the environment, Cruise said. "The government burning diesel to keep the lights on is like using a band-aid for a wound that requires surgery, Cruise remarked. With the recent 18% increase in diesel prices, businesses and households relying on generators are grappling with the dual challenges of Stage 6 load shedding and soaring diesel costs. Furthermore, the CSIR revealed that South Africa had utilised diesel generators five times more this winter compared to the previous year. This has accelerated wear and tear on Eskom's open cycle gas turbines (OCGTs), potentially compromising their future performance during peak demand periods. Eskom's challenges are manifold. From ageing infrastructure and financial instability to a lack of investment in renewables and systemic corruption, the power utility is under immense strain. The Zondo commission revelations and Andre De Ruyt

Source - MSN
8 Sep 2023
8Sep

Liberia: Political Parties' Youth Leagues to March for Peace

Youth leagues of various political parties in Liberia are gearing up to make a historic peace declaration on fostering harmony in the lead-up to the October 10 Presidential and Legislative Elections. They made the disclosure here during a press conference held on Wednesday, September 6, in Monrovia along with the group, 'Most Beautiful Girls in Liberia 2023' in collaboration with Center for African Policy, leading the charge. At the event, Ms. Monetta Yhap of 'The Most Beautiful Girl in Liberia 2023' said the plan is a symbol of hope, signifying a dedication to reducing tension and promoting unity among the youth, thereby establishing a positive atmosphere for the upcoming election. Electoral violence has been a recurring issue in Liberia, stemming from a complex history of political turmoil and ethnic tensions. Liberia's history of electoral violence dates back to the early years of the Republic. The True Whig Party (TWP) which dominated politics for much of Liberia's early history, faced accusations of electoral fraud and manipulation, leading to social unrest. Also in 1980, Master Sergeant Samuel Kanyon Doe seized power in a military coup, ending the True Whig Party's century-long rule. Despite his initial promise of stability, Doe's regime faced opposition right after the 1985 Elections, leading to violent electoral disputes that culminated in a bloody civil war. Additionally, the 1997 elections that brought rebel leader-turned-politician Charles Taylor to the Presidency did very little if any, to unite the country with members of the Mandingo and Krahn tribes, who were strong supporters of Doe going into bush only to return with fresh attacks against Taylor that eventually faced him to resign in August 2003 and seek refuge in Calibar, Nigeria from where he was returned to face trial before the UN-backed Special Court of Sierra Leone and subsequently convicted and sentenced for 50 years for aiding and abetting RUF rebels in Sa Leone. Following end of the civil war in 2003 and subsequen

Source - Allafrica
8 Sep 2023
8Sep

Discovering Flamingo Bay: A Hidden Gem in Cape Town

/ By September 8, 2023 Have you ever dreamt of a place where azure waters meet a serene coastline, where flamingos gracefully wade in shallowwaters, and where adventure and relaxation harmoniously coexist? Welcome to Flamingo Bay, Cape Town's best-kept secret. Picture yourself basking in the sun while flamingos dance before your eyes, or perhaps exploring hidden coves and thriving wildlife. If this sounds like a piece of paradise, read on to uncover the enchanting world of Flamingo Bay. In a nutshell, Flamingo Bay is a coastal haven nestled within the breathtaking landscapes of Cape Town. This article will be your gateway to understanding its beauty, history, and the multitude of experiences it offers. Whether you're an intrepid traveler seeking adventure or a nature enthusiast in search of tranquility, Flamingo Bay has something extraordinary in store for you. As we delve deeper into the heart of Flamingo Bay, prepare to be captivated by its mesmerizing charm, a place where every tide tells a story, and every sunset leaves an indelible mark on your soul. So, fasten your seatbelts and let's embark on an unforgettable journey to Flamingo Bay. Location and Geography Nestled within the picturesque landscapes of Cape Town, Flamingo Bay emerges as a geographical marvel that beckons travelers with its unique charm and natural allure. Situated on the western coast of Cape Town, this bay boasts a strategic location that not only makes it accessible but also positions it as a gateway to some of the region's most iconic landmarks and areas. Geographical Location Flamingo Bay is strategically located on the western edge of Cape Town, approximately 15 miles from the city center. This prime location provides visitors with the perfect blend of tranquility and accessibility. The bay's proximity to Cape Town International Airport, just a 30-minute drive away, ensures that travelers can swiftly transition from the bustling cityscape to the serene shores of Flamingo Bay. Proximity to Landmarks One of the

Source - Greater Good
8 Sep 2023
8Sep

SA ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski , Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested South Afr

Source - Automotive Business Review
8 Sep 2023
8Sep

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. More on this Expo a platform for businesswomen to share insights Heritage Month offers opportunity to celebrate our diverse cultures, traditions, languages Ramaphosa on his way to G20 summit in India Karpowership SA moves a step closer to having one of its three controversial gas-to-power projects realised Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the valu

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Ethiopia: Govt Working to Improve Ease of Doing Business in Ethiopia

Addis Ababa - The Ethiopian government is working to improve ease of doing business in the country, State Minister of Industry Tarekegn Bululta said. Ethiopians have today begun celebrating eve of their New Year by campaigning various national issues including culture of public service, national sacrifice, productivity, harmony and human goodness during the six days of Pagumen, which is the 13th month of Ethiopian calendar with five or six days. As part of the campaign, the nation has today observed the first day of Pagumen by promoting the importance of enhanced and dedicated service to national development. Speaking to ENA, State Minister of Industry Tarekegn Bululta said Ethiopia has great potential for development with a young and growing population and abundant natural resources. Hence, Ethiopia has been working to attract more investment. Companies are increasingly interested in entering to invest in industries, he said. The government is improving the availability of land for investors engaged in manufacturing. Priority is being given to the manufacturing industry. He said adding that will continue to grow. The efforts being carried out to create efficient services to expedite the investment activities in the country would be intensified further. According to him, the government has set up six clusters to improve ease of doing business in the manufacturing sector. "We have organized six clusters led by the National Steering Committee to facilitate and support business in Ethiopia. Customs and finance sector, raw material, infrastructure, private sector cluster, capacity building, continues dialogue forum with regional states." By making these clusters effective, we believe that it will be possible to increase the market share in our country from 38 to 60 in the next 10 years. There, 96 products have been identified including food, beverage, engineering, leather and chemicals. Read the original article on ENA

Source - Allafrica
8 Sep 2023
8Sep

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

Source - Sunday Independent
8 Sep 2023
8Sep

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. More on this Expo a platform for businesswomen to share insights Heritage Month offers opportunity to celebrate our diverse cultures, traditions, languages Ramaphosa on his way to G20 summit in India Karpowership SA moves a step closer to having one of its three controversial gas-to-power projects realised Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the valu

Source - Cape Argus
8 Sep 2023
8Sep

Simon's weekly wrap: The merits of workplace inclusion

This week MoneywebNOW looked at Fortress's results, inflation targeting and more. 8 Sep 2023 I chatted with Dr Adrian Saville from Genera Capital about inflation targeting. Not only is it a relatively new concept (The US only introduced it in 2012, while New Zealand was the first in 1990), but there is also no hard science behind the idea. However, it does have benefits in terms of setting inflation expectations. You can also listen to this podcast on iono.fm here Tobacco has many issues around regulation, albeit reduced since the settlements in the late 1990s. I spoke with Philip Short from Flagship Asset Management about the risks. We also dug into the valuation of British American Tobacco, which is offering solid Sterling dividends, while multiples are not demanding at all. You can also listen to this podcast on iono.fm here Women are underrepresented in the workforce globally, and I spoke with Sanisha Packirisamy from Momentum Investments about the trend of increased inclusion. She notes research that shows more women working has a positive impact on a country's GDP, but it needs to start early with increased childhood education. You can also listen to this podcast on iono.fm here Fortress's results showed its lowest vacancy levels since listing in 2009, and I spoke with CEO Steven Brown about recent results. It's still unable to pay dividends after shareholders rejected a change in status, but this does mean it's paying down debt, leaving the loan-to-value (LTV) at the bottom end of its target range. You can also listen to this podcast on iono.fm here AUTHOR PROFILE COMMENTS

Source - Moneyweb
8 Sep 2023
8Sep

HAMMERSON PLC — Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026

8 September 2023 R5.86 Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") Hammerson successfully completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson announces the results of its successful £100m bond tap issuance and matching tender offer. On 31 August 2023, Hammerson announced the issuance of a £100m increase (or "tap") of its existing £200m 7.25% coupon bonds maturing in 2028 (the "New Bonds"), resulting in a new outstanding notional of £300m. On 31 August 2023, Hammerson further announced a tender offer for its £350m 3.5% coupon bonds maturing in 2025 (the "2025 Bonds") and its £300m 6.0% coupon bonds maturing in 2026 (the "2026 Bonds"). Earlier today, Hammerson announced acceptance of the tenders for £11.7m of the 2025 Bonds and £88.4m of the 2026 Bonds. The New Bonds were issued on 6 September and priced at a yield of 9.1%. Hammerson achieved purchase yields on the tendered and shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1% respectively. The effect of the combined transactions is to extend £100m of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3m(1) to adjusted earnings in FY 2024. Footnotes (1) The net annualised cash cost is £2m excluding the IFRS requirement to capitalise and amortise the new issue discount over the life of the New Bonds. Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the Johannesburg Stock Exchange and Euronext Dublin. 8 September 2023 Sponsor: Investec Bank Limited Enquiries Hammerson Investor Contacts Josh Warren, Director of Strategy, Commercial Finance and Investor Relations T: +44 (0) 20 7887 1053 E:

Source - Moneyweb
8 Sep 2023
8Sep

Accor debuts Pullman brand in South Africa — Business Traveller

Pullman Cape Town City Centre is housed within the city's Triangle House skyscraper close to the Cape Town International Convention Centre Read more: Accor debuts Pullman brand in South Africa - Business Traveller Leave a Reply

Source - The Kimberly Prospector
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Source - Sunday Independent
8 Sep 2023
8Sep

Stock markets continue bull run as Sensex, Nifty close in green ANI 08 Sep 2023, 21:55 GMT+10

Mumbai (Maharashtra) [India], September 8 (ANI): The stock markets maintained their upward trajectory on Friday, closing the week on a high note. Both the Sensex and Nifty indices showed gains, reflecting the sustained bullish sentiment in the market. At the closing bell, the Sensex recorded a robust surge of 333.34 points, closing at 66,598.91, while the Nifty followed suit with an uptick of 92.90 points, concluding at 19,819.95. Most of the Nifty sectoral indices also remained firmly in the green, underlining the broad-based nature of the market's positivity. Among the Nifty-listed companies, 32 witnessed advances, while 18 saw declines. Notable gainers included NTPC, Coal India, BPCL, Tata Motors, and LarsenToubro, while UPL, Eicher Motors, Apollo Hospitals, Ultratech Cement, and SBI Life were among the top losers at the day's close. Varun Aggarwal, Founder and Managing Diector, Profit Idea said,"Nifty strong upside momentum continues. Broader market showing very good strength. We have been focusing on IT, Banks, Media, OilGas sector stocks. Today they showed excellent momentum. ""Heavy weight counters like Reliance, HDFC BANK showed strength. Expect this rally to continue and break 20k on Nifty. It can easily target 20160 on upside", said Aggarwal. "OI data strengthen at 19500 levels. Put writers are aggressively looking to protect these levels. As long as these OI levels are building up, market momentum remains bullish. Keep focusing on MidSmall cap stocks, they are providing good momentum", he concluded. This bullish momentum comes after Indian stock markets broke a five-week losing streak, posting nearly a one per cent gain the previous week. Factors contributing to the improved investor sentiment include India's robust GDP growth rate of 7.8 per cent in the first quarter of 2023-24 and continued interest from foreign portfolio investors (FPIs), who have been net buyers in Indian stock markets for the sixth consecutive month until August. FPIs have cumulatively invested Rs 1.31 lakh

Source - South Africa News
8 Sep 2023
8Sep

Retail giant Raymond Ackerman mourned

ohannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people to

Source - MSN
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Source - Sunday Tribune
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. More on this ‘Some crises can't be wished away, we must be prepared' - Mashatile encourages partnerships at Nedlac Summit Cosatu raises concerns over exclusion of labour from Presidency's task team Cosatu calls on workers to defend jobs, fight crime and corruption Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments

Source - Independent Online (IOL)
8 Sep 2023
8Sep

Sasol art competition works on display at Pretoria Art Museum

Artists from around the country were honoured at the Sasol New Signatures art competition a nd exhibition launch at the Pretoria Art Museum recently. For 33 years, Sasol has sponsored the competition established by the Association of Arts Pretoria in the late 1960s. Art lovers from around the country gathered at the museum on September 6 for the award ceremony and to get a first-hand look at the winning works. Linde Kriel next to his work "Forbidden Indulgence". Khetha Kweyama, Mzamo Mlambo, Mthobisi Maphumulo and Xolani Nxumalo "The queen still standing" by Wisani Benjamin Manyisi. The exhibition is open to the public from September 7 — October 29. Nosiviwe Matikinca (22), a third-year student from Gqeberha was announced the winner and walked away with a cash prize of R100 000 and a solo exhibition at the museum next year. Matikinca won the coveted title for her work titled Ndiziphiwe — They were given to me, a ceramic installation about underprivileged learners who wear school shoes that are handed down to them by their older siblings or family members. The work symbolises the plight of black South African learners who are subjected to sub-standard education. Runner-up, Themba Mkhangeli and his work "Amawele". Runner-up, Themba Mkhangeli (28) from Cape Town won R25 000 for his work entitled Amawele. A further five participants received merit awards and R10 000 in prize money each. "Sasol congratulates all the winners, as well as those artists whose works were selected for this exhibition. We wish them all a prosperous future ahead," said Elton Fortuin, Sasol vice president for communications and brand management. Ofentse Letebele and his work "Bina" Pretoria east residents Themba Nhlapo, Danielle Bezuidenhout and Henrico Greying. Karen Angela Steffano next to her work "Usurper — Zebra on Baroque Couch". Angelia Muller (Benoni) and David Mann (Johannesburg). Pretoria east residents Themba Nhlapo, Danielle Bezuidenhout and Henrico Greying. "Blackdog @i Reverie" by Rory Prinsloo. Me

Source - Rekord
8 Sep 2023
8Sep

HAMMERSON PLC - Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026

Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the final results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 31 August 2023

Source - Sharenet
8 Sep 2023
8Sep

Forty Under 40 SA Awards: Here's everything you need to know

Deputy President Paul Mashatile will on Saturday, 9 September 2023, attend and deliver the keynote address at the Forty Under 40 SA Awards, taking place at Houghton Hotel, Gauteng. Forty Under 40 SA Awards: Here's everything you must know The Forty under 40 SA Awards celebrate and honour the nation's most influential, accomplished, and inspiring South Africans under 40, across various sectors. This year more than 350 nominations were received and the final 40 of these will be hailed as the most influential for their achievements in their respective areas. READ MORE — 2023 National Film and TV Awards SA: Nominees, Award show date, How to watch live in South Africa Related Posts 2023 National Film and TV Awards SA: Nominees, Award show date, How to watch live in South Africa Tourism Business Council provides clarity on Trevor Noah R33 million saga ‘That 70s Show' actor, Danny Masterson sentenced to 30 years imprisonment for double rape The awards are hosted by the Department of Women, Youth and Persons with Disabilities, together with the National Youth Development Agency (NYDA), in partnership with Xodus Communications. The awards will be preceded by the Champion Summit, which is an interactive gathering that aims to empower and equip young leaders with the necessary skills, knowledge, and networks to drive positive change in their communities. "The summit promises to bring inspiring interactions, engaging workshops, and panel discussions, which will foster an environment for the exchange of ideas and personal development," the Deputy President's Office said. During his address, Deputy President Mashatile will highlight how the government has placed the education and training of young people at the top of its agenda as one of the most crucial enabling factors for economic emancipation. Here are the nominees: AGRICULTURE & AGRO PROCESSING Kabelo Lekalakala (Pitso Ostrich Farm) Mpho Mohaswa (Precious and Pearl Brands) Chantelle De Bruyn (Buttercup Farmhouse) Denzel Swarts (Zo

Source - Swisherpost
8 Sep 2023
8Sep

Zondereinde smelter solar photovoltaic project, South Africa — update

Name of the Project Zondereinde smelter solar photovoltaic (PV) project. Location Limpopo, South Africa. Project Owner/s Platinum group metals mining company Northam Platinum Holdings Limited. Project Description Northam has started with the development of an 11 MW solar energy plant to provide electricity for the group's metallurgical facilities at the Zondereinde mine complex in Limpopo. The plant is expected to operate at significantly lower electricity costs than what is currently paid to State-owned power producer Eskom. However, Northam CEO Paul Dunne has said the company is "reliant on Eskom, and that is unlikely to change", but that Northam can supplement Eskom with PV "at quite an attractive cost". Potential Job Creation Not stated. Capital Expenditure Not stated. Planned Start/End Date Commissioning is expected in 2023. Latest Developments The design and permitting phases for the installation are in progress, and earthworks are planned to start before the end of the current calendar year. The previously planned 11 MW facility has been subsumed into this larger project. Key Contracts, Suppliers and Consultants None stated. Contact Details for Project Information R&A Strategic Communications, on behalf of Northam Platinum, tel +27 11 880 3924 or email northam@rasc.co.za. To watch Creamer Media's latest video reports, click here

Source - Engineering News
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. More on this ‘Some crises can't be wished away, we must be prepared' - Mashatile encourages partnerships at Nedlac Summit Cosatu raises concerns over exclusion of labour from Presidency's task team Cosatu calls on workers to defend jobs, fight crime and corruption Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments

Source - Cape Argus
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Source - Pretoria News
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Source - The Star Online
8 Sep 2023
8Sep

HAMMERSON PLC — Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026

8 September 2023 Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the final results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tender offer memorandum dat

Source - Moneyweb
8 Sep 2023
8Sep

HAMMERSON PLC - Hammerson completes its 100m bond tap issuance and matching 100m tender offer of its 2025 and 2026 bonds

Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") Hammerson successfully completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson announces the results of its successful £100m bond tap issuance and matching tender offer. On 31 August 2023, Hammerson announced the issuance of a £100m increase (or "tap") of its existing £200m 7.25% coupon bonds maturing in 2028 (the "New Bonds"), resulting in a new outstanding notional of £300m. On 31 August 2023, Hammerson further announced a tender offer for its £350m 3.5% coupon bonds maturing in 2025 (the "2025 Bonds") and its £300m 6.0% coupon bonds maturing in 2026 (the "2026 Bonds"). Earlier today, Hammerson announced acceptance of the tenders for £11.7m of the 2025 Bonds and £88.4m of the 2026 Bonds. The New Bonds were issued on 6 September and priced at a yield of 9.1%. Hammerson achieved purchase yields on the tendered and shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1% respectively. The effect of the combined transactions is to extend £100m of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3m(1) to adjusted earnings in FY 2024. Footnotes (1) The net annualised cash cost is £2m excluding the IFRS requirement to capitalise and amortise the new issue discount over the life of the New Bonds. Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the Johannesburg Stock Exchange and Euronext Dublin. 8 September 2023 Sponsor: Investec Bank Limited Enquiries Hammerson Investor Contacts Josh Warren, Director of Strategy, Commercial Finance and Investor Relations T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com

Source - Sharenet
8 Sep 2023
8Sep

Sasol's oil future at risk

- 8 September 2023 Oil and chemicals giant Sasol has warned investors that the outlook for its petroleum business is deteriorating as globaltransport is shifting towards more fuel-efficient vehicles and electric alternatives. Sasol issued this warning in its annual report published last week, where the company noted that demand for petrol remains weak in South Africa. The Presidential Climate Commission's theoretical modelling indicates that South Africa will need about 750,000 fully electric vehicles by 2030 to meet the country's net-zero emissions targets. "The outlook for petrol is not encouraging as sales of smaller and more fuel-efficient cars are likely to continue, exacerbated by hybrid and electric vehicles in the latter part of the decade," Sasol said. "A significant part of our product slate is petrol. We are assessing various technological options to mitigate the risk of an oversupply of petrol to South Africa." Sasol has come under pressure from authorities and investors to reduce its emissions. Financial services group Old Mutual raised concern this year about what it sees as a lack of clarity from Sasol on its strategy to reduce its carbon emissions, which are second only to Eskom's. Sasol is the single biggest private emitter of carbon emissions in South Africa. "We feel the company has failed to communicate a clear strategy that would resolve or improve its current climate metrics and carbon emissions," Old Mutual said in its annual report. The group recently impaired about R35 billion in its Secunda liquid fuels plant in Mpumalanga, which attracted the attention of authorities for its high emissions. The potential loss of its appeal over sulfur dioxide isn't factored into the writedown that it took on Secunda. Sasol CEO Fleetwood Grobler told Bloomberg that the company is "confident that we will get it over the line" and win the case. "But if the license is revoked because of that, I believe that is a severe impact and then a phased shutdown will be the result." Sasol i

Source - Daily Investor
8 Sep 2023
8Sep

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Source - Cape Times
8 Sep 2023
7Sep

SanlamAllianz to provide services in 27 African markets

CAPE TOWN - REGULATORY authorities have approved the joint venture between Allianz and Sanlam, paving the way for the creation of a leading Pan-African non-banking financial services company. The venture, to operate as SanlamAllianz, is expected to have a combined group equity value (GEV) of approximately R35 billion (US$1,83 billion), and have a presence in 27 countries. Heinie Werth, the current Chief Executive Officer of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz. SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture retail and corporate clients benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders, Paul Hanratty, Chief Executive Officer of the Western Cape-based Sanlam Group, said. "The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent. Christopher Townsend, board member of Allianz, believes SanlamAllianz has the capability to gain leadership positions in all key markets in general insurance and life segments. He said the partnership aims to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly corporate. "Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here, Townsend said.

Source - Techno Africa
7 Sep 2023
7Sep

Shock TFG update sparks selloff of retailers, banks

Trading over the last six months was underwhelming, and operational own goals also impacted already fragile demand. By Moneyweb 7 Sep 2023 A shock TFG update on trading since April — released after the market closed on Tuesday — spooked investors and sparked a sharp selloff in retail counters on the JSE on Wednesday. Not only was trading over the last six months underwhelming, but operational own goals also impacted already fragile demand. Add to this a grim outlook statement, and it's no surprise that shareholders dumped retail and bank shares. TFG shares ended down 7% on the day, with Pick n Pay (6.7%) not far behind. Pepkor, Nedbank, Tiger Brands, Truworths, AVI and Mr Price were all down between 3% and 4%. ADVERTISEMENT CONTINUE READING BELOW Shoprite closed 1% lower, having declined 5.6% on Tuesday after it reported results. The supermarket retailer says, "it is clear that our customers' disposable incomes are under enormous pressure," and trading in the first six weeks of FY2024 is softer than last year. Read: Shoprite's R215bn sales boom Can anyone catch Checkers Sixty60? (Hint: No) It says sales growth at its South African supermarkets remained in "double-digits and ahead of the market, but at a level lower than that reported for 2023" (17.8%). Sure, inflation is lower, but it's becoming tougher to grow the top line in an environment battered by load shedding and high fuel (and energy) prices. TFG TFG says it managed to grow sales by 16.1% in the 22 weeks since April, but this includes the acquisition of Tapestry (Coricraft, Dial a Bed, The Bed Store, Volpes). Exclude this, and sales are up 9.7% versus last year. This offers a far better picture of trading at TFG's core brands, particularly clothing. Sales in this category were up 11.8%. What it doesn't disclose in this update is product (selling price) inflation. Truworths ( which reported results last month ) offers a useful yardstick. It reported product inflation of 12.6% for the full year from July 2022. This means

Source - Moneyweb
7 Sep 2023
7Sep

Marketmind: Brittle markets brace for China trade blues

By Jamie McGeever (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets are set to open on the defensive on Thursday, with investors anticipating another slump in Chinese trade activity against a backdrop of rising U.S. bonds yields, new 2023 highs in oil prices and a steep selloff on Wall Street. Malaysia's central bank is expected to keep interest rates on hold at 3.00% for a second meeting, Chinese FX reserves data and Australian trade figures are also due, and G20 finance and energy ministers meet in India ahead of the leaders' summit this weekend. The general market mood is souring as September unfolds, the latest catalyst being a surprisingly strong reading of U.S. services sector activity and price pressure that put a possible Fed rate hike later this year back on the table. Oil's rise to new highs for the year continue to unnerve investors. For the first time this year futures are more expensive than they were 12 months ago, meaning the disinflationary impulse has now reversed. Good news for oil exporters, not so good for oil importers like Japan, which imports almost all its energy. The yen is extremely weak, and senior Japanese officials are warning that all options to support the currency are on the table. Elsewhere in Asian FX markets, China's yuan slid to a 10-month low on Wednesday through 7.32 per dollar and is a whisker from plumbing depths not recorded since late 2007. Investors could get further reminders on the currency's vulnerability from Chinese trade and FX reserves figures on Thursday. Chinese trade has been one of the biggest economic red flags this year. Exports and imports have both plunged, reflecting weak overseas demand for Chinese goods and weak domestic demand. Economists polled by Reuters expect more of the same in August - a 9.2% year-on-year fall in exports and a 9.0% fall in imports - although not quite as severe as recent months. FX reserves tend not to be big market-movers, but another decl

Source - Investing
7 Sep 2023
7Sep

Business confidence increases in third quarter, but still weak

Business confidence stays below the mid-point of 50, which means local companies do not believe conditions favour doing business. When nobody is buying, business confidence falls Load shedding not the only culprit Interest rate sensitive sectors are suffering as reflected by downbeat sales among durable goods retailers, new vehicles dealers and to a lesser extent, wholesalers of consumer goods. Manufacturing production increased within the reduced load shedding environment. Core consumer inflation (headline inflation excluding food and energy) is set to remain on an easing trajectory in the third quarter of 2023 although firms are not yet passing on all of the lower producer prices on to consumers. From the comments it is clear the Western Cape taxi strike weighed on activity in the region. Activity growth in the building sector is looking more sustained.

Source - Economy24
7 Sep 2023
7Sep

Markets Lower on Interest Rate Concerns

Renewed concerns that the US Federal Reserve (Fed) won't be able to lower at their next meeting caused the majority of markets to close in the red on Wednesday. The and both declined by 0.70% and 1.06%, respectively, while the dropped by 0.57% at 22h15. In economic news, the ISM Services PMI unexpectedly increased to 54.5 points in August 2023, well above predictions of 52.5 points, indicating the greatest growth in the services sector in six months. The German fell by 0.20%, while the benchmark closed down by 0.60% on Wednesday, with declines in household goods and banks contributing to the decreases. This was the sixth day in a row that European equity markets ended lower. Especially after the latest retail sales data showed that manufacturing orders in the Eurozone and Germany declined more than expected in July 2023. The local bourse dropped 0.81% on Wednesday, dragged down by investor concerns about the state of the world economy and the possibility of increasing interest rates. Domestically, Eskom, pushed loadshedding to higher stages this week after additional generating units failed. Although business confidence in South Africa increased in the third quarter of 2023, it still remained negative. The recovered from Tuesday's 2% decline to close practically flat on Wednesday as gains in real estate and finances offset declines in technology and consumer spending. In economic news, private sector output in Hong Kong contracted at a slower rate in August thanks to an uptick in consumer spending and an easing of price pressures. However, Japan's continued to trade in the green yesterday. In commodities, prices remained high on Wednesday and traded over $90 a barrel at 22h00, while weakened to $1 916 an ounce around the same time.

Source - Investing
7 Sep 2023
7Sep

CMO role integral to the needs of today's business

W Source: © 123rf 123rf Impact South Africa Conference, presented by the MMA SA, takes place tomorrow This is the core theme of the Impact South Africa Conference, presented by the MMA SA, that takes place tomorrow,7 September, at the Maslow Hotel in Sandton, Johannesburg. Held in partnership with MultiChoice, Takealot.Group Advertising, Standard Bank and MTN and supported by event sponsors Mindshare, Helm and Ayoba, the conference will host a heavy-weight line-up of 23 speakers who are either delivering their keynote addresses or are part of a panel discussion. Collectively, they will share tools and techniques with the audience with a view to assist them to not only weather today's economic, technological and social storm but also how to thrive as marketers in our contemporary, often challenging world. Key takeaways Among key takeaways of the Impact South Africa event are how: - Businesses can transform into purpose-led organisations that meet corporate social responsibility expectations. - CMOs can align with CFOs to enable growth and align strategies with the latter's metrics and reporting criteria. - Marketers can grasp the evolving data landscape to develop potent data strategies that are transparent, compliant and transformative. - AI can be leveraged to boost economic growth while elevating a brand's impact. - Next-gen marketing looks through the lens of different generations to create meaningful, engaging and sustainable relationships with customers. The MMA SA's regional director, Sarah Utermark, says, "This year's conference is host to the best in breed and delegates will engage in thought-provoking discussions, forge valuable business connections, gain insights into their organisation's market position, and above all, stay ahead of the curve in an industry that is forever in flux and fiercely competitive. "The event has been expertly tailored for the modern marketer so that they leave with cutting-edge knowledge that can be taken back into their businesses to further thei

Source - MSN
7 Sep 2023
7Sep

Goldfield history captured, immortalised

In the spirit of Heritage Month, we remember the Anglo American Intermine Dancing Championships that were held at the President Steyn Gold Mine in 1955. The Mandau team, who were of the Welkom Gold Mine, was among the most impressive performances at the competition. Their ability to move fast and easy amazed the audience. The Mandau dance was a dance developed by the Tsonga nation as one of the Tsonga Rain Dances. The following teams were champions of their tribal groups: Nyasa (Makomani) of the Western Holdings Gold Mine, Ngoni (Shangaan) of the Loraine Gold Mine, Basotho of the President Steyn Gold Mine, Amakwaya (Shangaan) of the Welkom Gold Mine, Xhosa of Free State Geduld, Amakwenkwe (Xhosa) of the Welkom Gold Mine, Pondomesi of the Loraine Gold Mine, and Mandau of the Welkom Gold Mine. - Courtesy of welkomhistory.co.za

Source - News24
7 Sep 2023
7Sep

BlackRock voted against Glencore's climate progress report

LONDON - Major Glencore shareholder BlackRock was among investors to reject the mining giant's climate progress report at its annual meeting inMay, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock's entities, which collectively own more than 6% of Glencore's stock, according to LSEG data, boosted dissident shareholders and helped the total votes in opposition to the company's climate plan pass 30% for the first time. Noting that while Glencore has improved climate-related risks and opportunities disclosures, "BIS is concerned that aspects of the report and recent developments have pointed to inconsistencies in the company's stated strategy," it said in a report published to clients on August 23. BlackRock allows many clients to cast their own votes at companies' annual general meetings. It declined to comment further on the disclosure. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. Glencore mines and trades thermal coal, used to generate electricity, and has said it plans to run down its mines by the mid-2040s, closing at least 12 by 2035. Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures. With $9.4 trillion under management, BlackRock's votes have become key to many contests at companies around the globe and in turn drawn much scrutiny of its practices.

Source - Engineering News
7 Sep 2023
7Sep

CMO role integral to the needs of today's business

W Source: © 123rf 123rf Impact South Africa Conference, presented by the MMA SA, takes place tomorrow This is the core theme of the Impact South Africa Conference, presented by the MMA SA, that takes place tomorrow,7 September, at the Maslow Hotel in Sandton, Johannesburg. Held in partnership with MultiChoice, Takealot.Group Advertising, Standard Bank and MTN and supported by event sponsors Mindshare, Helm and Ayoba, the conference will host a heavy-weight line-up of 23 speakers who are either delivering their keynote addresses or are part of a panel discussion. Collectively, they will share tools and techniques with the audience with a view to assist them to not only weather today's economic, technological and social storm but also how to thrive as marketers in our contemporary, often challenging world. Key takeaways Among key takeaways of the Impact South Africa event are how: - Businesses can transform into purpose-led organisations that meet corporate social responsibility expectations. - CMOs can align with CFOs to enable growth and align strategies with the latter's metrics and reporting criteria. - Marketers can grasp the evolving data landscape to develop potent data strategies that are transparent, compliant and transformative. - AI can be leveraged to boost economic growth while elevating a brand's impact. - Next-gen marketing looks through the lens of different generations to create meaningful, engaging and sustainable relationships with customers. The MMA SA's regional director, Sarah Utermark, says, "This year's conference is host to the best in breed and delegates will engage in thought-provoking discussions, forge valuable business connections, gain insights into their organisation's market position, and above all, stay ahead of the curve in an industry that is forever in flux and fiercely competitive. "The event has been expertly tailored for the modern marketer so that they leave with cutting-edge knowledge that can be taken back into their businesses to further t

Source - MSN
7 Sep 2023
7Sep

SAPS has implemented only six of 18 recommendations for dealing with unrest

DA asks high court to set aside Reserve Bank report that clears Ramaphosa The central bank's conclusion that the president did not have an obligation to report forex paid to, and stolen from, his Phala Phala farm was irrational, it argues in court papers You need to subscribe — The Mail & Guardian The South African Police Service report stated it was still in the process of holding accountable those accused of criminal conduct during the July 2021 unrest You need to subscribe — The Mail & Guardian 11 — 15 September is National Wills Week: Seize the opportunity and safeguard your family's financial future The impact of not having a valid will in place can potentially change your family's entire future Life seems to get busier every year, with most days being a delicate balancing act between work, family and the multitude of other responsibilities screaming for our attention. With so many pots on the boil, it's easy to think that something as future-focused as estate planning can sit on the back burner for yet a while longer. In reality, the impact of not having a valid will in place can potentially change your family's entire future. 11 — 15 September is National Wills Week, and it's a timely reminder that securing the future for your loved ones involves more than just providing in the present. Why drawing up a will should be at the top of your to-do list "Life is unpredictable, and although we don't like to think about it, tomorrow is not guaranteed," says Shakira Bodasing, senior legal adviser at Old Mutual. "Dying without a will, also known as intestacy, can have considerable legal and financial consequences for your estate and your loved ones. In such cases, your assets will be distributed according to the Intestate Succession Act, and the court might also determine the guardianship of your children." This leads to outcomes that might not align with your wishes and can result in protracted legal proceedings, potential disputes among family members, and increased emoti

Source - Buy PE
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. A businessw

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Decoding the decline in South Africa's business liquidations

A comprehensive re-evaluation. Introduction: Extending the dialogue New data from Statistics South Africa (Stats SA) for July 2023 confirms the encouraging trend we have seen in business liquidations, which have fallen compared to last year. This prompts us to revisit our prior question : Does this decline signal a more robust economic landscape, or should we interpret it with caution? ADVERTISEMENT CONTINUE READING BELOW Progressing from Previous Trends In a previous article , we discussed Stats SA data up to May 2023, which showed a notable decrease in business liquidations in sectors such as "Financing, insurance, real estate, business services, and "Trade, catering and accommodation. Seasonally adjusted via the X-12-ARIMA method, this information offered a more transparent snapshot. The latest data, covering up to July 2023, strengthens this narrative, indicating a 15.2% fall in liquidations compared to the same month in 2022 and a 14.2% drop for the year-to-date comparison. Persistent patterns in liquidation types Our earlier analysis emphasised the high incidence of voluntary liquidations across industries. The latest data substantiates this finding. Businesses appear to be making calculated decisions to shut down, suggesting a mature handling of economic challenges rather than mere risk avoidance. Industry stability: Echoing previous insights As before, the "Financing, insurance, real estate, business services sector remains the most volatile in terms of liquidations. On the other hand, industries like "Agriculture, hunting, forestry, and fishing, and "Mining and quarrying, continue to show resilience, echoing our prior observations about the stability in "Electricity, gas and water, and "Transport, storage, communication. The reliability of seasonal adjustments While seasonal adjustments offer a clearer understanding of underlying trends, it is important to remember that this method is not foolproof. Seasonally adjusted figures can sometimes be skewed by unpredictable factors, warr

Source - Moneyweb
7 Sep 2023
7Sep

SIMON BROWN: Know your margins

These are the go-to ratios for investors - but there's a world of valuable information between gross, trading and net Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. As investors we typically rush to headline earnings per share (HEPS) and dividend growth when looking at company results, followed perhaps by revenue growth. These are all important numbers, but understanding more detail of how a profit is made is hugely important. This is where different margins come into play: gross, operating and finally net margins. All are expressed as a percentage for ease of comparison. Gross margin is the profit from a sale after deducting the cost of producing the item sold. So, if it is hot dogs being sold, then you'd deduct the cost of the bun, sausage and sauces. It doesn't tell you much about overall profitability but it is important: you need to be making a profit at this first step because if not, then you'll be horribly loss-making. Further, it does allow you to compare against other hot dog sellers to get a sense of your cost base vs price. If they have a higher gross margin is it because they get cheaper product or better prices? Operating profit is essentially profit before tax and interest. So it includes head office costs, transport, staffing and all the other real costs a company has to deal with. Sometimes it is called the trading margin, and it is an important measure as it details the real profitability of a company. Interest and tax are real-world expenses, but they're not a part of the operating business. Operating margin really helps investors see who is better, particularly when it comes to the food retail sector This operating margin really helps investors see who is better, particularly when it comes to the food retail sector. Recent results showed Woolies* back at its best, with superior operating margins in its food division. Shoprite* has consistently stellar

Source - Business Live
7 Sep 2023
7Sep

Asian markets retreat further as US data fans rate hike fears

Asian investors took fright Thursday at a forecast-busting reading on the US services sector that revived speculation the Federal Reserve could lift interest rates again, compounding a spike in oil prices that has fanned fresh inflation fears. Wall Street dived and Treasury yields rose after the release of the Institute of Supply Management figures, which dealt a blow to hopes the US central bank had reached the end of its tightening cycle following a string of recent positive data. The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months -- when Japanese officials intervened in money markets last year to prop it up. After a rosy couple of weeks, the gloom that has characterised markets for much of the summer has returned as traders contemplate the possibility of more tightening and borrowing costs kept elevated for an extended period to tame inflation. Decision-makers at the Fed have given differing views on the best way forward, with some calling for more hikes and others suggesting rates are high enough. Boss Jerome Powell has asserted that all decisions will be made based on how the data stacks up over the coming months. While the economy and the jobs market have shown continued strength, there is a growing worry on trading floors that more than a year of increases -- and any more should they come -- could tip the United States into recession. "The ISM services sector report underscores the resilience of the largest portion of the economy," said LPL Financial's Quincy Krosby. "This is certainly not good news for a data-dependent Fed." In early Asian trade, Hong Kong, Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Jakarta and Manila were all well down. China optimism "What's good news for the economy is bad news for markets," said SPI Asset Management's Stephen Innes. "Currently, we are seeing the downside risk associated with positive growth news, especially when paired with investors fretting about the p

Source - Briefly
7 Sep 2023
7Sep

South African miners join race to buy Botswana's Khoemacau copper mine, sources say

AT least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa's largest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset. Johannesburg-listed Impala Platinum, Exxaro Resources and Sibanye Stillwater are weighing bids for the copper and silver mine in Botswana, said the sources with knowledge of the matter, who declined to be named due to the sensitivity of the information. A number of unnamed Chinese investors, are also on the list of companies interested in Khoemacau Copper Mining operations, one of the sources said. Impala declined to comment. Exxaro did not immediately respond to emailed questions. Sibanye confirmed its interest. "We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into an non-disclosure agreement to try and understand the opportunity better," Sibanye spokesperson James Wellsted told Reuters. "But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value." An increase in copper demand for applications from solar panels to electric cars in coming years has prompted miners to scramble for more supplies of the metal. Copper prices have fallen due to fears of a global slowdown, but longer-term prospects for the metal and a competitive bidding process will make it hard for any of the bidders to strike a bargain, two of the sources said. Advertisements Khoemacau's owners — Cupric Canyon LP, a U.S. private equity firm with funds managed by Global Natural Resources Investments (GNRI) and Resource Capital Fund VII LP — said in May they had begun to engage with potential buyers. The process is expected to take several months and be finalised close to the end of 2023, a Khoemacau spokesperson said. Diversified miner South32 (S32.AX) and Australian rival Sandfire Resources (SFR.AX) dropped out of the race after the first bidd

Source - The African Mirror
7 Sep 2023
7Sep

Discovery ups public sector support with new renewable energy initiative

Group says platform will stimulate investment of between R20bn to R25bn in the country's energy infrastructure. 7 Sep 2023 R146.32 JSE-listed financial services group Discovery has stepped up its public sector support with its new platform, Discovery Green, which will allow South African businesses to source cheap renewable energy from independent power producers (IPPs). The renewable trading power platform, which works on a wheeling system, was launched on Wednesday and will essentially facilitate the construction of renewable energy plants — both wind and solar — and connect them to the national grid. ADVERTISEMENT CONTINUE READING BELOW South African businesses have been forced to contend with the country's incessant electricity crisis, which has intensified over the years and has weighed on economic growth. This year, state-owned power utility Eskom also moved to implement load shedding every day for a minimum of two years in an attempt to save the grid from a total collapse. Through the Discovery Green platform, which aims to procure between 400 megawatts and 1 gigawatt of wind and solar energy, businesses can source power from local and international IPPs that have successfully connected to the grid. Read: SA's energy bounce-back scheme ‘too little too late' According to Discovery, its platform will stimulate investment of between R20 billion to R25 billion in the country's energy infrastructure, which is enough to establish 2 700 rugby fields of solar farms or 200 to 250 wind turbines. Speaking to Moneyweb, Andre Nepgen, who heads up Discovery Green, said the insurer has been working with some government entities in this venture, without mentioning them. Through the process, they have acted as advisories and have been "very helpful and very supportive of the process", Nepgen said. Other initiatives Discovery has previously lent its hand to government initiatives, notably its Potholes Patrol, which has seen more than 175 000 potholes across Johannesburg's nearly 14 000km

Source - Moneyweb
7 Sep 2023
7Sep

Finding Aloe Vera Plants in Cape Town: Your Ultimate Guide

/ By September 7, 2023 Are you looking for the perfect touch of nature to brighten up your space? It's time to look no further: Aloe Vera plants are an excellent choice.Our comprehensive guide will assist you in locating an aloe vera plant in Cape Town. We'll guide you to the best places to find Aloe Vera plants, whether you're looking for a local nursery or a website. The selection of the perfect Aloe Vera plant for your home can be a lot easier in a city as vibrant as Cape Town. We'll learn how to find and care for these wonders in this guide. Learn about the various types of succulents that are available from reputable nurseries and stores, including the popular aloe vera plant. As a novice plant parent or as someone who's just starting his or her green journey, our guide will provide you with valuable information on selecting healthy plants and caring for them. We'll discover where and how to find aloe vera plants in Cape Town as we explore the city's lush greenery. You might think you're living in a soothing spa when you see these versatile plants. Join us on this journey as we discover how it is to own and nurture an aloe vera plant. We'll dive into the fascinating world of aloe vera and let you get a taste for its goodness. Overview Nestled along the captivating coastline of South Africa, Cape Town beckons with its natural splendor and vibrant urban charm. Amidst this captivating backdrop, the allure of Aloe Vera plants thrives, offering a touch of nature's goodness to those seeking both aesthetic beauty and a treasure trove of benefits. Within the realm of this comprehensive guide, we embark on an exploration that transcends the ordinary, unraveling the intricacies of obtaining Aloe Vera plants in Cape Town-transforming your green aspirations into reality. Discovering the Green Gem: Aloe Vera Plants in Cape Town Aloe Vera, a plant renowned for its myriad uses, is a living testament to nature's brilliance. As you journey through this guide, a world of possibilities unfurls before

Source - Greater Good
7 Sep 2023
7Sep

Standard Bank launches new low-interest Solar Loan solutions for homes and business

Standard Bank launches new low-interest Solar Loan solutions for homes and business The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike, says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey, he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible. The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the Nationa

Source - Standardbank
7 Sep 2023
7Sep

MERAFE RESOURCES LIMITED - Contribution of new PGM production plants

Release Date: Code(s): MRF Contribution of new PGM production plants MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE and A2X share code: MRF ISIN: ZAE000060000 ("Merafe" or the "Company") CONTRIBUTION OF NEW PGM PRODUCTION PLANTS Shareholders of Merafe ("Shareholders") are referred to the announcement published by the Company on SENS on 14 January 2022 wherein Shareholders were advised that, inter alia, Merafe and Glencore Operations South Africa Proprietary Limited ("Glencore SA"), (collectively, the "Parties") had entered into an agreement to contribute to the Glencore Merafe Chrome Venture ("JV"), a new Platinum Group Metal ("PGM") production plant, constructed at the Kroondal Mine ("Western PGM Plant") ("Initial PGM Venture"). The Initial PGM Venture has been successful and profitable for the JV, and the Parties intend to replicate this strategy on the JV's eastern chrome mine operations. Accordingly, Shareholders are advised that Merafe and Glencore SA have reached an agreement to further contribute to the JV the PGM production plant located at the Thorncliffe Mine, which the Parties further intend to improve and expand ("Eastern PGM Plant"). The Eastern PGM Plant's main operations will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and as agreed between the Parties. Similar to the Western PGM Plant, the operations of the Eastern PGM Plant are governed by the existing unincorporated JV's notarial pooling and sharing agreement between Merafe and Glencore SA ("JV Agreement"). The total capital and costs relating to the improvement and expansion of the Eastern PGM Plant attributable to Merafe are expected to be c. R117 million. The independent members of the Merafe board of directors confirm that the terms relating to the contribution of the Eastern PGM Plant into the JV are in accordance with the JV Agreement and were concluded on an arm's length basis. San

Source - Sharenet
7 Sep 2023
7Sep

Ghost Wrap #44 (Bowler Metcalf | City Lodge | Shoprite | The Foschini Group | Bidvest | AVI)

The Ghost Wrap podcast is proudly brought to you by Mazars , a leading international audit, tax and advisory firm with a national footprint within South Africa.Visit the Mazars website for more information. In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news. Bowler Metcalf is evidence of how share buybacks can turn financial water into wine. City Lodge was permanently damaged by the pandemic, but at least the company is profitable again. Shoprite's astonishing performance was blunted by Eskom, which means share price performance is also well off where it should be. The Foschini Group's trading update reflects the impact of pressure on like-for-like sales, a drop in gross margin and debt on the recent acquisition. Bidvest's second half of the financial year was all about generating cash, which was helpful for the dividend payout ratio. AVI's results look good provided you exclude I&J, which tells us something about the different segments in the group. Leave Your Comment

Source - Ghost Mail
7 Sep 2023
7Sep

Glencore's Share Buyback Boosts Value

Glencore plc completes a significant share buyback, acquiring 2,110,000 of its own shares on the London Stock Exchange. The company holds these repurchased shares in treasury, totaling 1,354,013,041 shares, while maintaining 12,345,986,959 ordinary shares in circulation. This move aligns with Glencore's strategy to optimize capital structure and enhance shareholder value, part of a program lasting until February 2024. In a noteworthy move, Glencore plc, an international trading and mining company, has revealed its recent share buyback transactions on the London Stock Exchange. These actions come as part of the second phase of the company's ongoing share repurchase program, a strategy expected to continue until February 2024, as detailed in their August 8, 2023, announcement. On September 6, 2023, the company purchased an aggregate of 2,110,000 of its ordinary shares, each with a nominal value of USD 0.01, from UBS AG, London Branch. This move reflects Glencore's commitment to optimizing its capital structure and enhancing shareholder value. Key Transaction Details: The company has decided to hold these repurchased shares in treasury. Following this transaction, Glencore plc now possesses 1,354,013,041 of its ordinary shares in treasury. This amounts to 12,345,986,959 ordinary shares in issue, excluding treasury shares, representing the total number of voting rights. Shareholders can use this figure to determine whether they need to disclose their interest or any changes to their interest in the company under the FCA's Disclosure Guidance and Transparency Rules. Aggregated Information: The shares were bought across various trading venues, with the London Stock Exchange being the primary platform. Here's a breakdown of the aggregated information: These share purchases are part of Glencore's broader strategy to optimize its capital structure and enhance shareholder value. The company aims to efficiently deploy its capital to achieve long-term sustainable growth. In accordance with Article

Source - Rateweb
7 Sep 2023
7Sep

SA ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the [ ] Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have

Source - CarSite
7 Sep 2023
7Sep

MERAFE RESOURCES LIMITED — Contribution of new PGM production plants

7 September 2023 R1.21 Contribution of new PGM production plants MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE and A2X share code: MRF ISIN: ZAE000060000 ("Merafe" or the "Company") CONTRIBUTION OF NEW PGM PRODUCTION PLANTS Shareholders of Merafe ("Shareholders") are referred to the announcement published by the Company on SENS on 14 January 2022 wherein Shareholders were advised that, inter alia, Merafe and Glencore Operations South Africa Proprietary Limited ("Glencore SA"), (collectively, the "Parties") had entered into an agreement to contribute to the Glencore Merafe Chrome Venture ("JV"), a new Platinum Group Metal ("PGM") production plant, constructed at the Kroondal Mine ("Western PGM Plant") ("Initial PGM Venture"). The Initial PGM Venture has been successful and profitable for the JV, and the Parties intend to replicate this strategy on the JV's eastern chrome mine operations. Accordingly, Shareholders are advised that Merafe and Glencore SA have reached an agreement to further contribute to the JV the PGM production plant located at the Thorncliffe Mine, which the Parties further intend to improve and expand ("Eastern PGM Plant"). The Eastern PGM Plant's main operations will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and as agreed between the Parties. Similar to the Western PGM Plant, the operations of the Eastern PGM Plant are governed by the existing unincorporated JV's notarial pooling and sharing agreement between Merafe and Glencore SA ("JV Agreement"). The total capital and costs relating to the improvement and expansion of the Eastern PGM Plant attributable to Merafe are expected to be c. R117 million. The independent members of the Merafe board of directors confirm that the terms relating to the contribution of the Eastern PGM Plant into the JV are in accordance with the JV Agreement and were concluded on an arm's length basis. Sandton

Source - Moneyweb
7 Sep 2023
7Sep

FIRSTRAND LIMITED — FirstRand: Changes to important functions of directors and board committee membership

7 September 2023 R72.05 FirstRand: Changes to important functions of directors and board committee membership FIRSTRAND LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/010753/06) JSE ordinary share code: FSR; ISIN code: ZAE000066304 NSX ordinary share code: FST LEI: 529900XYOP8CUZU7R671 (FirstRand) FIRSTRAND: CHANGES TO IMPORTANT FUNCTIONS OF DIRECTORS AND BOARD COMMITTEE MEMBERSHIP Shareholders are advised that the following board committee amendments have been made in accordance with paragraph 3.59(c) of the JSE Limited Listings Requirements to improve the skill sets of the respective committees. FirstRand audit committee — The appointment of Ms TC Isaacs and Ms Z Roscherr as members of the committee, effective 1 December 2023. Mr RM Loubser will retire as a member of the committee, effective 30 November 2023. FirstRand risk, capital management and compliance committee — The appointment of Ms Z Roscherr as chair and Ms T Isaacs as members of the committee, effective 1 December 2023. Mr RM Loubser will retire as chair of the committee, effective 30 November 2023. FirstRand social, ethics and transformation committee — The appointment of Ms PD Naidoo as chair as Ms Z Roscherr will be stepping down as chair of the committee, effective 1 December 2023. Sandton 7 September 2023 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 07-09-2023 03:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, informat

Source - Moneyweb
7 Sep 2023
7Sep

Vodacom will use Project Kuiper satellites to extend 4G/5G network

Amazon's Project Kuiper hopes to get remote areas online and it's bringing telecommunications on board to assist. This week Vodafone and Vodacom announced they'd be partnering with Amazon to extend their 4G/5G networks using satellite connectivity. Beta testing of Project Kuiper is only expected to begin in 2024. Beaming the internet from space to Earth has proven to be a rather nifty way of solving connectivity problems. Clusters of satellites in low Earth orbit (LEO) deliver broadband internet to ground stations where it can be used. These solutions were rather pricey until the likes of SpaceX's Starlink arrived (in other parts of the world) offering a more palatable if still premium price. Amazon has its own such project in Project Kuiper . Like Starlink, Project Kuiper seeks to beam the internet from satellites to areas that aren't able to access the internet by other means. This week Vodacom and Vodafone announced they'd be leaning on the project to improve their networks. The telecommunications firms will extend their 4G and 5G networks to areas that prove challenging and prohibitively expensive to expand to. This will be accomplished by setting up a tower in those sorts of areas and connecting that tower to the Vodacom or Vodafone network via Project Kuiper satellites. The satellites in this instance would essentially function as a gateway through which the telcos could extend their network. "At Vodacom, our purpose is to connect for a better future, and we work every day to bring more people in Africa online," chief executive officer for the Vodacom Group, Shameel Joosub said in a statement. "Collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon's satellite constellation to quickly reach more customers across the African continent," the CEO adds. Don't expect this to happen soon though. Amazon is currently preparing two Project Kuiper satellite prototypes for testing "in the coming months". Production satellites will be deployed in 2024

Source - Hypertext
7 Sep 2023
7Sep

South African mines get a faster route to Mozambique port

The Logistics Co (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste , head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1,800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50-million ($2.6 million) to build, Jooste said.

Source - Mining Weekly
7 Sep 2023
7Sep

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Source - Cape Argus
7 Sep 2023
7Sep

WECONA Empowers Women in Business

Minister Dlamini Zuma praises WECONA for empowering women in business through collaboration, mentorship, and economic opportunities. WECONA aligns with the National Strategic Plan on Gender-Based Violence, advocating for 40% public procurement for women-owned businesses. Transformative dialogues initiated by WECONA have led to game-changing initiatives in sectors like finance and automotive industries. Minister Nkosazana Dlamini Zuma, the Minister in the Presidency for Women, Youth, and Persons with Disabilities, lauded the KwaZulu-Natal Women Economic Assembly (WECONA) for its groundbreaking efforts in empowering women in the business sector. The minister's remarks came during an event held on September 7, 2023, where she joined forces with Ms. Bongi Sithole-Moloi, the MEC of Cooperative Governance and Traditional Affairs, to promote the provincial rollout of WECONA. WECONA: Fostering Collaboration for Women's Economic Empowerment WECONA, the Women Economic Assembly, stands as a catalyst platform dedicated to women-owned, managed, and led businesses and enterprises. This initiative is underpinned by collaboration between the government, private sector, and civil society, reflecting an ongoing commitment to encourage women's active participation in the economy. The primary objective is to unite these stakeholders, creating a driving force for transformative change in the economic landscape. Minister Dlamini Zuma commended the remarkable contributions of women entrepreneurs, emphasizing that they are more than just business leaders; they are role models. Through mentorship programs, training workshops, and community initiatives, they are actively nurturing the next generation of entrepreneurs and ensuring the enduring legacy of women in business. Aligning with the National Strategic Plan on Gender-Based Violence and Femicide The provincial assembly of WECONA aligns seamlessly with Pillar 5 of the National Strategic Plan on Gender-Based Violence and Femicide. This pillar emphasizes the urgen

Source - Rateweb
7 Sep 2023
7Sep

Israeli President decorates advisor to King Mohammed VI with Presidential Medal of Honor

The President of Israel, Isaac Herzog, on Wednesday decorated André Azoulay, Advisor to King Mohammed VI, with the Presidential Medal of Honor, during a magnificent ceremony held at the Presidential Palace.In a statement to MAP, Azoulay expressed the "great pride" he feels in serving King Mohammed VI, and before Him, his father late King Hassan II. "In Morocco, the land of Islam, I am a proud Jew, and I live my Judaism to the full," stressed Azoulay, whose career and life have always been rooted in and defined by his Moroccan identity and the various high responsibilities entrusted to him. "This award is a source of great hope and immense pride for my country, Morocco, and for Moroccan civilization and the Moroccan exception which is being celebrated today and which continues to strongly embody the values of peace and coexistence," he added. "All Moroccans have been honored today. It is a tribute to my dear country, Morocco, with all its Arab, Amazigh and Jewish tributaries, among others," he stressed. He noted further that the Kingdom, under the wise leadership of King Mohammed VI, is "the clear embodiment of the art of the possible, where all spiritualities rub shoulders, coexist and interact in peace and harmony." The award bestowed on Azoulay also translates the recognition of the tireless efforts made by King Mohammed VI, Chairman of the Al Quds Committee, to promote interfaith dialogue and the Middle East peace process, and to defend the two-state solution as the basis for any resolution of the Palestinian-Israeli conflict. During the ceremony, the Israeli President hailed Azoulay as "a man of peace and dialogue, a clerk of the State, advisor to HM King Mohammed VI and the late HM Hassan II." The President's Medal is the highest Israeli civilian decoration awarded by the President of the State of Israel. Initiated by former Israeli President Shimon Peres in 2012, the medal has so far been awarded to 29 personalities, including Henry Kissinger, Bill Clinton, Barack Obama, Joe Biden

Source - North Africa Post
7 Sep 2023
7Sep

Risk of SA being kicked out of Agoa has receded, says Sim Tshabalala

Standard Bank CEO points to signs of better relations between Pretoria and Washington Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. The risk of SA being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin have receded, Standard Bank group CEO Sim Tshabalala told the bank's shareholders. He told investors and pundits following the release of the group's results recently that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine, a post-results transcript shows. "In our view, the risk of SA losing Agoa preferences - or of sanctions being imposed - has receded ... President Ramaphosa visited both Kyiv and Moscow to encourage negotiations, and senior government representatives visited Washington to clarify SA's stance," reads the transcript. Tshabalala, who heads Africa's biggest bank by assets, pointed to the August visit by US deputy secretary of state Victoria Nuland as an indication that progress has been made in mending relations with the US. "While she did not want to pre-empt the decision by US lawmakers on whether SA would retain Agoa status, President Ramaphosa's statements would help to motivate for an extension," Tshabalala said. "To quote secretary Nuland directly, ‘When SA stands up and says Russia's war against Ukraine must be settled in a manner that defends the UN Charter, that defends sovereignty and territorial integrity of nations, that says no to taking land by force, that [statement] has unique weight.'" Agoa has since 2000 been the US's primary economic policy tool in Africa, offering qualifying African countries duty-free access to the US market for many goods. The current agreement expires in 2025. The relationship between SA and the US has been tested in the past year due to perceptions that Pret

Source - Business Live
7 Sep 2023
7Sep

Business forum to march against discrimination — DFA

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. Read more: Business forum to march against discrimination - DFA Leave a Reply

Source - The Kimberly Prospector
7 Sep 2023
7Sep

Exploring Uber Assist in Cape Town: Enhancing Transportation Accessibility

/ By September 7, 2023 You're ready for a new era of transportation accessibility when you imagine a ride service tailored to your specific needs, making travel easier for all.Uber Assist, a revolutionary service that provides passengers with special needs with a seamless journey, will be available in Cape Town. Uber Assist makes it easier than ever to use public transportation by incorporating accessibility features and specialized driver training. Uber Assist is a specialized service that is offered by Uber to address the needs of individuals who require accessibility assistance . This ground-breaking service not only provides trained drivers, but also specially designed vehicles, in order to make mobility more accessible to all. Learn more about the features, benefits, and real-life impacts of Uber Assist in Cape Town, South Africa. In this episode, we'll go over Uber Assist's comprehensive approach to bridge the transportation gap, as well as look at how the company is addressing the issue. We'll go over the features that set Uber Assist apart from others, as well as what drivers go through during their training, in the strictest of terms. Whether you want to learn more about the future of accessible mobility in Cape Town or simply want to learn more about Uber Assist, this article will cover how this service has transformed the city's transportation landscape. Understanding Uber Assist In the dynamic landscape of urban transportation, Uber Assist emerges as a beacon of inclusivity and convenience, redefining the parameters of accessibility. At its core, Uber Assist isn't merely a ride-hailing service; it's a tailored solution meticulously designed by Uber to address the unique needs of passengers requiring accessibility support. This specialized service stands apart from the standard Uber offerings, not just in its intent, but also in its execution, ushering in a new era of mobility equality. Diving into the intricacies, Uber Assist distinguishes itself through its unwavering commit

Source - Greater Good
7 Sep 2023
7Sep

Business confidence index inches up in third quarter - survey

The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections next year, said Isaah Mhlanga, the chief economist and head of research at RMB. BUSINESS REPORT

Source - The Star Online
7 Sep 2023
7Sep

Business confidence index inches up in third quarter - survey

The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections next year, said Isaah Mhlanga, the chief economist and head of research at RMB. BUSINESS REPORT

Source - Cape Times
7 Sep 2023
7Sep

Can BRICS+ de-dollarize the global markets? ( Business Africa )

In a world where economic stability and global markets are constantly evolving, the BRICS nations are making significant strides towards reshaping the global financial landscape. During their 15th annual summit, held recently, discussions on de-dollarization and the creation of a new currency took center stage. The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has long been seen as a rising force in the global economy. As of March 2023, they collectively represent a substantial 31.5% of the world's GDP. However, their ambitions don't stop there. In a historic expansion move, the BRICS welcomed six new member countries into their fold. This expansion aims to bolster the bloc's influence and capabilities, giving it more weight on the global stage. One of the most significant aspects of this expansion is the concerted effort to reduce dependence on the U.S. dollar. The BRICS nations are exploring new currency arrangements that could potentially lessen their reliance on the dollar-dominated global financial system. This shift signifies a move towards a multipolar world economy, one where the influence of the United States is not as predominant. But can the BRICS nations truly reshape the world's economic landscape? To gain a better understanding of the situation, Africanews spoke with Mr. Jean Joseph Boillot, an economist and advisor on emerging countries at IRIS. He shed light on the BRICS+ initiative, stating that it has the potential to bring about substantial changes in the global economic order. Coup in oil-rich Gabon: What implications for global supply? In a separate development, the recent coup d'etat in Gabon, an oil-rich nation in Central Africa, has brought political instability to the doorstep of the Organization of Petroleum Exporting Countries (OPEC). This raises concerns about potential disruptions in global oil supply, as Gabon is an OPEC member. The implications of this coup on the global oil industry remain uncertain, but it is a situation worth mo

Source - Africa
7 Sep 2023
7Sep

Ramaphosa to attend G20 New Delhi summit 2023.

India's capital city New Delhi is all set to host the world's most influential and powerful leaders at the G20 Summit 2023 this weekend. President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit. "Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the

Source - Fullview
7 Sep 2023
7Sep

Ru The World: Ruger's golden spout of sweet spots

Ruger incarnates Afrobeats' dancehall faction touting carefree ideals. This forms the framework for his debut LP Ru The World, a spout of sweet spots.The Nigerian singer, often sporting pink hair and an eyepatch, is a creature of melody. A singles expert who is already behind three EPs, Ruger, who crossed into the mainstream in 2021, owns an unsullied tone that results in moving output, as evidenced in the rousing response to his tours. But the singer, 23, also espouses a strange eloquence around adult themes, shuttled on sensuous chords and strings. The album presents 17 songs. The sex begins on opening salvo ‘Tour', which doubles as a lyrically rich mission statement. Anywhere he goes, the girls want to mount him, he worries (or brags). It's like that for the rest of the album, really: anecdote after anecdote about libidinous escapades, with a fervour that calls up Jamaican dancehall vets like Vybz Kartel. If there is one way Ru stands out, it is for its clarity in purpose. The collection, which follows three EPs, illustrates raunchiness through leading singles ‘Red Flags' and ‘Kristy'. Understanding this is key, especially given how musicians his age, who stumble into stardom that early, tend to fixate on carnal adventures, which are a surplus of their celebrity. The album also enjoys the advantages of harmony and great sequencing, making for fluid listening, even with its unceasing sexual frankness, often vulgar, often genuinely innovative. On the guitar-saturated ‘Kristy', he invents similes for a woman's soft curves, comparing them to a soft drink or freshly baked bread. ‘All My Days', featuring Kenyan band Sauti Sol, is the most innovative track on the album, both conceptually and sonically. A beautiful salsa blend complete with shakers and a celebratory atmosphere is the sound towards a happy future. But what is a Ruger record without the presence of the fairer gender? On this occasion, there's the mention of his desire for "two girls for the night." Leading up to its rel

Source - Music in Africa
7 Sep 2023
7Sep

Coach Pitso and Nedbank partner to build a legacy for the future

Nedbank, in partnership with Soccer Schools and The Sports Trust, continues to promote sport development with the sponsorship of a multipurpose sport court to Lofentse Girls High School. Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sports development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sports courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sports. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sports disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Minister Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football community, Coach Pitso is leading this initiative with the aim of leaving a legacy

Source - News 365
7 Sep 2023
7Sep

Risk of SA being kicked out of Agoa has receded, says Sim Tshabalala

The risk of SA being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin has receded, Standard Bank group CEO Sim Tshabalala has told the bank's shareholders.He told investors and pundits after the release of the group's results that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine, a post-results transcript shows."In our view, the risk of SA losing Agoa preferences - or of sanctions being imposed - has receded ... President Ramaphosa visited both Kyiv and Moscow to encourage negotiations, and senior government representatives visited Washington to clarify SA's stance," the transcript reads.IntegrityTshabalala, who heads Africa's biggest bank by assets, pointed to the August visit by US deputy secretary of state Victoria Nuland as an indication that progress has been made in mending relations with the US."While she did not want to pre-empt the decision by US lawmakers on whether SA would retain Agoa status, President Ramaphosa's statements would help to motivate for an extension," Tshabalala said."To quote secretary Nuland directly, ‘when SA stands up and says Russia's war against Ukraine must be settled in a manner that defends the UN Charter, that defends sovereignty and territorial integrity of nations, that says no to taking land by force, that [statement] has unique weight.'"Agoa has since 2000 been the US's primary economic policy tool in Africa, offering qualifying countries duty-free access to the US market for many goods. The current agreement expires in 2025.Lady RThe relationship between SA and the US has been tested in the past year due to perceptions that Pretoria had taken Moscow's side in its war with Ukraine.Tensions between the two countries, which have enjoyed good bilateral and trade relations since 1994, came to a head in May when US ambassador to SA Reuben Brigety said SA had supplied Russia with weapons in f

Source - Business Live
7 Sep 2023
7Sep

FFM podcast ep19: Winning from chemicals to finance; Debunking the Myth of the Barn Hole; A Springbok-inspired run?

Welcome to the Fantasy Fund Manager podcast, where financial experts and everyday investors converge to explore the intriguing world of fantasy trading.In this episode, we journey into week 19 of the competition with our hosts, Stuart Lowman from BizNews, and our distinguished guests, Gareth Montana, Director at Corion Capital, and Darren Gruzin, General Manager at SA Precious Metals. Amidst the ever-shifting landscape of financial markets, we uncover valuable insights, from navigating volatility to adapting strategies for success. Discover how this innovative game fosters community and financial education, making investing more accessible. Join us as we delve into the exciting realm of Fantasy Fund Manager. Remember, each dawn of Monday is your chance to pitch your winning stocks. With enticing prizes awaiting, the game is on. Rally your comrades and head over to www.fantasyfundmanager.co.za to register-gratitude to our platinum sponsors, Sharenet, Terebinth Capital, ClucasGray Asset Management, and Money Better. And mark your calendars: Subscribe now to our podcast to keep pulse with every riveting episode. Rest assured, the stock prices discussed remain spot-on from the time of the podcast's riveting recording. Listen here Welcome to the Fantasy Fund Manager podcast, where financial experts and everyday investors come together to explore the intriguing world of fantasy trading. In this episode, we dive into week 19 of the competition with our hosts, Stuart Lowman from BizNews, and our distinguished guests, Gareth Montana, Director at Corion Capital, and Darren Gruzin, General Manager at SA Precious Metals. The data snapshot Before delving into the heart of the discussion, Stuart provides us with a snapshot of the current state of play. In week 19, the most owned stock is NASPERS, posting an impressive 1.31% gain. It's essential to note that these figures are accurate as of the time of recording, and market dynamics are ever-changing. Conversely, Multi-Choice is the least owned stock,

Source - BizNews
7 Sep 2023
7Sep

Fortify Your Defences: Unleashing the Power of Cutting-Edge Network Security - IT News Africa | Business Technology, Telecom

n today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices [ ] ITNewsAfrica Source ITNewsAfrica In today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices [ ] In today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices to protect their sensitive data and critical systems. Key Network Security Best Practices: When it comes to network security, there is no one-size-fits-all solution. Each company has unique components, systems, and data that require comprehensive protection. It is essential that an organization's IT security strategy is thorough and all-encompassing to address the diverse aspects of network security. One key trend and best practice in network security is role-based access, which helps protect against unauthorized entry. Implementing effective access management solutions can significantly enhance network security. Identity management is also a crucial aspect of network security, with zero-trust networks gaining traction.

Source - Head Topics
7 Sep 2023
7Sep

Mbhazima Shilowa | Lay blame at the door of corruption and incompetence, not apartheid

Maybe it is based on research. Or polling. But something does not seem right. It is like the wick doesn't reach the paraffin inside the lantern any longer. How else can one explain that after 30 years of power, the ANC suddenly discovered that their incompetence is occasioned by the legacy of apartheid: skills development, inner-city regeneration and the provision of reliable, safe, integrated, inter-modal and inter-nodal public transport?Apartheid, declared a crime against humanity by the United Nations, had a devastating effect on the lives of South Africans, blacks in general and Africans in particular. Some of its impact remains to this day. Its policy of segregation, pass laws, and influx control confined many to designated spaces: hostels, bantustans, and townships.The native, a source of cheap labour, could only be in towns and cities to serve the master and to power the economy, and even then only with the permission of the Native Commissioner. 80 Albert Street, a building that burnt down in downtown Johannesburg recently, and many such buildings across all major cities are monuments to the enforcement of the hated pass laws.Migration to the city One could be summarily banished out of town, bundled into a train and sent back to the homeland, never to set foot in town again unless he or she had employment, and even then, only with the permission of their chief.Only a few were allowed to reside in crowded spaces in the townships, having been uprooted from city centres closer to areas with employment opportunities.It was inevitable that the abolition of the pass laws, influx control and opening our borders following the 1994 democratic elections would bring more people to urban centres, cities and towns.Our leaders, many of whom bore the brunt of the apartheid dispensation, should have foreseen this and developed appropriate policies to respond to the new challenges the country was likely to face. That very little was done is an indictment on the current government and not the aparthe

Source - News24
7 Sep 2023
7Sep

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections n

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Business forum to march against discrimination

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. THE CENTRAL Northern Cape Business Forum will embark on a peaceful march from the Kimberley train station to the Premier's Office at the Derek Corns building on September 12 against race quotas and race discrimination, starting at 9am. The chairperson of the forum, Graham Ross, expected around 500 people to take part in the march and he encouraged everyone to participate. He stated that coloureds, Indians and whites were being sidelined by the ANC where they were not given job opportunities, especially in government. "Job opportunities and tertiary education for our youth will not materialise in the near future. We are also marching against racial discrimination generally, fraud and corruption, where perpetrators must be brought to book and prosecuted, poor service delivery and other issues. The government is spending millions of rand to restore discipline and order in our schools. He also called for an end to violence and inciting race hatred. Leave a Reply

Source - The Kimberly Prospector
7 Sep 2023
7Sep

Weekly corporate finance activity by SA exchange-listed companies

Lighthouse Properties plc has issued 51,913,215 new Lighthouse shares in terms of its scrip dividend election at R5.39 per share, resulting in a capitalisation of the distributable retained profits in the company of R118 million. Santam has advised that it is in a position to distribute R2 billion of the gross proceeds received from the sale in 2022 of its 10% interest in the SAN JV to Allianz Europe BV. Shareholders will receive a special dividend from income reserves of R17.80 per share. Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 28 August and 1 September 2023, a further 1,012,749 Prosus shares were repurchased for an aggregate €64,99 million and a further 250,654 Naspers shares for a total consideration of R796,4 million. Glencore intends to complete its programme to repurchase the company's ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,550,000 shares for a total consideration of £45,28 million. South32 continued with its programme of repurchasing shares in the open market. This week a further 832,004 shares were acquired at an aggregate cost of A$2,88 million. Two companies issued profit warnings this week: Pan African Resources and The Foschini Group. Five companies issued or withdrew a cautionary notice : Trematon Capital Investments, Ellies, Afristrat Investment, enX and Brikor. Leave Your Comment

Source - Ghost Mail
7 Sep 2023
7Sep

PGM Expansion: Merafe Boosts South African Mining

Merafe Resources expands PGM production: Contributing Eastern PGM Plant to joint venture after success of Western PGM Plant. Eastern PGM Plant investment: Merafe to invest approximately R117 million, aligning with existing JV agreement, ensures transparency. Positive impact: Expansion boosts South Africa's mining industry, creates jobs, and strengthens its position in the global PGM market. Merafe Resources Limited is set to strengthen its position in the Platinum Group Metal (PGM) production sector. In a recent announcement, the company revealed its plans to contribute the Eastern PGM Plant to the Glencore Merafe Chrome Venture, marking another significant milestone in its strategic growth. Success Breeds Expansion The move follows the remarkable success of the Glencore Merafe Chrome Venture's initial project, the Western PGM Plant, located at the Kroondal Mine. This venture, initiated in January 2022, has not only been successful but also highly profitable for both Merafe and Glencore Operations South Africa Proprietary Limited. The Western PGM Plant's resounding success has prompted the two companies to replicate their strategy, this time at the eastern chrome mine operations. Consequently, they have entered into an agreement to contribute the Eastern PGM Plant, located at the Thorncliffe Mine, to the joint venture. Eastern PGM Plant Expansion Details The Eastern PGM Plant is strategically positioned to enhance the treatment of PGM-bearing materials relevant to the eastern chrome mine operations. The expansion of this facility is expected to further boost PGM production and contribute to the economic growth of the region. Here are the key details of the expansion: The expansion project aligns with the existing unincorporated joint venture's notarial pooling and sharing agreement between Merafe and Glencore SA, ensuring a seamless integration of operations. Independent Confirmation The independent members of the Merafe board of directors have affirmed that the terms of the Eastern PG

Source - Rateweb
7 Sep 2023
7Sep

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. More on this Global companies choose Cape Town for their satellite office set-ups Opportunity: CEF calls on women to apply for energy funding Retail sector made a bold comeback in 2022, with various businesses launching in the CBD Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted t

Source - Cape Argus
7 Sep 2023
7Sep

Ghost Bites (Bell Equipment | Brikor | British American Tobacco | Delta Property | Merafe — Glencore | Sanlam | Transactio

Listen to the latest episode of Ghost Wrap here, brought to you by Mazars: Bell Equipment rings even louder (JSE: BEL) An updated trading statement confirms an even bigger jump in earnings Trading statements are funny things. They can be very conservative at times, especially when the language is an increase of "at least" and then a round number, like 20% of 30%. A much tighter trading statement would give a range, removing the chance of a major upside surprise after that. In the initial trading statement for the six months to June, Bell indicated an increase in HEPS of at least 30%. The updated trading statement is far more exciting than that, with HEPS up by between 61% and 67%. This implies a range of between 338 cents and 348 cents a share. As I keep saying, this year has been all about industrial companies rather than the retailers, an important lesson about inflationary conditions and the kinds of companies that do well during such a period. A mandatory offer for Brikor is imminent (JSE: BIK) Nikkel Trading is on the verge of breaching the 35% ownership threshold Nikkel Trading currently has a 34.23% stake in Brikor . Nikkel has advised Brikor that it is in the process of acquiring more shares in the company, which will take it above the 35% ownership threshold. This triggers a mandatory offer to remaining shareholders. The price for the acquisition is expected to be 17 cents a share, so this suggests that the mandatory offer would also be at this level. The share price jumped to 16 cents a share in response. In a separate announcement, the company noted that the circular regarding the contract mining and coal purchase agreement should be sent out by 30 September. British American Tobacco exits Russia and Belarus (JSE: BTI) The price hasn't been disclosed Back in March 2022 when all hell literally broke loose in Ukraine, British American Tobacco announced that its ownership of assets in Russia and Belarus wasn't sustainable. That's right kids, a tobacco company with a conscienc

Source - Ghost Mail
7 Sep 2023
7Sep

Can BRICS+ de-dollarize the global markets? ( Business Africa )

In a world where economic stability and global markets are constantly evolving, the BRICS nations are making significant strides towards reshaping the global financial landscape. During their 15th annual summit, held recently, discussions on de-dollarization and the creation of a new currency took center stage. The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has long been seen as a rising force in the global economy. As of March 2023, they collectively represent a substantial 31.5% of the world's GDP. However, their ambitions don't stop there. In a historic expansion move, the BRICS welcomed six new member countries into their fold. This expansion aims to bolster the bloc's influence and capabilities, giving it more weight on the global stage. One of the most significant aspects of this expansion is the concerted effort to reduce dependence on the U.S. dollar. The BRICS nations are exploring new currency arrangements that could potentially lessen their reliance on the dollar-dominated global financial system. This shift signifies a move towards a multipolar world economy, one where the influence of the United States is not as predominant. But can the BRICS nations truly reshape the world's economic landscape? To gain a better understanding of the situation, Africanews spoke with Mr. Jean Joseph Boillot, an economist and advisor on emerging countries at IRIS. He shed light on the BRICS+ initiative, stating that it has the potential to bring about substantial changes in the global economic order. Coup in oil-rich Gabon: What implications for global supply? In a separate development, the recent coup d'etat in Gabon, an oil-rich nation in Central Africa, has brought political instability to the doorstep of the Organization of Petroleum Exporting Countries (OPEC). This raises concerns about potential disruptions in global oil supply, as Gabon is an OPEC member. The implications of this coup on the global oil industry remain uncertain, but it is a situation worth mo

Source - Africa
7 Sep 2023
7Sep

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections n

Source - Sunday Independent
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has died

Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Source - MSN
7 Sep 2023
7Sep

Who's doing what this week in the South African M&A space?

Exchange-Listed Companies British American Tobacco plc has announced the disposal of its Russian and Belarusian businesses to a consortiumled by members of the Russian management team for an undisclosed sum. The company announced in March 2022 that the ownership of these businesses was no longer sustainable in the current environment. Post completion, the businesses will be known as the ITMS Group. The sale of assets held by Rebosis , currently under business rescue, continues with the announced sale of a portfolio of 10 properties to Hemipac Investments for R650 million. Oando plc has reached an agreement with Eni to acquire 100% of the shares in Nigerian Agip Oil Company. The transaction increases Oando's current participating interests in OMLs 60 to 63 from 20% to 40%. In March this year Brikor advised shareholders that Nikkel Trading 392 intended to acquire from major shareholders a 67.7% stake in Brikor in two tranches at 17 cents per share. The first tranche, representing a 34.1% stake, was acquired at the time of the announcement. The second tranche (33.6% stake) was conditional on several suspensive conditions, including regulatory approval from the Competition Authorities, the JSE and the TRP. Brikor has now advised that it will acquire the second tranche which will trigger a mandatory offer to minorities. Unlisted Companies Cipla Medpro South Africa is to acquire Actor Pharma in a deal valued at R900 million, according to a filing by its Indian holding company. The deal is a strategic move by the South African subsidiary to strengthen its position in the over-the-counter segment of the market, unlock future growth opportunities and leverage cost synergies in the SA market. Real estate private equity platform Kasada , has acquired the former Radisson Blu Hotel & Residence situated in the Cape Town city center for an undisclosed sum. Kasada has a presence in eight African countries with a portfolio of 19 hotels. Leave Your Comment

Source - Ghost Mail
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and aft

Source - The Star Online
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and aft

Source - Cape Times
7 Sep 2023
7Sep

Unraveling the Necessity of Permethrin-Treated Clothing in Cape Town

/ By September 7, 2023 You'd be drawn to the breathtaking landscapes of Cape Town, the sun shining bright, and the adventures to be had.Insects, on the other hand, pose a tiny yet potentially deadly threat to the landscape. You'll learn about the world of permethrin-treated clothing as well as how it can protect you from mosquito bites and diseases that they carry. Insect-infested clothing containing permethrin can be a game-changer in your fight against them. The insecticide-infused clothing is intended to repel and kill these tiny pests, giving you added protection when going for a hike in the fantastic outdoors of Cape Town. You want to enjoy the wonders of Cape Town, but you also don't want to get pecked by mosquito bites or become ill from vector-borne diseases. What if there were a simple yet powerful solution that could shield you from these pesky creatures? In this article, we reveal the truth about permethrin-treated clothing and its necessity in Cape Town's unique environment. We go above and beyond to help you make wise decisions about staying safe and fully embracing the wonders of this vibrant city, from investigating the science behind its effectiveness to discovering more eco-friendly options. As a result, make sure to dress in permethrin-treated clothing to get a taste of insect protection Understanding Permethrin and its Effectiveness Permethrin, a powerhouse insecticide and repellent, stands as an unsung hero in the battle against tiny yet menacing creatures. Let's dive into the captivating world of permethrin and uncover its remarkable effectiveness in safeguarding us from insect bites and the perils they carry. What is Permethrin and How It Works: Permethrin, a synthetic chemical derived from the chrysanthemum flower, harnesses nature's power to combat the relentless onslaught of insects. Its formidable mode of action disrupts the nervous systems of insects, leading to paralysis and ultimately, their demise. As a repellent, permethrin acts as a potent deterrent, dri

Source - Greater Good
7 Sep 2023
7Sep

SA Secures Top 10 Position In EMEA Markets For Volvo EX30 Pre-Order

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. Volvo EX30 So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski, Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested

Source - Investing
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and after

Source - Cape Times
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from fr

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and after

Source - The Star Online
7 Sep 2023
7Sep

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit Yesterday, 6th September 2023 marked the conclusion of the Uganda-SA Investment and Trade Summit in which MTN Group convened key companies in the South African private sector with operations in Uganda to Accelerate Investments and Trade between Uganda and South Africa. The Summit which was convened in line with MTN's commitment to partnerships in driving sustainable development was [presided over] by Uganda's President Yoweri Museveni. Speaking at the Summit, MTN Group Chairman Mcebisi Jonas, noted the importance of working together and paying focused attention on the growth and development of the various countries that MTN has operations in and in Africa as a whole. He said, "as a Pan-African organization MTN sees its role as an important part of the broader conversation to support and facilitate growth and development across the continent and that is why the Group has played its part in engaging with the public and private sector to make the Summit a reality." In attendance from South Africa was a government delegation led by the country's Minister of Agriculture, Land Reform & Rural Development Thoko Didiza, the Department of Trade and Industry and Competition, the Department of International Relations and Cooperation, the Department of Communications and Digital Technologies and her Excellency the South African High Commission to Uganda. The private sector, which was led by the Forum for South African Business in Uganda was represented by leadership of MTN, Standard Bank Group, Absa Group, Multichoice, Quantum Foods, Tiger Brands, Woolworths, Convergence Partners and Sanlam Group alongside amongst others. The Summit, which builds on an initial Uganda-SA Investment Trade Summit that was hosted by the President of South Africa, Cyril Ramaphosa, in February continued the conversations related to bilateral trade and investment across the two countries. Specifically, the Summit's success was in how it en

Source - Investing
7 Sep 2023
7Sep

SIRIUS REAL ESTATE LIMITED — Notification Of A Transaction By A Person Discharging Managerial Responsibilities

7 September 2023 Notification Of A Transaction By A Person Discharging Managerial Responsibilities SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 JSE Share Code: SRE LSE (GBP) Share Code: SRE LEI: 213800NURUF5W8QSK566 ISIN Code: GG00B1W3VF54 7 September 2023 Sirius Real Estate Limited (‘Sirius Real Estate', ‘Sirius' or the ‘Company') Notification of a transaction by a Person Discharging Managerial Responsibilities (‘PDMR') Notification and public disclosure of a transaction by a PDMR. Notification of dealing form 1. Details of PDMR a) Name Andrew Coombs 2. Reason for the notification a) Position / status Chief Executive Officer b) Initial notification / Initial notification amendment 3. Details of the issuer a) Name Sirius Real Estate Limited b) LEI 213800NURUF5W8QSK566 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Ordinary shares of no par value. instrument, type of instrument b) Identification code GG00B1W3VF54 c) Nature of the transaction Purchase of shares into the JJC Trust, being a family trust of which Mr Coombs is a trustee. Following this transaction, Mr. Coombs holds a beneficial interest in 11,508,876 shares, representing 0.977% of the Company's issued share capital. d) Price(s) and Price(s) Volume(s) Total(s) volume(s) (p/GBP) (p/GBP) e) Highest price, lowest price High Low VWAP and volume weighted average price N/A N/A N/A f) Date of the transaction 5 September 2023 g) Place of the transaction London Stock Exchange (XLON) Main Market h) Nature and extent of interest Indirect, beneficial in the transaction i) Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements. For further information: Sirius Real Estate Andrew Coombs, CEO +49 (0)30 285010110 Alistair M

Source - Moneyweb
7 Sep 2023
7Sep

Why going MSP-less in the IT storm can spell disaster for your business Why going MSP-less in the IT storm can spell disaste

Issued by JEC Technologies Johannesburg, 07 Sep 2023 Read time 3min Comments (0) As businesses become increasingly connected, technology has become essential to their success. As decision-makers, we often face a choice: work with a managed service provider (MSP) or tackle IT challenges alone. In this press release, we explore the risks of going MSP-less and why choosing wisely is critical to your business's prosperity. We understand how challenging it can be to handle IT issues without the support of an MSP. Navigating the complex IT landscape alone can be daunting, especially if your internal IT team lacks the necessary expertise or resources to handle any problems effectively. Additionally, staying up to date with the constantly changing technology and security threats can be a significant challenge without an MSP. We empathise with the difficulties you may face and want to assure you that seeking the help of an MSP can alleviate these concerns and promote your business's growth. Consideration 1: Is your company's internal IT team equipped to handle the continuously changing technological challenges? Assessing the potential risks that may arise from limited IT knowledge is crucial. It's important to ensure that your internal IT team has the necessary skills to handle the constant changes in technology. Businesses without the knowledge and expertise provided by MSPs may find navigating through uncharted territories challenging. Consistent education and training are necessary to keep up with the ever-changing tech landscape. However, investing in such resources can be time-consuming and resource intensive. Without MSP assistance, companies may fall behind on important updates, leaving them vulnerable to cyber attacks and non-compliance penalties. Choosing wisely is critical. Consideration 2: When it comes to businesses of any size, the cost-effectiveness of managed service providers (MSPs) is an important consideration. While skipping MSPs might look like a way to save on costs, it can lea

Source - MSN
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from fr

Source - Cape Argus
7 Sep 2023
7Sep

Call to Action! Have your say on critical skills shortages to boost business

The Department of Higher Education and Training's (DHET) Labour Market Intelligence unit has recently released a survey to identify occupations in high demand, occupational shortages, and skills gaps in South Africa, and at a provincial level. Provincial Minister of Finance and Economic Opportunities, Mireille Wenger, said: "in almost every interaction I have with business, big and small, the topic of the broken visa regime in the country comes up as a factor holding back their growth. The fact is that the current visa regime is a significant deterrent to investment and the expansion of existing businesses, costing jobs and economic growth right at a time when we can ill-afford to lose either. said Minister Wenger. To facilitate foreign investment, companies need to be able to easily access South Africa. Individuals who apply for critical skills visas typically help develop new sectors or to expand existing ones, contribute to increasing the complexity of the economy by bringing in skills that are not currently available, and help new industries through skills development in South Africa. This is why the investment and critical skills visas are key enablers of economic growth and job creation. Responding to the release of this survey, provincial Minister of Finance and Economic Opportunities, Mireille Wenger said: "I very much welcome the release of this vital survey. I strongly encourage businesses across the province, in all sectors, to participate so that we can gain a much better understanding of where the gaps are and therefore, what we can do it address them. Importantly, this will help us attract individuals with the right critical skills, so that they can contribute to our economic growth project. The DHET's survey on occupations in high demand, hard-to-fill vacancies and skills gaps can be found here To go even further, and in conjunction with the DHET survey, the Western Cape Government's Tech and Innovation team within the Department of Economic Development and Tourism has compi

Source - Western Cape Government
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends

Source - Independent Online (IOL)
7 Sep 2023
7Sep

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit

Yesterday, 6 th September 2023 marked the conclusion of the Uganda-SA Investment and Trade Summit in which MTN Group convened key companies in theSouth African private sector with operations in Uganda to Accelerate Investments and Trade between Uganda and South Africa The Summit which was convened in line with MTN's commitment to partnerships in driving sustainable development was [presided over] by Uganda's President Yoweri Museveni. Speaking at the Summit, MTN Group Chairman Mcebisi Jonas, noted the importance of working together and paying focused attention on the growth and development of the various countries that MTN has operations in and in Africa as a whole. He said, " as a Pan-African organization MTN sees its role as an important part of the broader conversation to support and facilitate growth and development across the continent and that is why the Group has played its part in engaging with the public and private sector to make the Summit a reality." In attendance from South Africa was a government delegation led by the country's Minister of Agriculture, Land Reform & Rural Development Thoko Didiza, the Department of Trade and Industry and Competition, the Department of International Relations and Cooperation, the Department of Communications and Digital Technologies and her Excellency the South African High Commission to Uganda. The private sector, which was led by the Forum for South African Business in Uganda was represented by leadership of MTN, Standard Bank Group, Absa Group, Multichoice, Quantum Foods, Tiger Brands, Woolworths, Convergence Partners and Sanlam Group alongside amongst others. The Summit, which builds on an initial Uganda-SA Investment Trade Summit that was hosted by the President of South Africa, Cyril Ramaphosa, in February continued the conversations related to bilateral trade and investment across the two countries. Specifically, the Summit's success was in how it enabled commitments to be made and discussions related to solutions to the structural we

Source - TechFinancials
7 Sep 2023
7Sep

Standard Bank launches new low-interest Solar Loan solutions for homes and business

Standard Bank launches new low-interest Solar Loan solutions for homes and business The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike", says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey," he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible." The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the Na

Source - Standardbank
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business developme

Source - Sunday Independent
7 Sep 2023
7Sep

South Africa ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Cars South Africa has revealed that early demand for its new electric EX30 has been robust, with the local market ranking in the top 10 for pre-orders in the Europe, Middle East and Africa region. The news comes before World EV Day on September 9, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness about the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles (EVs) in the country - was revealed to the world on June 7, with local pre-orders opening the next day. Since then, local motorists have placed more than 150 pre-orders, with many more registering expressions of interest on Volvo Cars SA's website. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at about 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly, said Volvo Cars SA MD Greg Maruszewski. " Though we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure. The early demand proved how interested local buyers are in EVs, particularly when such vehicles are high-quality products and priced close to equivalent internal combustion engine (ICE) cars. "We worked tirelessly to set EX30 pricing at a competitive level to give South African consumers the chance to own an electric SUV for the price of a similarly sized ICE vehicle. Our pre-orders so far prove we got that right. The five-strong EX30 line-up starts at R775,900. In flagship 315kW Twin Motor Performance guise it is the fastest accelerating Volvo ever, completing the 0-100km/h dash in 3.6 seconds. The extended-r

Source - TimesLive
7 Sep 2023
7Sep

Ghana: 15 SMEs Awarded Grants to Boost Business

A total of 15 Small and Medium Enterprises (SMEs) trained under the Africa Street MBA (AfSMBA) Accelerator programme were on Saturday awarded grants to support their businesses after a rigorous pitching contest in Accra. The programme, an initiative by DONE BY US, a management consultancy and investment firm, aims to provide an integrated business support for start-ups and small businesses through capacity building, mentorship, business development services and funding for young entrepreneurs with innovative ideas. With funding support from KGL Foundation, the programme seeks to impact young people with world-class business knowledge based on top MBA curriculum and entrepreneurial course content. At the end of the contest, three entrepreneurs emerged at the top with Nicholas Donkor of Nichosoft Solutions receiving the first grand prize of GH10,000 worth of business branding. Abdul Rahman Samira of Wintima Weaninix emerged second with an award grant of GH7,000 worth of business branding, while Patricia Benamba of Trixy Benamba Enterprise took the third position with GH4,000 worth of business branding. All the other participants received a general cash prize of GH1,000. The founder of DONE BY US, Mr King A. Wellington, in an interview with journalists said the programme was targeted at young people, particularly the marginalised and vulnerable people with world class business knowledge. Close Sign up for free AllAfrica Newsletters Get the latest in African news delivered straight to your inbox Top Headlines Ghana Sustainable Development Submit By submitting above, you agree to our privacy policy Success! Almost finished... We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. Error! Error! There was a problem processing your submission. Please try again later. "The AfSMBA, is designed to bridge the business knowledge gap to help young people from poor backgrounds, and low education to also have the opportunity to build a

Source - Allafrica
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration More on this BUSINESS 101: Four creative ways for entrepreneurs to prioritise their physical health BUSINESS 101: Here's how to effectively build your online presence as a small business BUSINESS 101: Three SA businesswomen who are making their mark in SA today Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time

Source - Cape Argus
7 Sep 2023
7Sep

How interview articles on TopAuto build trust in your business and its leadership

TopAuto is South Africa's premier automotive news website and is read by an audience of 1 million South Africans - many of whom are key purchasing decision-makers in their homes and businesses. Running an interview article on TopAuto is, therefore, a great way for your executives to share their valuable insights with the purchasing decision-makers at South Africa's top automotive businesses. These interview articles show that your executives are knowledgeable, which increases trust in your business and its offerings. They also let your executives connect with potential clients and promote the value of your business's products and services directly to TopAuto's audience of key business decision-makers. Interview articles on TopAuto TopAuto's expert marketing team will take care of all aspects of your interview article to ensure you receive an excellent return on your spend. This includes writing the article (if needed), promoting it on social media, and providing reports on the success of your campaign. Tags

Source - TopAuto
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve your business's profitability. The early Christmas buyer trend p

Source - Sunday Independent
7 Sep 2023
7Sep

The store will not work correctly in the case when cookies are disabled. Curating an Eco-Chic lifestyle with Italtile. Curat

Whether you visit one of our showrooms in South Africa, or cross the border to our Gaborone showroom, or hang out online with us in our great bigbeautiful webstore , you're standing on the corner of Sustainability and Beauty. The co-ordinates for Eco- Chic Style. Which is to say, Italtile Style. It's our signature blend of eco-friendliness, luxury, craftsmanship and timeless elegance. Designed to elevate spaces with an atmosphere of joy, comfort and well-being. And, of course, to reflect your deep-down-to-the-bone respect for the planet. Eco-chic interior design creates beautiful, impressive and elegant home interiors that marry amazing craftsmanship, refined elegance, an innate sense of fashion and style, natural materials from regenerative sources, with sustainable design solutions and unique details inspired by nature. An ultra-modern home featuring glass, steel and concrete can be as eco-chic as a Japandi-style homestead with its wood and bamboo interiors; it's all about interrogating the provenance and sustainable journey of the finishes you select. (And in fact, as much as it brings home those biophilic vibes , raw wood many not be the best solution for eco-chic living, but more of that later on!) Many people have long believed that a sustainable home is one filled with rustic, "homespun" items. Not necessarily so. Being eco-chic at heart doesn't necessarily mean dashing off into the countryside to grow your own shoes (but if that's your bag, we hear mushroom leather is taking off big-time); but it does mean selecting sustainable products based on your research into their brand ethos. The eco-chic stylista journey is, ultimately, about long-lasting, sustainable beauty, supported by guarantees and nationwide service , on the road to consequence-free consumption. And it's a road we're committed to, through our LiveGreen ethos: auditing, adjusting and improving the green pathways from the factory floor to your door. When you see our LiveGreen logo on our local and imported taps, tiles,

Source - Italtile
7 Sep 2023
7Sep

Bayobab appoints MD to lead Cote d'Ivoire operations

Bayobab announces the appointment of managing director, Bayobab Cote d'Ivoire.lorent Guede, an insider, has been appointed managing director of Bayobab Group's business in Cote d'Ivoire. Guede has been tasked with heading Bayobab's Cote d'Ivoire to increase revenue and profitability, the company stated today. it said Guede will now spearhead Bayobab's mission to establish a reliable terrestrial fibre footprint capable of enabling high-speed connectivity throughout the West African country. To his credit, Bayobab, a subsidiary of MTN Group, stated that Guede recently deployed the company's service operations centre in Africa to increase customer success centre support. "With over 18 years of telecom experience, Florent has worked with operators and vendors as a technical expert, marketing, and sales professional leading key accounts on a multinational scale," the company stated. "Florent is no stranger to the Bayobab Family, having joined the Bayobab Group four years ago," said Frédéric Schepens, CEO of the Bayobab Group. "He is a valued member of our team, and we are thrilled to announce his promotion. We are confident he will continue to add value to Bayobab and deliver next-gen digital solutions through our Bayobab Fibre and Communication Platforms across Cote d'Ivoire." Guede holds a master's degree in business administration from Cardiff Metropolitan University, as well as a master's degree in telecommunication, and a Scottish Qualification Authority extended diploma in international business and strategy.

Source - ITWeb Africa
7 Sep 2023
7Sep

Nedbank and Coach Pitso partner to build a legacy for the future of sport

Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Courtat Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sport development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sport courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sport. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sport disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Mr Zizi Kodwa, said: ‘Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport.' Minister Kodwa added: ‘The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development.' As a true icon in the South African football fraternity, Coach Pitso is leading this initiative with the aim to leave a legacy for the future of football in South Africa. ‘By providing a top-class sport infrastructure, especially for young girls, we are planting seeds that we hope will thrive for generations

Source - Wordpress
7 Sep 2023
7Sep

SA Secures Top 10 Position In EMEA Markets For Volvo EX30 Pre-Order

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski , Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested South Afr

Source - TechFinancials
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve

Source - Cape Times
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends

Source - Cape Argus
7 Sep 2023
7Sep

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development

Source - Sunday Independent
7 Sep 2023
7Sep

5 things to consider when starting a business in these challenging times

It takes courage to venture into entrepreneurship. You need to be resilient and have the capacity to keep going as long as it takes for the business to get off the ground and become financially feasible. According to the University of the Western Cape (UWC), South Africa has a greater start-up failure rate than the rest of the globe, with 70% to 80% of small enterprises failing within the first five years. ‘’Such a statistic can make the very idea of trying to start a business in South Africa seem like an impossibility, because the challenges go beyond navigating the legal and regulatory landscape. ‘’It includes securing funding, building a customer base in a competitive market and ensuring ongoing operations and productivity in the face of persistent load shedding,’’ says Sandra Beswick, the senior business rescue practitioner and director of Fluence Capital. Beswick adds that, overall, 2022 may be described as a year of recovery, with more than 60% of South African enterprises reporting growth despite the obstacles that emerged. More on this Business basics: what every entrepreneur should know when starting out 5 simple steps you can follow to grow your online business Majority of small businesses fail - tips on how to stay afloat ‘’When it comes to looking ahead for aspiring entrepreneurs, it’s wise to do so with an awareness of requirements and trends, challenges and opportunities, if a new company is ever to succeed. Here are Beswick’s five key considerations for starting a business during difficult times: Have a business plan and review it regularly A complete business plan is essential for any organisation and the ideal starting point since it needs research into your target market, potential rivals, financial predictions, operational specifics, and marketing tactics. With the numerous problems that South African businesses encounter, it is critical that your business plan be evaluate

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Green Entrepreneurship Programme Gives Learners a ‘Step Up'

An educational programme is teaching youth to utilise opportunities in the green economy and create community-based employment. South Africa (07 September 2023) — The world is burning, the hour is late, the time is now for the current and future generations to chart a greener path, to harness their power and become job creators rather than job seekers. South Africa's most innovative youth entrepreneurship programme ‘Step Up 2 A Green Start Up‘ — created by youth development expert Primestars — aims to empower the youth by teaching them to utilise opportunities in the green economy and create community-based business solutions. Speaking at the launch of the 2023 programme this week (EDS: Tuesday 5 Sep), Primestars MD Martin Sweet said: "The International Labour Organisation estimates that the green economy will create 60 million new jobs in the world by 2030, which according to data from C40 Cities includes up to 1.8 million jobs in South Africa. To develop these entrepreneurs and reduce the country's high unemployment rate, the youth must be provided with the right tools, skills, and inspiration that will enable them to create businesses, and become gainful employers in a circular, restorative, inclusive, and clean economy." Since its inception in 2014, the Step Up 2 A Start Up National Youth Entrepreneurship programme has successfully used a unique edutainment model to activate the culture and mindset of entrepreneurship in over 90,000 high school learners, 3,000 teachers, participating from over 1,500 under-resourced high schools across South Africa. This ground-breaking initiative targets thousands of high school learners across the country from urban, peri-urban, township and rural areas. The programme kicked off in August with learners being transported to various cinemas to watch an edutainment film, produced by Primestars and other key partners, called Karabo's Kitchen . This is supplemented with a practical handbook that gives students the tools needed to succeed as soc

Source - Good Things Guy
7 Sep 2023
7Sep

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

Former ARM CEO Mike Schmidt, in new executive of growth and strategic development role. JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbon reduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to Mining Weekly questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and resp

Source - Mining Weekly
7 Sep 2023
7Sep

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. More on this Editorial: SA must build on Summit, get itself in order Africa gets a greater influence in BRICS decisions with Ethiopia, Egypt accepted into the bloc This is what Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE said after BRICS invitation Ramaphosa says India's moon landing is a celebration for all developing countries First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever p

Source - Cape Argus
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away.Raymond Ackerman. FOUNDER of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - DFA
7 Sep 2023
7Sep

SA mining companies to get a faster route to Mozambique ports

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighboring Mozambique. The Logistics Co. (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30km, he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said.

Source - News24
7 Sep 2023
7Sep

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Source - Suid-Kaap Forum
7 Sep 2023
7Sep

SA mines to get a faster route to Mozambique port

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighbouring Mozambique. The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. ADVERTISEMENT CONTINUE READING BELOW The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said. © 2023 Bloomberg Source: moneyweb.co.za

Source - South Africa Finance News
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has died aged 92.

South Africa's retail legend Raymond Ackerman has died at the age of 92, Pick n Pay confirmed on Thursday. The retail group he founded announced his death in a statement on Thursday morning. "With profound sadness, we announce that Pick n Pay founder Raymond Ackerman has passed away." "A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was born on March 10, 1931, and grew up in Cape Town. He founded Pick n Pay in 1967, envisioning a supermarket that would offer quality products at affordable prices, catering to the needs of ordinary South Africans. Under his leadership, the company flourished, becoming one of the country's most prominent retail giants. Today, Pick n Pay operates more than 1,800 stores across South Africa and neighbouring countries, employing thousands of people and serving millions of customers daily. Ackerman fought the government through 26 rounds in court about the petrol price, but lost every time. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Source - Fullview
7 Sep 2023
7Sep

Discovery launches new platform for business to access renewable and affordable wheeled energy in South Africa

The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO /annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy — that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification, Discovery Green is able to offer products that are completely different to the market's share-of-plant approach, " said Andre Nepgen, Head of Discovery Green. For most non-industrial or mining businesses, the primary source of emissions is from electricity generation

Source - Green Building Africa
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Source - Sunday Independent
7 Sep 2023
7Sep

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creativ

Source - Cape Times
7 Sep 2023
7Sep

Sanlam sees threefold increase in profits

Overall new business grew 19% to R191bn in the first half of the year. 7 Sep 2023 South Africa's largest life insurance group Sanlam saw a triple-digit jump in earnings in the first half of the year. The company says its earnings patterns are back on track following the Covid pandemic, while acquisitions helped new business volume growth Headline earnings per share (Heps) soared 118% to 339 cents per share, compared with 156 cents in the previous comparative period, Sanlam said in its results for the interim period through June 2023 on Thursday. ADVERTISEMENT CONTINUE READING BELOW Overall new business grew 19% to R191 billion. Read/listen: SanlamAllianz gets regulatory greenlight Sanlam concludes R35bn JV with Allianz Lower death claims lift Sanlam profit Sanlam's retail mass business increased sales by 10%, boosted in part by its joint venture with Capitec, South Africa's largest lender by customer numbers, which also dominates in the mass market. While the affluent business, where growth came in at 5%, was affected by slow sales growth of savings products and direct channel sales. The group achieved net operational earnings of R7.5 billion, up 64%, benefitting from a recovery in investment markets both locally and internationally. Net client cash inflows were lower than the comparative period at R11.4 billion, although they remained stable. During the period, the company saw higher outflows from savings products in life insurance as well as its investment management operations. In 2022 and 2023, Sanlam also completed its Absa asset management and Alexforbes transactions, which it said contributed positively to earnings and new business volume growth over the reporting period. "The Absa Asset Management integration has progressed well, with synergy benefits realised sooner than expected. Management will continue to implement actions focused on improving the Absa asset management net client cash flows," it said. However, new business volumes in its largest unit, life insurance, wer

Source - Moneyweb
7 Sep 2023
7Sep

Business confidence edges higher in Q3, but interest rate sensitive sectors struggle

After falling to 27 in the second quarter of 2023, the RMB/BER Business Confidence Index (BCI) regained some ground to register a level of 33 in the third quarter. Although higher, sentiment is still very weak. Indeed, the current level of the index suggests that two-thirds of respondents are dissatisfied with prevailing business conditions. The challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained. Encouragingly, the slight reprieve in the incidence of load-shedding provided support to some firms, especially in manufacturing. Figure 1: RMB/BER Business Confidence Index Source: BER, SARB (Shaded areas represent economic downswings) The second quarter survey was conducted by the BER between 16 August and 31 August 2023. The survey covered 1 050 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Details Of the sectors surveyed, only building contractors saw a decline in sentiment in the third quarter of 2023. However, at 41, builders remain more upbeat than other respondents. The biggest fall in sentiment last quarter was among the consumer-facing sectors, namely new vehicle dealers and retailers. Both rebounded this quarter. The business confidence of retailers gained 12 index points to reach 32. Overall, sales remained weak while profitability improved on the back of softer purchasing price increases. Interestingly, the index measuring the rate of selling price increases also fell significantly and is now at its lowest level since 2020Q3. In terms of the sub-segments, the confidence of non-durable and semi-durable goods retailers was at its best level this year. Meanwhile, sentiment among durable goods retailers deteriorated further. This trend is mimicked in the measure for growth in sales volumes, which saw a steep decline. Wholesaler confidence was up 6 points to 38 even though the sales volumes of consumer goods continued to struggle. Similarly

Source - Automotive Business Review
7 Sep 2023
7Sep

South African lives were priority, says Health Department as Covid-19 contracts probed

Reacting to the findings, Health Department spokesperson Foster Mohale said the department entered into the agreements to secure vaccine doses to protect the lives of South Africans against the deadly virus which claimed more than 100 000 lives in the country. "There is no argument that low and middle-income countries around the world, including South Africa, had limited bargaining power to secure vaccine doses and negotiate the price of vaccines due to a number of reasons, including the limited number of manufacturers." "The lives of the South Africans became our priority. We had to agree to the terms and conditions of the contract, otherwise more than 200k people would have died," he said. Johnson & Johnson spokesperson Mmakafela Mojapelo said that they "supported and worked closely with South Africa in every phase" of their response to the pandemic. "We supplied our vaccine to South Africa at our final global price of $7.50 per dose, transferred our technology to Aspen Pharmacare in Gqeberha to enable the local fill and finish of the Johnson & Johnson Covid-19 vaccine and later enabled Aspen to manufacture, market and sell its own Covid-19 vaccine. "In addition, we advocated for and supported the donation of hundreds of millions of vaccine doses by the US government, EU member states, the United Kingdom, Canada and New Zealand to COVAX to under-resourced countries. "We remain deeply committed to helping address the health needs of people in South Africa," she said. Cape Times

Source - Cape Times
7 Sep 2023
7Sep

Rags to riches for Stormers as equity deal is accepted

The continued growth of the DHL Stormers was secured by the landmark decision by Western Province's amateur clubs to hand over the controlling interest for rugby in the region to the Red Disa Investment consortium.The decision made at a special General Council meeting on Wednesday night, understood to have been achieved with around a two thirds majority when it went to vote, means the financial future of professional rugby in the Western Cape is secured and it brings to an end a long running saga that resulted in SARU putting the union in administration two years ago. That was because the WP union was deemed unfit to manage its own affairs after a series of bad financial decisions that had the once proud rugby union teetering on the brink of complete financial collapse. As it stands, the union is still in massive financial debt but the deal secures the WP union an initial R148-million outlay, with Red Disa now taking on a 74 per cent controlling stake, with the clubs taking up the other 26 per cent. This puts WP/Stormers in line with what has happened at two other major South African Vodacom United Rugby Championship franchises, the HollywoodBets Sharks and the Vodacom Bulls. Red Disa is made up primarily of a partnership between passionate Stormers/WP stakeholders, such the Le Roux family entity, Fynbos Ekwiteit (Michiel le Roux is the founder of Capitec Bank), and Ardagh Africa, South Africa's leading glass packagers and manufacturers. The deal will be welcomed by all Stormers and WP supporters who have been aware of the way professional rugby was often held back by an administration that was too often dictated to by people elected out of the amateur game to manage a professional entity. The Stormers won the URC in its inaugural season portraying themselves as paupers who managed to somehow overcome the financial disadvantages they were under but this deal is confirms they cross the barrier from rags to riches and have no excuse now not to consistently remain a powerful force not only lo

Source - SuperSport
7 Sep 2023
7Sep

Is investing in BAT the right move?

If you're getting a 15%, 16% annual return, it's a defensive business — Philip Short, Flagship Asset Management. 7 Sep 2023 You can also listen to this podcast on iono.fm here SIMON BROWN: I'm chatting with Philip Short, senior equity analyst at Flagship Asset Management. Philip, I appreciate the time today. [We are talking] tobacco companies. Locally it's British American Tobacco on our exchange. Lots to like about tobacco companies; lots to worry about, however. Let's start with some of those worries — regulatory risks. This might have peaked in the eighties and nineties with the giant court cases, but it hasn't gone away. PHILIP SHORT: Yes. I would say that sort of peaked in the late nineties, the Master Settlement Agreement, and that sort of disappeared for a while. And then about 2017, especially in the US, regulatory headwinds started coming to the fore. I think it was Scott Gottlieb who was the head of the FDA, an ex cancer patient, and he was quite bold on taking on tobacco companies. SIMON BROWN: And part of that — there's lots to it — is they've got the New Age products. But part of it is just good old-fashioned taxes and the like. But further to that, there is also regulation around ‘flavoured menthol'. I know California restricted flavoured cigarettes and they managed to get a fairly significant shift in terms of those who were on menthol. PHILIP SHORT: Yes, that's a very good point. It was right at the end of December 2022 that California as a state banned menthol traditional combustible cigarettes, as well as menthol e-cigarettes or vaping. The evidence six months past that is that British American Tobacco, which has a disproportionate amount of revenue and profits that come from menthol, managed to secure 90% of their tobacco revenues coming from that state. So you do have people who will either drive to neighbouring states where there aren't bans and load up, or there were people who just moved to traditionally flavoured cigarettes. You will also find that not w

Source - Moneyweb
7 Sep 2023
7Sep

Capitec Bank Boosts Oversight with Director Appointments

7 September 2023 New Directors Appointed : Capitec Bank Holdings and Capitec Bank announce the appointment of Naidene Ford-Hoon and Nadya Bhettay as independent non-executive directors. Enhancing Expertise : The new directors bring extensive financial, technology, and strategic experience to strengthen corporate governance and oversight. Audit Committee Changes : Mses. Ford-Hoon and Bhettay join the Audit Committees, reinforcing transparency and financial integrity within the organizations. In a significant move aimed at enhancing corporate governance and financial expertise, Capitec Bank Holdings Limited and Capitec Bank Limited have appointed two new independent non-executive directors to their respective boards. The appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay mark a milestone in the banks' efforts to fortify their leadership and oversight capabilities. Strengthening Independent Oversight With an unwavering commitment to bolstering independent oversight, Capitec Bank Holdings Limited and Capitec Bank Limited have brought onboard two highly experienced professionals. These new directors are expected to contribute their extensive financial, technological, and strategic expertise to the organizations. Meet the New Directors Naidene Ford-Hoon Naidene Ford-Hoon, a chartered accountant with over 25 years of work experience, has an impressive track record in the financial services sector. Holding a BCom and B Compt Hons, Ford-Hoon has previously served as the Group CFO of the South African Reserve Bank ("SARB"), where she played a pivotal role in managing the financial operations of this critical institution. Her financial expertise extends to other organizations, including Alexander Forbes Group Holdings Limited and AFGRI Financial Services (Pty) Ltd, where she held the position of Financial Director. Notably, Ford-Hoon has also contributed her financial acumen to the board of Telkom SOC Limited. Currently, she serves on the boards of SA Corporate Real Estate Limited, Indepen

Source - Rateweb
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - The Star Online
7 Sep 2023
7Sep

BAT exits Russian market amid sanctions

Led by its local management team, the tobacco company completes a zero-gain exit from Russia and Belarus Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. London - British American Tobacco (BAT) said on Thursday it entered into a deal to sell its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team. The maker of Camel and Lucky Strike cigarettes said in March 2022 it would look to exit Russia as Western companies pulled out en masse amid sanctions imposed by the US, EU and others following Russia's invasion of Ukraine. The company controlled just under 25% of the Russian tobacco market at the time. BAT, which had previously been in talks with its local distributor over a sale, said it had now formally entered into an agreement to sell the business to a consortium led by its local management team, in compliance with local and international laws. "Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets," it said in a stock market announcement, adding it expects the transaction to complete within the next month. BAT remains confident of delivering its full-year guidance, it continued. The company took a £957m impairment related to the transfer of its Russian business in July 2022. BAT said as part of the agreement, the employment terms of its staff in Russia and Belarus will remain comparable for at least two years following completion of the deal. Reuters Stock Watch - 06 Sept 2023 | The Close Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Source - Business Live
7 Sep 2023
7Sep

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20

Source - Sunday Independent
7 Sep 2023
7Sep

Chile's miners ready to absorb higher domestic royalties, Fitch says

SANTIAGO — Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties requiredby a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday. A long-awaited mining reform approved by Chilean lawmakers in May requires large copper producers to pay more taxes and royalties to the government. "Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said in a report. Global mining companies such as BHP, Anglo American and Glencore are among those whose cash flows will be strained by the reform, Fitch said. Several large globally diversified industry players "have made substantial capex (capital expenditure) commitments following the royalty finalization, suggesting mining economics remain competitive globally under the new tax regime," it added. The new tax regime is taking effect gradually, since several operations maintain previously signed tax invariability contracts. However, Fitch noted that "difficulties related to obtaining environmental permits will likely lead to a period in 2024 where no new projects come online, after the completion of (Teck Resources') Quebrada Blanca this year." Private copper miners have demanded cuts in energy costs, faster permit approvals and other incentives to offset the burden of the new royalty regime and avoid a decline in investment. Fitch estimates that Chile's total tax on mining companies will stay above Peru's by roughly two percentage points and be about four percentage points higher than that of Australia and the Canadian province of British Columbia. However, it will be much lower than taxes on mining firms in African countries such as Zambia and the Democratic Republic of Congo. Fitch also said it expects Antofagasta Minerals "will maintain its robust financial position despite modest cash flow reduction from h

Source - Engineering News
7 Sep 2023
7Sep

RIP Raymond Ackerman: Post your condolences HERE

As first reported by The South African website, South African businessman and retail giant Raymond Ackerman has died at the age of 92. As first reported by The South African website , South African businessman and retail giant Raymond Ackerman has died at the age of 92. The entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. Pick n Pay confirmed the tragic news in a X post on Thursday morning. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. Below, 10 things you may not have known about the retail giant 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. 9. He died on Wednesday, 6 September at the age of 92. 10. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Source - The South African
7 Sep 2023
7Sep

Enforcement notice issued to Dis-Chem due to contravention of POPIA

The importance of compliance has once again been highlighted as the Information Regulator issued an Enforcement Notice to Dis-Chem Pharmacies Ltd ("Dis-Chem") on 1 September 2023 for non-compliance with the Protection of Personal Information Act 4 of 2013 ("POPIA"). The Information Regulator is casting their net wide when it's come to investigating contraventions, whether it be against large, small, private or public companies and is cracking down on ensuring consumers' information is safeguarded and lawfully processed. The Information Regulator found that Dis-Chem failed to identify the risk of using weak passwords, failed to implement measures to monitor and detect unlawful access to their environment and that they hadn't entered into any operator agreement with their third party service provider which would have, amongst other things outlined the process of reporting to Dis-Chem in the event of a security compromise. The Information Regulator has ordered Dis-Chem to conduct a Personal Information Impact Assessment and to ensure that adequate measures and standards exist to comply with the conditions for the lawful processing of personal information. They have also been mandated to implement an adequate Incident Response Plan, involving strong access control measures, maintaining a vulnerability management programme, implementing strong access control measures and maintaining an Information Security Policy. Dis-chem have been ordered to conclude written contracts with all operators who process personal information on its behalf and to develop, implement, monitor and maintain a compliance framework. Failure to comply with such obligations will result in an administrative fine or result in a conviction of imprisonment or both. A breach of this nature, and the finding as to the lack of safeguards in place should come as a shock for an organisation of this size and an organisation which holds such a vast quantity of data. One would expect that all prominent companies in South Africa would ha

Source - Polity
7 Sep 2023
7Sep

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Source - Mossel Bay Advertiser
7 Sep 2023
7Sep

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creativ

Source - The Star Online
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Source - Sunday Independent
7 Sep 2023
7Sep

ConCourt will hear Coronation's application for leave to appeal against R716m tax ruling

The Constitutional Court has agreed to hear an application by a subsidiary of Coronation Fund Managers for leave to appeal the asset manager's dispute with the South African Revenue Service (Sars). The outcome of the case could have far-reaching tax implications for South African companies with offshore operations. On 1 September, the Constitutional Court issued a directive that it will hear the company's application for leave to appeal and hear arguments on the merits of the matter. The matter will be set down for hearing by the Constitutional Court in due course, Coronation Fund Managers said in a SENS announcement on 5 September. In February, the Supreme Court of Appeal (SCA) upheld an appeal by the Sars and ordered the company's subsidiary, Coronation Investment Management SA (Pty) Ltd (CIMSA), to pay additional taxes in respect of profits earned by its international operations, together with interest and costs. Coronation originally planned to set aside between R800 million and R900m to cover the disputed tax liability. It subsequently reduced the total obligation payable to Sars to R716m, which includes all its tax assessments from 2012 to 31 March 2023. In 2022, Sars took CIMSA to the SCA, arguing against a previous decision of the Tax Court that the net income of Coronation Global Fund Managers (Ireland) Limited (CGFM) was not subject to tax in South Africa for the 2012 tax year. The Ireland-based subsidiary is 100% held by CIMSA, an entity tax resident in South Africa. CGFM is therefore a "controlled foreign company" (CFC) under South Africa's tax laws. Sars believes the profits earned by CGFM should be included in CIMSA's taxable income. CIMSA believes the income of Coronation Ireland is excluded under the "foreign business establishment" (FBE) exemption. CIMSA would prefer the profits to be taxed in Ireland because that country has lower tax rates than South Africa. CFC tax regime The CFC rules, which are contained in section 9D of the Income Tax Act, are complex anti-avoidance

Source - Moonstone
7 Sep 2023
7Sep

South African lives were priority, says Health Department as Covid-19 contracts probed

Reacting to the findings, Health Department spokesperson Foster Mohale said the department entered into the agreements to secure vaccine doses to protect the lives of South Africans against the deadly virus which claimed more than 100 000 lives in the country. "There is no argument that low and middle-income countries around the world, including South Africa, had limited bargaining power to secure vaccine doses and negotiate the price of vaccines due to a number of reasons, including the limited number of manufacturers." "The lives of the South Africans became our priority. We had to agree to the terms and conditions of the contract, otherwise more than 200k people would have died," he said. Johnson & Johnson spokesperson Mmakafela Mojapelo said that they "supported and worked closely with South Africa in every phase" of their response to the pandemic. "We supplied our vaccine to South Africa at our final global price of $7.50 per dose, transferred our technology to Aspen Pharmacare in Gqeberha to enable the local fill and finish of the Johnson & Johnson Covid-19 vaccine and later enabled Aspen to manufacture, market and sell its own Covid-19 vaccine. "In addition, we advocated for and supported the donation of hundreds of millions of vaccine doses by the US government, EU member states, the United Kingdom, Canada and New Zealand to COVAX to under-resourced countries. "We remain deeply committed to helping address the health needs of people in South Africa," she said. Cape Times

Source - The Star Online
7 Sep 2023
7Sep

Merafe, Glencore add another PGM plant to joint venture operations

JSE-listed chrome miner Merafe Resources says it will further improve and expand the Eastern Platinum Group Metal Plant it owns in joint venture (JV) with Glencore South Africa. The companies initially worked on a joint Western PGM Plant at the Kroondal mine, in the Bushveld Complex, which has been successful and profitable, resulting in the JV parties wishing to replicate the strategy on the eastern chrome mine operations. The Eastern PGM Plant's main purpose will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and it will, similar to the Western PGM Plant, be governed by the existing notarial pooling and sharing agreement between Merafe and Glencore. The total capital and costs relating to the expansion and improvement of the eastern plant attributable to Merafe is expected to be R117-million.

Source - Engineering News
7 Sep 2023
7Sep

General SENS Submitter Company - Informative Notice 20230913 Naspers and Prosus Cross-Holding Structure Transaction

Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction CORPORATE Naspers (South Africa) and Prosus (South Africa): Cross-Holding Structure Transaction FTSE/JSE Africa Index Series 07 September 2023 Further to the FTSE/JSE notice released on 22 August 2023 in relation to the removal of the cross- holding structure between Naspers (South Africa, constituent) and Prosus (South Africa, constituent), please see details of affected indexes and effective dates below: Effective From Index Change Start of Trading FTSE/JSE Top 40 Index (J200) Prosus (South Africa, NL0013654783, 13 September 2023 BJDS7M4) will remain in the index with an increased shares in issue total from 2,003,817,745 to 2,660,000,000* and an increased investability weighting from 8.361139184675% to Naspers (South Africa, ZAE000015889, 6622691) will remain in the index with updated identifiers (ZAE000325783, BN0VX82) with a decreased shares in issue total from 435,511,058 to 188,000,000** and an increased investability weighting from 43.082435578478% to FTSE/JSE All Share Index (J203) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Large Cap Index (J205) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. CORPORATE Effective From Index Change Start of Trading FTSE/JSE Large and Mid Cap Index Prosus will remain in the index as 13 September 2023 (J206) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Industrial 25 Index Prosus will remain in the index as 13 September 2023 (J211) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Capped Industrial 25 Prosus will remain in the index as 13 September 2023 Index (J311) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Financial & Industrial 30 Prosus will remain in the index as 13 Septemb

Source - Sharenet
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. More on this Pick n Pay larney gifts Khayelitsha deaf school a van Retail turnaround kingpin and Shoprite founder Whitey Basson could bring the lights back to power utility Eskom Five South African businesswomen to wake the giant within WATCH: Bronze and wax statues of Raymond Ackerman unveiled in Durban North WATCH: ‘I'm actually here' says Raymond Ackerman as rumours of his death surface This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man o

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Luxury goods feel the pinch of inflation: Rupert

The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe.Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "In Europe, ongoing inflation is starting to impact local demand," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households in some countries were spending a higher percentage of income on basic necessities than they had in the past decade. "We've seen the squeeze," he said. Richemont shares fell sharply after Bloomberg News reported the comments and after HSBC lowered price targets for Richemont and several other companies in the luxury sector, including LVMH, Kering and Prada. LVMH shares declined 3.6% in Paris, while Richemont stock fell more than 5% in Switzerland. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer," he said.

Source - Business Tech
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman dies at 92 Share this article:

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has died. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - Daily Voice
7 Sep 2023
7Sep

Top 10 Richest People in South Africa 2023

South Africa boasts a vibrant economy and a rich entrepreneurial culture that has produced numerous successful individuals.From industry tycoons to innovators, the country has seen its fair share of wealth amassed over the years. In this article, we'll take a closer look at the , highlighting their achievements and contributions to the nation's economic growth. Johann Rupert Johann Rupert, the Chairman of luxury goods company Richemont, is one of the wealthiest individuals in South Africa. His diversified portfolio includes luxury brands like Cartier, Montblanc, and Dunhill. His net worth stands at an impressive figure, and his contributions to the luxury goods sector have significantly impacted South Africa's economy. Website: https://en.wikipedia.org/wiki/Johann_Rupert Nicky Oppenheimer The Oppenheimer family has long been associated with immense wealth, and Nicky Oppenheimer is no exception. He was the former chairman of De Beers Group, a global leader in diamond exploration, mining, and marketing. Nicky's investments have played a crucial role in South Africa's diamond industry, making him a prominent figure in the nation's economic landscape. Website: https://en.wikipedia.org/wiki/Nicky_Oppenheimer Patrice Motsepe Patrice Motsepe, the founder and chairman of African Rainbow Minerals (ARM), is renowned for his contributions to the mining industry in South Africa. He has been instrumental in promoting sustainable development and upliftment in the country. With his philanthropic efforts, Motsepe has improved the lives of many South Africans. Website: https://en.wikipedia.org/wiki/Patrice_Motsepe Allan Gray Allan Gray, the founder of the investment management company Allan Gray Limited, is a respected figure in the financial sector. His expertise in investment has earned him significant wealth, making him one of the richest individuals in South Africa. Koos Bekker Koos Bekker is the former CEO of Naspers, a multinational media and technology company. Under his leadership, Naspers

Source - Mzansi Indaba
7 Sep 2023
7Sep

Sanlam Reports Strong Financial Performance For The First Half of 2023

Sanlam today reported a strong financial performance for the first half of 2023, saying the group's earnings pattern was back on track after a series of what management described as one-in-25 or one-in-100-year events between 2020 to 2022, highlighted by the Covid-19 pandemic. Sanlam The performance was broad-based and enabled by management's successful execution of the group's strategy. Strong profitability in the group's life insurance, credit and general insurance operations, and a steady performance from investment management, underpinned the pleasing overall group performance. The group's measure of underlying earnings performance, net results from financial services, increased by 26%. The general insurance line of business increased by 38%, life insurance by 28% and credit and structuring by 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Sanlam's primary performance target for measuring long-term shareholder value creation is return on group equity value (RoGEV). RoGEV per share was 12% and group equity value per share was R67,85 on 30 June 2023. RoGEV benefited from robust contributions from value of new business, improved performance and outlook in Sanlam's credit business in India as well as a strong contribution from Santam. Strong investment markets and a weakening of the rand relative to the main valuation currencies in the non-South African operations also contributed to the higher return for the first six months of 2023. Total new business volumes increased by 19% to R191 billion, driven by strong investment business sales. Life insurance new business volumes increased by 4% on a present value of new business premiums basis, with value of new covered business (VNB) of R1,3 billion, 21% higher than the first six months of 2022, both on a constant economic basis. VNB benefited fr

Source - FAnews
7 Sep 2023
7Sep

BAT to Exit Russia: Strategic Move Amid Market Challenges

BAT has formally agreed to sell its Russian and Belarusian businesses due to sustainability concerns in the current environment. The buyer is a consortium led by BAT Russia's management team, and the businesses will be known as the ITMS Group. BAT is confident in meeting its Full Year guidance, emphasizing its commitment to reduced-risk alternatives and sustainability. In a significant development on September 7, 2023, British American Tobacco p.l.c. (BAT) announced its formal agreement to sell its businesses in Russia and Belarus. This decision comes as BAT deemed the ownership of these businesses in Russia no longer sustainable within the current operating environment. The sale is expected to be completed within the next month, pending the fulfillment of certain conditions. Key Players in the Deal The buyer in this transaction is a consortium led by members of BAT Russia's management team. Upon successful completion of the sale, this consortium will assume full ownership of both the Russian and Belarusian businesses, which will subsequently be rebranded as the ITMS Group. Prioritizing Employee Interests BAT has made it clear that one of its foremost priorities throughout the transfer process has been the welfare of its colleagues in Russia and Belarus. As part of the agreement, the employment terms of these colleagues will remain consistent with their existing BAT terms for a minimum of two years following the completion of the transaction. This commitment underscores BAT's dedication to ensuring a smooth transition for its workforce. Financial Impact Upon the sale's completion, BAT will no longer maintain a presence in either Russia or Belarus, and it will not receive any financial gain from ongoing sales in these markets. As of June 30, 2023, these markets collectively represented approximately 2.7% of BAT's Group revenue and approximately 2.5% of Group adjusted profit from operations. The decision to divest from these regions appears to align with BAT's broader strategic objectives

Source - Rateweb
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wi

Source - The Star Online
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. More on this WATCH: Pick n Pay chief still alive Ackerman announces his retirement Pick 'n Pay phases in centralised distribution In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - Cape Argus
7 Sep 2023
7Sep

Business forum to march against discrimination

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. File picture THE CENTRAL Northern Cape Business Forum will embark on a peaceful march from the Kimberley train station to the Premier’s Office at the Derek Corns building on September 12 against race quotas and race discrimination, starting at 9am. The chairperson of the forum, Graham Ross, expected around 500 people to take part in the march and he encouraged everyone to participate. He stated that coloureds, Indians and whites were being sidelined by the ANC where they were not given job opportunities, especially in government. "Job opportunities and tertiary education for our youth will not materialise in the near future. We are also marching against racial discrimination generally, fraud and corruption, where perpetrators must be brought to book and prosecuted, poor service delivery and other issues. The government is spending millions of rand to restore discipline and order in our schools. He also called for an end to violence and inciting race hatred.

Source - DFA
7 Sep 2023
7Sep

Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction

7 September 2023 Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction CORPORATE Naspers (South Africa) and Prosus (South Africa): Cross-Holding Structure Transaction FTSE/JSE Africa Index Series 07 September 2023 Further to the FTSE/JSE notice released on 22 August 2023 in relation to the removal of the cross- holding structure between Naspers (South Africa, constituent) and Prosus (South Africa, constituent), please see details of affected indexes and effective dates below: Effective From Index Change Start of Trading FTSE/JSE Top 40 Index (J200) Prosus (South Africa, NL0013654783, 13 September 2023 BJDS7M4) will remain in the index with an increased shares in issue total from 2,003,817,745 to 2,660,000,000* and an increased investability weighting from 8.361139184675% to Naspers (South Africa, ZAE000015889, 6622691) will remain in the index with updated identifiers (ZAE000325783, BN0VX82) with a decreased shares in issue total from 435,511,058 to 188,000,000** and an increased investability weighting from 43.082435578478% to FTSE/JSE All Share Index (J203) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Large Cap Index (J205) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. CORPORATE Effective From Index Change Start of Trading FTSE/JSE Large and Mid Cap Index Prosus will remain in the index as 13 September 2023 (J206) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Industrial 25 Index Prosus will remain in the index as 13 September 2023 (J211) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Capped Industrial 25 Prosus will remain in the index as 13 September 2023 Index (J311) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Financial & Industrial 30 Prosus will remain in the i

Source - Moneyweb
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman, portrayed as ‘inspiring, generous, positive and warm', has died

Pick n Pay founder Raymond Ackerman , described by two close associates as an "inspiring" and "wonderful human being", has died at the age of 92. Two of his closest associates, Hugh Herman and Tamra Veley, have spoken fondly of the man widely celebrated for championing fair pricing, equal rights and especially philanthropy. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after purchasing four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Made for greater things Born in Cape Town in 1931, Ackerman's father Gus founded Ackermans clothing and helped establish the Red Cross Children's Memorial Hospital in 1956. Ackermans was sold to the Greatermans group in 1940. Raymond Ackerman was educated at Diocesan College (Bishops) and UCT, where he studied commerce. At the age of 20, he joined Ackermans as a trainee manager in 1951. He then moved to Johannesburg and persuaded Greatermans to invest in modern supermarkets. In 1955, he was instrumental in helping Greatermans launch Checkers supermarkets. Within 10 years, at the age of 35, he was the managing director of 85 Checkers stores. A year later, in 1966, Ackerman was fired for wanting to lower prices for customers. He famously used his two weeks' severance pay, a bank loan, a "modest" inheritance, and shares purchased by friends, to buy four small stores in Cape Town. The first four Pick n Pays were set up for R620,000. Ackerman quickly threw his weight behind the first of many campaigns against monopolies and price-fixing, and rubbed up the apartheid government, his competitors and suppliers along the way. In September 1968, Pick n Pay listed on the Johannesburg Stock Exchange. Ackerman's "petrol war" with the government started in 1975, at a time when he was selling discounted fuel at his Boksburg Hypermarket. Ultimately, he went to court 26 times on petrol price cutting but lost. Ackerman a

Source - MSN
7 Sep 2023
7Sep

Woman Turns Passion for Doeks Into Thriving Business, Netizens Inspired by Her Love for Headwraps

A woman's deep love for doeks and headwraps has blossomed into a flourishing business that's capturing hearts and inspiring netizens What began as a simple admiration for a turban cap during her school days has evolved into a remarkable entrepreneurial journey Netizens were inspired by her journey of turning her passion into a successful business venture A woman has turned her passion for doeks, head wraps, and turbans into a flourishing business Woman's doek empire The visionary entrepreneur Kester Lily Chizorom loved headwear and always matched her her outfits, especially on those bad hair days. The idea for her business was sparked when a fellow student admired her headwrap and asked her where she got it. It didn't take long for her to start her venture, which quickly gained traction, and she soon realised the potential for a fully-fledged business This encounter led her to make her designs, and people started buying her plans. The post about her business was shared on the Facebook group Woman with Her Own Money and garnered much attention. Netizens woman's doek empire Chizorom is a testament to the power of turning one's passion into a thriving business . Netizens responded to her story, with many inspired by her hustle and were inspired to transform their passions into a prosperous business venture. People flocked to the comment section: @Grace Oto shared: "Good job, I wish to learn too but I don't have a sewing machine." @Salami Abosede Olawumi said: "God bless you ma'am you are a good teacher." @Blessing Pius commented: "Chai I like your sharp brain, you are the real entrepreneur .In fact you are a business guru and this your entrepreneural spirit will take you places." @Nwana Victoria praised: "Yes oohh. A detailed teacher. Thank you for the opportunity to learn from you I am grateful." @Modupe Alayo said: "Well done. Keep it up sis." @Ogechi Calista clapped: "Congratulations sis I want to learn too. @shaz praised: "Your story is truely inspirational, you are indeed inspiring." Joh

Source - Briefly
7 Sep 2023
7Sep

SA miners are doing it for themselves

Mining companies, through self-help, have worked hard to avoid an Eskom apocalypse. Now they're turning their attention to rampant cable theft and illegal mining The mood wasn't exactly celebratory, but Impala Platinum (Implats) spoke for South Africa's mining industry when it acknowledged last week that Eskom-sponsored load curtailment was having less of an impact than had been feared. Reporting its year-end numbers on August 31, fittingly the last day of winter, the group's comments were a far cry from the concerns voiced earlier this year when miners, especially the platinum group metal (PGM) firms, prepared for a collapse of the power grid. That bowel-melting dystopia didn't materialise; in fact, another PGM miner, Sibanye-Stillwater, said it had lost only 2% in metal from load curtailment. This compares to a 15% reduction its CEO, Neal Froneman, had forecast in February, assuming the load curtailment schedules then in force. "We're very relieved," says Sibanye-Stillwater's South African regional head, Richard Stewart. "It could have been much worse." .. Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
7 Sep 2023
7Sep

Sanlam Shines: Impressive Growth Amid Economic Challenges

7 September 2023 Strong Financial Growth : Sanlam reports a 26% increase in net financial results, with impressive earnings per share growth. Business Volume Surge : The company records a 19% surge in new business volumes, driven by strong sales in various segments. Financial Resilience : Despite economic challenges, Sanlam maintains a solid solvency cover and exceeds return expectations, demonstrating financial stability. South African financial services giant, Sanlam Limited, has posted impressive financial results for the first half of 2023, showcasing robust growth and resilience in the face of challenging economic conditions. The interim report reveals significant improvements in key performance indicators and underscores the company's commitment to value creation and dividend growth. Solid Financial Performance Sanlam's financial performance for the first six months of 2023 was marked by substantial growth across various metrics, demonstrating the company's ability to navigate a complex economic landscape. The table below summarizes key financial highlights for the period: The standout performance is reflected in impressive earnings per share growth, with net result from financial services per share increasing by 26%, net operational earnings per share surging by 65%, and headline earnings per share soaring by a remarkable 118%. Business Volume Growth Sanlam also reported robust growth in business volumes for the first half of 2023. Total new business volumes reached R190.793 billion, representing a substantial 19% increase compared to the same period in 2022. The growth was driven by strong sales in investment management and general insurance, as well as a shift towards higher-margin life insurance products. The value of new covered business increased by 18%, and on a constant economic basis, it was up by an even more substantial 21%. Solvency Cover and Equity Value Sanlam Group reported a solid solvency cover of 167%, emphasizing the company's financial strength and stability.

Source - Rateweb
7 Sep 2023
7Sep

How Raymond Ackerman will be remembered

He remained humble throughout his life, and passionate about building a more just future for South Africa. Five things about Raymond Ackerman The visionary founder of Pick n Pay has died at the age of 92. He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Here are things to remember him by: He came from a retailing family with his father having founded Ackermans after World War 1. Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. He lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. Read more He was in the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2 000 stores across South Africa and seven other African countries. Ackerman and Pick n Pay were on the customer's side, for example in his celebrated battles against price regulations, which forced people to pay more than they should for their groceries. In 1986, Pick n Pay succeeded in a court challenge against the government's prohibition of a petrol coupon scheme, which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. In the 1960s, he was determined to promote all employees to managerial positions, in defiance of apartheid laws, which forbade it. By the end of the 1970s, he had become active in the newly-established Urban Foundation, he became a champion of equal opportunity policies and merit-based salaries and wages, and increasingly critical of the government's homelands policy, the Group Areas Act and Job Reservation. But he was also critical of sanctions, in the belief that they destroyed jobs and deepened poverty. In 1989, Ackerman and a group of businessmen met newly appointed President FW de Klerk in Pick n Pay's Cape Town office. The group told D

Source - The Citizen
7 Sep 2023
7Sep

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbonreduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to Mining Weekly questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and responsible citizenship points of view. "You would have seen that in the last six months, we

Source - Polity
7 Sep 2023
7Sep

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs. In India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times. Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology. We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude, focusing on what can be done to fight climate change. The Chennai HLPs for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy. A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre. In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy. Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet's long-term health. Just like yoga

Source - Cape Times
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa.?? pic.twitter.com/Io0uunYhAJ - Pick n Pay (@PicknPay) September 7, 2023 Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. More on this WATCH: Pick n Pay chief still alive Ackerman announces his retirement Pick 'n Pay phases in centralised distribution In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - Independent Online (IOL)
7 Sep 2023
7Sep

CAPITEC BANK HOLDINGS LIMITED - Changes to the Boards and Board Committees of Capitec and Capitec Bank

Release Date: Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec") Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summary o

Source - Sharenet
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman, portrayed as ‘inspiring, generous, positive and warm', has died

The retail giant's founder has left a profound mark on the local industry, with former associates describing him as a great man, who championed fairness, rights and doing good in society. Create your free account or sign in Pick n Pay founder Raymond Ackerman, described by two close associates as an "inspiring" and "wonderful human being", has died at the age of 92. Two of his closest associates, Hugh Herman and Tamra Veley, have spoken fondly of the man widely celebrated for championing fair pricing, equal rights and especially philanthropy. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after purchasing four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Made for greater things Born in Cape Town in 1931, Ackerman's father Gus founded Ackermans clothing and helped establish the Red Cross Children's Memorial Hospital in 1956. Ackermans was sold to the Greatermans group in 1940. Raymond Ackerman was educated at Diocesan College (Bishops) and UCT, where he studied commerce. At the age of 20, he joined Ackermans as a trainee manager in 1951. He then moved to Johannesburg and persuaded Greatermans to invest in modern supermarkets. In 1955, he was instrumental in helping Greatermans launch Checkers supermarkets. Within 10 years, at the age of 35, he was the managing director of 85 Checkers stores. A year later, in 1966, Ackerman was fired for wanting to lower prices for customers. He famously used his two weeks' severance pay, a bank loan, a "modest" inheritance, and shares purchased by friends, to buy four small stores in Cape Town. The first four Pick n Pays were set up for R620,000. Ackerman quickly threw his weight behind the first of many campaigns against monopolies and price-fixing, and rubbed up the apartheid government, his competitors and suppliers along the way. In September 1968, Pick n Pay listed on the Johannesburg Stock Exch

Source - Daily Maverick
7 Sep 2023
7Sep

South African business giant Raymond Ackerman (92) has passed away.

From Tamra Capstick-Dale: It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman.He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and seven other African countries. His business philosophy was underpinned by the "four legs of the table" (Administration, Social responsibility and Marketing, People, and Merchandise, with the customer on top) first introduced to Ackerman by Bernard Trujillo in the US. He came from a retailing family with his father having founded Ackermans after World War 1. From the very beginning, Raymond Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. People quickly learned that they could always rely on Raymond Ackerman and Pick n Pay to be on the customer's side, for example in his celebrated battles against price regulations which forced people to pay more than they should for their groceries. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer

Source - BizNews
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

"It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determined to promote all employees to managerial positions, in defiance of apartheid laws which forbade it. By the end

Source - MSN
7 Sep 2023
7Sep

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs. In India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times. Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology. We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude, focusing on what can be done to fight climate change. The Chennai HLPs for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy. A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre. In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy. Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet's long-term health. Just like yoga

Source - The Star Online
7 Sep 2023
7Sep

Market Review, Commodities, Currencies, Economic & Corporate Update - 07.09.23

By Market Overview Sep 07, 2023 03:09 JD SKG South Africa Market Review South African markets closed in the red yesterday, led by losses in retail and financial sector stocks. Retailers, Cie Financiere Richemont S.A. (JO: ), Mr Price Group (JO: ), Clicks Group (JO: ) and SPAR (JO: ) group dropped 5.2%, 2.9%, 2.1% and 1.8%, respectively. Lenders, Nedbank Group (JO: ), Capitec Bank Holdings (JO: ) and FirstRand (JO: ) declined 3.9%, 2.5% and 1.0%, respectively. Diversified miners, Kumba Iron Ore (JO: ), Exxaro Resources (JO: ) and Anglo American (JO: ) fell 2.4%, 1.9% and 1.5%, respectively. Pharmaceutical companies, Netcare (JO: ) and Aspen Pharmacare (JO: ) eased 1.9% and 0.8%, respectively. On the flipside, food companies, RFG Holdings (JO: ) and RCL Foods (JO: ) advanced 4.2% and 2.5%, respectively. The JSE All Share index declined 0.8% to close at 74,411.00. UK Market Review The UK market finished weaker yesterday, as a drop in domestic construction activity dampened investor sentiment. Retailers, Burberry Group (LON: ), Ocado Group (LON: ) and JD Sports Fashion (LON: ) shed 4.7%, 1.3% and 1.2%, respectively. Insurance companies, Prudential (LON: ) and Legal & General Group (LON: ) declined 2.3% and 1.0%, respectively. Homebuilders, Persimmon (LON: ) and Berkeley Group (LON: ) dropped 1.3% and 0.6%, respectively. Paper and packaging companies, Smurfit Kappa Group (LON: ) and DS Smith (LON: ) each fell 1.1%. Miners, Fresnillo (LON: ) and Glencore (JO: ) eased 1.0% and 0.6%, respectively. On the other hand, energy companies, BP (LON: ) and Shell (LON: ) added 0.9% and 0.8%, respectively. The index declined 0.2% to close at 7,426.14. US Market Review US markets ended lower yesterday, following a surge in Treasury yields and renewed fears over further interest rate hike. Aerospace company, Lockheed Martin Corporation (NYSE: ) edged down 4.8%, after the company cut its F-35 jets delivery outlook. Technology company, Apple (NASDAQ: ) declined 3.6%, amid reports that China has banned

Source - Investing
7 Sep 2023
7Sep

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. More on this LOOK: Nando's and Pick n Pay just collabed on a T-shirt collection - and the results are pretty cool Pick n Pay Clothing launches latest collection Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understan

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Business legend Raymond Ackerman dies

Raymond Ackerman, South African business legend and the man who built the retail giant Pick n Pay from the ground up, has died at the age of 92. The store group shared the news of Ackerman's death on social media on Thursday. "An idealist, entrepreneur, philanthropist and a distinguished South African, Pick n Pay wrote on the social media platform X (formerly Twitter). "Our country has lost a brilliant patriot who always saw a positive future for South Africa. Ackerman started to build Pick n Pay in the 1960s and was the chairman of this group for many years until he retired about 10 years ago. Today there are more than 1,900 Pick n Pay stores nationwide. Ackerman's son, Gareth, is currently chairman of the retail group, which is still controlled by the family. ‘Leading Captain' The mayor of Cape Town, Geordin Hill-Lewis, expressed his condolences to Ackerman's loved ones and said he leaves a "great legacy. "He was truly an outstanding Capetian! Earlier this year, Hill-Lewis presented Ackerman and his wife, Wendy, with a gift from the city archive. The gift was a photo of the couple at one of the first shops they opened in the Mother City. "I put a caption to the photo that reads: ‘With thanks for everything you have done for Cape Town and its people'. It's a sentiment I repeat today, says Hill-Lewis. Many messages of condolences and tributes have already poured in for the iconic businessman. Mmusi Maimane, leader of Build One South Africa (Bosa), was among those who expressed condolences. "His impact on retail and his contribution to the South African economy will never be forgotten, says Maimane. No funeral arrangements have yet been announced.

Source - R News
7 Sep 2023
7Sep

Johann Rupert warns inflation is hitting even wealthy shoppers.

The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "In Europe, ongoing inflation is starting to impact local demand," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households in some countries were spending a higher percentage of income on basic necessities than they had in the past decade. "We've seen the squeeze," he said. Richemont shares fell sharply after Bloomberg News reported the comments and after HSBC lowered price targets for Richemont and several other companies in the luxury sector, including LVMH, Kering and Prada. LVMH shares declined 3.6% in Paris, while Richemont stock fell more than 5% in Switzerland. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer, "he said.

Source - Fullview
7 Sep 2023
7Sep

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. More on this Pick n Pay larney gifts Khayelitsha deaf school a van Retail turnaround kingpin and Shoprite founder Whitey Basson could bring the lights back to power utility Eskom Five South African businesswomen to wake the giant within WATCH: Bronze and wax statues of Raymond Ackerman unveiled in Durban North WATCH: ‘I'm actually here' says Raymond Ackerman as rumours of his death surface This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man o

Source - Cape Argus
7 Sep 2023
7Sep

#FiveThingsYouNeedToKnow: KZN police have made a significant discovery in AKA murder case

Updated | By East Coast Breakfast / Lilitha Bodlani Durban's tap water has again been declared safe for consumption and much more. Good morning, KZN. Here are five things you need to know as you wake up this Thursday morning... The Rolling Stones released a new album. Hackney stones is their first album with original hits in 18 years! KZN police say they're making progress in investigating the murder of rapper Kiernan "AKA" Forbes and his friend Tebello "Tibz" Motsoane. The murder weapon, getaway car and possible "spotters" had been identified. Durban's tap water has again been declared safe for consumption, according to a recent study conducted by the Institute for Water and Wastewater Technology (IWWT) at DUT. Sophie Turner, wife of Joe Jonas was spotted downing shots on a night out just days before the announcement of their divorce. Former Steinhoff CEO, Markus Jooste, was a no show in a Pretoria court on Tuesday as his legal team argued against a reduced R20 million administrative penalty for insider trading, citing unemployment and a lack of income in a bid to reduce the penalty. Follow us on social media: Main image attribution: Lauren Beukes Recommended for You

Source - East Coast Radio
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Source - Sunday Tribune
7 Sep 2023
7Sep

Digicall SA and Absa Insurance join forces on R100m Basadi programme to empower black women business owners

Digicall Basadi woman's breakfast 2023 - ABSA Insurance Company, Digicall Group and Basadi members Women in South Africa are making progress as entrepreneurs , indicating a strong will and determination to survive. Entrepreneurship is vital for the success of the South African economy, driving growth and diversification and creating wealth, but black small business owners face many challenges, and for women the obstacles are even greater. To provide vital support and accelerate the growth of black women-owned businesses in the country, business process outsourcing provider Digicall SA has partnered with short-term insurer Absa Insurance Company (AIC) to help drive AIC's Basadi Supplier Programme. The programme (Basadi means ‘woman' in Sotho and Tswana) uplifts historically disadvantaged black women and provides them with the business and skills they need to prosper. Digicall provides outsourced, claims administration and incident management services to AIC's client base for all types of non-motor incidents and claims. Together, the two companies will allocate R100 million worth of work over the next three years to the Basadi beneficiaries. "Through AIC, we provide coaching to black female entrepreneurs on Absa's approved service-provider database, says Keneiloe Moabelo, Head Of Claims Procurement at AIC. "Coaching includes developing business plans for growth and funding and standard business processes, pay-as-you-earn tax, UIF registrations and financial planning and reporting. "We have to be deliberate in enabling women operating in unconventional spaces, especially in a country like ours, that's why AIC and Digicall SA are committed to actively pursuing black female-led service providers, says Musa F. Sambo, Director and Chief Commercial Officer at Digicall. "There is a critical need for practical solutions, and the Basadi programme is exactly that. Providing more opportunities for education, mentorship and support across the entrepreneurial ecosystem can have profound effects

Source - FAnews
7 Sep 2023
7Sep

SA mines to get a faster route to Mozambique port

The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort. By Matthew Hill, Bloomberg 7 Sep 2023 South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighbouring Mozambique. The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. ADVERTISEMENT CONTINUE READING BELOW The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said. © 2023 Bloomberg

Source - Moneyweb
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is officially on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, this decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Ben Bierman Much of this downward trend can also be attributed to the ongoing energy crisis, which our own research revealed our recent Q1 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to these multi-directional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of loadshedding, there are several ways that small business owners can leverage the end-of-year hype and optimise sales. 1. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Ahead of the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community not only expands your reach, but also showcases your business' adaptability and resilience. 2. Do a good old spring clean There’s nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes, and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect current market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cashflow and expenses. Ide

Source - Bizcommunity
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

n another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Source - MSN
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has died

Pick n Pay founder, has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Source: dailymaverick In other news — Breakthrough in AKA, Tibz double murder case: Police say they have identified a few people of interest in the double murder case of the rapper Kiernan Forbes known as AKA, and his friend Tebello Tibz Motsoane. The two were gunned down in Durban in February. The provincial Police Commissioner, Nhlanhla Mkhwanazi has confirmed during an inter-ministerial media briefing in Durban that they had also identified the firearm that was used to kill the two men. Read more

Source - News 365
7 Sep 2023
7Sep

Full Capital Redemption — NGLT1B

7 September 2023 R207.29 Full Capital Redemption — NGLT1B NEDBANK GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number 1966/010630/06 JSE Alpha Code: NEDI (‘Nedbank Group' or the ‘Issuer') Full Capital Redemption — NGLT1B In accordance with the provisions of the terms and conditions of Nedbank Group's unsecured subordinated notes in terms of its Domestic Medium-Term Note Programme and sections D3 and D4 (‘Issuer Early Redemption Election') of the NGLT1B Pricing Supplement dated 17 October 2018, investors are herewith advised of the early full capital redemption of NGLT1B effective 20 October 2023. In accordance with the terms and conditions, the South African Registrar of Banks (Relevant Authority) has granted written approval for the Issuer Early Redemption Election of the NGLT1B notes exercised by Nedbank Group. JSE Code ISIN Capital redemption Amount Record date amount outstanding after capital redemption NGLT1B ZAG000154667 R750,000,000.00 R0.00 Thursday, 19 October 2023 7 September 2023 Debt Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 07-09-2023 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
7 Sep 2023
7Sep

Chile's miners ready to absorb higher domestic royalties, Fitch says

SANTIAGO — Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties requiredby a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday. A long-awaited mining reform approved by Chilean lawmakers in May requires large copper producers to pay more taxes and royalties to the government. "Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said in a report. Global mining companies such as BHP, Anglo American and Glencore are among those whose cash flows will be strained by the reform, Fitch said. Several large globally diversified industry players "have made substantial capex (capital expenditure) commitments following the royalty finalization, suggesting mining economics remain competitive globally under the new tax regime," it added. The new tax regime is taking effect gradually, since several operations maintain previously signed tax invariability contracts. However, Fitch noted that "difficulties related to obtaining environmental permits will likely lead to a period in 2024 where no new projects come online, after the completion of (Teck Resources') Quebrada Blanca this year." Private copper miners have demanded cuts in energy costs, faster permit approvals and other incentives to offset the burden of the new royalty regime and avoid a decline in investment. Fitch estimates that Chile's total tax on mining companies will stay above Peru's by roughly two percentage points and be about four percentage points higher than that of Australia and the Canadian province of British Columbia. However, it will be much lower than taxes on mining firms in African countries such as Zambia and the Democratic Republic of Congo. Fitch also said it expects Antofagasta Minerals "will maintain its robust financial position despite modest cash flow reduction from h

Source - Mining Weekly
7 Sep 2023
7Sep

Opec+'s production cuts spell bad news for global inflation

Analysis of local bond yields and the regulatory risks around British American Tobacco. 7 Sep 2023 You can also listen to this podcast on iono.fm here RMB's Matete Thulare takes a look at the oil price and Opec+. Philip Short from Flagship Asset Management on the regulatory risks with tobacco and valuation in British American Tobacco. Chris Eddy from 10X Investments on the attractive yields from local bonds and reducing weighting in US equities. Guests on today's show: Matete Thulare: RMB Philip Short: Flagship Asset Management Chris Eddy: 10X Investments AUTHOR PROFILE COMMENTS

Source - Moneyweb
7 Sep 2023
7Sep

RIP: 10 things to know about Raymond Ackerman

As first reported by The South African website, Pick n Pay founder, Raymond Ackerman has died at the age of 92. As first reported by The South African website Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. Pick n Pay confirmed the news in a X post on Thursday morning. Below, 10 things you may not have known about the retail giant 1. Raymond Ackerman was born on 10 March 1931 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. 9. He died on Wednesday, 6 September at the age of 92. 10. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news.

Source - The South African
7 Sep 2023
7Sep

Upcoming Webinar: Empowering Business & IT Teams: Modern Data Catalog Requirements

Join , in collaboration with Precisely for a webinar on Empowering Business & IT Teams: Modern Data Catalog Requirements. The webinar will take place on the 13 of September 2023 at 11:00 AM (SAST). Register As the demand for data-driven insights continues to grow, the importance of data catalogs will only increase. A modern data catalog addresses new use cases requiring more immediate and intelligent data discovery to drive complete and informed business outcomes. In this demo, you will hear how the Precisely Data Integrity Suite's Data Catalog is the connective tissue that empowers business and IT teams to discover, understand, and trust their critical data. Requirements to meet those new use cases include: Discovery, lineage, and relationships across silos for more informed insights Interoperability with data platforms and tech stacks to increase ROI Machine learning to drive more significant insights Data observability to alert users to data changes and anomalies Business-friendly data governance to advance understanding and accountability The webinar will be delivered by Chris Reed, Manager: Sales Engineering at Precisely and Antonio Cotroneo, Senior Product Marketing Manager at Precisely. Register to attend.

Source - Mybroadband
7 Sep 2023
7Sep

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

Former ARM CEO Mike Schmidt, in new executive of growth and strategic development role. JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbon reduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and responsible citize

Source - Engineering News
7 Sep 2023
7Sep

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Source - Oudtshoorn Courant
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Source - Cape Argus
7 Sep 2023
7Sep

South Africa: Breaking - Pick N Pay Founder Raymond Ackerman Has Died

The retail giant's founder has left a profound mark on the local industry Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.... Read the full story on Daily Maverick

Source - Allafrica
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab.

Source - Sunday Independent
7 Sep 2023
7Sep

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. More on this Editorial: SA must build on Summit, get itself in order Africa gets a greater influence in BRICS decisions with Ethiopia, Egypt accepted into the bloc This is what Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE said after BRICS invitation Ramaphosa says India's moon landing is a celebration for all developing countries First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever p

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Azana — Shona Malanga ft. Amahle: A Soulful Collaboration

In this article, we delve into the mesmerizing world of Azana ‘s latest release, "Shona Malanga," featuring the talented Amahle.The South African music scene has been buzzing with excitement ever since the song's release, and it's time to explore the soulful melodies, heartfelt lyrics, and the seamless harmony of these two remarkable artists. Join us on this musical journey as we uncover the essence of "Shona Malanga." The Artists Behind the Magic Before we dive into the enchanting world of " Shona Malanga ," let's take a moment to introduce the two remarkable artists responsible for this soulful creation. Azana, a gifted singer-songwriter from Durban, South Africa, has been making waves in the music industry with her powerful vocals and emotive songwriting. Her unique style has won the hearts of fans globally, earning her a special place in the hearts of music enthusiasts. Amahle, on the other hand, is an emerging talent hailing from Johannesburg, South Africa. Her versatility as an artist and her ability to connect with her audience has garnered her a growing fanbase. Unraveling "Shona Malanga" The Meaning of "Shona Malanga" The title of the song, "Shona Malanga," holds significant meaning in the Shona language, spoken in Zimbabwe. It translates to "Look at the Sun" in English. This evocative phrase sets the tone for the heartfelt emotions expressed throughout the song. Azana's Soulful Voice Azana's ethereal voice adds depth and emotion to every note she sings. Her soulful and captivating vocals have earned her recognition as one of the most talented vocalists in the industry. Amahle's Impactful Collaboration Amahle's collaboration with Azana brings a fresh dynamic to the song. Her rich and emotive vocals complement Azana's, creating a beautiful harmony that leaves a lasting impact on listeners. The Creation Process The Studio Sessions The creative process behind "Shona Malanga" involved intensive studio sessions, where Azana and Amahle poured their hearts into crafting a song

Source - Mzansi Indaba
7 Sep 2023
7Sep

Sanlam Reports Strong Financial Performance for the First Half of 2023

7 September 2023 Sanlam today reported a strong financial performance for the first half of 2023, saying the Group's earnings pattern wasback on track after a series of what management described as one-in-25- or one-in-100-year events between 2020 to 2022, highlighted by the COVID-19 pandemic. The performance was broad-based and enabled by management's successful execution of the Group's strategy. Strong profitability in the Group's life insurance, credit, and general insurance operations, and a steady performance from investment management underpinned the pleasing overall Group performance. The Group's measure of underlying earnings performance, net results from financial services, increased by 26%. The general insurance line of business increased by 38%, life insurance by 28% and credit and structuring by 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The Group's key earnings metric, cash net results from financial services, increased by 30%. Sanlam's primary performance target for measuring long-term shareholder value creation is Return on Group Equity Value (RoGEV). RoGEV per share was 12% and Group Equity Value per share was R67.85 on 30 June 2023. RoGEV benefitted from robust contributions from value of new business, improved performance and outlook in Sanlam's credit business in India as well as a strong contribution from Santam. Strong investment markets and a weakening of the rand relative to the main valuation currencies in the non-South African operations also contributed to the higher return for the first six months of 2023. Total new business volumes increased by 19% to R191 billion, driven by strong investment business sales. Life insurance new business volumes increased by 4% on a present value of new business premiums basis, with value of new covered business (VNB) of R1.3 billion, 21% higher than the first six months of 2022, both on a constant economic basis. VNB b

Source - Sanlam
7 Sep 2023
7Sep

Pick n Pay founder, Raymond Ackerman, dies at 92

Retail entrepreneur and founder of Pick n Pay, Raymond Ackerman, has died. He was 92-years-old. Taking to social media, Pick n Pay said they were deeply saddened by the loss of their founder. ‘With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away.' posted the retailer. ‘A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa.' The retail magnate, along with his wife, Wendy, founded the prominent supermarket chain in 1967 after buying their first four stores in Cape Town. Over the span of more than half a century, the empire grew to over 2000 outlets, including stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. His father founded Ackermans shortly after the first World War. The prominent businessman also launched over two dozen unsuccessful battles against the government on price cutting. In the late eighties, he, along with a group of businessmen called for the release of Nelson Mandela soon after the appointment of FW de Klerk as president. He later established the Raymond Ackerman Academy for Entrepreneurial Development, in 2004, in partnership with UCT and the University of Johannesburg. This initiative went on to produce hundreds of new business owners. Ackerman and his wife retired from the board of Pick n Pay Stores Limited and became honorary life presidents, in 2010. By the time he handed the chairman's reins to son Gareth, Pick n Pay was operating 20 hypermarkets and 402 supermarkets across South Africa, while group turnover stood at almost R50-billion. As an old boy of Bishops Diocesan College, Ackerman was president and later, the patron of the Old Diocesan Union. Over the course of his career, he also acquired seven honorary doctorates from local and international universities. In his spare time, Ackerman was an avid golfer who, at one stage, played off a scratch handicap. He was especially close to the

Source - Cape Town Etc
7 Sep 2023
7Sep

BREAKING: Pick n Pay founder Raymond Ackerman has died

The retail giant's founder has left a profound mark on the local industry Create your free account or sign in Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Breakdowns and Baguettes Get your updates on the Rugby World Cup, with Maverick Sports editor Craig Ray reporting from Paris, direct to your inbox free of charge Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa and seven in Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Comments - Please note you must be signed in to comment.

Source - Daily Maverick
7 Sep 2023
7Sep

How to win the fight against fraud & corruption at corporate level

Marelize Uys | Chief Sales Executive | Managed Integrity Evaluation (MIE) | mail me |South Africa has been enlisted on the Financial Action Task Force's (FATF) dreaded "Grey List" for over four months — fortunately, though, the country has not been standing still. Significant new provisions are shaking up the corporate landscape and by comprehensively implementing stricter controls, the country can transition more quickly from the Grey List to the coveted "Whitelist." A worrying picture Being placed on the FATF Grey List indicates that a country should take immediate action to address deficiencies in combating financial crimes, including anti-money laundering (AML) and counter-terrorist financing (CTF) activities. However, the growing sophistication of criminals and syndicates poses a formidable challenge to doing this as their crimes and audacious attacks become more intricate. The Association of Certified Fraud Examiners (ACFE) Report 2022 paints a worrying picture of the extent of internal fraud: 2,110 cases were reported across 133 countries, with an astonishing 29% of the fraud cases caused by lack of internal controls. Its earlier report from 2020 noted that 43% of surveyed fraud cases were committed by insiders such as employees, managers or executives. A similar picture emerged in PwC's Global Economic Crime and Fraud Survey, conducted in 2020, which revealed that 47% of the reported economic crimes were committed by internal actors, including employees, senior management, or former employees. An individual employee can potentially compromise the integrity of an entire organisation in terms of AML efforts in several ways such as insider threats, negligence or lack of awareness, collaboration with external parties, weak internal controls or a failure to report suspicious activities. From Steinhoff to the recent reports of a "Gold Mafia" running riot, the actions of senior and junior staff remain a major threat to the reputation and wellbeing of businesses in Africa. Implementing r

Source - BBrief
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Source - Cape Times
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Source - Pretoria News
7 Sep 2023
7Sep

Business Talk — JumpCloud's Gaurav Malik on the company's partnership with Google

In this Business Talk interview with Michael Avery, Gaurav Malik, Head of Sales for South East Asia and India at JumpCloud, unpacks JumpCloud’s new partnership with Google. Malik boasts over 15 years of industry experience, having worked at companies such as NTT, Akamai Technologies, and Cloudflare. In his current position, Malik strives to fulfil JumpCloud’s vision of building and managing an open directory platform for secure, frictionless access to resources from anywhere. The interview In this Business Talk interview, Malik unpacks what JumpCloud is and how its solutions differ from those offered by other software companies. He then explains the significance of the new partnership between JumpCloud and Google. Malik also discusses why JumpCloud chose the African market, which is generally considered difficult to penetrate, as a focus area for the company. He concludes the interview by explaining how businesses can begin their JumpCloud journey. Watch the full interview with Gaurav Malik below.

Source - Business Tech
7 Sep 2023
7Sep

Clientele's challenge over debit order reversals delayed

In a legal dispute that might reshape how debit order reversals are governed in SA, insurance group Clientele wants to force banks to give it an opportunity to provide proof of a valid mandate before reversing debit orders. This as the JSE-listed insurer battles to contain a rise in debit order reversals from its client base, reports BusinessLIVE The financial services group has dragged the Payments Association of SA (Pasa) to court seeking an order compelling banks not to unilaterally reverse lawful debit orders. Pasa, the country's payment system management body recognised by the central bank, has more than 20 members including SA's biggest banks; Absa, Nedbank, Capitec, Standard Bank, FirstRand and Investec. The entity plays a key role role in SA's payments industry, managing its members' activities in the national payment system. Clientele, valued at R3.4bn on the JSE, will argue in the Gauteng High Court (Johannesburg) that once money is lawfully debited from its clients, Section 25 of the Constitution is a shield and that banks cannot reverse the money at the behest of clients without seeking its audience first. Section 25 of the country's supreme law is often associated with the polarising expropriation without compensation debate. This section, Clientele will argue, protects it from banks arbitrarily depriving it of its property — in this instance, cash. Pasa on Monday managed to delay the hearing of the matter, arguing that the failure by Clientele to join the banks and the SA Reserve Bank in the matter was ill advised, as it had no authority to speak on their behalf. The banks and the central bank have now been given a chance by the court to choose whether they wish to oppose the relief sought by Clientele or not, before the merits of the matter can be argued. SA banks are said to process more than 50m debit orders every month to the value of almost R100bn.

Source - South African Lawyer
7 Sep 2023
7Sep

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Source - Sunday Independent
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Source - Cape Times
7 Sep 2023
7Sep

King Cetshwayo residents call for land and access to markets for small and emerging farmers

/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za. Participants at public hearings on the Preservation and Development of Agricultural Land (PDAL) Bill that were conducted by the Portfolio Committee on Agriculture, Land Reform and Rural Development at Engwelezana Community Hall today, called on the committee to assist them to gain access to agricultural markets that are closed to small and emerging farmers. The committee continues to take oral submissions on the PDAL Bill and it is currently in KwaZulu-Natal soliciting submissions on the Bill. The residents of King Cetshwayo District Municipality expressed support for the Bill. They called for assistance to acquire land and support for emerging farmers. The committee heard from the participants who claimed that they do not get much assistance from the Department of Agriculture and Mhlathuze Local Municipality with farming equipment such as tractors and fencing for their livestock. Representatives from tribal authorities appealed for assistance for their fishermen to obtain fishing licences as well as access to sugar cane markets and also highlighted that there was more land used by Mondi, a multinational paper and packaging company in the area resulting in less arable land available for farming. The committee also heard from an association of emerging farmers made up of around 300 women who specialise in agricultural produce such as groundnuts and beans. They told the committee that do not get the assistance they require to acquire land and machinery. They said they do not own the land they use but lease it. The Chairperson of the committee, Nkosi Zwelivelile Mandela, urged the participants to make relevant and meaningful inputs on the Bill and continue to exert pressure on municipal leaders who occupy offices with authority such as mayors and speakers to assist them. Nkosi Mandela thanked the participants who made

Source - Polity
7 Sep 2023
7Sep

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wi

Source - Cape Times
7 Sep 2023
7Sep

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. More on this LOOK: Nando's and Pick n Pay just collabed on a T-shirt collection - and the results are pretty cool Pick n Pay Clothing launches latest collection Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understan

Source - Cape Argus
7 Sep 2023
7Sep

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Source - The Star Online
7 Sep 2023
7Sep

CAPITEC BANK HOLDINGS LIMITED — Changes to the Boards and Board Committees of Capitec and Capitec Bank

7 September 2023 Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 (‘Capitec') Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summ

Source - Moneyweb
7 Sep 2023
7Sep

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Source - Cape Argus
7 Sep 2023
7Sep

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Source - George Herald
7 Sep 2023
7Sep

Navigating New Horizons: Embracing Mental Health Challenges in the Insurance Industry

The prevalence of mental health disorders in our country continues to rise, presenting both challenges and opportunities for the insurance industry. To address this growing trend, insurers and financial advisers must adapt their strategies and develop a deeper understanding of mental health conditions. Shanique Jina, Underwriting Manager at Bidvest Life Shanique Jina Before the pandemic, one in three South Africans was likely to experience a mental health issue at some point in their lifetime1. However, the pandemic's aftermath has exacerbated this tension, leading to significant mental health ramifications due to joblessness and other factors2. Healthcare professionals, insurers, and financial advisers are now actively engaging in discussions to address the rise in mental health disorders and its implications. Underwriting impact The surge in mental health conditions presents a new set of underwriting challenges. Accurate risk assessment is paramount, which means understanding the correlation between mental health conditions and their prognosis. By doing so, insurance processes can better reflect the associated risks of these disorders. When it comes to mental health, South African insurers predominantly deal with anxiety, depression, and bipolar disorders. These conditions are complex and understanding them helps insurers better assess and underwrite risks associated with each. Anxiety Disorders: While anxiety disorders are the most common group of mental health disorders, full remission rates remain low. Whether symptoms are chronic or recurring, insurers must be sensitive to the social impact of anxiety disorders as they can affect an individual's social life and productivity at work. All cases of anxiety disorders are complex and each one must be assessed on an individual basis. Depressive Disorders: Depressive disorders are characterised by a persistent feeling of sadness and can severely impact an individual's ability to function in day-to-day life. It's vital for insurers to c

Source - FAnews
7 Sep 2023
7Sep

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creative director, but there are many pe

Source - Sunday Independent
7 Sep 2023
7Sep

The secret meaning of wedding cakes

When we look at social cultures that have been passed down through generations, we often wonder why certain traditions are still important to us today. If you look at weddings for example, there are certain things that we see from wedding to wedding, such as having bridesmaids and groomsmen, wearing a white dress and even having a cake. Focusing on the cake specifically, have you ever wondered why we spend thousands on a special wedding cake and what are the hidden meanings behind these cakes? Why is it so strange to even think of a wedding without a cake? Well, today you're going to understand some elements of wedding cakes that you probably didn't know about and why modern weddings still embrace the ancient tradition of wedding cakes 1. Unity The main essence of every wedding, regardless of what culture you come from, is harmony and unity. It's definitely a big deal to come together and vow to be with each other for the rest of your lives. The cake is a symbol of that bond and unity you're both promising to keep ‘til death do you part. And not just that, eating crumbs together and feeding each other pieces of the cake are symbolic acts that show you promise to look out for each other forever. 2. Fruitfulness and fertility For couples hoping for children, a wedding cake also symbolizes fertility. Even in previous generations, the couple would expect many children if they managed to kiss over a high tiered cake without it falling over. Other times, guests would even throw some of the cake at the couple or crumble it over the bride's head to signify fruitfulness and fertility. Many of these traditions have faded away but this secret meaning is still something that people embrace. 3. Affluence and social status In other eras, wedding cakes were a lot simpler than what we see today. They would be basic cakes with white icing to symbolize the bride's purity. With time, people started adding color to the icing, more tiers and more elaborate designs which would indicate the affluence of t

Source - Fakaza
7 Sep 2023
7Sep

Liberia: Cummings Tours More Markets

-As he rallies marketers and street vendors The Standard Bearer of the Collaborating Political Parties (CPP), Mr. Alexander Cummings continued his tour of markets in Districts # 12, 3, 7 and 15, of Montserrado County, rallying marketers, street vendors and community dwellers in support of his real change agenda that will relief Liberians out of extreme suffering and poverty. Cummings accompanied by CPP stalwarts visited and were taken on a guided toured of several major markets including Duala, Caldwell, and Logan Town markets, admist great jubilations by hundreds of marketers, and chanted slogans "Cummings is the man we want." Market officials lamented the many difficulties and challenges facing them including raising cost of doing business, poor sales, and deplorable and unsanitary conditions of markets. The marketers hailed the visits of the CPP Standard Bearer and in seperate remarks pledged their unflinching support to his Presidential bid, with great hope of transforming Liberia for the betterment of all Liberians. Cummings expressed gratitude for the rousing welcomes and urged marketers to encourage their family members, friends and loved ones to not only participate and vote in the pending October 10, but to elect competent, qualified, and responsible leadership that will transform the life of all Liberians for the better. Cummings assured Liberians that the CPP Government is genuinely committed and prepared to revive the ailing economy, attract direct foreign investments, and create a strong private sector aimed at massive job creations for the thousands of unemployed Liberians. The CPP Standard said upon his ascendancy as President, he has earmarked U$20 millions as loans scheme for Liberian entrepreneurs including market women to sustain and grow their businesses. He said the interests of Liberians will take precedent in all the CPP economic policy and assured that the Liberianization policy which set aside certain businesses exclusively for Liberians will be strictly enforced.

Source - Allafrica
7 Sep 2023
7Sep

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

Source - Cape Talk
7 Sep 2023
7Sep

British American Tobacco inks deal to sell Russian business

British American Tobacco said on Thursday it had reached a deal to sell its Russian and Belarusian businesses within the next month or so. The maker of Camel and Peter Stuyvesant didn't provide a figure for the sale, and had announced its intention to exit the market in March 2022. This follows a wave of disinvestment from Western companies in the wake of Russia's invasion of Ukraine. READ | No more smoking guns: British American Tobacco officially pulls out of Russia Post completion, the businesses will be known as the ITMS group, BAT said, adding that once conditions had been satisfied it will no longer have a presence in Russia or Belarus. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St Petersburg, the group said. It also has an office in Belarus. As of the end of June the two countries accounted for about 2.7% of group revenue and 2.5% of adjusted profit from operations. BAT, headquartered in London, is the second-largest tobacco company in the world and held almost a quarter of the Russian market.

Source - News24
7 Sep 2023
7Sep

Ackerman hailed for business, political triumphs

The late Pick n Pay founder Raymond Ackerman is being hailed for playing a leading role in putting pressure on the apartheid government to remove Value Added Tax (VAT) from certain goods. He challenged the government on issues affecting consumers, such as the price of bread. Ackerman called for a zero rating on certain staple foods and will be remembered for his well-known campaign for the freedom to sell petrol at the lowest price possible, not the current price that government has pegged. Ackerman's political triumphs include when he approached then-Prime Minister John Vorster in 1975 about Pick n Pay's promotion of African, Coloured and Indian managers to run stores in white areas which was against the Group Areas Act. Other achievements include getting the apartheid government's permission for his managers to own houses in urban areas on a 99-year lease basis - which was decided without cabinet approval. Meanwhile, Cape Town mayor Geordin Hill-Lewis says Ackerman left a great legacy in South Africa's economy. Hill-Lewis says he has fond memories of the businessman. "Earlier this year I had the pleasure of handing a gift from the city archives to the Ackermans, a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people', and this is a sentiment I repeat today. Raymond Ackerman has been honoured by the Free Market Foundation: Share article

Source - SABC News
7 Sep 2023
7Sep

5 Ways to Enhance Your Business' Safety Amid Rising Crime

Upgrade Your Business' Security BUSINESS NEWS - To help you protect your assets, employees and customers, we've put together five essential ways to improve your business' safety. 1.) Well-Lit Premises Criminals thrive in darkness, making well-lit surroundings a simple yet effective security measure. Adequate lighting not only deters potential intruders but also enhances the safety of your employees and customers. Invest in outdoor lighting and motion-activated lights to illuminate key areas like entrances, parking lots and alleyways. 2.) Access Control Systems Limiting access to your premises is a fundamental aspect of security. Implementing access control systems ensures that only authorised personnel can enter certain areas of your business. This can be achieved through key cards, biometric systems, or even smartphone apps, depending on your preference and the level of security required. Restricting access helps prevent unauthorised entry and minimises the risk of internal theft. 3.) Security Alarms and Monitoring Intruder alarms are essential for alerting you and the authorities to potential break-ins. When integrated with a 24/7 monitoring service, you can ensure a rapid response to any security breaches. If you are looking for a provider, we recommend M Sec Security. Not only did they win the award for being the best security company in the Southern Cape in 2021, but also the award for the security company that does the most to fight crime in the Southern Cape. 4.) Invest in CCTV Surveillance Solutions One of the most effective ways to enhance your business' safety is by installing a reliable CCTV surveillance system . CCTV cameras act as vigilant eyes that never blink, providing constant monitoring of your premises. They deter potential criminals and provide valuable evidence in case of any incidents. For businesses in Mossel Bay and George, Southern Cape Networks and CCTV stands out as a trusted provider of surveillance solutions. 5.) Employee Training and Awareness The human elemen

Source - Mossel Bay Advertiser
7 Sep 2023
7Sep

AgriCareers: Meet SAB's first female director of brewing

Phindi Mthambama's extraordinary rise from a temporary role to the first black female director of brewing at SAB inspires a generation, showcasinghow dedication and unwavering ambition can shatter even the toughest glass ceilings In a country that was once marked by a scarcity of black female leaders, Phindi Mthambama stands as a beacon of determination and empowerment. Her remarkable journey from a temporary role at South African Breweries (SAB) at the age of 21 to the pinnacle of success as the first black female director of brewing, is a testament to the power of persistence and vision. Mthambama's story reminds us that even the smallest of beginnings can lead to monumental achievements. Her unwavering commitment, tireless work ethic, and relentless pursuit of excellence began to carve a path that would eventually redefine the boundaries of possibility. Starting as a laboratory technician, her can-do attitude and unyielding spirit earned her a permanent position and soon saw her becoming one of the first women to join the shift work as a brewing operator. Onwards and upwards Her ascent continued as she was promoted to brewing team leader, a testament to her innate leadership potential. With each step, she defied norms and expectations, proving that talent knows no gender or background. As she continued her journey, Mthambama's trajectory only soared higher. From brewing area manager to quality manager, she demonstrated not only her personal growth but also her ability to foster growth within her teams. Her collaborative approach to problem-solving not only showcased her leadership but also created a supportive environment for her peers. The years rolled on, and in 2016, she assumed the role of brewing manager at the Rosslyn plant, then at the Alrode plant in 2017. These experiences taught her the value of teamwork and the importance of collective efforts in achieving greatness. Her career journey took a further leap in 2019 when she joined AB-InBev Africa as the Africa VPO specialist,

Source - Food For Mzansi
7 Sep 2023
7Sep

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

The Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia.Some suggested that Ethiopia risked slipping into another civil war It is only 10 months since the end of a civil war in which around 600 000 Ethiopians were killed, making it the deadliest war of the 21st century The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns , the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen interest in Ethiopia. The rhetoric that presents the Amhara people as a national enemy has gone on, unch

Source - Polity
7 Sep 2023
7Sep

Discovery Goes Green: Virtual Wheeling Platform for Businesses

South Africa's energy crisis is seriously impeding business continuity across the country inhibiting the forward momentum needed to successfully sustain economic activity.The alarming level of power outages are disrupting operations and prevent companies from reaching their production targets. According to the SAPOA survey, which measured the impact of loadshedding in the real estate industry, most respondents reported that loadshedding has in some or other way had a serious impact on their businesses. It has also drastically increased operational costs with the need to invest in alternative power sources, solar panels, UPS systems, or diesel generator to maintain standard operating levels. Discovery Green Connects Business to Affordable Energy Solutions Discovery has effectively found a way to assist businesses in finding affordable solutions to this problem. Yesterday, the company launched Discovery Green, a renewable energy platform that connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. Virtual wheeling is a process by which energy transactions occur on paper or electronically, allowing electricity buyers and sellers the freedom to exchange energy without physically moving it across transmission or distribution lines. This is primarily achieved through contracts, trading platforms, and grid management systems. Renewable Energy Platform for Businesses Discovery has procured between 400MW and 1GW of wind and solar energy from a curated list of leading local and international independent Power Producers. The platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 27

Source - Investing
7 Sep 2023
7Sep

Nedbank and Coach Pitso partner to build a legacy for the future of sport

Soweto, — In a moment filled with pride and community spirit, Soweto celebrated the inauguration of the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. This remarkable project, funded by Nedbank and The Sports Trust's Soccer Development Programme, marks a significant step towards sport development, talent identification, and community empowerment in South Africa. Orlando Pirates FC, the winners of the Nedbank Cup 2022/2023 season, officially handed over this groundbreaking initiative to the local community. The collaboration between Nedbank and The Sports Trust has been instrumental in driving transformative change in South African communities since 2012. With a total investment of R2 million for each of the ten multipurpose sport courts erected, this partnership showcases a longstanding commitment to uplifting communities through sports. The Pitso Mosimane Multipurpose Sports Court is not just a sports facility; it's a state-of-the-art infrastructure designed to accommodate five different sporting codes and boasts a 20-year lifespan. This court will not only nurture various sports disciplines but also provide a safe space for the community, particularly young athletes, to develop their talents and engage in physical activities. Mr. Zizi Kodwa, the Minister of Sport, Arts, and Culture, emphasized the importance of grassroots sport development and women's sports, stating, "Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." He also expressed his hope to see more such facilities built, especially in townships and rural areas, to continue elevating women's sports and grassroots development. Coach Pitso Mosimane, a revered figure in South African football, leads this initiative with the goal of leaving a lasting legacy for the future of football in the country. "By providing top-class sports infrastructure, especially for young girls, we are planting seeds that we hope wi

Source - Wordpress
7 Sep 2023
7Sep

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

Source - Eye Witness News
7 Sep 2023
7Sep

Why going MSP-less in the IT storm can spell disaster for your business

Issued by JEC Technologies Johannesburg, 07 Sept 2023 A s businesses become increasingly connected, technology has become essential to their success. As decision-makers, we often face a choice: work with a managed service provider (MSP) or tackle IT challenges alone. In this press release, we explore the risks of going MSP-less and why choosing wisely is critical to your business's prosperity. We understand how challenging it can be to handle IT issues without the support of an MSP. Navigating the complex IT landscape alone can be daunting, especially if your internal IT team lacks the necessary expertise or resources to handle any problems effectively. Additionally, staying up to date with the constantly changing technology and security threats can be a significant challenge without an MSP. We empathise with the difficulties you may face and want to assure you that seeking the help of an MSP can alleviate these concerns and promote your business's growth. Consideration 1: Is your company's internal IT team equipped to handle the continuously changing technological challenges? Assessing the potential risks that may arise from limited IT knowledge is crucial. It's important to ensure that your internal IT team has the necessary skills to handle the constant changes in technology. Businesses without the knowledge and expertise provided by MSPs may find navigating through uncharted territories challenging. Consistent education and training are necessary to keep up with the ever-changing tech landscape. However, investing in such resources can be time-consuming and resource intensive. Without MSP assistance, companies may fall behind on important updates, leaving them vulnerable to cyber attacks and non-compliance penalties. Choosing wisely is critical. Consideration 2: When it comes to businesses of any size, the cost-effectiveness of managed service providers (MSPs) is an important consideration. While skipping MSPs might look like a way to save on costs, it can lead to hidden expenses. Runn

Source - IT Web
7 Sep 2023
7Sep

Discovery Goes Green: Virtual Wheeling Platform for Businesses

The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. Virtual wheeling is a process by which energy transactions occur on paper or electronically, allowing electricity buyers and sellers the freedom to exchange energy without physically moving it across transmission or distribution lines. This is primarily achieved through contracts, trading platforms, and grid management systems. Renewable Energy Platform for Businesses Discovery has procured between 400MW and 1GW of wind and solar energy from a curated list of leading local and international independent Power Producers. The platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). Energy Saving Potential This investment in 1GW renewable energy generation translates to the saving of 2.75 million tonnes of CO per annum which is the equivalent of 100 times the emissions of a business the size of Discovery Limited. At this initial phase, the platform is open to assist businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks become available through municipalities. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks

Source - IT News Africa
7 Sep 2023
7Sep

Amplats announces PlatAfrica design competition finalists

In line with its continued commitment to the development of the platinum jewellery market, Anglo American Platinum (Amplats) says it will once againhost the PlatAfrica South African platinum jewellery design and manufacturing competition, which is in its twenty-fourth year. Working in partnership with Platinum Guild International (PGI) India and Metal Concentrators, this year's competition theme is #Emergence. This year's iteration of the competition sees the introduction of capsule collections — a condensed version of the designer's vision that can transcend trends and seasons by being more functional and commercial, through a collaboration with De Beers Group, which will loan selected diamonds to the winners for showcasing in their platinum designs. The two categories of adjudication are individual students or apprentices and individual professionals. Finished statement jewellery items, which range from rings to neckpieces and earrings, will be judged for interpretation of the #Emergence theme and technical expertise. The top ten winners in each category will have the opportunity to manufacture their capsule collections for inclusion in the PlatAfrica collection, which will be available for sale in the international market. Additionally, winners will receive a cash prize, media exposure and the opportunity to participate in an all-expenses-paid design workshop in India, organised by PGI, to further their platinum jewellery design understanding and craft in one of the world's fastest-growing platinum jewellery markets. This year's finalists in the Professional category are Esther Boshoff and team from Beaudel Designs; Ulandie Booysens from Van Deijl; Rachel Hannah Kemp from Uwe Koetter Jewellers; Moses Mabotja from Limpopo Jewellery Business Incubator; Thabo Mbele from Van Bels, The Platinum Incubator; Noxolo Mseleku from Knight of Grey, trading as Elegante; Kim Nel from Van Deijl; Mandlenkosi None and Nnete Mokgothu from The Platinum Incubator; Nihal and Vijay Shah from Nihal Shah & Vi

Source - Engineering News
7 Sep 2023
7Sep

British American Tobacco inks deal to sell Russian business

British American Tobacco said on Thursday it had reached a deal to sell its Russian and Belarusian businesses within the next month or so. The maker of Camel and Peter Stuyvesant didn't provide a figure for the sale, and had announced its intention to exit the market in March 2022. This follows a wave of disinvestment from Western companies in the wake of Russia's invasion of Ukraine. READ | No more smoking guns: British American Tobacco officially pulls out of Russia Post completion, the businesses will be known as the ITMS group, BAT said, adding that once conditions had been satisfied it will no longer have a presence in Russia or Belarus. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St Petersburg, the group said. It also has an office in Belarus. As of the end of June the two countries accounted for about 2.7% of group revenue and 2.5% of adjusted profit from operations. BAT, headquartered in London, is the second-largest tobacco company in the world and held almost a quarter of the Russian market.

Source - News24
7 Sep 2023
7Sep

Ackerman hailed for business, political triumphs

The late Pick n Pay founder Raymond Ackerman is being hailed for playing a leading role in putting pressure on the apartheid government to remove Value Added Tax (VAT) from certain goods. He challenged the government on issues affecting consumers, such as the price of bread. Ackerman called for a zero rating on certain staple foods and will be remembered for his well-known campaign for the freedom to sell petrol at the lowest price possible, not the current price that government has pegged. Ackerman's political triumphs include when he approached then-Prime Minister John Vorster in 1975 about Pick n Pay's promotion of African, Coloured and Indian managers to run stores in white areas which was against the Group Areas Act. Other achievements include getting the apartheid government's permission for his managers to own houses in urban areas on a 99-year lease basis - which was decided without cabinet approval. Meanwhile, Cape Town mayor Geordin Hill-Lewis says Ackerman left a great legacy in South Africa's economy. Hill-Lewis says he has fond memories of the businessman. "Earlier this year I had the pleasure of handing a gift from the city archives to the Ackermans, a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people', and this is a sentiment I repeat today. Raymond Ackerman has been honoured by the Free Market Foundation: [embedded content] Share article Source: SABC News (sabcnews.com)

Source - South Africa Finance News
7 Sep 2023
7Sep

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

Source - 702
7 Sep 2023
7Sep

Leaving no one behind is G20 legacy: PM Modi pens editorial ANI 07 Sep 2023, 15:55 GMT+10

New Delhi [India], September 7 (ANI): Ahead of the G20 Summit in New Delhi, Prime Minister Narendra Modi said that India's presidency strives tobridge divides, break barriers, and sow seeds of collaboration in a world where unity prevails over discord. In an editorial that has been published across newspapers, said that the Summit under Indian presidency will reach the last mile and would leave no one behind"Vasudhaiva Kutumbakam- these two words capture a deep philosophy. The phrase means "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages, and ideologies. During India's G20 Presidency, this has translated into a call for human-centric progress," PM Modi said. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future - One Future - which is an undeniable truth in these interconnected times, he said. "The post-pandemic world order is very different from the world before it. There are three important changes, among others. First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions," PM Modi said. Our G20 Presidency has played the role of a catalyst in these shifts, the prime minister wrote. "In December 2022, when we took over the Presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalized aspirations of developing countries, the Global South and Africa," he said. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our Presidency. It was

Source - South Africa News
7 Sep 2023
7Sep

5 Ways to Enhance Your Business' Safety Amid Rising Crime

Upgrade Your Business' Security BUSINESS NEWS - To help you protect your assets, employees and customers, we've put together five essential ways to improve your business' safety. 1.) Well-Lit Premises Criminals thrive in darkness, making well-lit surroundings a simple yet effective security measure. Adequate lighting not only deters potential intruders but also enhances the safety of your employees and customers. Invest in outdoor lighting and motion-activated lights to illuminate key areas like entrances, parking lots and alleyways. 2.) Access Control Systems Limiting access to your premises is a fundamental aspect of security. Implementing access control systems ensures that only authorised personnel can enter certain areas of your business. This can be achieved through key cards, biometric systems, or even smartphone apps, depending on your preference and the level of security required. Restricting access helps prevent unauthorised entry and minimises the risk of internal theft. 3.) Security Alarms and Monitoring Intruder alarms are essential for alerting you and the authorities to potential break-ins. When integrated with a 24/7 monitoring service, you can ensure a rapid response to any security breaches. If you are looking for a provider, we recommend M Sec Security. Not only did they win the award for being the best security company in the Southern Cape in 2021, but also the award for the security company that does the most to fight crime in the Southern Cape. 4.) Invest in CCTV Surveillance Solutions One of the most effective ways to enhance your business' safety is by installing a reliable CCTV surveillance system . CCTV cameras act as vigilant eyes that never blink, providing constant monitoring of your premises. They deter potential criminals and provide valuable evidence in case of any incidents. For businesses in Mossel Bay and George, Southern Cape Networks and CCTV stands out as a trusted provider of surveillance solutions. 5.) Employee Training and Awareness The human elemen

Source - George Herald
7 Sep 2023
7Sep

South Africa's children deserve no less than to be able to read for meaning

Just R20 for the first month. Support independent journalism by subscribing to our digital news package. In South Africa, 2.7-million adults over the age of 20 are illiterate The first five years of life inform many aspects of adulthood, including learning to read and write. During this time, 90% of brain development takes place. The brain forms more than one-million neural connections each second, a phase of development that is never repeated. It is here that the foundational building blocks for future learning, health and behaviour are laid. But for many South Africans, their first five years are a lost opportunity from which they never recover. On September 8 the world celebrates International Literacy Day , the theme of which is " Promoting literacy for a world in transition: Building the foundation for sustainable and peaceful societies ". Sadly, there's not much to celebrate in this country as our children's ability to read for meaning is among the worst in the world. According to the global Progress in International Reading and Literacy Study (Pirls), fewer than one in five (19%) grade 4 children could read for meaning in any language in 2021. And the situation is deteriorating. South Africa's Pirls score dropped from 320 points in 2016 to 288 in 2021. By comparison, the average score is 500 points. We have effectively lost a decade of progress in reading for meaning. There are numerous reasons for this: the lack of a reading culture in many households, poorly resourced schools and a lack of emphasis on reading during the critical early childhood development (ECD) phase. Literacy is probably one of the most important foundations in our education system. Without it, children cannot progress through their education journey, while adults cannot access and participate in economic activities. To help address this gap, Anglo American and the department of basic education launched a programme five years ago in Limpopo, the Northern Cape and Mpumalanga. From the start, one of its focus are

Source - TimesLive
7 Sep 2023
7Sep

Business, politicians pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are today - as an economy and resilience of the private sector - through the efforts of men like Raymond Ackerman. She also highlighted Ackerman's battles with the government on petrol price cutting, saying he was among those who "charted the path for business activism. "He's a doyen, a giant, a veteran. And his passing is a great loss not only to the business community but to South Africa as a whole. WESTERN CAPE PREMIER Meanwhile, Western Cape Premier Alan Winde described Ackerman as, "someone who is known as an entrepreneur, a disruptor, someon

Source - MSN
7 Sep 2023
7Sep

Disney's stock slump: A once ‘Great Business' faces stormy seas — Sean Peche

*This content is supplied by Ranmore Global Written by Sean Peche, Ranmore Global Portfolio Manager* First appeared on LinkedIn Disney hit the lowest price in a year - down 59% since March '21. How? Isn't it a "great business with "excellent management? I thought "great businesses meant "great share prices Nope. But their parks & ships must be pumping with post-COVID vacations. Disney+ has over 100m subs and owns the best sports content on ESPN. But we already KNOW that. The flip side is streaming competition is rife, parks have high labour costs & sports rights will cost more in the future with Amazon joining the party. Things change. And that's precisely why we're not in the "buy a great business and hold forever camp. Is it that easy? I know it SEEMs easy because we look at Apple & think, "Grrr, I love my iPhone; all I had to do was buy the shares & hold them forever. But we'd be fooling ourselves because we only see survivors. It wouldn't have worked if you'd applied that strategy to Nokia - the early smartphone leader: Or to Intel, the semiconductor heavyweight champ pre-Nvidia; Or Xerox; Or Kmart; Or Avon Products. They were all considered "great businesses once upon a time. But things change. New competitors come along; economies, management, and valuations change. And we need to be alive to those changes - that's why active management makes sense. And why "low turnover may be the reddest of all herrings. Maybe the "buy and never sell teams are secretly hoping their clients apply that strategy to their funds and never sell An excellent way to afford that Chateau in the French countryside. Speaking of castles, When the world knows it's a great business with a wide moat, it's often already in the price. How much would the landed gentry have paid for a castle on a hill with a wide moat back in time? Probably any price - their lives were at stake. But castles still got stormed because enemies would: fill in the moats or; drain them or; launch fireballs ov

Source - BizNews
7 Sep 2023
7Sep

Amplats announces PlatAfrica design competition finalists

In line with its continued commitment to the development of the platinum jewellery market, Anglo American Platinum (Amplats) says it will once again host the PlatAfrica South African platinum jewellery design and manufacturing competition, which is in its twenty-fourth year. Working in partnership with Platinum Guild International (PGI) India and Metal Concentrators, this year's competition theme is #Emergence. This year's iteration of the competition sees the introduction of capsule collections — a condensed version of the designer's vision that can transcend trends and seasons by being more functional and commercial, through a collaboration with De Beers Group, which will loan selected diamonds to the winners for showcasing in their platinum designs. The two categories of adjudication are individual students or apprentices and individual professionals. Finished statement jewellery items, which range from rings to neckpieces and earrings, will be judged for interpretation of the #Emergence theme and technical expertise. The top ten winners in each category will have the opportunity to manufacture their capsule collections for inclusion in the PlatAfrica collection, which will be available for sale in the international market. Additionally, winners will receive a cash prize, media exposure and the opportunity to participate in an all-expenses-paid design workshop in India, organised by PGI, to further their platinum jewellery design understanding and craft in one of the world's fastest-growing platinum jewellery markets. This year's finalists in the Professional category are Esther Boshoff and team from Beaudel Designs; Ulandie Booysens from Van Deijl; Rachel Hannah Kemp from Uwe Koetter Jewellers; Moses Mabotja from Limpopo Jewellery Business Incubator; Thabo Mbele from Van Bels, The Platinum Incubator; Noxolo Mseleku from Knight of Grey, trading as Elegante; Kim Nel from Van Deijl; Mandlenkosi None and Nnete Mokgothu from The Platinum Incubator; Nihal and Vijay Shah from Nihal Shah & V

Source - Mining Weekly
7 Sep 2023
7Sep

U.S. stock futures mixed, Chinese exports fall - what's moving markets

Investing.com -- U.S. stock futures pointed to a mixed open for equities on Wall Street, as investors examine how recent services sector data and a closely-watched Federal Reserve survey could impact the central bank's monetary policy. Elsewhere, China's exports contract in August in a sign of mounting pressure on the manufacturing industry in the world's second biggest economy, while a report that Beijing is barring government officials from using iPhones at work weighed on Apple (NASDAQ: ) shares. 1. Futures mixed following Wednesday slide U.S. stock futures were mixed on Thursday after stronger-than-anticipated U.S. services sector data sent Treasury yields higher and weighed on equities in the prior session. At 05:40 ET (09:40 GMT), the contract added 41 points or 0.1%, the contract lost 9 points or 0.2%, and dipped by 87 points or 0.6%. Monthly data from the Institute for Supply Management (ISM) on Wednesday showed that -- which makes up more than two-thirds of the American economy -- unexpectedly accelerated in August, hitting a six-month high. paid by these businesses also rose. The numbers suggested that consumer demand is shrugging off a recent spike in interest rates -- a resilience that analysts at ING posited could be linked to a summer of popular concerts and movies. After the release of the figures, yields in both two- and ten-year U.S. government bonds climbed, while all three of the major indices on Wall Street declined. 2. Fed survey points to modest economic growth The services data fueled some bets that the Federal Reserve may choose to hike interest rates later this year to stamp out the stubborn final embers of last year's surge in price gains. According to Investing.com's , the probability that America's central bank will choose to raise rates at its November meeting now stands at 43.6%, up from 39.3% in the prior day. Investors, however, are still largely pricing in the chance that the Fed will keep borrowing costs steady at a range of 5.25% to 5.50% for the remainde

Source - Investing
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve

Source - The Star Online
7 Sep 2023
7Sep

Politicians mourn business icon Raymond Ackerman

South African politicians on Thursday joined millions of South Africans and, the global business community, to extend condolences on the passing of the founder of Pick n Pay Raymond Ackerman President Cyril Ramaphosa said South Africans mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector, Ramaphosa said. Ramaphosa noted that Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid State's monopoly on basic goods. He said Ackerman drastically reduced the cost of essential goods such as bread, milk and chicken, and he has also spoken against the inclusion of value-added tax (VAT) on basic food lines, on behalf of the poor. Ackerman was one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions. Ramaphosa explained that this was during a period when such unions were banned from operating in the country. "He also abolished race classification on the company's human resources payroll. Since the 1970s, the Ackerman Family Trust has supported hundreds of young people to become graduates across a broad range of professions, Ramaphosa said. Western Cape Premier Alan Winde described Ackerman as an icon of not just the South African business world but the international retail landscape, too. He said Ackerman left an indelible and profound legacy, constantly innovating and growing. "By steadily building up Pick ‘n Pay with his family, Mr Ackerman has over more than 50 years created a leading brand, which is known and respected worldwide. He displayed an incredible entrepreneurial spirit and talent that has endured throughout the years and wi

Source - Polity
7 Sep 2023
7Sep

Coach Pitso and Nedbank partner to build a legacy for the future

Nedbank, in partnership with Pitso Mosimane Soccer Schools and The Sports Trust, continues to promote sport development with the sponsorship of a multipurpose sport court to Lofentse Girls High School. Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sports development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sports courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sports. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sports disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Minister Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football community, Coach Pitso is leading this initiative with the aim of l

Source - Wordpress
7 Sep 2023
7Sep

Startup Business Campus: Africa's Superhub Empowering Iconic African Startups

Startup Business Campus is thrilled to announce itself as Africa's superhub for entrepreneurs, enablers, and investors. With a steadfast Campus offers a dynamic environment where great minds collaborate, learn, create, and connect. As a dedicated space for entrepreneurial growth, Startup Business Campus equips aspiring entrepreneurs with the essential knowledge, skills, tools, resources, and infrastructure needed to develop iconic African businesses. Our comprehensive approach ensures that entrepreneurs have access to the necessary support systems, enabling them to thrive in the competitive business landscape. At Startup Business Campus, we firmly believe in the power of collaboration and actively work with leaders, feeders, and cheerleaders within the entrepreneurial ecosystem. By building strategic partnerships, we aim to cultivate an environment that nurtures innovation and empowers African entrepreneurs to achieve their full potential. Our commitment to the success of African startups goes beyond providing physical space. Startup Business Campus develops, facilitates, guides, mentors, funds, and scales iconic startups across fundamental sectors. Through our comprehensive programs and initiatives, we provide entrepreneurs with the necessary resources and expertise to transform their ideas into sustainable, high-growth businesses. Key features and benefits of Startup Business Campus: Knowledge and Skills: Through our curated learning programs, entrepreneurs gain access to a wealth of knowledge, including industry insights, business strategies, and best practices. These programs are designed to equip entrepreneurs with the skills needed to navigate challenges and seize opportunities effectively. Tools and Resources: Startup Business Campus offers a robust infrastructure that includes cutting-edge technologies, and modern workspaces. Our entrepreneurs have access to a range of resources, such as prototyping facilities, market research databases, and specialised software tools, enabling the

Source - IAfrica
7 Sep 2023
7Sep

South Africa's battle of the spreadsheet warriors

Last weekend saw 14 spreadsheet warriors - experts at Excel - showcasing what's possible with the software for big prize money. or e-sports, come in a variety of forms and flavours. Many tend to be virtual translations of physical sporting activities. But in an ode to originality, Bidvest Alice presented a uniquely styled, high-intensity tournament for the numerically fit by hosting South Africa's inaugural Microsoft Excel Championship finals in Sandton last weekend. TechCentral was there. "It is wonderful to see so many clever people together in one room, so many masterminds of industry from all walks of business: actuarial science, finance, chartered accountants — even some Excel trainers and university students," said host and games master Renier Wessels. A CA by profession, Wessels founded the South African chapter of the Financial Modelling World Cup (FMWC) Excel Championship to bring like-minded individuals together, challenging them intellectually while developing their Excel skills and opening them up to networking opportunities. "For me it's a passion project because I absolutely love and adore Excel and the format of this competition," said Wessels. The passion he articulated shone through in the enthusiastic demeanour of the contestants, as they entered the competition arena on the second floor of an open-plan office space in Bidvest's Sandton headquarters. Apart from the rows of desks representing the battleground, a kitchen overflowed with drinks and snacks to keep participants energised, while a lounge area with a tennis table was available for some relaxing R&R between competitive rounds. With a total prize fund of R50 000 up for grabs, the excitement in the air was thick with competitive angst. Contrary to games that emphasise physical intensity, however, its expression was not to be found in protests about illegal tackles or unfair refereeing. Instead, these numerical acrobats vented their frustrations through meticulous appraisals of the technical issues hindering their

Source - Tech Central
7 Sep 2023
7Sep

Cell C finances worry investors — here's why

- 7 September 2023 Cell C continues to weigh on Blue Label Telecoms, with its share price plummeting by over 80% since it decided to buy a large stake in the mobile operator six years ago. Since Blue Label acquired a 45% stake in the mobile operator for R5.5 billion in August 2017, Cell C has been an albatross around the company's neck. Blue Label initially dismissed critics who questioned their decision, saying they did not understand what they were planning with Cell C. However, Cell C's financial situation continued to deteriorate, and two years later, Blue Label impaired its Cell C investment to nil, which has since been partially reversed. The Cell C debacle caused Blue Label's share price to plummet from R21.00 to R3.51, destroying R16 billion in shareholder value. However, this was not the end. Cell C is one of the main revenue and profit drivers for Blue Label through airtime sales and other products. As such, Blue Label announced another recapitalisation programme to save the struggling mobile operator. The recapitalisation included a R1.46 billion loan from Blue Label to Cell C, which was used to repay Cell C lenders. The lenders received only 20% of their claimed loans. In September 2022, Blue Label informed shareholders that Cell C had implemented a turnaround strategy to improve operational efficiencies and reduce operational expenditure. "The recapitalisation of Cell C will enhance the value of Blue Label's shareholding and restore its shareholder value," Blue Label said. This value is yet to materialise. Cell C looms large in every Blue Label trading update since the implementation of the recapitalisation programme. Since the new Cell C recapitalisation programme, Blue Label's share price has declined by over 50%, which shows that the market is not convinced it will be different this time around. Despite Cell C's negative impact on Blue Label, it is doubling down on its investment and wants to take full control of Cell C. Cell C co-CEO Brett Levy recently said they agreed t

Source - Daily Investor
7 Sep 2023
7Sep

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration More on this BUSINESS 101: Four creative ways for entrepreneurs to prioritise their physical health BUSINESS 101: Here's how to effectively build your online presence as a small business BUSINESS 101: Three SA businesswomen who are making their mark in SA today Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Platinum, rail, clean energy make headlines

This week, Mining Weekly Editor Martin Creamer discusses the World Platinum Investment Council's forecast of the biggest platinum deficit on record and significantly low above-ground stocks; African Rainbow Minerals executive chairperson Dr Patrice Motsepe stressing that the partnership between the mining industry and Transnet needs to produce results; and African Rainbow Minerals group taking steps to generate its own clean electricity. To watch Creamer Media's latest video reports, click here

Source - Mining Weekly
7 Sep 2023
7Sep

Uganda: Museveni Mounts Charm Offensive for South African Investors to Uganda

President Museveni has made a case for Uganda as a favourable and profitable investment destination with many untapped opportunities, asking South African investors to exploit this economic potential in the East African country. This, Museveni said, will help build a strong economy for the two countries and Africa at large. "When South Africa got freedom, I met Mzee Mandela, and I suggested that we work together with South Africa because it had some capacity at that time of more investors, some capital and I wanted to take advantage of them, and they also take advantage of us to build a strong economy for Africa. That is how I proposed to Mzee Mandela that we start a wide body joint airline, but it didn't continue due to some challenges," he said. Museveni was speaking during the Uganda- South Africa Trade and Investment Summit held at Commonwealth Resort, Munyonyo in Kampala. Running under the theme; "Accelerating Uganda- South Africa Trade And Investment", the two-day summit attracted over 40 companies from South Africa. The president said the summit was a crucial ground to link Uganda's business potential with that of South Africa and therefore requested South African companies operating in Uganda to join the government efforts of helping all Ugandans to join the money economy in order to achieve the desired socio- economic transformation. "You have heard that until recently, 68 percent of the population was out of the money economy. We had to bring in the army to distribute coffee seedlings for these people to join the money economy by growing coffee. Now the figures of the ones outside the money economy are 39 percent and we want everybody to join the money economy. If all these join the money economy, will it not benefit the telecom industry? If all these people join the money economy, won't they have more money in the bank?" he inquired. Value addition Museveni also rallied the investors to add value to Uganda's raw materials such that the country can be able to build an independen

Source - Allafrica
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Source - Sunday Tribune
7 Sep 2023
7Sep

BRITISH AMERICAN TOBACCO PLC — Russia business update — agreement signed

7 September 2023 Russia business update - agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update - agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors • BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. • At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 John Harney: +44

Source - Moneyweb
7 Sep 2023
7Sep

Standard Bank launches new low-interest Solar Loan solutions for homes and business

The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. Standard Bank "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike, says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey, he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible. The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the National Credit Act and even the average prime plus 7% interest rate offered

Source - FAnews
7 Sep 2023
7Sep

Asia stocks fall, dollar stronger on Fed outlook: markets wrap

Shares in Asia were broadly lower on Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. The downward pressure followed a decline in US stocks on Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower on Thursday. Showdown 2024: Why voter registration and education needs to start now The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve on Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed on Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation on Wednesday. The BOJ is unlikely t0 intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in the yuan - and that probably needs

Source - Daily Maverick
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. More on this Woman fined as cops confiscate R50 000 Woolworths-branded meat, perishables from Ekurhuleni butchery On Heritage Day we're lighting the fires and you'd better get dressed up Armed men storm KZN home, steal big screen TV and 5kg boerewors Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being p

Source - Cape Argus
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Source - Pretoria News
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Source - The Star Online
7 Sep 2023
7Sep

Asia stocks fall, dollar stronger on Fed outlook: Markets wrap

Spot gold rose 0.2% to $1 920.06 an ounce. By Richard Henderson, Bloomberg 7 Sep 2023 Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. ADVERTISEMENT CONTINUE READING BELOW The downward pressure followed a decline in US stocks Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower Thursday. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation Wednesday. The BOJ likely won't intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in th

Source - Moneyweb
7 Sep 2023
7Sep

BRITISH AMERICAN TOBACCO PLC - Russia business update agreement signed

Release Date: Code(s): BTI PDF: Russia business update - agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update - agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors • BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. • At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 Jo

Source - Sharenet
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Source - Sunday Independent
7 Sep 2023
7Sep

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Source - Cape Times
7 Sep 2023
7Sep

South African business giant Raymond Ackerman (92) has passed away.

From Tamra Capstick-Dale: It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman. He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and seven other African countries. His business philosophy was underpinned by the "four legs of the table (Administration, Social responsibility and Marketing, People, and Merchandise, with the customer on top) first introduced to Ackerman by Bernard Trujillo in the US. He came from a retailing family with his father having founded Ackermans after World War 1. From the very beginning, Raymond Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. People quickly learned that they could always rely on Raymond Ackerman and Pick n Pay to be on the customer's side, for example in his celebrated battles against price regulations which forced people to pay more than they should for their groceries. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer

Source - BizNews
7 Sep 2023
7Sep

Discovery launches new platform for business to access renewable and affordable wheeled energy in South Africa

The Discovery Green renewable energy platform will operate through a process called "wheeling. Energy is generated at the most efficient locations in the country and "wheeled to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO /annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy - that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification, Discovery Green is able to offer products that are completely different to the market's share-of-plant approach, said Andre Nepgen, Head of Discovery Green. For most non-industrial or mining businesses, the primary source of emissions is from electricity generation - on ave

Source - Green Building Africa
7 Sep 2023
7Sep

Asia stocks fall, dollar stronger on Fed outlook: Markets wrap

Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. ADVERTISEMENT CONTINUE READING BELOW The downward pressure followed a decline in US stocks Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower Thursday. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation Wednesday. The BOJ likely won't intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in the yuan - and that probably needs to be accompanied by a stronger Japanese yen, he adde

Source - South Africa Finance News
7 Sep 2023
7Sep

Capitec Bank announces system maintenance from MIDNIGHT

The Capitec banking App is no stranger to technical malfunction which cause anxiety to thousands of its customers. Capitec Bank, one of South Africa's leading banking services, has cautioned its customers about a planned system maintenance which may affect some of its banking tools. CAPITEC BANK MOBILE APP TO BE AFFECTED BY SYSTEM MAINTENANCE TASK The system maintenance is set to take place at midnight, and one hour into the next day and will affect its prominent banking App In a brief statement on social media, Capitec Bank said: "Hello, Due to scheduled system maintenance, taking place tonight from midnight to 1am on Friday, 8 September, all of our services including the App will be temporarily unavailable. We apologise for the inconvenience." CAPITEC BANKING APP SYNONYMOUS WITH CAUSING CLIENTS ANXIETY The Capitec banking App is no stranger to technical malfunction which cause anxiety to customers who have trusted the outlet with their hard-earned monies. Last month, the bank left many of its users fuming after they were unable to access their accounts on the bank's app on 28 August. The glitch follows a major one when clients woke up only to find an R0.00 balance on the app and were anxious as they didn't know whether they would get their money back or not. However, all of these issues were addressed by the bank. DA WORRIED ABOUT SASSA BENEFICIARIES Meanwhile, the DA says it has been inundated by complaints from desperate South African Social Security Agency (SASSA) grant beneficiaries who are struggling to withdraw their funds from ATMs and retailers due to technical glitches from Postbank. The DA added that it has also been informed that the Postbank is currently not renewing any gold cards even though beneficiaries only have four months left in which to receive their new cards and no indication from Postbank or SASSA on whether the expiry dates would be extended yet again.

Source - The South African
7 Sep 2023
7Sep

Raymond Ackerman has left an indelible mark in the business sector: BUSA

Business Unity South Africa (BUSA) says the late Pick ‘n Pay founder, Raymond Ackerman's legacy and commitment to championing consumer rights and promoting inclusivity set a benchmark. The business leader died at the age of 92 at his home in Cape Town. BUSA's CEO, Cas Coovadia, says Ackerman's journey in the South African business sector has left an indelible mark. "Mr Ackerman championed consumer rights in those days and had numerous run-ins with the apartheid government on issues like foodstuff, on trying to reduce the cost of foodstuff to retail consumer and generally trying to create an environment where food was affordable to the majority of the people in this country. Pick ‘n Pay says SA has lost a brilliant patriot Share article

Source - SABC News
7 Sep 2023
7Sep

Rural communities receive much-needed government services

Durban - The local inkosi of St Faiths and other Umzumbe communities said the services offered to the residents by KZN Social Development MECNonhlanhla Khoza would improve many lives among the rural people, especially those who needed to apply for IDs, birth certificates and also Sassa grant applications. This was after Khoza visited St Faith's, in Umzumbe Municipality on Tuesday, during the department's Operation Sigalelekile. Inkosi Bheki Hadebe said the people of the area had struggled without such services, which were available in big towns and cities, leaving the rural communities starving for such. Khoza handed out Social Relief of Distress packages to 249 families who had been identified as needing assistance by social workers. The packages contained food items such as flour, mielie meal, beans, sugar, and cabbages among other items. More on this Tiger Brands donates R42m to support 10 000 children aged five and under, their families in vulnerable SA communities Rural women commended for their socio-economic emancipation attempts Young people invited to participate in developing agricultural industry The impoverished recipients said they were happy that these would go a long way to alleviate the food shortages they faced every day. In addition to providing Social Relief of Distress, Khoza also handed out farming equipment, sanitary packages for school girls and blankets to the elderly in the community. Social Development MEC Nonhlanhla Khoza among a mountain of Social Relief of Distress packages awarded to the local St Faiths communities, Umzumbe, as her department's commitment to assist the poor communities. Picture: Supplied She said Operation Sigalelekile was made possible by the combined efforts and support of various government departments, including Home Affairs, Sassa, the Department of Agriculture and the Department of Health. Khoza said their collaboration highlighted the importance of interdepartmental co-operation in delivering comprehensive services to communities i

Source - Cape Argus
7 Sep 2023
7Sep

78% decrease in rhino poaching seen at SANParks

JOHANNESBURG - A section of the Kruger National Park has seen a 78% decrease in rhino poaching incidents since January 2023. Mining company Anglo American Platinum has since partnered with SANParks to assist with measures to curb Rhino poaching. The company is supplying aircraft and other equipment used in locating wounded or snared animals that require medical attention among others. SANParks has been dealing with challenges related to poaching that I think all of us know very well and so these bathawks were really just welcomed and necessary intervention in terms of the fight against poaching," said Nomonde Ndwalaza from Anglo American Platinum.

Source - eNCA
7 Sep 2023
7Sep

How mental health disorders affect insurance risk assessment

Underwriting must consider individual complexities of anxiety, depression, and bipolar disorders for accurate risk assessment, says an expert. Mental health challenges affect all sectors, and the insurance industry is not immune. Underwriting Manager at Bidvest Life, Shanique Jina, said the increasing prevalence of mental disorders presented challenges and opportunities for the insurance industry. "To address this growing trend, insurers and financial advisors must adapt their strategies and develop a deeper understanding of mental health conditions," Jina said. Citing research by the South African Depression and Anxiety Group (Sadag), Jina said the aftermath of the Covid-19 pandemic negatively impacted people's mental health due to joblessness, among other related factors. "Healthcare professionals, insurers, and financial advisors are now actively engaging in discussions to address the rise in mental health disorders and its implications," said Jina. Read more Impact on underwriting The insurance underwriter said accurate risk assessment is important to coping with the challenges presented by mental health conditions. She said SA insurers predominantly dealt with anxiety, depression and bipolar disorders. "These conditions are complex, and understanding them helps insurers to better assess and underwrite [the] risks associated with each," she said. "By doing so, insurance processes can better reflect the associated risks of these disorders," she added. Anxiety disorders Jina said that while anxiety disorders were among the most common mental health issues, "full remission rates remained low," adding that insurers must show empathy. "Whether symptoms are chronic or recurring, insurers must be sensitive to the social impact of anxiety disorders, as they can affect an individual's social life and productivity at work," she explained. Jina also said that anxiety cases were all unique and complex and must be assessed on an individual basis. Depression and bipolar Jina said it's also vital

Source - The Citizen
7 Sep 2023
7Sep

UAE: AD Ports Group secures 12 prestigious Stevie International Business Awards ANI 08 Sep 2023, 04:18 GMT+10

Abu Dhabi [UAE], September 7 (ANI/WAM): AD Ports Group has emerged triumphant by taking home 12 Stevie Awards across various categories in The International Business Awards 2023. Recognised as the world's premier business awards, the International Business Awards honour organisations and individuals for their exceptional accomplishments and contributions to the global economy. In a resounding display of excellence and achievement, AD Ports Group was honoured with the Gold Stevie Award for'Fastest-Growing Company of the Year' in the Middle East and Africa, further highlighting the Group's remarkable growth trajectory. Among the notable recognitions, AD Ports Group's dedication to sustainability earned them the esteemed Gold Stevie Award for the'Sustainability Leadership Award' in the Middle East and Africa. Recognising the Group's commitment to making a lasting positive impact on the environment, while driving sustainable practices. AD Ports Group's dedication to sporting excellence shined with the Gold Stevie Award for Abu Dhabi's Wingfoil World Cup, under the Art, Entertainment and Public - Sporting Event category. The Gold Stevie Award in the Video Category was awarded to the Emirati Women's Day 2022 video for exceptional storytelling and visual narrative that resonates with audiences globally. Distinguished leadership of Capt. Saif Al Mehairi, Managing Director of Abu Dhabi Maritime was celebrated with the Gold Stevie Award for'Executive of the Year - Diversified Services'. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, "I am delighted with our remarkable wins, which underscore AD Ports Group's commitment to excellence, innovation, and making a positive impact across various sectors. "He added,"The Stevie International Business Awards recognition serves as a testament to our vital role in driving the wise leadership's vision of shaping our nation's business landscape for further economic growth and diversification."In addition, AD Ports Group's P

Source - South Africa News
7 Sep 2023
7Sep

78% decrease in rhino poaching seen at SANParks

A section of the Kruger National Park has seen a 78% decrease in rhino poaching incidents since January 2023. Mining company Anglo American Platinum has since partnered with SANParks to assist with measures to curb Rhino poaching. The company is supplying aircraft and other equipment used in locating wounded or snared animals that require medical attention among others. SANParks has been dealing with challenges related to poaching that I think all of us know very well and so these bathawks were really just welcomed and necessary intervention in terms of the fight against poaching," said Nomonde Ndwalaza from Anglo American Platinum. Source: eNCA In other news — Watch: Connie Ferguson loses focus as Kelly Rowland's song slaps her hard Popular American singer Kelly Rowland's hit song ‘Work' caught South African actress, entrepreneur, and businesswoman, Connie Ferguson off-guard dancing in the gym. The South African actress is well known for her love for dancing and time in the gym. She had managed to keep her body in shape thanks to her gym workouts and music always helping her. This time around, Connie lost it all when she played Kelly's hit song Work.

Source - News 365
7 Sep 2023
7Sep

Raymond Ackerman has left an indelible mark in the business sector: BUSA

Business Unity South Africa (BUSA) says the late Pick ‘n Pay founder, Raymond Ackerman's legacy and commitment to championing consumer rights and promoting inclusivity set a benchmark. The business leader died at the age of 92 at his home in Cape Town. BUSA's CEO, Cas Coovadia, says Ackerman's journey in the South African business sector has left an indelible mark. "Mr Ackerman championed consumer rights in those days and had numerous run-ins with the apartheid government on issues like foodstuff, on trying to reduce the cost of foodstuff to retail consumer and generally trying to create an environment where food was affordable to the majority of the people in this country. Pick ‘n Pay says SA has lost a brilliant patriot [embedded content] Share article Source: SABC News (sabcnews.com)

Source - South Africa Finance News
7 Sep 2023
7Sep

Coffee shops in Cape Town for the perfect pick-me-up

There's few things as refreshing as grabbing a delicious cup of coffee from your favourite coffee shop. Thankfully, there is no shortage of options around Cape Town when it comes to selecting a coffee shop to get your daily caffeine fix. If you're looking to get your taste buds tingling this AM, here are a few popular coffee shops around Cape Town: Deluxe coffeeworks Deluxe coffeeworks should be at the top of any coffee addict's list. They offer mind-blowing espresso-based drinks and allow you to purchase pre-packaged bags of single-origin beans. If you're looking to snack on something while sipping your morning beverage, you may be a little disappointed. Caffeine is the only thing on the menu, but their affordable prices may help to make up for this slight inconvenience. Considered one of the most popular artisan coffee roasters in the city, Deluxe coffeeworks has four outlets to choose from, including two in Cape Town and one in Stellenbosch and Namibia. Location: 32 Van Zyl St, Strand, Cape Town, 7140 Times: Monday to Friday 7am to 5pm | Saturday and Sunday 8am to 1pm Truth Coffee Roasting Truth Coffee Roasting has built a reputation for selecting and roasting some of the world's most exclusive coffees, and seeing as they have been named the world's best coffee shop by The Daily Telegraph for two years in a row, they are definitely worth checking out! Their coffee menu offers a wide range of different brews, including the ‘Resurrection Blend', which features subtle chocolate notes with a high acidity that cuts through milk. The ‘Single Origin India' , which is described as spicy and nutty with chocolate undertones, and the ‘Black Honey Blend' , which features a natural sweetness with a smooth, satisfying finish, guaranteed to leave you satisfied. Truth Coffee also has a dedicated Lunch/Brunch menu along with a patisserie menu that is filled with all the sweet treats you could ever need. Location: 36 Buitenkant Street, city centre Times: Monday to Saturday 7am to 6pm | Sund

Source - Cape Town Etc
7 Sep 2023
7Sep

What's really happening at Blue Label as shares sink

JSE-listed Blue Label Telecoms seems like a great business on paper: it has few infrastructure costs and is the leading supplier in South Africa of prepaid airtime, prepaid electricity, gaming and content services to the public. The company partners with retailers, credit providers, cellular dealers and large corporate customers to offer a complete virtual mobile retail solution. Its digital sales component includes a variety of transaction channels and payment mechanisms, increasing customer reach and allowing it to move beyond physical stores to receive payments from traditional and emerging payment methods. So, why are its shares in the toilet, having collapsed even further in the past week following publication of its full-year results, which, according to analysts polled by TechCentral, were reasonably good given the economic environment in which the company is operating? Blue Label, founded by brothers Brett and Mark Levy in 2001, listed on the JSE six years later and over the next decade grew quickly, with its market cap exceeding R19-billion in 2016. At one point, it even counted US software giant Microsoft among its shareholders. In August 2017, it signed its biggest deal yet — the acquisition of 45% of Cell C for R5.5-billlion in a large recapitalisation and turnaround plan. The extent of Blue Label's financial support is known. But what is the future burden on Blue if Cell C continues to lose money, and will there come a time when the company is no longer willing to carry that burden? Many market players seem to think it's already beyond that point, given that the shares are trading at a massive discount to the value of Blue Label's operations. ‘Pretty good' results Global equity analyst at Flagship Asset Management Philip Short told TechCentral: "I thought the results were pretty good, with gross profit up 19% and underlying earnings per share up 9%. Especially considering the current macro backdrop, this was a good result. "Cash flow was weaker in this period due to incr

Source - South Africa Finance News
7 Sep 2023
7Sep

South Africa's battle of the spreadsheet warriors

Electronic sports, or e-sports, come in a variety of forms and flavours. Many tend to be virtual translations of physical sporting activities.But in an ode to originality, the Bidvest Alice offices presented a uniquely styled, high-intensity tournament for the numerically fit by hosting South Africa's inaugural Excel Championship finals in Sandton last weekend. TechCentral was there. "It is wonderful to see so many clever people together in one room, so many masterminds of industry from all walks of business: actuarial science, finance, chartered accountants — even some Excel trainers and university students," said host and games master Renier Wessels. A CA by profession, Wessels founded the South African chapter of the Financial Modelling World Cup (FMWC) Excel Championship to bring like-minded individuals together, challenging them intellectually while developing their Excel skills and opening them up to networking opportunities. "For me it's a passion project because I absolutely love and adore Excel and the format of this competition," said Wessels. The passion he articulated shone through in the enthusiastic demeanour of the contestants, as they entered the competition arena on the second floor of an open-plan office space in Bidvest's Sandton headquarters. Apart from the rows of desks representing the battleground, a kitchen overflowed with drinks and snacks to keep participants energised, while a lounge area with a tennis table was available for some relaxing R&R between competitive rounds. With a total prize fund of R50 000 up for grabs, the excitement in the air was thick with competitive angst. Contrary to games that emphasise physical intensity, however, its expression was not to be found in protests about illegal tackles or unfair refereeing. Instead, these numerical acrobats vented their frustrations through meticulous appraisals of the technical issues hindering their progress. Spreadsheet warriors "I actually had 27 minutes instead of 30 in that round because my computer

Source - South Africa Finance News
7 Sep 2023
7Sep

Rural communities receive much-needed government services

Durban - The local inkosi of St Faiths and other Umzumbe communities said the services offered to the residents by KZN Social Development MECNonhlanhla Khoza would improve many lives among the rural people, especially those who needed to apply for IDs, birth certificates and also Sassa grant applications. This was after Khoza visited St Faith's, in Umzumbe Municipality on Tuesday, during the department's Operation Sigalelekile. Inkosi Bheki Hadebe said the people of the area had struggled without such services, which were available in big towns and cities, leaving the rural communities starving for such. Khoza handed out Social Relief of Distress packages to 249 families who had been identified as needing assistance by social workers. The packages contained food items such as flour, mielie meal, beans, sugar, and cabbages among other items. More on this Tiger Brands donates R42m to support 10 000 children aged five and under, their families in vulnerable SA communities Rural women commended for their socio-economic emancipation attempts Young people invited to participate in developing agricultural industry The impoverished recipients said they were happy that these would go a long way to alleviate the food shortages they faced every day. In addition to providing Social Relief of Distress, Khoza also handed out farming equipment, sanitary packages for school girls and blankets to the elderly in the community. Social Development MEC Nonhlanhla Khoza among a mountain of Social Relief of Distress packages awarded to the local St Faiths communities, Umzumbe, as her department's commitment to assist the poor communities. Picture: Supplied She said Operation Sigalelekile was made possible by the combined efforts and support of various government departments, including Home Affairs, Sassa, the Department of Agriculture and the Department of Health. Khoza said their collaboration highlighted the importance of interdepartmental co-operation in delivering comprehensive services to communities i

Source - Independent Online (IOL)
7 Sep 2023
7Sep

New intelligence bill is anti-democratic, and a unique mix of malice and stupidity

President Cyril Ramaphosa and his Cabinet recently approved draft legislation that will radically expand the definition of "national security" and would open the door for the intelligence service to spy on individuals and organisations in South Africa who are involved in lawful political activity, advocacy, protest or dissent. The draft bill — the General Intelligence Laws Amendment Bill of 2023 — makes for disturbing, even shocking, reading. Create your free account or sign in It also will require designated persons seeking to establish and operate NGOs or religious institutions (and perhaps churches) to undergo security vetting, and would grant wide discretionary powers to the relevant minister to control the intelligence service (which would be renamed the South African Intelligence Agency). The draft bill — the General Intelligence Laws Amendment Bill of 2023 — makes for disturbing, even shocking, reading. Many of the proposed amendments are vague, even incomprehensible, thus leaving pivotal questions (such as the criteria to decide which NGO and religious leaders would require security clearance) within the discretion of the minister. Breakdowns and Baguettes The bill could easily have been written by people who wish to turn South Africa into a national security state, one in which the intelligence service could be put to use to keep the governing party in power. I know this might sound a bit over the top, so let me explain why I believe the bill is bad news. Radical change The bill proposes various amendments to the National Strategic Intelligence Act of 1994, the Intelligence Services Act of 2002 and the Intelligence Services Oversight Act of 1994, ostensibly to give effect to the recommendations of the High Level Review Panel Report on the State Security Agency (which was headed by Sydney Mufamadi). The panel found, among other things, that the intelligence services "have gone ‘over the top' in terms of the entities whose members it believes should be vetted", and that

Source - Daily Maverick
7 Sep 2023
7Sep

U.S. stock markets divided, techs drop, industrials edge up Lola Evans 08 Sep 2023, 06:12 GMT+10

NEW YORK, New York - U.S. stocks were mixed on Thursday with the Nasdaq Composite taking heat while the Dow Joines gained ground. Sticky inflation and the potential for more Fed rate hikes continued to unsettle the markets. "People were hoping the Fed would be on hold for the rest of the year, but it's possible that we got one or two more rate hikes to come," Chris Zaccarelli, chief investment officer at Independent Advisor Alliance told CNBC Thursday. "All things being equal, that's a little bit of a negative for the stock market, which was expecting the Fed to potentially be done for the year." Here are the closing quotes for Thursday for the major U.S. indices: S&P 500 (^GSPC) The S&P 500 ended the day at 4,451.14, down 14.34 points or 0.32 percent. Despite the minor dip, the index continued to hover near record levels. Trading volume was robust, with a total of 2.406 billion shares exchanged throughout the day. Dow Jones Industrial Average (^DJI) The Dow Jones Industrial Average had a more positive session, closing at 34,500.73, up 57.54 points or 0.17 percent. The index benefited from gains in several key sectors. Trading activity was relatively strong, with 384.398 million shares changing hands. NASDAQ Composite (^IXIC) The NASDAQ Composite faced some headwinds Thursday, closing at 13,748.83, down 123.64 points or 0.89 percent. Technology and growth stocks struggled, contributing to the decline. Nevertheless, the index maintained a solid trading volume of 3.845 billion shares. Global Foreign Exchange Markets See Continued Support for U.S. Dollar on Thursday In the world foreign exchange markets on Thursday, major currency pairs exhibited various movements in response to economic data and geopolitical events, with the U.S. dollar again holding center-stage. The Euro saw a decline against the U.S. Dollar, while the British Pound also weakened in its pairing with the greenback. Meanwhile, the U.S. Dollar made gains against the Japanese Yen and the Swiss Franc. The Canadi

Source - South Africa News
7 Sep 2023
7Sep

Capitec Bank Boosts Oversight with Director Appointments

7 September 2023 New Directors Appointed : Capitec Bank Holdings and Capitec Bank announce the appointment of Naidene Ford-Hoon and Nadya Bhettay as independent non-executive directors. Enhancing Expertise : The new directors bring extensive financial, technology, and strategic experience to strengthen corporate governance and oversight. Audit Committee Changes : Mses. Ford-Hoon and Bhettay join the Audit Committees, reinforcing transparency and financial integrity within the organizations. In a significant move aimed at enhancing corporate governance and financial expertise, Capitec Bank Holdings Limited and Capitec Bank Limited have appointed two new independent non-executive directors to their respective boards. The appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay mark a milestone in the banks' efforts to fortify their leadership and oversight capabilities. Strengthening Independent Oversight With an unwavering commitment to bolstering independent oversight, Capitec Bank Holdings Limited and Capitec Bank Limited have brought onboard two highly experienced professionals. These new directors are expected to contribute their extensive financial, technological, and strategic expertise to the organizations. Meet the New Directors Naidene Ford-Hoon Naidene Ford-Hoon, a chartered accountant with over 25 years of work experience, has an impressive track record in the financial services sector. Holding a BCom and B Compt Hons, Ford-Hoon has previously served as the Group CFO of the South African Reserve Bank ("SARB"), where she played a pivotal role in managing the financial operations of this critical institution. Her financial expertise extends to other organizations, including Alexander Forbes Group Holdings Limited and AFGRI Financial Services (Pty) Ltd, where she held the position of Financial Director. Notably, Ford-Hoon has also contributed her financial acumen to the board of Telkom SOC Limited. Currently, she serves on the boards of SA Corporate Real Estate Limited, Indepen

Source - Rateweb
7 Sep 2023
7Sep

Ecuador's suspension of environmental consultations hits $2bn of investment -business leaders

QUITO - Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday. The Andean nation's top court last month suspended the decree from outgoing conservative President Guillermo Lasso after Indigenous group CONAIE argued the processes favored development of mining projects over local communities. The decree issued in May allowed the consultations for communities in areas close to the industrial and extractive projects to be used to obtain environmental licenses, seeking to speed up permitting. "Today in Ecuador all industrial activities are shut down," said María Eulalia Silva , president of the Ecuadorean Chamber of Mining. "This means freezing $2-billion in investments for a series of projects." "As productive sectors we are asking the court to allow us to work," added Silva, who was accompanied by protesting miners and communities affected by the decision. The Constitutional Court did not immediately respond to requests for comment. At least 176 environmental consultation processes are currently suspended, including for projects such as mining, waste treatment plants and dams, among others, according to the environment ministry, which called the court's decision "unacceptable." Environmental consultations, backed by the government, have seen strong resistance in Ecuador's Andean region, where mining companies look to develop a variety of projects. The Chamber of Industries and Production (CIP) said the lack of environmental consultations prevents new investments. "This has made the country unattractive to foreign investors," Maria Paz Jervis , president of the CIP, said in a press release sent to Reuters. "Without a doubt one of the economic and productive consequences (...) is the paralysis of employment in formal companies."

Source - Engineering News
7 Sep 2023
7Sep

Your Incredible Business partner

Promoted | As the leading tech retailer in South Africa, Incredible has a role to play in helping SMEs grow and expand. the right tech and office supplies could help you close the next deal, make a sale, or deliver on the right product and service. But the right tech can be costly. Imagine building your future business today, with access to a world of support and services, minus all the expensive costs. At Incredible, we believe that SMEs fuel the growth of our economy, and as the leading tech retailer in South Africa, we have a role to play in supporting SMEs and helping them to grow and expand. As part of this initiative, we have recently launched Incredible Business with a dedicated focus on SMEs and their unique business needs. We have a team of business experts ready to assist. Every entrepreneur or business owner needs access to the latest technology and trusted services so they can focus on their business instead of worrying about essential resources. Three of the biggest challenges faced by SMEs are: Access to finance and financial services, such as large capital funding; Access to specialist resources to procure the right products, bulk purchases and manage the setup and deployment of your tech and equipment; and A single point of contact for product and service needs. Access to finance Besides the normal credit offering, with up to 36 months to pay or the benefit of a revolving credit store card, Incredible offers a 30-day interest free business account, trade-ins and business rental options on all its products to support SMEs. By opting for business rentals instead, SMEs can avoid the large upfront cash expenditure of purchasing products. With flexible rental options on a wide range of essential tech for business, including laptops, desktops, printers and more, your business won't have to go without vital equipment. Incredible also recently partnered with Genfin to provide business funding from R100 000 to R5-million, which is suitable for products, services and other business r

Source - Tech Central
7 Sep 2023
7Sep

SANLAM LIMITED — Interim results for the six months ended 30 June 2023

7 September 2023 R68.42 Interim results for the six months ended 30 June 2023 Sanlam Limited Incorporated in the Republic of South Africa (Registration number 1959/001562/06) ("Sanlam", "Sanlam Group" or "the group") JSE Share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: BISLI LEI: 378900E10332DF012A23 ("Sanlam Life") Interim results for the six months ended 30 June 2023: Sanlam achieves strong operating performance in the first half of 2023 Key performance indicators For the six months ended 30 June Unit 2023 2022 % change Earnings Restated Shareholders' fund information Net result from financial services(1) R million 6 177 4 895 26% Cash net results from financial services(2) R million 6 256 4 828 30% Net operational earnings R million 7 486 4 557 64% Headline earnings R million 6 902 3 185 117% Weighted average number of shares million 2 068 2 076 Adjusted weighted number of shares million 2 204 2 209 Net result from financial services per share cents 280 222 26% Net operational earnings per share cents 340 206 65% Headline earnings per share cents 339 156 118% Diluted headline earnings per share cents 334 154 117% International Financial Reporting Standards (IFRS) information Basic profit attributable to shareholders' fund per share cents 389 250 56% Diluted profit attributable to shareholders' fund per share cents 383 246 55% Business volumes Total new business volumes R million 190 793 159 887 19% Total net client cash flows R million 11 357 37 074 (69%) Life insurance New business volumes (PVNBP)(3) R million 44 751 43 032 4% Value of new covered business R million 1 265 1 076 18% New covered business margin % 2.83% 2.50% New covered business margin (CEB) (4) % 2.91% 2.50% Life insurance net client cash flows R million 7 465 13 762 (46%) General insurance New business volumes R million 2

Source - Moneyweb
7 Sep 2023
7Sep

BRITISH AMERICAN TOBACCO PLC — Russia business update — agreement signed

7 September 2023 Russia business update — agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update — agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors - BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. - At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 Jo

Source - Moneyweb
7 Sep 2023
7Sep

CAPITEC BANK HOLDINGS LIMITED - Changes to the Boards and Board Committees of Capitec and Capitec Bank

Release Date: Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec") Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summary o

Source - Sharenet
7 Sep 2023
7Sep

Ecuador's suspension of environmental consultations hits $2bn of investment -business leaders

QUITO - Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday. The Andean nation's top court last month suspended the decree from outgoing conservative President Guillermo Lasso after Indigenous group CONAIE argued the processes favored development of mining projects over local communities. The decree issued in May allowed the consultations for communities in areas close to the industrial and extractive projects to be used to obtain environmental licenses, seeking to speed up permitting. "Today in Ecuador all industrial activities are shut down," said María Eulalia Silva , president of the Ecuadorean Chamber of Mining. "This means freezing $2-billion in investments for a series of projects." "As productive sectors we are asking the court to allow us to work," added Silva, who was accompanied by protesting miners and communities affected by the decision. The Constitutional Court did not immediately respond to requests for comment. At least 176 environmental consultation processes are currently suspended, including for projects such as mining, waste treatment plants and dams, among others, according to the environment ministry, which called the court's decision "unacceptable." Environmental consultations, backed by the government, have seen strong resistance in Ecuador's Andean region, where mining companies look to develop a variety of projects. The Chamber of Industries and Production (CIP) said the lack of environmental consultations prevents new investments. "This has made the country unattractive to foreign investors," Maria Paz Jervis , president of the CIP, said in a press release sent to Reuters. "Without a doubt one of the economic and productive consequences (...) is the paralysis of employment in formal companies."

Source - Mining Weekly
7 Sep 2023
7Sep

Skills That Can Help Steer Any Business Through Stormy Waters

"There are 7 steps that can help steer any business through stormy waters, building resilience and a scalable business, says Pieter Scholtz, ActionCOACH Country Partner for South Africa and Botswana, and speaker at The Business Show taking place in Sandton, Johannesburg on the 6th and 7th September. Scholtz lists the steps as Building Resilience, Defining Your USP, Building TRUST, Scalability, Focusing on Cashflow, Your Business Building Blocks and Taking ACTION. "Burnout is very real in today's world, says Scholtz, "so resilience is top of the list. However, resilience is directly related to the mindset from which business owners operate. It is a matter of perspective and which worldview you apply in life and business. If, for example, you take one statement and decide to unpack it through different worldviews, you'll have three different take-outs. An example: ‘Globally 4.3% of all children die before they are 15 years old'. This can paint the picture of an awful world. However, if you dig a bit deeper and find that ‘in the past, 50% of children died versus today's average of 4.3%', then the world begins to feel much better. If you dig a bit deeper still and understand that ‘globally whilst 4.3% of all children may die', in the European Union it is a much lower 0.45% - then the world looks like a much better place. Other factors that affect resilience are hardiness, emotional insight, the ability to learn and reflect, applying different coping strategies, maintaining positive emotions, regulating negative emotions, nurturing relationships and health and fitness. "Once the first step has been confronted and worked on, then the rest begins almost seamlessly to follow, says Scholtz. "Cashflow is the lifeblood of every organization and always tells a story of growth or decline in the business over a period of time. Using a formula called "The Power of One which focuses on the 7 levers of cash flow and Profitability, business owners are able to extract compoundin

Source - The Skills Portal
7 Sep 2023
7Sep

RCL FOODS Young Chefs & Bakers Challenge 2023 Semi-Finalists Announced

RCL FOODS, in partnership with SA Chefs Association (SA Chefs), is proud to unveil the exceptional young culinary talents who have earned their place in the regional semi-finals of the RCL FOODS Young Chefs & Young Bakers Challenge 2023. The competition is dedicated to cultivating the careers of the country's most promising culinary students. Selected from a pool of outstanding entries from across the nation, these semi-finalists represent the cream of the crop among South Africa's future culinary leaders, showcasing their outstanding skills and unwavering passion for the culinary arts. Their culinary journeys have now propelled them to the semi-final round, which will be held simultaneously on 14 September in Johannesburg, Durban, and Cape Town. The selected semi-finalists are as follows: Western Cape: - Luke King and James Ovendale (Silwood School of Cookery) - Catherine Sainsbury and Robert Zituta (Silwood School of Cookery) - Gillian Zenda and Tshepang Chauke (Chefs Training & Innovation Academy — CTIA) - Leo Brierley-Bekker and Finlay Lochtie (Silwood School of Cookery) - Samuel Dovey and Andrea du Plessis (Silwood School of Cookery) - Liam Francis Ellis and Aviwe Matsha (Capsicum Culinary Studio Nelson Mandela Bay) - Patience Muzungu and Vimbainashe Mazhindu (International Hotel School) - Wade Pheko and Tamia Pienaar (West Coast College — Hospitality School) - Natascha Jones and Anzio Jones (Capsicum Culinary Studio) - Mushfiq Karriem and Bernice Kefuoe Bitsoane (Capsicum Culinary Studio) Gauteng: - Natalie Carstens and Xolisile Mahlungu (HTA School of Culinary Art) - Travis Hilton Elske and Milan Taylor Jacobs (Prue Leith Culinary Institute) - Hlobisa Mkhize and Kamogelo Papo (Capsicum Culinary Studio Rosebank) - Makgobokele Nchabeleng and Thato Amese (Chefs Training & Innovation Academy — CTIA) - Marco Fourie and Sade Zietsman (Chefs Training & Innovation Academy — CTIA) - Nqobile Ntando Simelane and Cheryl Manana Ncube (Johannesburg Culinary & Pastry Scho

Source - Free Mail
7 Sep 2023
7Sep

CAPITEC BANK HOLDINGS LIMITED — Changes to the Boards and Board Committees of Capitec and Capitec Bank

7 September 2023 Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 (‘Capitec') Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summ

Source - Moneyweb
7 Sep 2023
7Sep

BRITISH AMERICAN TOBACCO PLC - Russia business update agreement signed

Release Date: Code(s): BTI PDF: Russia business update — agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update — agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors - BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. - At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44

Source - Sharenet
7 Sep 2023
7Sep

SANLAM LIMITED - Interim results for the six months ended 30 June 2023

Release Date: Interim results for the six months ended 30 June 2023 Sanlam Limited Incorporated in the Republic of South Africa (Registration number 1959/001562/06) ("Sanlam", "Sanlam Group" or "the group") JSE Share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: BISLI LEI: 378900E10332DF012A23 ("Sanlam Life") Interim results for the six months ended 30 June 2023: Sanlam achieves strong operating performance in the first half of 2023 Key performance indicators For the six months ended 30 June Unit 2023 2022 % change Earnings Restated Shareholders' fund information Net result from financial services(1) R million 6 177 4 895 26% Cash net results from financial services(2) R million 6 256 4 828 30% Net operational earnings R million 7 486 4 557 64% Headline earnings R million 6 902 3 185 117% Weighted average number of shares million 2 068 2 076 Adjusted weighted number of shares million 2 204 2 209 Net result from financial services per share cents 280 222 26% Net operational earnings per share cents 340 206 65% Headline earnings per share cents 339 156 118% Diluted headline earnings per share cents 334 154 117% International Financial Reporting Standards (IFRS) information Basic profit attributable to shareholders' fund per share cents 389 250 56% Diluted profit attributable to shareholders' fund per share cents 383 246 55% Business volumes Total new business volumes R million 190 793 159 887 19% Total net client cash flows R million 11 357 37 074 (69%) Life insurance New business volumes (PVNBP)(3) R million 44 751 43 032 4% Value of new covered business R million 1 265 1 076 18% New covered business margin % 2.83% 2.50% New covered business margin (CEB) (4) % 2.91% 2.50% Life insurance net client cash flows R million 7 465 13 762 (46%) General insurance New business volumes R million 24 039 21 76

Source - Sharenet
7 Sep 2023
7Sep

If your business is not online, you are not marketing

The way businesses have advertised has evidently changed from artwork being drawn on shop windows to introducing pamphlets and digital marketing. As technology and the media landscape evolved, the way businesses prioritised their visibility and marketing has evolved. One such company is at the forefront of changing how businesses and individuals market themselves on the digital side of things. Digital Platforms is a strategic software solutions development company that thrive on creativity, long-lasting relationships, and innovation across South Africa. According to the Sales Manager, Mitzi Noome, although the business celebrates their 18th birthday this year, social media became a point of focus six years ago. They have since worked with brands like MTN, Vodacom, Build It Free State and some brands in the Agriculture Sector, to name a few. "Facebook was the next best thing to get your brand out there a couple of years ago and with time and evolution, Google AdWords has become even more important. Facebook started off the way you would reach out to your clients, get your brand out there to get new clients, and get your products out there, explained Noome. Since then it has become more personal, where businesses handle their own accounts and the platform has a more "call to action and "brand awareness approach. This is where Digital Platforms steps in. "If you don't have a website you're pretty much losing out to your competition because your competition probably has a website. So, what we do is we focus a lot on Google, and we specialise in Google AdWords, Noome elaborated. She added that whatever your message is, they are able to help you come up with a message. "Google takes keywords out of your content to rank you. So if you don't have your content written up correctly with the correct keywords, you're not going to be organically ranked by Google. Then you're going to end up spending even more money on Google AdWords to get your website ranked, whereas if your content is correct, you do

Source - Bloemfontein Courant
7 Sep 2023
7Sep

XRP Used for International Remittances in Key Asian Markets

Coin Edition - Japanese financial giant SBI Holdings has adopted XRP for cost-effective cross-border remittances. Through its subsidiary, SBI Remit, users can now send money to bank accounts in the Philippines, Vietnam, and Indonesia with the help of XRP. The announcement hasn't affected the price of XRP positively. Major Japanese financial services company SBI Holdings is embracing XRP for international remittances between Japan and key Asian markets through its subsidiary SBI Remit. Starting this month, SBI Remit will use the crypto asset XRP to facilitate low-cost settlements for remittances to bank accounts in the Philippines, Vietnam, and Indonesia. The service works by first sending an equivalent value in XRP when a remittance is initiated. Once received, the XRP is converted into local currency for bank account deposits. Parts from the statement released by SBI read: "By leveraging XRP as a bridge currency, SBI Remit is able to diminish the cost of pre-funding destination accounts. In addition, this has excellent scalability as money can be easily transferred to Ripple's partners around the world. SBI Holdings has been bullish on utilizing XRP more broadly for cross-border payments through partnerships with . This latest expansion into remittance corridors with high bank account usage represents a major milestone. The firm believes XRP is primed for mass adoption in remittance due to its speed, cost, and liquidity advantages over traditional rails. By tapping into major remittance destinations, SBI can showcase these benefits to boost crypto utility. However, it remains unclear when additional countries may be added. For now, the launch centers on advancing real-world XRP usage in key Asian markets. While this is a positive development for XRP, the regulatory landscape remains uncertain. Questions around XRP's security status continue to cause hesitation among major US financial institutions. However, if successful, SBI's initiative could compel others to re-evaluate XRP's capabilit

Source - Investing
7 Sep 2023
7Sep

BlackRock voted against Glencore's climate progress report

LONDON - Major Glencore shareholder BlackRock was among investors to reject the mining giant's climate progress report at its annual meeting inMay, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock's entities, which collectively own more than 6% of Glencore's stock, according to LSEG data, boosted dissident shareholders and helped the total votes in opposition to the company's climate plan pass 30% for the first time. Noting that while Glencore has improved climate-related risks and opportunities disclosures, "BIS is concerned that aspects of the report and recent developments have pointed to inconsistencies in the company's stated strategy," it said in a report published to clients on August 23. BlackRock allows many clients to cast their own votes at companies' annual general meetings. It declined to comment further on the disclosure. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. Glencore mines and trades thermal coal, used to generate electricity, and has said it plans to run down its mines by the mid-2040s, closing at least 12 by 2035. Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures. With $9.4 trillion under management, BlackRock's votes have become key to many contests at companies around the globe and in turn drawn much scrutiny of its practices.

Source - Mining Weekly
7 Sep 2023
7Sep

ROB ROSE: When big ego meets big law

If you're looking for a crushing indictment of South Africa's notion of "access to justice", the tens of millions which Peter Moyo is estimated to have blown on his bitter four-year crusade against the company he formerly headed, Old Mutual, is an eloquent example.In that time, lawyers at the glass-fronted law firms sprinkled liberally around Sandton would have been holding thumbs that Moyo would call, and their billings ship would finally have come in.When Moyo first rejoined Old Mutual in June 2017, after a glittering career (a former partner at EY, he was at the helm at Alexforbes, chaired Vodacom, and was a director at Nedbank) there was no sense that it would go so spectacularly awry.Then in May 2019, Old Mutual's board, chaired by former finance minister Trevor Manuel, suspended Moyo for a "material breakdown in trust" over dividends paid to his private company which, it claimed, were a "conflict of interest".The battle then kicked off. Two months later, the high court temporarily reinstated Moyo, but in January 2020, the Supreme Court of Appeal (SCA) found that Old Mutual had "acted lawfully in terminating" his contract. Moyo tried to appeal to every court around, tacking on a damages claim of R250m (including R20m for "insults" he endured), and tried to have all the directors, including Manuel, declared "delinquent".Finally, last Thursday, nine Constitutional Court judges ended Moyo's legal challenge. The judges rejected his application for leave to appeal, saying the case "does not engage its jurisdiction". Speaking to the FM this week, Manuel described this as an "unbelievably difficult saga" that was ultimately "driven by lawyers, not the law". In other words, it should never have got this far, never have travelled through the SCA, and never landed up at the Constitutional Court."Every time, there'd be yet another attempt, and the question that I confronted everyone with, before the Constitutional Court [case] was, why would it even appear to be within the realm of responsibilit

Source - Business Live
7 Sep 2023
7Sep

Pick n Pay founder Raymond Ackerman dies

Pick n Pay founder and retail visionary Raymond Ackerman has died at the age of 92. He is survived by his wife, children, 12 grandchildren, and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967, along with Wendy, after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and Africa. His business philosophy was underpinned by the "four legs of the table" — Administration, Social responsibility and Marketing, People, and Merchandise. He came from a retailing family, with his father having founded Ackermans after World War 1. From the beginning, Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme, giving customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer and a committed philanthropist. He became a prominent champion of equal opportunity policies and merit-based salaries and wages and was increasingly critical of the government's homeland policy. In 1989, Raymond Ackerman and a group of businessmen met newly appointed President FW de Klerk in Pick n Pay's Cape Town office. The group told De Klerk that Nelson Mandela should be released as soon as possible and that apartheid legislation should be scrapped. Ackerman met Nelson Mandela numerous times a

Source - Daily Investor
7 Sep 2023
7Sep

What does it take to navigate business challenges as an SME?

Industry experts at the recent Business Day and Nedbank dialogue said sacrifice, quick decision-making, tenacity and mentorship are key factors Sponsored Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. As an entrepreneur, surviving a crisis requires a strong support system and certain qualities that aren't always top of mind when starting a business. This is especially true for small and medium enterprises (SMEs). Entrepreneurs at the recent Business Day SME Matters Dialogue, in association with Nedbank, present a good case study of what it takes for SMEs to navigate a challenging environment. Like many small businesses, they were caught in the throes of the Covid-19 pandemic and sailed the choppy waters of uncertainty that took down about 40% of businesses in SA. Raghmah Solomon, the founder of Vortex Design Solutions, shared how her interior design and architectural company was hit by the downturn in the building and construction industry. But not only did she have to grapple with keeping her business afloat, but she had to do so while sick and recovering from the deadly virus. "My biggest wake-up call was when my husband and I fell ill. We were in the first wave of Covid-19, says Solomon. She asked herself: "What is going to happen to my business? Who is going to look after everyone? Who is going to call the clients? Three weeks is a long time when you are the butcher, baker and candlestick maker. Being sick and alone meant no-one was ensuring that all the tasks and communication necessary to keep the business running, were being done. Solomon says the experience helped her reflect on what she was and wasn't doing well in the business. She made a commitment that if she came out of her sick bed, she would listen more to her clients to understand what they needed. Greg Walsh, CEO of G&G Productions, an events company based in Cape Town, said the sector was knocked t

Source - Business Live
7 Sep 2023
7Sep

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Source - Sunday Independent
7 Sep 2023
7Sep

NINETY ONE PLC — Dealing in securities

7 September 2023 R39.95 Dealing in securities Ninety One Limited Ninety One plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 2019/526481/06 Registration number 12245293 JSE share code: NY1 LSE share code: N91 ISIN: ZAE000282356 JSE share code: N91 ISIN: GB00BJHPLV88 Notification of transactions by relevant Directors, Persons Discharging Managerial Responsibilities and persons closely associated with them, prescribed officers, company secretaries and associates. As part of the dual listed company structure, Ninety One plc and Ninety One Limited (together ‘Ninety One') notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries and such persons' respective associates and persons closely associated with them, (ii) prescribed officers and persons discharging managerial responsibilities (‘PDMRs') and such persons' respective associates and persons closely associated with them, and (iii) in certain instances the directors and company secretaries of major subsidiaries of Ninety One and such persons' respective associates, in the securities of Ninety One plc and Ninety One Limited which are required to be disclosed under Article 19(1) of the Market Abuse Exit Regulations 2019 ("UK MAR"), the Listing Rules, and the Disclosure Guidance and Transparency Rules of the FCA and/or the JSE Listings Requirements. Clearance was obtained for the below dealing in securities. 1 Details of the person discharging managerial responsibilities / person closely associated / associate a) Legal person Forty Two Point Two 2 Reason for the notification a) Position/status In terms of UK MAR, the Listing Rules, and the Disclosure Guidance and Transparency Rules of the FCA, this notification concerns a person closely associated with Hendrik du Toit and Kim McFarland, each of whom is a Director of Ninety One plc (i.e. a PDMR)

Source - Moneyweb
7 Sep 2023
7Sep

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Source - Bizcommunity
7 Sep 2023
7Sep

President Ramaphosa to attend G20 Summit

Thursday, September 7, 2023 President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit this weekend."President Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the Presidency said. Department of International Relations and Cooperation Minister Dr Nal

Source - SA News
7 Sep 2023
7Sep

Going once, going twice, conned! Here's how to avoid car auction scams and drive a hard bargain

Here's the lowdown on the vehicle auction industry via the process of getting new wheels in this way. It can be risky if potential buyers are not well informed. Fans of Marvel Comics superheroes have a multiverse in which there are various iterations of their favourite characters, and fans of non-fungible tokens are said to be building a digital world known as the metaverse. But South Africans are forced to contend with something far less exciting: a scammerverse with a seemingly never-ending parade of con men who would win gold medals in all the categories at the Scammer Olympics, if such a thing existed. The ways for us to get scammed evolve every day, and because we need to constantly be on our toes to stay safe, I decided to go through the process of buying a car at an auction to learn about the scams and hopefully provide the kind of information that would help mitigate the inherent risks of buying a vehicle in this way. On the subject of scams When I sat down to interview the team at the WesBank Auction Centre in Midrand, one of the first things they wanted to talk about was the auction scams. "Facebook Marketplace is where a lot of the scams come from," said WesBank asset remarketing sales manager Lee Jackson. "The scammers actually come to our auction centre and take pics of the cars with the WesBank banners in the background and they pretend to be WesBank employees on Facebook." We have had victims of these scams paying R50,000 to someone to hold a car for them and then they come to our office to collect their vehicle and we have to tell them they've been scammed. The scammers then post these pictures on Facebook in an attempt to sell the cars at ridiculously low prices. When someone is interested in a vehicle, they send a deposit request to "hold the car". This will be done on a WesBank letterhead to make the scam look believable. When people pay the deposit amount, the scammer tells them to go to the auction centre to pick up their car. "We have had victims of these scams payi

Source - Daily Maverick
7 Sep 2023
7Sep

What's really happening at Blue Label as shares sink

JSE-listed Blue Label Telecoms seems like a great business on paper. So, why have investors dumped its shares? JSE-listed Blue Label Telecoms seems like a great business on paper: it has few infrastructure costs and is the leading supplier in South Africa of prepaid airtime, prepaid electricity, gaming and content services to the public. The company partners with retailers, credit providers, cellular dealers and large corporate customers to offer a complete virtual mobile retail solution. Its digital sales component includes a variety of transaction channels and payment mechanisms, increasing customer reach and allowing it to move beyond physical stores to receive payments from traditional and emerging payment methods. So, why are its shares in the toilet, having collapsed even further in the past week following publication of its full-year results, which, according to analysts polled by TechCentral, were reasonably good given the economic environment in which the company is operating? Blue Label , founded by brothers Brett and Mark Levy in 2001, listed on the JSE six years later and over the next decade grew quickly, with its market cap exceeding R19-billion in 2016. At one point, it even counted US software giant Microsoft among its shareholders. In August 2017, it signed its biggest deal yet — the acquisition of 45% of Cell C for R5.5-billlion in a large recapitalisation and turnaround plan. The extent of Blue Label's financial support is known. But what is the future burden on Blue if Cell C continues to lose money, and will there come a time when the company is no longer willing to carry that burden? Many market players seem to think it's already beyond that point, given that the shares are trading at a massive discount to the value of Blue Label's operations. ‘Pretty good' results Global equity analyst at Flagship Asset Management Philip Short told TechCentral: "I thought the results were pretty good, with gross profit up 19% and underlying earnings per share up 9%. Especially

Source - Tech Central
7 Sep 2023
7Sep

Canvas Aesthetics Wellness Centre Turns 7!

"Your life is your canvas - reflect a timeless piece of art!" People around the world are becoming increasingly aware of how precious, fragile and short life is. One only needs to look at the rising number of chronic diseases, sleeping problems, rising obesity, heightened stress levels, low self-esteem, lack of confidence, self-love and sense of purpose, to name but a few. The medical aesthetics and integrated health and wellness industry is rapidly growing as people are actively seeking solutions to live a more balanced and fulfilled life. Canvas Aesthetics is a wellness centre that offers a large range of non-invasive and minimally invasive treatments for men and women. We are passionate about making a difference in people's lives and offer integrated solutions for Skin, Body and Mind through our state-of-the-art treatments/solutions and collaboration with like-minded health and wellness professionals in a safe and welcoming environment. Our aim is to work together collectively to move the holistic wellness barometer for all. Our services include Skin Care Specialists and Cosmetologists, Non-Invasive Aesthetics Treatments (Face & Body), Aesthetics Doctor, Registered Dietitian and DNA Practitioner, Life Coach, Lash and Permanent Makeup Technician and alternative treatments such as Ozone and Presso therapy. COME CELEBRATE WITH US! Canvas Aesthetics was established in Benoni on 5 September 2016, and we are proudly celebrating our 7 birthday. We will be showcasing our services and brands in a fun, interactive and educational manner so that you can discover how we can help you be a healthy version of yourself. JOIN THE PARTY! When? 16 September Time? 09:00 to 13:00 Where? Canvas Aesthetics Wellness Centre, No 7 5 Avenue, Northmead Why? Free access Interactive, informative and fun day Products will be available on sale Treatment packages will be sold at a discount AND … R70 000 in PRIZES, PRIZES and more PRIZES up for grabs! Some of the demos and activities happening on the day:

Source - Benoni City Times
7 Sep 2023
7Sep

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Source - The Star Online
7 Sep 2023
7Sep

Platinum, rail, clean energy make headlines

This week, Mining Weekly Editor Martin Creamer discusses the World Platinum Investment Council's forecast of the biggest platinum deficit on recordand significantly low above-ground stocks; African Rainbow Minerals executive chairperson Dr Patrice Motsepe stressing that the partnership between the mining industry and Transnet needs to produce results; and African Rainbow Minerals group taking steps to generate its own clean electricity. To watch Creamer Media's latest video reports, click here

Source - Engineering News
7 Sep 2023
7Sep

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Source - Cape Times
7 Sep 2023
7Sep

South African mines get a faster route to Mozambique port

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighboring Mozambique. The Logistics Co (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste , head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1,800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50-million ($2.6 million) to build, Jooste said.

Source - Engineering News
7 Sep 2023
7Sep

Business Unity South Africa (BUSA) Mourns the Passing of Retail Visionary, Raymond Ackerman

Business Unity South Africa (BUSA) notes with sadness the loss of one of South Africa's most iconic business figures, Mr. Raymond Ackerman. His remarkable legacy and resolute commitment to championing consumer rights, promoting inclusivity, and fostering an entrepreneurial spirit set a benchmark at that time. Throughout his life, Mr. Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer. His philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education. Mr. Ackerman's remarkable journey in the South African business sector has left an indelible mark. His visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward have inspired countless individuals, both within and outside the business sector. BUSA CEO, Cas Coovadia said, "The loss of Mr. Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity, and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation." BUSA extends its heartfelt condolences to the Ackerman family and to everyone whose life was touched by this remarkable man. We have lost a titan, but his legacy will continue to inspire and guide us for generations to come. Issued by Business Unity SA CEO Cas Coovadia Comment Guidelines

Source - Polity
7 Sep 2023
7Sep

Winemaker's Dinner at The Jordan Restaurant with Marthinus Ferreira & Kaapzicht Wines

The Jordan Restaurant, under the expert management of renowned Chef Marthinus Ferreira, is your gateway to an evening of award-winning wines and delectable cuisine. Prepare to be swept off your feet as you embark on a gastronomic adventure like no other. The evening promises more than just a meal; it's an immersive experience. As you step into the elegant ambiance of The Jordan Restaurant, you'll be greeted by the tantalizing aromas wafting from the kitchen and the warm embrace of fellow wine and food enthusiasts. Meet the Maestro: Marthinus Ferreira With the changing of the guard, The Jordan Restaurant has entered an exciting new era under the guidance of Chef Marthinus Ferreira. A luminary in South Africa's culinary landscape, Marthinus brings his unique blend of gastronomy, inspired by childhood memories and international influences. Having honed his craft alongside culinary giants like Chef Gordon Ramsay and Chef Heston Blumenthal, Marthinus Ferreira is set to elevate The Jordan Restaurant's reputation to even greater heights. The Perfect Pairing The Winemaker's Dinner promises to be a showcase of culinary excellence and exceptional wine pairings. Danie, the host for the evening, will regale you with stories about the estate, the wines, and the intricate winemaking techniques that make Jordan Wines stand out in the region. As each course is expertly paired with Kaapzicht Wines, you'll discover the magic that happens when food and wine come together in perfect harmony.

Source - Food Blog
7 Sep 2023
7Sep

Merafe, Glencore add another PGM plant to joint venture operations

JSE-listed chrome miner Merafe Resources says it will further improve and expand the Eastern Platinum Group Metal Plant it owns in joint venture (JV) with Glencore South Africa. The companies initially worked on a joint Western PGM Plant at the Kroondal mine, in the Bushveld Complex, which has been successful and profitable, resulting in the JV parties wishing to replicate the strategy on the eastern chrome mine operations. The Eastern PGM Plant's main purpose will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and it will, similar to the Western PGM Plant, be governed by the existing notarial pooling and sharing agreement between Merafe and Glencore. The total capital and costs relating to the expansion and improvement of the eastern plant attributable to Merafe is expected to be R117-million.

Source - Mining Weekly
7 Sep 2023
7Sep

The Role of Virtual Numbers in Enhancing Your Business Presence

VoIP allows businesses to communicate seamlessly and cost-effectively. However, to take full advantage of VoIP, you need a virtual number, also known as an online phone number. In this article, we will explore the pivotal role of virtual numbers in enhancing your business presence, with a focus on this https://hottelecom.biz/ exceptional services. The Significance of Virtual Numbers for Businesses Virtual numbers, or online phone numbers, are not tied to a specific physical location. They operate by routing calls over the internet, offering remarkable flexibility and adaptability. Here’s why virtual numbers are indispensable for businesses: Establish a Local Presence Anywhere When you use virtual numbers, you gain access to a global marketplace. You can select virtual numbers from various countries, enabling you to establish a local presence even if your physical location is elsewhere. This is invaluable for businesses looking to expand their reach internationally. Enhance Privacy and Security Virtual numbers provide an added layer of privacy. By using a virtual number for public communication, you can keep your personal or business number confidential. This not only safeguards your privacy but also reduces the risk of unsolicited calls or spam. Cost-Efficiency Traditional phone services can be costly, especially for international calls. VoIP technology, combined with virtual numbers, offers significant cost savings. You can make international calls at a fraction of the cost of traditional phone services, making it a cost-effective choice for businesses of all sizes. Flexibility and Scalability Virtual numbers are highly flexible. You can effortlessly manage your virtual number settings, such as call forwarding and routing, through an online dashboard. As your business grows and evolves, you can easily scale your virtual number plan up or down to meet your evolving needs. Enhancing Customer Experience Virtual numbers also play a significant role in enhancing the customer experien

Source - Critical Hit
7 Sep 2023
7Sep

Exploring the Melodious Struggle of Souls and Consciousness: A captivating solo exhibition by Nigerian artist Raji Bamidele

August 29, Tuesday — Raji Bamidele, the Nigerian artist and 2019 Absa L'Atelier Ambassador, recently presented a solo exhibition titled "The Melodious Struggle of Souls and Consciousness" at the Absa Gallery. This exhibition immerses viewers in the profound depths of human existence. Bamidele's exhibition explores the complicated interplay between the human soul, awareness, and spirit via an enthralling variety of artworks, providing a challenging look at life's intricacies. Bamidele is inspired by the Yoruba culture and way of life for this exhibition. The Yoruba ethnic group, mostly found in Nigeria, Benin, and Togo, holds that the soul, awareness, and spirit are closely intertwined aspects of the human experience. The idea that the soul embodies the intellect, which reflects the heart, and the heart extends the soul and spirit is captured in Bamidele's artwork. The foundation for a deeper understanding of oneself and the world is found in this connectivity. Nigerian-born Raji Bamidele is a diverse self-taught artist. Despite his love of the arts, he felt compelled to conceal his aptitude throughout his years in primary school because art was thought of as a more frivolous endeavor than the other topics taught there. It required a lot of work to persuade his family to embrace his chosen path and passion for painting, as he spent a large amount of time polishing his skills at his Lagos-based studio. He eventually went on to attend secondary school in Lagos, Nigeria, the country's cultural and artistic center. Bamidele has received multiple honors for his multi-disciplinary style, including the 2015 Life in My City Art Festival (LIMCAF) Lagos Prize and the title of Best (Lagos Entry) Overall Artist. As part of the LIMCAF 2017, he also received the French Embassy Young Talents Award (Y.T.A. ), Prix de la Jeune Creation de L'Ambassade de France, and the Best Use of Multimedia Award. He was appointed as one of the 34th Absa L'Atelier Ambassadors in 2019, which was held in Cape Town in conju

Source - Wordpress
7 Sep 2023
7Sep

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Source - Independent Online (IOL)
7 Sep 2023
7Sep

Markets retreat further as US data fans rate hike fears

WASHINGTON - Investors took fright on Thursday at a forecast-busting reading on the US services sector that revived speculation the Federal Reserve could lift interest rates again, compounding a spike in oil prices that has fanned fresh inflation fears. Wall Street dived and Treasury yields rose after the release of the Institute of Supply Management figures, which dealt a blow to hopes the US central bank had reached the end of its tightening cycle following a string of recent positive data. The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months -- when Japanese officials intervened in money markets last year to prop it up. After a rosy couple of weeks, the gloom that has characterised markets for much of the summer has returned as traders contemplate the possibility of more tightening and borrowing costs kept elevated for an extended period to tame inflation. Decision-makers at the Fed have given differing views on the best way forward, with some calling for more hikes and others suggesting rates are high enough. Boss Jerome Powell has asserted that all decisions will be made based on how the data stacks up over the coming months. While the economy and the jobs market have shown continued strength, there is a growing worry on trading floors that more than a year of increases -- and any more should they come -- could tip the United States into recession.

Source - eNCA
7 Sep 2023
7Sep

SASOL LIMITED - Dealings in securities by directors, prescribed officers and the company secretary

Dealings in securities by directors, prescribed officers and the company secretary Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE: SOL NYSE: SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol BEE Ordinary Share code: JSE: SOLBE1 Sasol BEE Ordinary ISIN code: ZAE000151817 (Sasol, the Company, Equity issuer) Sasol Financing Limited (Incorporated in the Republic of South Africa) (Registration number: 1998/019838/06) Company code: SFIE LEI: 378900A5BC68CC18C276 (Sasol Financing, the Company, Debt issuer) DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS OF SASOL LIMITED, THE COMPANY SECRETARY AND DIRECTORS OF MAJOR SUBSIDIARIES OF SASOL LIMITED In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements (Listings Requirements), the following information is disclosed relating to dealings in securities of Sasol by the executive directors and prescribed officers of Sasol, its Company Secretary and directors of its major subsidiaries. The persons below have transacted in securities awarded and accepted in 2018 in terms of the rules of the long-term incentive (LTI) plan. The performance, against the Corporate Performance Targets, of the 2018 LTI award was assessed and reported at the first vesting date in 2021. The balance of the 2018 award was subject to an additional two-year service period which has now come to an end. Participants have the option to retain all shares; sell sufficient shares to cover the tax liability and retain the balance thereof; or, to sell the vested shares. The dealings are as set out below. Transaction date: 4 September 2023 Class of securities: Sasol ordinary shares Issue price per share: R0,00 Nature of transaction: Retention of vested shares off-market Nature and extent of interest: Direct beneficial Name Company and designation Number Price per Total value of of shares share the transaction (ZAR) (ZAR) F R Gr

Source - Sharenet
7 Sep 2023
7Sep

SASOL LIMITED — Dealings in securities by directors, prescribed officers and the company secretary

7 September 2023 R248.24 Dealings in securities by directors, prescribed officers and the company secretary Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE: SOL NYSE: SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol BEE Ordinary Share code: JSE: SOLBE1 Sasol BEE Ordinary ISIN code: ZAE000151817 (Sasol, the Company, Equity issuer) Sasol Financing Limited (Incorporated in the Republic of South Africa) (Registration number: 1998/019838/06) Company code: SFIE LEI: 378900A5BC68CC18C276 (Sasol Financing, the Company, Debt issuer) DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS OF SASOL LIMITED, THE COMPANY SECRETARY AND DIRECTORS OF MAJOR SUBSIDIARIES OF SASOL LIMITED In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements (Listings Requirements), the following information is disclosed relating to dealings in securities of Sasol by the executive directors and prescribed officers of Sasol, its Company Secretary and directors of its major subsidiaries. The persons below have transacted in securities awarded and accepted in 2018 in terms of the rules of the long-term incentive (LTI) plan. The performance, against the Corporate Performance Targets, of the 2018 LTI award was assessed and reported at the first vesting date in 2021. The balance of the 2018 award was subject to an additional two-year service period which has now come to an end. Participants have the option to retain all shares; sell sufficient shares to cover the tax liability and retain the balance thereof; or, to sell the vested shares. The dealings are as set out below. Transaction date: 4 September 2023 Class of securities: Sasol ordinary shares Issue price per share: R0,00 Nature of transaction: Retention of vested shares off-market Nature and extent of interest: Direct beneficial Name Company and designation Number Price per Total value of of shares share the trans

Source - Moneyweb
7 Sep 2023
7Sep

Pick n Pay stores pay tribute to founder Raymond Ackerman — PICTURE

As first reported by The South African website, South African businessman and retail giant Raymond Ackerman has died at the age of 92. As first reported by The South African website , South African businessman and retail giant Raymond Ackerman died on Wednesday, 6 September at the age of 92. Pick n Pay confirmed the tragic news in a X post on Thursday morning. The entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. Below, 10 things you may not have known about Raymond Ackerman 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union.

Source - The South African
7 Sep 2023
7Sep

Platinum deficit soars to largest on record on strong automotive, industrial demand

The World Platinum Investment Council (WPIC) said yesterday that it had revised the platinum deficit forecast for the full-year 2023 upwards to morethan 1 million ounces, the largest deficit on record, due to strong automotive and industrial demand growth and flat supply. This was in terms of both absolute ounces and as a percentage of annual demand. Total supply is expected to remain flat, aligned with the weak 2022 level of 7 224 ounces, down 31 ounces, while demand was expected to increase significantly by 27% to 8 230 ounces. The Council said the core drivers of platinum's expected 27% demand growth in 2023 — including strong growth in automotive and industrial demand — were clear to see in the second quarter and built upon foundations laid in the previous two quarters. Platinum automotive demand rose 19% year-on-year to 840 000 ounces in the second quarter of 2023, as the semiconductor shortage continued to ease, leading to a healthy uplift in vehicle production. More on this SA economic outlook remains bleak in spite of GDP hike in quarter African Rainbow MInerals reports decline in profits due to lower production, weaker commodity prices. Implats won't cut production due to fall in PGM prices Industrial platinum demand totalled 697 000 ounces in the second quarter of 2023, a 12% increase year-on-year and its highest level since the third quarter of 2021. "In particular, the chemical industry saw an 87% year-on-year increase this quarter thanks to higher demand for platinum-bearing catalysts from the paraxylene industry, which offset contractions in other areas of industrial demand," the Council said. WPIC CEO Trevor Raymond said these favourable conditions were expected to continue in 2023. "Looking beyond today's Platinum Quarterly, our research shows that automotive and industrial demand growth underpin total demand growth in 2024 and beyond. "This offers both short and long-term value incentives for investors, as well as protection from downside risks presented by inflatio

Source - Cape Argus
7 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telec

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News 2023/09/06 10:25:00 SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... ITNewsAfrica Source ITNewsAfrica Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.

Source - Head Topics
6 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets By Eva Sgroi -September 6, 2023 Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. Creating Significant Value for Clients "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam group’s chief executive officer, Mr Paul Hanratty. Unlocking the Potential of Multiple Fast Growing African Markets Mr Christopher Townsend, board member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access

Source - IT News Africa
6 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telec

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News 2023/09/06 10:25:00 SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... ITNewsAfrica Source ITNewsAfrica Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.

Source - Head Topics
6 Sep 2023
6Sep

INDEX CHANGE ADVICE — 20230918 SEPTEMBER 2023 RESPONSIBLE INVESTMENT REVIEW ICA

FTSE/JSE Responsible InvestmentSeptember 2023 Quarterly Review© FTSE International Limited 2023. All Rights ReservedFTSE/JSE Responsible Investment IndexInclusionsNo ChangesExclusionsSEDOL ISIN Company Name6040958 ZAE000049433 AVIBK9S758 ZAE000269890 Momentum Metropolitan Holdings6636421 ZAE000011953 Netcare6688068 ZAE000005443 Pick N Pay StoresBMP3858 ZAE000190252 Redefine Properties6777007 ZAE000006284 SappiFTSE/JSE Responsible Investment Top 30 IndexInclusionsSEDOL ISIN Company NameBBGB5W0 ZAE000179420 Growthpoint Prop LtdBFXG366 ZAE000259479 Pepkor Holdings LtdBJDS7M4 NL0013654783 ProsusExclusionsSEDOL ISIN Company NameBK9S758 ZAE000269890 Momentum Metropolitan Holdings6688068 ZAE000005443 Pick N Pay Stores6777007 ZAE000006284 SappiReserve ListSEDOL ISIN Company Name ESG Rating rankB0L6750 ZAE000070660 Sanlam Limited 5Date: 06-09-2023 05:30:00Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness ofthe information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,information disseminated through SENS.

Source - Business Live
6 Sep 2023
6Sep

South Africa: Dis-Chem Enforcement Notice Spotlights Why Companies Must Establish Operator Agreements To Comply With SA's PO

The Act protects personal information of individuals against harm which may occur as a result of criminal activity and compliance is therefore compulsory for all companies. Should your company be non-compliant with the Act, the Information Regulator who up until now had been permissive, will be hot on your trail.On August 31, 2023, Dis-Chem Pharmacies Ltd. (JSE: DCP) was issued with an enforcement notice by the Information Regulator due to the contravention of various sections of the Act. Should Dis-Chem remain non-compliant with the actions ordered, within 31 days of the notice being issued, the entity and/or responsible party would be issued with a fine of an amount not exceeding R10 million or be liable upon conviction to a prison sentence up to 10 years.In April or May 2022 Dis-Chem's third-party service provider, Grapevine Interactive, was the victim of a cyber-attack whereby an unauthorised party gained access to their records by which the hacker used a trial-and-error method to crack the password, login credentials and encryption keys. This resulted in approximately 3.6 million unauthorized records which had been accessed from the e-statement service database. Following the identification of the breach in security, Dis-Chem failed to notify the affected data subjects as required in terms of section 22 of the Act.Following the assessment by the Regulator, it was confirmed that Dis-Chem failed to:Identify the risk of using weak passwords and prevent the usage of such passwords;Put in place adequate measures to monitor and detect unlawful access to their environment;Enter into an operator agreement with Grapevine and ensure that Grapevine has adequate security measures in place to secure personal information in its possession. This agreement would have outlined processes of reporting to Dis-Chem in the event of a security compromise.Dis-Chem failed to ensure that adequate measures had been in place to prevent unlawful access and had not ensured that an operator agreement had been place

Source - Mondaq
6 Sep 2023
6Sep

What are SEO Services for Small Business Successful Inaugural Plastics Portfolio Committee Meeting Convenes In Cape Town —

MyPR | Free Business Showcase | Paid for Adverts In today's digital age, having an online presence is no longer optional for small businesses. However, merely having a website or social media account is not enough. To truly stand out in the crowded digital marketplace, small businesses must invest in Search Engine Optimization (SEO). But what exactly are SEO services for small businesses, and why are they so crucial for growth? In this article, we'll delve into the specific SEO services that can benefit small businesses and explore why they are an essential investment for long-term success. Before diving into the specifics, it's crucial to understand why SEO is vital for small businesses. SEO helps improve a website's visibility on search engines like Google, Bing, and Yahoo. The higher your site ranks, the more likely it is that potential customers will find and visit it. For small businesses, this increased visibility can be a game-changer, driving more organic traffic, boosting sales, and enhancing brand recognition. One of the most effective SEO strategies for small businesses is Local SEO . This approach focuses on optimizing your online presence to attract more business from relevant local searches. Local SEO involves various techniques, such as optimizing your Google My Business listing, gathering customer reviews, and using local keywords. By targeting your immediate market, you can compete more effectively with larger companies and become a go-to option for local consumers. Many small business owners may feel overwhelmed by the complexities of SEO. That's where an SEO agency comes in. These agencies offer specialized expertise and can develop a comprehensive SEO strategy tailored to your business needs. They handle everything from keyword research and on-page optimization to link-building and content creation. By outsourcing these tasks to experts, you can focus on running your business while reaping the benefits of a well-executed SEO strategy. Every business is unique, and a one

Source - Buy PE
6 Sep 2023
6Sep

Puffins in Cape Town: A Fascinating Avian Encounter

/ By September 6, 2023 Have you ever imagined encountering puffins in the bustling city of Cape Town?These charismatic birds , usually associated with remote coastal cliffs, have found an unexpected haven amidst the urban landscape. But how did these puffins, with their colorful beaks and charming demeanor, come to call Cape Town home? We'll explore the unique characteristics of these avian creatures , delve into the surprising factors that led to their presence in the city, and uncover the intricate ways they've adapted to their new habitat. So, if you're ready to embark on a journey that unveils the unexpected and showcases the marvels of nature's adaptability, let's dive into the extraordinary world of puffins in Cape Town. Prepare to be amazed by their resilience, captivated by their behavior, and inspired by their coexistence with the bustling metropolis. Get ready to witness a phenomenon that reminds us of the limitless wonders the natural world has to offer. The Enigmatic Puffin Species Few avian species captivate the imagination quite like puffins. With their unmistakable appearance and charming behavior, these enigmatic creatures are a testament to the wonders of nature's creativity. Standing on sturdy, multicolored legs, puffins proudly sport a distinctive feature that has earned them the moniker "clowns of the sea" — their vibrant, oversized beaks. These beaks, reminiscent of a parrot's vibrant palette, play a crucial role in attracting mates and distinguishing individual puffins. As they bob on the ocean waves, these comical visages offer a heartwarming display of nature's artistry, beckoning observers to a world where color and charisma intertwine. Inhabiting northern seas and coastal landscapes, puffins have honed their preferences for specific habitats and breeding grounds. Nestled among rocky crevices and steep cliffs, they've mastered the art of utilizing their claws to burrow deep into the earth, creating snug nesting sites that provide both shelter and security. The

Source - Greater Good
6 Sep 2023
6Sep

MTN South Africa appoints new executives for enterprise and channels

M TN South Africa has announced the appointment of two new executives for its enterprise and channels divisions, effective from September and October 2023. Tumi Chamayou will be the chief enterprise business officer for South Africa, and Ernest Galelekile will be the channels executive in commercial operations. MTN SA has appointed two new executives. Source: Linkedin Chamayou is currently the group executive for MTN's enterprise business unit, where she has driven growth and strategy across MTN's markets. She has over 20 years of experience in technology and telecommunications, including senior roles at Egon Zehnder's firms and Ericsson. Tumi Chamayou "Tumi has made a significant contribution to our group enterprise business unit, and in our pursuit of realising our strategic goals of fostering business expansion, revolutionising customer satisfaction, and revitalising employee involvement, it's paramount we enlist individuals with the requisite capabilities, which describes Tumi to a tee," said Charles Molapisi, CEO of MTN South Africa about the appointment. "I am confident that her extensive expertise will play a significant role in elevating our commercial and operational facets as we endeavor to provide an enhanced customer experience." Galelekile has held various leadership roles within both the MTN Group and MTN SA, most recently as the GM of KwaZulu-Natal regional operations. He has also worked at Nedbank, SAB Miller and Unilever. Ernest Galelekile "Ernest's appointment marks an important milestone for us," said Molapisi. "His proven track record of leadership and extensive experience within the MTN Group makes him an excellent fit for the role he has been appointed to, and we are confident his strategic insights and proficiency in channel operations and management will contribute significantly to our ongoing growth as we move towards achieving our Ambition 2025 strategy." "Ernest and Tumi's appointments reflect our commitment to fostering internal talent and harnessing the ex

Source - MSN
6 Sep 2023
6Sep

BHP rices $4.5bn bond offer

PERTH (miningweekly.com) — Diversified miner BHP has priced a $4.75-billion senior secured bond offer in the US market. The bonds will be issued by subsidiary BHP Billiton Finance under BHP's US debt registration statement, which was filed with the US Securities and Exchange Commission on February 22. The bonds will be guaranteed by BHP. The bond offer comprises five tranches of bonds, including $850-million three-year bonds priced at a fixed coupon of 5.25% maturing in 2026, $700-million five-year bonds priced at a fixed coupon of 5.1% maturing in 2028, $900-million seven-year bonds priced at a fixed coupon of 5.25% maturing in 2030, $1.5-billion ten-year bonds priced at a fixed coupon of 5.25% maturing in 2033, and $800-million thirty-year bonds priced at a fixed coupon of 5.5% maturing in 2053. BHP said on Wednesday that the proceeds from the bonds, together with cash on hand, if applicable, would be used to repay the acquisition facility used for the acquisition of Oz Minerals and for other general corporate purposes. Settlement of the bonds is expected to occur on September 8, subject to customary closing conditions.

Source - Mining Weekly
6 Sep 2023
6Sep

'We need to move away from only having one job': Young women unpack business ideas

Women in business, influencers and innovators gathered for a TSIBA Business School networking event on Friday 25 August, aimed at aspiring entrepreneurs and anyone intrigued by the "meteoric rise of influencer marketing and "side business hustles. The event featured a panel of accomplished entrepreneurs and industry pioneers that included businesswomen Thobela Mfeti, Yonela Msutu, Nuriyah Gallo and Kim Terry. Msutu, a TSIBA alumnus who hails from Masiphumelele, says she loves motivating young women to be "whoever they want to be. "I am career-oriented and love motivating young people. I've learned that communication and how you sell yourself for a job or opportunity is very important. The 26-year-old, who matriculated at Fish Hoek High School, says she learned early on that having one job in today's economy was simply not enough. "I have side jobs as well as a corporate 09:00 to 17:00 job. I started waitressing at a young age and the way the economy is as well as being the only breadwinner, you must have side hustles, and I would like to inspire young girls to do the same. She says her biggest role model has always been her mother, who worked as a domestic worker to raise her and her sibling. "My mom inspired me. I grew up with my aunt in the Eastern Cape. "Most of my life my mom was a domestic worker because she never had a matric certificate. Musutu explains that she lived in the Eastern Cape from the age of five until Grade 9. "When I came back to Cape Town and went to Fish Hoek High School, at the time there were fewer black kids at the school and many people wondered how I got there. "My mom did her best and put me in that school. She is my role model because she was bold enough to say that although she is a domestic worker and tea lady, she would give me that education. As a teenager, she started selling sweets and waitressing and learned how to make a profit. "In the Eastern Cape I was an entrepreneur and sold sweets, everyone thought I would be the biggest entrepreneur. "In Grade 1

Source - News24
6 Sep 2023
6Sep

Retiring Quinton de Kock has 'unfinished business' at the World Cup

Proteas coach Rob Walter says Quinton de Kock has 'unfinished business' after the announcement the wicketkeeper will retire from ODI cricket after the World Cup. South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup, which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. ?ANNOUNCEMENT ? Quinton de Kock has announced his retirement from ODI cricket following the conclusion of the ICC @cricketworldcup in India ? ? What's your favourite Quinny moment throughout the years ? ? pic.twitter.com/oyR6yV5YFZ - Proteas Men (@ProteasMenCSA) September 5, 2023 "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De AFP

Source - Knowledia
6 Sep 2023
6Sep

South African miners join race to buy Botswana's Khoemacau copper mine - sources

NAIROBI/LONDON - At least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa'slargest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset. Johannesburg-listed Impala Platinum, Exxaro Resources and Sibanye Stillwater are weighing bids for the copper and silver mine in Botswana, said the sources with knowledge of the matter, who declined to be named due to the sensitivity of the information. A number of unnamed Chinese investors, are also on the list of companies interested in Khoemacau Copper Mining operations, one of the sources said. Impala declined to comment. Exxaro did not immediately respond to emailed questions. Sibanye confirmed its interest. "We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into an non-disclosure agreement to try and understand the opportunity better," Sibanye spokesperson James Wellsted told Reuters. "But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value." An increase in copper demand for applications from solar panels to electric cars in coming years has prompted miners to scramble for more supplies of the metal. Copper prices have fallen due to fears of a global slowdown, but longer-term prospects for the metal and a competitive bidding process will make it hard for any of the bidders to strike a bargain, two of the sources said. Khoemacau's owners - Cupric Canyon, a US private equity firm with funds managed by Global Natural Resources Investments (GNRI) and Resource Capital Fund VII LP - said in May they had begun to engage with potential buyers. The process is expected to take several months and be finalised close to the end of 2023, a Khoemacau spokesperson said. Diversified miner South32 and Australian rival Sandfire Resources dropped out of the race after the first bidding round due to the mine's

Source - Mining Weekly
6 Sep 2023
6Sep

South African miners join race to buy Botswana's Khoemacau copper mine - sources

NAIROBI/LONDON - At least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa'slargest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset. Johannesburg-listed Impala Platinum, Exxaro Resources and Sibanye Stillwater are weighing bids for the copper and silver mine in Botswana, said the sources with knowledge of the matter, who declined to be named due to the sensitivity of the information. A number of unnamed Chinese investors, are also on the list of companies interested in Khoemacau Copper Mining operations, one of the sources said. Impala declined to comment. Exxaro did not immediately respond to emailed questions. Sibanye confirmed its interest. "We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into an non-disclosure agreement to try and understand the opportunity better," Sibanye spokesperson James Wellsted told Reuters. "But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value." An increase in copper demand for applications from solar panels to electric cars in coming years has prompted miners to scramble for more supplies of the metal. Copper prices have fallen due to fears of a global slowdown, but longer-term prospects for the metal and a competitive bidding process will make it hard for any of the bidders to strike a bargain, two of the sources said. Khoemacau's owners - Cupric Canyon, a US private equity firm with funds managed by Global Natural Resources Investments (GNRI) and Resource Capital Fund VII LP - said in May they had begun to engage with potential buyers. The process is expected to take several months and be finalised close to the end of 2023, a Khoemacau spokesperson said. Diversified miner South32 and Australian rival Sandfire Resources dropped out of the race after the first bidding round due to the mine's

Source - Engineering News
6 Sep 2023
6Sep

Canadian and U.S. stock markets dip ahead of Bank of Canada's rate decision

Published Sep 05, 2023 19:58 NDX US500 DJI On Tuesday, both Canadian and U.S. stock markets reported losses as investors awaited the Bank of Canada's interest rate decision scheduled for Wednesday. The S&P/TSX composite index fell 131.60 points to 20,413.76, while in New York, the dropped 195.74 points to 34,641.97. Similarly, the was down 18.94 points at 4,496.83, and the was down 10.86 points at 14,020.95. Energy stocks and battery metals on the Canadian market experienced an upward trend, but this was overshadowed by weakness in telecom, utilities and base metals sectors. Meanwhile, the Canadian dollar traded for 73.38 cents US, a slight decrease from its Friday value of 73.64 cents US. The Bank of Canada is anticipated to hold its key rate steady in Wednesday's announcement. However, there is speculation about whether the central bank has concluded its hiking cycle entirely. Brianne Gardner, senior wealth manager of Velocity Investment Partners at Raymond James Ltd., believes that the hiking cycle may have ended but anticipates that the bank will maintain a "wait and see" approach to future hikes. Gardner warned that if the central bank indicates it's done hiking, it could ignite consumer confidence and potentially reignite inflation. "If people start knowing interest rates are coming down, then they will start going out and buying more properties. And real estate is a huge portion of what makes up our inflation in Canada," she explained. According to Gardner, monetary policy in Canada tends to follow the U.S., but Canada's central bank was the first to hike rates and could be the first to hold or cut. Last week saw several economic data reports largely indicating a slowly cooling economy which helped boost bets that the U.S. Federal Reserve won't hike rates later this month. This week appears quieter on Wall Street in terms of economic data amid the last trickles of corporate earnings season. In commodity markets, prices continued their summer climb on news of Saudi Arabia and

Source - Investing
6 Sep 2023
6Sep

Transnet pipeline fuel theft suspect returns to court next month

A 44-year-old man is expected back in the Pretoria regional court on Tuesday, October 3, following his arrest in connection with the theft of fuel from the Transnet fuel pipeline between Waltloo and Kendal in Silverton. This was according to national head of the directorate for priority crime investigation (Hawks), Lieutenant-General Godfrey Lebeya's update on September 4 of the first quarter progress report for the 2023/2024 financial year. Lebeya said this was not 44-year-old Shady Mhlanga's first appearance since his arrest on December 31 last year. The arrest was actioned by Transnet officials, with the assistance of Bidvest security who had responded to suspected damage to essential infrastructure that later turned out to be fuel being siphoned off and stolen from the Transnet fuel pipeline in Silverton. Colonel Philani Nkwalase said a leak was detected between Waltloo and Kendal in Silverton, when fuel pressure had dropped in the area. "Upon searching for the spot where the fuel pressure was dropping, they came across the Mercedes-Benz truck on the road in Silverton hauling a leaking fuel tanker. "Attempts were made to stop the truck and when it eventually stopped, the driver jumped off to hide in an effort to evade arrest." Nkwalase said the driver was however tracked down and arrested. He said the truck valued at R602 000 was seized when the driver failed to explain where he got the fuel from. "Mhlanga, an undocumented Zimbabwean, remained in custody as his bail was successfully opposed. He will be back in the court." Mhlanga last appeared on June 27, when the Hawks' Priority Crime Specialised Investigation (PCSI), working in collaboration with the asset forfeiture unit of the National Prosecuting Authority had secured four preservation orders. Nkwalase said the orders, worth a combined value of R1.9 million, emanated from unrelated cases in terms of Section 38 (2) of the Prevention of Organised Crime Act 121 of 1998. "The PCSI in Gauteng has successfully secured a preservation o

Source - Rekord
6 Sep 2023
6Sep

Take your business to new heights with Chronodesk's all-in-one collaboration platform

In the fast-paced business world, efficiency and innovation are not just buzzwords - they're necessities that impact your bottom line. However, when businesses try to integrate disparate solutions into their organisation, this often results in frustration, compatibility issues, and wasted time. Recognising this, Jonathan Bell, the visionary Managing Director at Rysis Software, embarked on a mission to revolutionise how companies manage their teams and operations. The result of this mission is Chronodesk - a locally-developed, fast, efficient, full-featured SaaS solution that is meticulously crafted to alleviate your business's pain points and supercharge your productivity! This locally developed software now helps South African businesses become more efficient and profitable through its end-to-end functionality, and it addresses the challenges of piecing together different tools from various platforms to meet your business needs. Unified solution for comprehensive collaboration The inspiration behind Chronodesk was born out of the frustration of dealing with multiple tools scattered across different platforms. "Our goal was to provide businesses with an all-in-one system that seamlessly handles team collaboration without the hassle of integrating disjointed solutions, said Bell. Many project and time management solutions fall short of achieving this, instead focusing on basic features and having a lot of unstructured data. Chronodesk, however, fills this void by offering a unified platform that requires no more juggling of incompatible tools. Instead, it integrates project management, time tracking, billing, ITSM service desk, Wikis, document management, and CRM functionality in one cohesive interface. Cost-effective excellence One standout advantage of Chronodesk is its local origin, which means it is tailored to the South African market. This unique aspect ensures cost-effective rates, making Chronodesk a practical and appealing solution for all local businesses. Furthermore, as a proudl

Source - Mybroadband
6 Sep 2023
6Sep

Markets mixed as oil prices continue to surge

Following the announcement by Saudi Arabia and Russia that the voluntary cutbacks of its supply will be extended for an additional three months until the end of December, oil prices increased by more than 1% to new ten-month highs. With WTI crude trading above $87 a barrel and trading around $90 at 21h00 local time. The declined by 2.06% on Tuesday after more data showed that China's economic recovery is faltering. An industry survey revealed that services activity increased the least so far this year in August 2023. Ahead of this week's Chinese inflation and trade performance data, confidence in government stimulus measures waned. Conversely, the rose to 0.30%, supported by a weak yen that improved the earnings prospects for Japanese companies with high exports. Due to rising doubts about the health of the world economy, European stocks slumped on Tuesday, with a 1.30% drop in construction stocks driving the dip. In economic news, updated PMI data for Spain and Italy indicated an unanticipated fall in services activity last month, while data for the Eurozone, Germany, and France showed a more significant decline in private sector activity. After muted economic data from China and Europe revived concerns about the future of the global economy, the JSE settled almost 0.50% lower on Tuesday. However, even if the US Federal Reserve (Fed) stops its cycle of rate increases this month, investors expect that interest rates could remain high for a while. Domestically, local GDP grew by 0.60% on a quarterly basis in the second quarter, up from 0.40% the previous quarter and beating market expectations of a 0.10% increase. Meanwhile, a recent PMI survey revealed that after five straight months of contraction, the private sector in South Africa resumed expansion in August 2023. Wall Street was lower at 21h55 due to higher oil prices and worries about the growth of the global economy after PMI data for China indicated that the country's services output expanded at the slowest rate in eight months. The

Source - Investing
6 Sep 2023
6Sep

Gary Saage Joins Richemont Board: Luxury Leadership Reshaped

6 September 2023 Gary Saage to Join Richemont Board : Gary Saage, former CFO, nominated for Richemont's Board of Directors and Audit Committee Chair. Saage's Extensive Luxury Industry Experience : With decades of luxury sector expertise, Saage brings valuable financial skills and knowledge. Smooth Transition Assured : Current Deputy Chairman Dillie Malherbe to facilitate changes during the next 18 months in the company's leadership. Compagnie Financière Richemont SA has announced a significant development in its corporate leadership. Gary Saage, a seasoned financial executive with a rich history within the company, is set to rejoin the Board of Directors and take up the role of Chairman of the Audit Committee, subject to shareholder approval at the annual general meeting scheduled for September 2024. A Wealth of Experience Gary Saage brings a wealth of experience to this pivotal role. As a former Chief Financial Officer (CFO) of the Richemont Group and a previous board member, Saage possesses invaluable knowledge of Richemont's intricate operations and holds the financial acumen necessary for this crucial position. With decades of experience in the luxury goods sector and a track record of financial discipline, he is well-prepared to steer Richemont's financial oversight in the right direction. A Distinguished Career Gary Saage's professional journey is nothing short of impressive. A graduate of Fairleigh Dickinson University in the USA and a Certified Public Accountant (CPA), he began his career in the world of public accounting with Coopers & Lybrand. In 1988, he made the transition to Cartier in the United States, marking the beginning of his remarkable journey within the Richemont Group. Saage's commitment and expertise led him to the positions of Chief Operating Officer of Richemont in North America and later, Chief Operating Officer of dunhill in London. In 2006, he took on the role of Group Deputy Finance Director, and in 2010, he was promoted to Chief Financial Officer. It wa

Source - Rateweb
6 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets

Sanlam (JO: ), Africa's largest non-banking financial services provider, and Allianz (ETR: ), one of the world's leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz's ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. Creating Significant Value for Clients "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam group's chief executive officer, Mr Paul Hanratty. Unlocking the Potential of Multiple Fast Growing African Markets Mr Christopher Townsend, board member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is b

Source - Investing
6 Sep 2023
6Sep

Africa Climate Summit - Carbon Markets Scheme Criticised

A new report has dismissed Africa's carbon markets scheme as a 'wolf in sheep's clothing'. The carbon market is one of the topics being discussed at the African Climate Summit currently taking place in Nairobi, Kenya. This market enables "climate polluters" to fund projects that reduce carbon emissions in other countries, and they can then include these emissions reductions in their own climate targets while still emitting greenhouse gases. A carbon credit is a kind of permit that represents one tonne of carbon dioxide removed from the atmosphere. As the Summit gets underway in Nairobi, a new report by climate think tank Power Shift Africa and partners details the dangers of carbon credits and why African leaders must avoid falling into the trap of adopting them on the continent. Hundreds of millions of dollars were pledged on Monday, including $450 million by the UAE Carbon Alliance, to boost Africa's carbon credit production 19-fold by 2030. Others who committed money for carbon projects are Britain ($62 million), Germany ($65 million), and Climate Asset Management ($200 million). The African Carbon Market Initiative (ACMI) is the latest carbon credit scheme being pushed by a motley crew of politicians, businesses, and philanthropists, with claims that it will be the silver bullet that fixes Africa's climate distress. The report by African climate experts, however, shows that the initiative is riddled with deficiencies and inconsistencies and will only fling open the floodgates of pollution. Backed by scientific evidence and expert analysis, the report instead proposes several climate action alternatives to the leaders to ensure real action to tackle the climate crisis. The flawed theory behind a carbon market, the report argues, is that part of the money paid by the corporations for these carbon credits, which authors dismiss as "permits to pollute", would go towards development projects in Africa that avoid or reduce emissions. Authors of the report, however, note that the reality is t

Source - Allafrica
6 Sep 2023
6Sep

How Do I Set Up SEO for My Business How Much Does It Cost to Do SEO — Press Release

MyPR | Free Business Showcase | Paid for Adverts Setting up an effective SEO strategy for your business is no longer optional; it's a necessity. With the digital landscape becoming increasingly competitive, businesses need to be proactive in ensuring they are easily discoverable online. But how do you go about setting up SEO for your business? In this step-by-step guide, we'll walk you through the process, offering tips and best practices along the way. Before diving into SEO, it's crucial to understand the current state of your website. Conduct a comprehensive audit to identify issues such as broken links, slow loading times, and outdated content. There are various tools available to help you with this, ranging from Google's Search Console to specialized SEO software. Keywords are the backbone of SEO. Use tools like Google Keyword Planner or SEMrush to identify relevant keywords for your business. Look for terms with high search volume but low competition, as these offer the best opportunity for ranking. Once you've identified your target keywords, the next step is to optimize your website's content. This includes meta descriptions, title tags, and the content itself. Make sure to naturally incorporate your keywords into these elements. Content is king when it comes to SEO. Create high-quality, informative, and engaging content that addresses the needs and questions of your target audience. This not only improves your site's SEO but also establishes your brand as an authority in your field. Off-page SEO refers to actions taken outside of your website that impact your rankings. This primarily involves building high-quality backlinks from reputable websites. Consider reaching out to industry influencers or writing guest posts for well-known blogs in your sector. SEO is not a one-time effort but an ongoing process. Use analytics tools to monitor your website's performance. Keep an eye on metrics like organic traffic, bounce rate, and conversion rates to understand how your SEO efforts are pa

Source - Buy PE
6 Sep 2023
6Sep

Dollar takes a break as stocks seek direction: Markets wrap

Bitcoin rose 0.2% to $25 759.18. By Tassia Sipahutar, Bloomberg 6 Sep 2023 The greenback steadied and stocks traded mixed amid elevated oil prices that reignited concerns over inflation. The dollar traded in a tight range against its Group-of-10 peers and remained near the highest since March as Treasury yields pushed up across tenors on Tuesday on the back of heavy corporate bond deals in global high-grade markets. Treasuries steadied during Asian trading. ADVERTISEMENT CONTINUE READING BELOW The dollar's earlier strength had prompted Japan's top currency official Masato Kanda to say Wednesday he wouldn't rule out any options if currency moves continue. The Chinese central bank also moved to defend the yuan with another record strongest daily fixing, setting a stronger-than-expected fixing everyday since late June. The yen held on to modest gains, while the offshore yuan edged lower. Asian stocks traded mixed, with benchmark indexes falling in Hong Kong and mainland China, but rising in Japan for an eighth day. Chinese property developers extended their gains to nearly 8% on speculations that more stimulus will come. European and US equity contracts edged lower following the decline in the S&P 500 to below 4,500 in the previous session while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%. Meanwhile, West Texas Intermediate held near the highest since November and Brent stayed above $90 a barrel - after breaching the level Tuesday - as the largest OPEC+ producers extended their supply cuts to year-end. Oil's recent gains pose a headwind for much of Asia, threatening economic growth and risk keeping interest rates high. Brent may continue to trade high on the supply cuts, with the price expected to hover at $90 from now until year-end and at $95 in the first half of next year, according to Heng Koon How, head of markets strategy at United Overseas Bank in Singapore. "A key risk to our forecast of higher prices is further economic weakness in China that ma

Source - Moneyweb
6 Sep 2023
6Sep

COMPAGNIE FINANCIÈRE RICHEMONT SA — Richemont nominates Gary Saage to the board of directors and its audit committee

6 September 2023 R2,681.46 Richemont nominates Gary Saage to the board of directors and its audit committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT NOMINATES GARY SAAGE TO THE BOARD OF DIRECTORS AND ITS AUDIT COMMITTEE Richemont is pleased to announce that Gary Saage will be proposed for election to the Board of Compagnie Financière Richemont SA for shareholder approval at the annual general meeting to be held in September 2024 and, if elected, to the role of Chairman of its Audit Committee. As a former Chief Financial Officer of the Group and Board member, Gary Saage brings with him invaluable knowledge of Richemont and relevant financial skills to perform this important role. Mr Saage also brings along decades of experience in the luxury goods industry and a track record in financial discipline. A graduate of Fairleigh Dickinson University, USA, and a US Certified Public Accountant, Gary Saage began his career in public accounting with Coopers & Lybrand. In 1988, he joined Cartier in the US, thereafter serving as Chief Operating Officer of Richemont in North America and then of dunhill in London. In 2006, Mr Saage moved to Geneva to act as Group Deputy Finance Director and in 2010 was promoted Chief Financial Officer. That same year, he joined the Board, which he subsequently departed in September 2021. He continued to serve as Chairman of Richemont North America and related companies until August 2023 in a non-executive capacity, overseeing governance matters. Josua (Dillie) Malherbe will remain Deputy Chairman of the Board and will continue to sit on the Audit and the Strategic and Security Committees whilst facilitating changes due over the next 18 months during which period three members of the Audit Committee will depart and a tender process to select the next Group's external a

Source - Moneyweb
6 Sep 2023
6Sep

Prosus Shares Surge: €64 Million Buyback Boosts Investor Confidence

Prosus N.V. announces repurchasing 1,012,749 of its own shares for €64.1 million, showing confidence in its value. South African investors should note Prosus' JSE listing and consider the impact of this move on their portfolios. Share buybacks can boost investor sentiment, increase EPS, and reduce dilution, potentially benefiting shareholders. Prosus N.V. has released an update on its ongoing share repurchase program. This development follows the initial announcement of the repurchase program made on June 27, 2022. The program encompasses the repurchase of ordinary shares in the capital of Prosus, referred to as "Prosus Shares," as well as Naspers Holdings' ordinary shares, denoted as "Naspers Shares." As part of the Repurchase Programme, Prosus has completed a notable buyback of its own shares. This move carries substantial implications for both the company and its investors. Key Repurchase Details Between August 28, 2023, and September 1, 2023, Prosus successfully repurchased a total of 1,012,749 Prosus Shares. The company acquired these shares at an average price of €64.1771 per share, amounting to a total consideration of €64,995,336 (equivalent to US$70,317,082). This strategic move underscores Prosus' commitment to optimizing shareholder value. The following table summarizes the key details of the recent share repurchase: This move signifies Prosus' confidence in its own value and potential, as well as a commitment to enhancing shareholder returns. Share buybacks are often seen as a way for companies to invest in themselves when they believe that their stock is undervalued. What It Means for Investors For investors in Prosus, this repurchase program can have several implications: Positive Sentiment : The decision to repurchase shares often reflects confidence in the company's financial health and future prospects. This could boost investor confidence and sentiment. Potential Value Appreciation : With fewer outstanding shares, the earnings per share (EPS) may in

Source - Rateweb
6 Sep 2023
6Sep

Markets mostly drop as oil spike fuels fresh inflation fear

Most markets fell Wednesday as a jump in oil prices to 10-month highs rekindled worries of another US Federal Reserve interest rate hike. The dollar eased slightly against its major peers after rallying Tuesday on new monetary tightening bets, though it remained elevated. The share selling came after US traders returned from a long weekend to spark a sell-off after Saudi Arabia and Russia said they would extend crude output cuts to the end of the year. The news, which surprised some owing to the length of time, sent both main oil contracts to levels not seen since November, with Brent above $90 for the first time this year. They were marginally lower Wednesday. The price spike hit hopes the Fed's monetary tightening drive was over following a string of data indicating more than a year of rate hikes had managed to bring inflation down from four-decade highs and softened the labour market. Observers said higher energy costs would complicate the central bank's work as they accounted for a large part of the surge in prices in the wake of Russia's invasion of Ukraine "Rising oil prices are officially the new inflation stoker," said Stephen Innes at SPI Asset Management. "Everyone notices that this rally feels different, suggesting that 'Oil', the Great Inflationary Dragon, is not yet slain." And Tim Waterer at KCM Trade warned that the gains have come even with a strong greenback, making dollar-crude more expensive for clients buying with other currencies. He added that this means "that should the greenback come off the boil at some point there is potentially more room to the upside for the oil market". Meanwhile, US monetary policymakers offered differing outlooks on the way forward. Fed Governor Christopher Waller said decision-makers had room to stand back to assess the impact of past tightening, telling CNBC: "There was nothing that is saying we need to do anything imminent anytime soon." But Cleveland Fed boss Loretta Mester said she could "well imagine, from what I see so far, that we mig

Source - Briefly
6 Sep 2023
6Sep

COMPAGNIE FINANCIERE RICHEMONT SA - Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee

Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT APPOINTS SWEN GRUNDMANN AND BOET BRINKGREVE TO SENIOR EXECUTIVE COMMITTEE Richemont announces today the following appointments to its Senior Executive Committee (SEC), effective 6 September 2023. Director of Corporate Affairs Swen Grundmann will join the SEC in his new capacity as Director of Corporate Affairs in addition to maintaining his role as Group Company Secretary. Swen Grundmann will continue to report to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Swen Grundmann brings 27 years of experience to the role, primarily in the legal and corporate governance fields. He started his career at Richemont in 1996 as legal counsel and was appointed Group Company Secretary in 2017. Over the years, Mr Grundmann has been responsible for the corporate law affairs of the Group and its subsidiaries and been involved in various merger and acquisition projects. He was, until February of this year, also the General Counsel and Company Secretary of Reinet Investments SCA and Reinet Fund S.C.A., which he joined in 2009. This September, Mr Grundmann's responsibilities were expanded to incorporate Corporate Affairs. A Dutch national, Swen Grundmann holds a law degree from the Faculty of Law from the University of Amsterdam (1994). CEO of Laboratoire de Haute Parfumerie et Beauté Boet Brinkgreve was appointed to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté on 1 September 2023. He reports to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Mr Brinkgreve's thirty-year career has been primarily in the chemicals, fragrances and flavour industries spanning the US, China and Europe. He joins Richem

Source - Sharenet
6 Sep 2023
6Sep

Dollar takes a break as stocks seek direction: Markets wrap

The greenback steadied and stocks traded mixed amid elevated oil prices that reignited concerns over inflation. The dollar traded in a tight range against its Group-of-10 peers and remained near the highest since March as Treasury yields pushed up across tenors on Tuesday on the back of heavy corporate bond deals in global high-grade markets. Treasuries steadied during Asian trading. ADVERTISEMENT CONTINUE READING BELOW The dollar's earlier strength had prompted Japan's top currency official Masato Kanda to say Wednesday he wouldn't rule out any options if currency moves continue. The Chinese central bank also moved to defend the yuan with another record strongest daily fixing, setting a stronger-than-expected fixing everyday since late June. The yen held on to modest gains, while the offshore yuan edged lower. Asian stocks traded mixed, with benchmark indexes falling in Hong Kong and mainland China, but rising in Japan for an eighth day. Chinese property developers extended their gains to nearly 8% on speculations that more stimulus will come. European and US equity contracts edged lower following the decline in the S&P 500 to below 4,500 in the previous session while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%. Meanwhile, West Texas Intermediate held near the highest since November and Brent stayed above $90 a barrel - after breaching the level Tuesday - as the largest OPEC+ producers extended their supply cuts to year-end. Oil's recent gains pose a headwind for much of Asia, threatening economic growth and risk keeping interest rates high. Brent may continue to trade high on the supply cuts, with the price expected to hover at $90 from now until year-end and at $95 in the first half of next year, according to Heng Koon How, head of markets strategy at United Overseas Bank in Singapore. "A key risk to our forecast of higher prices is further economic weakness in China that may reduce energy demand, he wrote in a note. "However, the immediate concern

Source - South Africa Finance News
6 Sep 2023
6Sep

Italtile 's exclusive new Laufen Basal Range

September 1, 2023 In 1976, Cartier birthed the iconic Les Must de Cartier, with its exquisite ranges of accessibly priced pieces created toappeal to a wider market of luxury lovers, yet still carrying the impeccable Cartier credentials. In much the same way, world-leading sanware creators Laufen have introduced Basal , a new range of beautifully designed, mid-range priced sanware all set to become contemporary classics. Italtile is proud to be the exclusive stockist. The new Laufen Basal range offers Italtile's style-conscious customers undeniable luxury, cutting edge innovation, high-end design, impeccable craftsmanship and impressive sustainability... all wrapped up in outstanding value for money. The range embodies Laufen's "Swissness" (a build DNA rooted in over 120 years of experience, that fuses precision, quality and extreme durability) and is truly the ultimate affordable luxe The range consists of: The Basal White Wall Hung Basin 600 x 450 x 150mm The Basal White Wall Hung Basin 800 x 450 x 150mm The Basal Rimless White wall Hung Pan 360 x 530 x 350mm The Basal White Soft Close Slim Toilet Seat & Cover 360 x 445 x 45mm The range has been designed with a crisp minimalism, incorporating contemporary curves in the Basal Rimless Wall Hung WC and Slim Soft Close Seat , and subtly rounded edges in the two Basal Wall Hung Basins . The wall hung WCs offer the double benefit of easy maintenance and optimum hygiene with Laufen's innovative rimless flushing technology . This allows uniform rinsing of the entire bowl with just one flush and also prevents any build-up of bacteria and dirt in hard-to-reach places. Each item in the range has been fired at 1250 degrees Celsius in the kiln and then, as with all Laufen products, carefully hand-finished for flawless perfection. The ceramic material used in the Laufen workshops is 100% recyclable . This means items with defects, or those at end of life, can re-enter the manufacturing process (either at Laufen, or in other industries) after bei

Source - Italtile
6 Sep 2023
6Sep

SOUTH32 LIMITED - Daily buy-back notice

Release Date: Code(s): S32 PDF: Daily buy-back notice South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth)) (ACN 093 732 597) ASX / LSE / JSE Share Code: S32; ADR: SOUHY ISIN: AU000000S320 south32.net South32 Limited DAILY SHARE BUY-BACK NOTICE The daily share buy-back notice (Appendix 3E) lodged on the Australian Securities Exchange and voluntarily disclosed on the Johannesburg Stock Exchange and London Stock Exchange has today been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism: - South32 Limited — Daily share buy-back notice — Appendix 3E About us South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We produce commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world. Investor Relations Ben Baker T +61 8 9324 9363 M +61 403 763 086 E Ben.Baker@south32.net Media Relations Jamie Macdonald Miles Godfrey T +61 8 9324 9000 T +61 8 9324 9000 M +61 408 925 140 M +61 415 325 906 E Jamie.Macdonald@south32.net E Miles.Godfrey@south32.net Further information on South32 can be found at www.south32.net. JSE Sponsor: The Standard Bank of South Africa Limited 06 September 2023 Date: 06-09-2023 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way g

Source - Sharenet
6 Sep 2023
6Sep

Naspers Boosts Value: 250K Shares Bought

Naspers Limited updates on its share repurchase program, buying 250,654 Naspers Shares for ZAR 796 million ($42.9 million). The strategic move reflects the company's commitment to optimizing capital structure and enhancing shareholder value. Weekly updates and adherence to regulatory requirements demonstrate Naspers' confidence in its stock and strategic goals. Naspers Limited has released an update on its ongoing share repurchase program. This announcement comes as the company continues to make strategic moves in the market, attracting the attention of investors and stakeholders alike. Share Repurchase Program Recap Naspers initiated an open-ended share repurchase program on June 27, 2022. This program, aimed at acquiring ordinary shares in both Prosus and Naspers, targets free-float shareholders within the Group. To meet regulatory requirements, Naspers has committed to providing weekly updates on the progress of this program. Recent Repurchase Activity For the period spanning from August 28, 2023, to September 1, 2023, Naspers reported the acquisition of 250,654 Naspers Shares. These shares were purchased at an average price of ZAR3,177.2987 per share, amounting to a total consideration of ZAR796,402,620, which equates to approximately US$42,890,050. This strategic move highlights Naspers' commitment to optimizing its capital structure and enhancing shareholder value. Here's a summary of the recent repurchase activity: Investors and stakeholders closely monitor such share repurchase activities as they often reflect a company's confidence in its own stock and its commitment to enhancing shareholder value. Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker . For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices

Source - Rateweb
6 Sep 2023
6Sep

Redefine Manufacturing with MTN Business 5G Private Networks

MTN Business 5G Private Networks are redefining manufacturing efficiency, flexibility, and safety by seamlessly facilitating the operation of smart factories. This 5G service delivers the resilience and speeds that are key to solving latency issues on fast-paced assembly lines - where even a microsecond delay can result in costly disruptions. Likewise, when using MTN Business 5G Private Network solutions, industrial robotics can communicate more reliably and companies can enable the adoption of augmented reality to support training, maintenance, construction, and repairs. At the heart of all of these benefits is the fact that MTN Business 5G Private Network solutions enable the use of digital twins - which we unpack below. Digital twins and enhanced productivity A digital twin is a digital representation of a physical object (like an industrial machine) or a factory process. Using a digital twin as well as technologies like augmented reality, manufacturers can test the effectiveness of machines and processes through simulations without investing in expensive prototypes. Alongside the clear cost benefits, digital twins also reduce development times, testing times, and the chance of production defects. When combined with investment into sensors and machine learning in assembly lines, your systems will be able to predict, prevent, and even prescriptively fix problems before they occur. Advantages of digital transformation Digital twins are one of the many advantages that MTN Business 5G Private Networks offer to manufacturing businesses. Additional benefits to companies include: Sustainable growth - Digital innovation allows continuous growth. Job satisfaction - Improved safety and ease of use drives employee happiness and retention. Financial gains - Reduced costs and less material waste result in more overall efficiency, while improved products allow for more competitive pricing. MTN Business 5G Private Networks are therefore the best way to digitally transform your company and make smart m

Source - Mybroadband
6 Sep 2023
6Sep

Mosimane ‘humbled' to have sports court named after him

Following an eventful day at the Lofentse Girls High School in Orlando East, Soweto, where the Pitso Mosimane Multi-Purpose Sports Court was officiallyhanded over, Mosimane said he is humbled to have the facility named after him. Nedbank alongside the reigning champions of the 2022/23 Nedbank Cup Orlando Pirates, hosted the official handover of the sports court on Tuesday. Moments after a ribbon was cut and the sports court was officially handed over to the girls' school chosen by Pirates, Mosimane reminisced of his playing days in Soweto, saying the occasion reminded him of his playing days as a Pirates player. "I am proud [of this facility being named after me] because this is happening in a place where I made my football debut [in Orlando]," Mosimane told the media. "I am happy this is happening in Orlando East because I have a lot of history [here]. My uncles used to play in Orlando Stadium and I have also played for Pirates, you must never forget that — that's the team that gave me an opportunity to go overseas. "We are humbled by Nedbank and the sports trust for giving us this and also Orlando Pirates for winning the trophy, that's why we are here today." In attendance was Minister of Sport, Arts and Culture Zizi Kodwa, Gauteng education MEC Matome Chiloane, Gauteng department of sport, arts, culture and recreation MEC Morakane Mosupyoe, and Gauteng premier Panyaza Lesufi. Nedbank group managing executive Khensani Nobanda confirmed that the facility cost R2-million to build. "The actual sports court costs R2-million and it has a warranty of about 20 years," Nobanda said. "So, if the community and the schools really look after them [sports facilities], this can be a legacy building for generations to come. "What we have also done as Nedbank is that next to the multi-purpose sports court, the school had a small field that was starting to not look great, we have actually committed to upgrade that one, both from a field perspective and field around it." Follow @SundayWorldZA on Twitt

Source - Sunday World
6 Sep 2023
6Sep

Salungano's Wescoal Mining owes R1bn, but is out of coal

Salungano's main subsidiary Wescoal Mining has liabilities exceeding a R1 billion, most of which require settlement within months.The unit has been placed in business rescue, which appears to be the only route to salvage some value as it has run out of exploitable resources from which to generate revenue.Most of Wescoal Mining's directors have quit, leaving it with one.For more financial news, go to the News24 Business front page.While Eskom supplier Salungano has maintained stony silence over the operational and financial problems that have caused it to delay publishing its financial results and led to its suspension on the JSE, a liquidation bid has laid bare the dire straits it's in.Mining contributed 82% of Salungano's revenue and 98% of its core profit in 2022, but its major subsidiary has lost its ability to do business sustainably, and it is also besieged by governance and operational problems. This makes it highly unlikely to trade itself out of trouble.Salungano, meanwhile, has appointed a chief restructuring officer, saying on Tuesday while it would be restructuring the affairs of the group "as soon as possible", Wescoal does not represent its main revenue-generating operation.The group's major operation at Moabsvelden Colliery, supplying coal to Eskom in terms of a long-term coal supply agreement under the subsidiary, Neosho Trading 86, remains uninterrupted and sustainable, it said.Wescoal has liabilities exceeding R1 billion, four times the group's market capitalisation before the stock was suspended. More than half of this is owed to a host of service providers and suppliers that Wescoal is unable to pay. The figure includes a shortfall of R400 million for the rehabilitation of its mines.This is revealed in court papers in which IPP Mining and Minerals Handling, which mines Wescoal's properties on contract, had initiated liquidation proceedings at the North Gauteng High Court in Pretoria in August.By mutual agreement with Salungano, IPP Mining withdrew the liquidation applica

Source - News24
6 Sep 2023
6Sep

BHP rices $4.5bn bond offer

PERTH (miningweekly.com) — Diversified miner BHP has priced a $4.75-billion senior secured bond offer in the US market. The bonds will be issued by subsidiary BHP Billiton Finance under BHP's US debt registration statement, which was filed with the US Securities and Exchange Commission on February 22. The bonds will be guaranteed by BHP. The bond offer comprises five tranches of bonds, including $850-million three-year bonds priced at a fixed coupon of 5.25% maturing in 2026, $700-million five-year bonds priced at a fixed coupon of 5.1% maturing in 2028, $900-million seven-year bonds priced at a fixed coupon of 5.25% maturing in 2030, $1.5-billion ten-year bonds priced at a fixed coupon of 5.25% maturing in 2033, and $800-million thirty-year bonds priced at a fixed coupon of 5.5% maturing in 2053. BHP said on Wednesday that the proceeds from the bonds, together with cash on hand, if applicable, would be used to repay the acquisition facility used for the acquisition of Oz Minerals and for other general corporate purposes. Settlement of the bonds is expected to occur on September 8, subject to customary closing conditions.

Source - Engineering News
6 Sep 2023
6Sep

Salungano's Wescoal Mining owes R1bn, but is out of coal

While Eskom supplier Salungano has maintained stony silence over the operational and financial problems that have caused it to delay publishing its financial results and led to its suspension on the JSE, a liquidation bid has laid bare the dire straits it's in.Mining contributed 82% of Salungano's revenue and 98% of its core profit in 2022, but its major subsidiary has lost its ability to do business sustainably, and it is also besieged by governance and operational problems. This makes it highly unlikely to trade itself out of trouble.Salungano, meanwhile, has appointed a chief restructuring officer, saying on Tuesday while it would be restructuring the affairs of the group "as soon as possible", Wescoal does not represent its main revenue-generating operation.The group's major operation at Moabsvelden Colliery, supplying coal to Eskom in terms of a long-term coal supply agreement under the subsidiary, Neosho Trading 86, remains uninterrupted and sustainable, it said.Wescoal has liabilities exceeding R1 billion, four times the group's market capitalisation before the stock was suspended. More than half of this is owed to a host of service providers and suppliers that Wescoal is unable to pay. The figure includes a shortfall of R400 million for the rehabilitation of its mines.This is revealed in court papers in which IPP Mining and Minerals Handling, which mines Wescoal's properties on contract, had initiated liquidation proceedings at the North Gauteng High Court in Pretoria in August.By mutual agreement with Salungano, IPP Mining withdrew the liquidation application late in August. Instead, it is supporting Salungano's application to place Wescoal in business rescue. The parties, together with at least three other institutions owned hundreds of millions of rand by Wescoal, have agreed that their interest will be best served by a business rescue process instead of winding up the entity.On Tuesday Salungano said it had already registered a business rescue process with the Companies and Int

Source - News24
6 Sep 2023
6Sep

August report: JSE follows global equity markets lower

Investment conglomerates Naspers and Prosus falling 8.2% MoM in aggregate terms weighed heavily on the local bourse, writes Anchor Capital's Peter Little. By Peter Little 6 Sep 2023 Last month the South African stock market followed global equity markets lower (the FTSE/JSE Capped SWIX Index was down 4.8% month-on-month (MoM)), leaving local equities only slightly positive, up 2.8%, for the year-to-date (YTD) at end August. Mining stocks were the biggest drag on the JSE in August, down 9% MoM, as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch, falling 20% MoM, as the major platinum miners all reported disappointing results, characterised by weak volumes and elevated costs. ADVERTISEMENT CONTINUE READING BELOW Read: Lower PGM prices, production see Amplats earnings dive Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were among the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand Investec Standard Bank +1.2% and Sanlam Local education companies were also a rare bright spot, after releasing strong results with solid double-digit earnings growth (Stadio Curro +16% and AdvTech Read: Strong half year sees AdvTech hitting an all-time high What's happening at Curro and AdvTech? Back to school SA GDP could grow 3% if not for power and logistics woes — Sim Tshabalala SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print), as inflation slowed towards the mid-point o

Source - Moneyweb
6 Sep 2023
6Sep

Can anyone catch Checkers Sixty60? (Hint: No)

Shoprite has built an unassailable advantage… By Moneyweb 6 Sep 2023 The mighty Checkers juggernaut rolls on, with sales growth of 18% over the year to July 2.To put into perspective just how extraordinary this is, sales in this R59 billion business increased by more than R10 billion over 52 weeks (to over R69 billion). Central to this momentum is its on-demand grocery delivery service, Sixty60, which saw it enter online grocery shopping third (well behind Woolies and Pick n Pay) at the time. ADVERTISEMENT CONTINUE READING BELOW Read: Shoprite's R215bn sales boom This "last-mover advantage" has seen it run rings around its competitors. Research last year put its share of on-demand grocery delivery spend at nearly 75%! At that point, Pick n Pay and Woolies were stuck in the low teens, despite both chasing share since it became clear just how formidable Sixty60 was. Pick n Pay was practically forced to acquire third-party service Bottles during the Covid-19 pandemic (then rebranded it to asap!) and was again practically forced into a "commercial services agreement" with Takealot to enable groceries on the Mr D platform. Woolworths continues its measured rollout of Dash, which surely should've (could've) been more aggressive. Shift in customer behaviour The problem for both Pick n Pay and Woolies is that Checkers is entrenching a fundamental and permanent shift in behaviour among customers. Once you order groceries on Sixty60, you're likely to do so again (and again and again). If Checkers succeeds in building this habit, it will likely see stronger customer loyalty and, ultimately, capture a greater portion of their grocery spend. Shoprite says sales growth at Sixty60 was 81.5% in the year; it nearly doubled its turnover from the 2022 financial year. Last year, growth was 150%. Of course, rates will moderate as the base grows, but nearly 82% should not be sneezed at. This rapid growth helped propel Checkers's overall turnover by 18%. Compared with the group's overall growth of 17.8%

Source - Moneyweb
6 Sep 2023
6Sep

Tax administrations need to adapt to a changed business environment

Without a digital strategy, they will miss out on e-commerce tax collections. 6 Sep 2023 Since the first tax treaty to avoid double taxation was signed, international tax cooperation has become totally outdated to deal with modern times. This has brought about a rapid change in the way tax administrations collect taxes. This is highlighted by the fact that in Africa, e-commerce alone amounted to $40.3 billion in the current year. If Africa is not able to collect taxes due on these transactions, countries forfeit massive amounts of revenue income, says Logan Wort, executive secretary of the African Tax Administration Forum. ADVERTISEMENT CONTINUE READING BELOW Read: New global tax rules may see African countries losing out, again Speaking at the opening of the global Network of Tax Organisations' (NTO) second conference in Cape Town, he adds that stagnated economic growth is an additional challenge for regional tax administrations. Given these developments, it is impossible to tax in a conventional way, Wort says. Strong tax systems The NTO is a network of regional and international tax organisations that aims to develop a global platform to strengthen tax systems worldwide. It was founded in 2018 in Canada. The second conference tackles the digitalisation of tax administrations. The use of information and technology in revenue collection is not a nice-to-have; it has become a necessity. However, in a country like South Africa, investments in technology innovation within the South African Revenue Service (Sars) have lagged. Sars commissioner Edward Kieswetter says Treasury austerity and budget constraints have meant that we have been falling behind, despite having been at the forefront of innovation and modernisation in the past. State capture undeniably also played a role in eroding efficiencies at Sars. Although some of the underfunding has since been addressed, with recent additional budget allocations to Sars from National Treasury, the tax authority is still not sufficiently funded to

Source - Moneyweb
6 Sep 2023
6Sep

August report: JSE follows global equity markets lower

Investment conglomerates Naspers and Prosus falling 8.2% MoM in aggregate terms weighed heavily on the local bourse, writes Anchor Capital's Peter Little. By Peter Little 6 Sep 2023 Last month the South African stock market followed global equity markets lower (the FTSE/JSE Capped SWIX Index was down 4.8% month-on-month (MoM)), leaving local equities only slightly positive, up 2.8%, for the year-to-date (YTD) at end August. Mining stocks were the biggest drag on the JSE in August, down 9% MoM, as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch, falling 20% MoM, as the major platinum miners all reported disappointing results, characterised by weak volumes and elevated costs. ADVERTISEMENT CONTINUE READING BELOW Read: Lower PGM prices, production see Amplats earnings dive Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were among the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand Investec Standard Bank +1.2% and Sanlam Local education companies were also a rare bright spot, after releasing strong results with solid double-digit earnings growth (Stadio Curro +16% and AdvTech Read: Strong half year sees AdvTech hitting an all-time high What's happening at Curro and AdvTech? Back to school SA GDP could grow 3% if not for power and logistics woes - Sim Tshabalala SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print), as inflation slowed towards the mid-point of the SA Reser

Source - Moneyweb
6 Sep 2023
6Sep

Climate risk is reshaping the insurance sector in emerging markets

New global initiative seeks to support countries vulnerable to climate risk. Modelling climate risk offers a path towards more holistic insurance policies. Insurance industry has an opportunity to rethink how businesses mitigate risk. Merging net-zero targets with insurance strategies is a promising approach. With the launch of a new joint initiative to support the countries that are most vulnerable to climate change, the global insurance industry is evolving in ways that could carry important implications for business in emerging markets. The Global Shield against Climate Risks (GSCR) was announced by the ministers of finance of the so-called Vulnerable Twenty Group (V20) and the G7 after the COP27 UN Conference on Climate Change in Sharm El-Sheikh Egypt in November last year. It seeks to address weaknesses in the financial protection structure in climate-vulnerable economies through pre-arranged finance disbursed before or just after disasters happen. The urgency of the climate crisis has been especially apparent this summer, when the warmest June on record was followed by 10 of the hottest days on record in early July. Scientists forecast that 2023 has an 81% chance of being the warmest year to date. Initial contributions for the GSCR included around 170m from Germany and more than 40m from other countries, with the first recipients of Global Shield packages - referred to as Pathfinder countries - comprising Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal. The World Bank, for its part, has created a Global Shield Financing Facility to help developing countries access financing for recovery from natural disasters and climate shocks. Legacy issues The failure of developed countries to deliver on the annual $100bn in climate finance promised at the COP15 UN Conference on Climate Change in Copenhagen in 2009 has had dire effects on the implementation of mitigation and adaptation measures. According to the V20, the group has collectively incurred more than $525bn i

Source - Green Building Africa
6 Sep 2023
6Sep

August report: JSE follows global equity markets lower

Last month the South African stock market followed global equity markets lower (the FTSE/JSE Capped SWIX Index was down 4.8% month-on-month (MoM)), leavinglocal equities only slightly positive, up 2.8%, for the year-to-date (YTD) at end August. Mining stocks were the biggest drag on the JSE in August, down 9% MoM, as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch, falling 20% MoM, as the major platinum miners all reported disappointing results, characterised by weak volumes and elevated costs. ADVERTISEMENT CONTINUE READING BELOW Read: Lower PGM prices, production see Amplats earnings dive Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were among the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand +0.8%, Investec +3.2%, Standard Bank +1.2% and Sanlam +3.6%). Local education companies were also a rare bright spot, after releasing strong results with solid double-digit earnings growth (Stadio +20%, Curro +16% and AdvTech +11%). Read: Strong half year sees AdvTech hitting an all-time high What's happening at Curro and AdvTech? Back to school SA GDP could grow 3% if not for power and logistics woes — Sim Tshabalala SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print), as inflation slowed towards the mid-point of the SA Reserve Bank's range, reaching the lowest level in two years. Despite slowing domestic inflation, concerns around the prospects of continued gl

Source - South Africa Finance News
6 Sep 2023
6Sep

M&R works to regain control of its Australian mining business

The group is looking to the future after the ‘catastrophe' Down Under. 6 Sep 2023 Listen to this article BeyondWords JSE-listed engineering and contracting group Murray & Roberts (M&R) maintains that despite its catastrophe in Australia, it does have a future and is still seeking to regain control of its Australian mining business. Two problematic contracts and the hangover from the Covid-19 pandemic - which severely impacted the group's ability to deliver on its contractual commitments - resulted in liquidity issues for M&R in the Asia Pacific region. ADVERTISEMENT CONTINUE READING BELOW This forced it to place Murray & Roberts (Pty) Ltd (MRPL), its holding company in Australia and its major subsidiary, Clough, in voluntary administration. Read: M&R at risk of losing its Australian mining business M&R shares plummet 24.4% as further detail on debt challenges emerge It also lost control of RUC Cementation, its mining company in Australia, because it was part of that company structure. M&R CEO Henry Laas said last week the impact of the events in 2023 was catastrophic for the group, especially the pace at which they unfolded and created significant uncertainty in the market about M&R's sustainability. It also resulted in significant value destruction for all the group's shareholders. However, Laas said the impact of these events is behind the group and has been fully accounted for in its 2023 financial results. "There is no further impact, no further consequence on the group moving forward, he said. "Murray & Roberts has emerged from these events a much smaller group, but a group with a future. "Today, we are predominantly a mining services company and, subject to us regaining control of RUC, we believe that we can grow our earnings from a pre-pandemic baseline, he said. Underserviced Mike da Costa, CEO of M&R mining platform, said that with the loss of control of RUC, the Australasian part of the glob

Source - Moneyweb
6 Sep 2023
6Sep

August report: JSE follows global equity markets lower

Last month the South African stock market followed global equity markets lower (the FTSE/JSE Capped SWIX Index was down 4.8% month-on-month (MoM)), leaving local equities only slightly positive, up 2.8%, for the year-to-date (YTD) at end August. Mining stocks were the biggest drag on the JSE in August, down 9% MoM, as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch, falling 20% MoM, as the major platinum miners all reported disappointing results, characterised by weak volumes and elevated costs. ADVERTISEMENT CONTINUE READING BELOW Read: Lower PGM prices, production see Amplats earnings dive Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were among the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand +0.8%, Investec +3.2%, Standard Bank +1.2% and Sanlam +3.6%). Local education companies were also a rare bright spot, after releasing strong results with solid double-digit earnings growth (Stadio +20%, Curro +16% and AdvTech +11%). Read: Strong half year sees AdvTech hitting an all-time high What's happening at Curro and AdvTech? Back to school SA GDP could grow 3% if not for power and logistics woes - Sim Tshabalala SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print), as inflation slowed towards the mid-point of the SA Reserve Bank's range, reaching the lowest level in two years. Despite slowing domestic inflation, concerns around the prospects of continued global cent

Source - South Africa Finance News
6 Sep 2023
6Sep

Behind Justin Corrans' premium focus at South Africa's KWV

The Ko-operatieve Wijnbouwers Vereniging, better known as KWV, is synonymous with wine production in South Africa. Founded back in January 1918, its changing functions over its 105-year history have reflected the dramatic changes within South Africa itself. Since its re-emergence in 1997 as a private company it has become one of the world's most consistent producers of high-quality, consumer-focused brand wine, claiming its rightful place in Drinks International's 2023 World's 50 Most Admired Wine Brands. But there is much more to the modern KWV, with a large, evolving portfolio, which includes high quality premium wines under the Mentors range and growing production in the expanding Cap Classique category. We sent The Buyer's Mike Turner to meet with head winemaker Justin Corrans to find out more. "We need to put a big effort into educating our consumers," says Justin Corrans. "The biggest challenge for our KWV brands is if the consumer will accept new varietals. Certain styles are favourites globally for a reason." It feels like one of the most open secrets in the wine world. KWV 's Mentors range and Cap Classique Laborie label are some of the best ‘bang for buck' wines in the world, let alone just South Africa. Or least that's how I've always felt since first trying these wines about six or seven years ago. I still remember sitting there at the table, with my good friend Joe Wadsack holding court on the virtues of the wines we had in our glasses, and wondering why I'd not come across them before. From that moment on, I never miss a chance to try the new vintages as they come out. Earlier this summer I got the chance to do just that, as well as sit down with KWV's newest head winemaker Justin Corrans. Corrans was in town for the Wines of South Africa tasting event the day after and it gave me my first chance to meet the man who took over his new role in the middle of a global pandemic. Although he'd only just landed at Heathrow, he was on great form as we talked all things Mentors, Ca

Source - Wine
6 Sep 2023
6Sep

M&R works to regain control of its Australian mining business

The group is looking to the future after the ‘catastrophe' Down Under. 6 Sep 2023 Listen to this article BeyondWords JSE-listed engineering and contracting group Murray & Roberts (M&R) maintains that despite its catastrophe in Australia, it does have a future and is still seeking to regain control of its Australian mining business. Two problematic contracts and the hangover from the Covid-19 pandemic — which severely impacted the group's ability to deliver on its contractual commitments — resulted in liquidity issues for M&R in the Asia Pacific region. ADVERTISEMENT CONTINUE READING BELOW This forced it to place Murray & Roberts (Pty) Ltd (MRPL), its holding company in Australia and its major subsidiary, Clough, in voluntary administration. Read: M&R at risk of losing its Australian mining business M&R shares plummet 24.4% as further detail on debt challenges emerge It also lost control of RUC Cementation, its mining company in Australia, because it was part of that company structure. M&R CEO Henry Laas said last week the impact of the events in 2023 was catastrophic for the group, especially the pace at which they unfolded and created significant uncertainty in the market about M&R's sustainability. It also resulted in significant value destruction for all the group's shareholders. However, Laas said the impact of these events is behind the group and has been fully accounted for in its 2023 financial results. "There is no further impact, no further consequence on the group moving forward," he said. "Murray & Roberts has emerged from these events a much smaller group, but a group with a future. "Today, we are predominantly a mining services company and, subject to us regaining control of RUC, we believe that we can grow our earnings from a pre-pandemic baseline," he said. Underserviced Mike da Costa, CEO of M&R mining platform, said that with the loss of control of RUC, the Australasian part of the globe is underserviced from a M&R perspective. Da Costa said it is a very imp

Source - Moneyweb
6 Sep 2023
6Sep

New clothing and textile distribution centre set to open in Cape Town

This week, Alderman James Vos, the City's mayoral committee member for economic growth, paid a visit to a burgeoning development site reserved for Truworths International Limited's upcoming clothing and textile distribution centre, which is set to become the largest of its kind in the Western Cape. The site is located at King Air Industria, an industrial park adjacent to Cape Town International Airport. The City stated that this project symbolises Cape Town's ongoing development surge and its commitment to becoming Africa's premier business hub. Alderman Vos commented, ‘This is indicative of the fact that Cape Town continues to experience a development boom thanks to the City's mission to make the metro the easiest place in Africa to do business. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services.' Scheduled for completion in November 2023, the new distribution centre is a collaborative effort between King Air Industria and Truworths. King Air Industria, the development company behind this industrial park, is a partnership between Atterbury Property and Old Mutual Property, representing a substantial investment in the region. The facility itself will encompass 50 000 square metres of warehouse space and an additional 3 000 square metres for offices, totalling 53 000 square metres, equivalent to five and a half rugby fields. The construction of this facility has utilised 750 tonnes of steel, an amount the City noted roughly equals to the weight of 125 African elephants. Gerrit van den Berg, the head of Western Cape Developments at Atterbury Property, expressed his delight at seeing this project come to life. He emphasised the pivotal role played by the City and its officials in making this endeavour possible. Cape {town} Etc discount: Unwind with a gentle, 60-minute full-body massage for R229 (valued at R650). Get it here Van

Source - Cape Town Etc
6 Sep 2023
6Sep

Concerns over latest fuel price hike on business: LFWA

The Liquid Fuels Wholesalers Association (LFWA) of South Africa has voiced apprehensions about the recent fuel price increase and its potential implications for its members' operational costs. The fuel price adjustments, which came into effect at midnight, mark the highest increase since July. Under the latest adjustments, the prices of both 93 and 95 octane petrol have risen by R 1.71 per litre, while diesel now costs between R 2.76 and R 2.84 cents more per litre. Additionally, illuminating paraffin has seen a price hike of R 3.70 per litre. Peter Morgan, the CEO of the LFWA, expressed concerns about the impact of these increases on their members' cost structures. He emphasised that independent wholesalers' most significant operational expense is diesel. Consequently, the surge in diesel prices will lead to increased operating costs for their businesses. Concerns about rocketing household costs ahead of fuel price hike: ? While acknowledging that the current fuel prices are not the highest ever recorded, Morgan highlighted the abruptness and magnitude of the recent hike, which has raised concerns within the industry. He stated, "I know it's not going to give anybody comfort, but it's just been such a massive increase Beyond the immediate financial implications, Morgan also emphasised the importance of ensuring the security of fuel supply. He stressed that the South African economy heavily relies on fuel, and any disruption in its supply could exacerbate existing challenges, such as load shedding. The LFWA's concerns reflect broader industry apprehensions regarding the impact of fuel price hikes on businesses and consumers alike. As fuel remains a fundamental component of the country's economic infrastructure, these developments continue to be closely monitored. Hefty fuel price hike for motorists ? Share article Source: SABC News (sabcnews.com)

Source - South Africa Finance News
6 Sep 2023
6Sep

CMO role integral to the needs of today's business

The UCT Online High School Learning Liberated Scholarship Programme has opened for applications and will close at midnight on 31 October 2023. Image supplied The scholarship programme launched on 31 July 2023 with the aim to invest in the education of talented learners from economically disadvantaged families, who demonstrate academic potential, have aspirations for tertiary education, and have the intent to make a positive and impactful contribution to our nation. More than 8,000 families have shown interest in seeing if their families would qualify for the partial grade 8-11 National Senior Certificate (NSC) scholarships for the January 2024 school year. In order for a scholarship applicant to be considered as a candidate, the following eligibility criteria must be met: All applications will be reviewed for shortlisting by the end of November 2023 with successful recipients notified in early December 2023. These successful recipients will begin their schooling in January 2024 at UCT Online High School. Visit the website for more details. Source: bizcommunity.com

Source - South Africa Finance News
6 Sep 2023
6Sep

Old Mutual Malawi launches customer digital platforms

Khumbo Phiri, Old Mutual operations executive. O ld Mutual Malawi has launched digital platforms, a USSD code, and a WhatsApp Chatbot to improve access to financial services.Khumbo Phiri, Old Mutual operations executive, said following the introduction, "The platforms will redefine how customers interact with the company, eliminate barriers, and simplify financial transactions." He also stated that these platforms will offer customers insurance and investing advice. "Customers can apply for various offerings directly from their mobile devices using the USSD code, eliminating the need for in-person visits to Old Mutual offices," Phiri explained. According to the company, the Chatbot provides a virtual assistant experience as clients connect with Old Mutual Malawi in real-time, answering questions, offering support, and providing information about the company's offerings

Source - ITWeb Africa
6 Sep 2023
6Sep

Stage 6 load shedding weighs on the rand and JSE

South Africa's rand and JSE were trading weaker on Tuesday morning, weighed down partly by Stage 6 load shedding locally and a stronger dollar on the international front. More intense rolling power cuts resurfaced on Tuesday, with Eskom hit by further plant breakdowns. The rand and JSE weakened by almost 1% at one point, with the rand hitting R19.26 against the greenback while the JSE was at 74 643 points. Both regained some lost ground around midday. The JSE closed marginally up (0.4%) at 75 375 points on Monday. US markets were closed on Tuesday. Rand weakens due to stronger dollar Simon Brown, founder of Just One Lap and host of MoneywebNOW, said the biggest driver behind the rand's slip was the dollar strengthening. "We've been seeing some rand weakness, and that primarily is probably being driven by dollar strength. We're seeing the dollar strong against the euro, sterling and pretty much across the basket of emerging market currencies," he added. State-owned power utility Eskom this week reimplemented higher stages of load shedding, announcing the highest Stage 6 power cuts until further notice as of Tuesday morning, following a protracted period of lighter load shedding even during the Brics Summit in South Africa recently. "And what we're not seeing is… foreigners buying in both our equities and bond markets; that's also diminished over the last two to three, to four years, which simply means less money coming in," he added. Vulnerable position He said with commodities retreating, unlike in the lead-up to 2021 when a commodity boom helped to shelter the rand, the currency is left in a very vulnerable position. Heavyweights drag down JSE All Share The JSE All Share index (Alsi) fall on Tuesday morning was dragged down by some heavyweights like Prosus, Naspers and Richemont. However, several other stocks were down, including retailers Pick n Pay and Woolworths, both down around 3%. Shoprite also fell, but over 6%, despite posting strong full-year results to the end of June. SA G

Source - Bloemfontein Courant
6 Sep 2023
6Sep

Coach Pitso and Nedbank partner to build a legacy for the future

Nedbank, in partnership with Pitso Mosimane Soccer Schools and The Sports Trust, continues to promote sport development with the sponsorship of a multipurpose sport court to Lofentse Girls High School.Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sports development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sports courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sports. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sports disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Minister Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football community, Coach Pitso is leading this initiative with the aim of leav

Source - SuperSport
6 Sep 2023
6Sep

Grow Your Business with New Aftermarket Products

Discover Cutting-Edge Solutions and Form Business Connections This year's AAPEX will be the most comprehensive yet. Stay updated on emerging trends, discover new products, and forge valuable connections with top suppliers. Here are a few of the features that will keep you ahead of the curve in this dynamic industry: Products and solutions from 2,500+ aftermarket suppliers in 1,115 product categories including EV, ADAS, Telematics, and Autonomous Vehicles. Electric Vehicle Experience , offering insights on the innovations and skills required to service the growing and changing market of electric, hybrid, and other alternative fuel vehicles. New Product & Packaging Showcases , a launchpad for the cutting-edge products and packaging solutions newly released within the past year. An entire floor dedicated to service and repair, featuring new technology in action.

Source - Automotive Business Review
6 Sep 2023
6Sep

Post Office in business rescue

The South African Post Office (SAPO) has been identified as financially distressed and unable to honour many of its financial obligations. The South African Post Office (SAPO) has been identified as financially distressed and unable to honour many of its financial obligations. Anoosh Rooplal and Juanito Damons were appointed to supervise SAPO’s business rescue process. Anoosh Rooplal said some of SAPO’s financial obligations include many aspects of shortages and keeping machinery operational. This is why the SAPO was placed into business rescue. An order was granted by the High Court to place SAPO into provisional liquidation on 9 February 2023. In July, the Department of Communications and Digital Technologies made an application to place SAPO into business rescue. It was granted in the same month and the court appointed Rooplal and Damons as the joint business rescue practitioners. The branch network is the cornerstone of SAPO and many South Africans. "We are dealing with the branch network as a priority notwithstanding the financial and operational constraints that beset them, together with other pertinent issues. We are hoping to have some resolve on this matter in due course, said Rooplal. The DA in the Free State has raised concerns over the state of the Welkom-based Post Office. Councillor Rene Steyn said an oversight visit conducted by Member of Parliament for Matjhabeng, George Michalakis, and DA Councillors had revealed a series of alarming obstacles that are hindering the Post Office from fulfilling its pivotal community role: • The disc machine, a key component for crucial operations, has been out of order for the past two months. Moreover, the closure of the Traffic Department, which supplies essential "face-value" forms for license renewals, has further exacerbated the situation. • Printer toner shortages have forced staff to cover printing expenses personally, while the public is urged to handle their copies. A previous service agreement

Source - OFM
6 Sep 2023
6Sep

You Could Save Over R2 550.00 per month with MyPR How Do I Set Up SEO for My Business — Press Release

MyPR | Free Business Showcase | Paid for Adverts MyPR was initially started as a resource for us to gather re-useable South Africa and Africa focused content to re-publish on numerous web properties that we own. We figured that our social contract between PR Professionals seeking to get their clients messages out (without being too ‘mangled' by journalists re-writing releases!) and providing a platform for distribution was one that would benefit ourselves, our users and our readers. Entrepreneurs and investors the world over are looking for businesses that; "Find a problem, Solve a problem, Start a business! Clearly MyPR found a problem (web sites needing content), solved a problem (by sharing the love with PR Professionals through a content delivery network) and started a business (by offering upgraded exposure and reach through Featured Press Releases sprinkled with some Google Ads). 11 Years later MyPR is still on top and providing good exposure and reach for many. Our featured press release facility has also given many PR Professionals the ability to increase that reach ten fold. Some Fun Facts From the Last 12 Years: Let's put a subscription to MyPR Featured Press Releases into perspective: CLICK HERE to get unlimited featured press releases per month. - MyPR Business News

Source - Buy PE
6 Sep 2023
6Sep

Cartier-owner Richemont says inflation is hitting Europe demand

The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. By Andy Hoffman, Bloomberg 6 Sep 2023 The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "We've seen the squeeze," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. ADVERTISEMENT CONTINUE READING BELOW Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households were spending a higher percentage of income on basic necessities than they had in the past decade. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun traveling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewelery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer," he said. © 2023 Bloomberg COMMENTS

Source - Moneyweb
6 Sep 2023
6Sep

Marketmind: Restive markets simmer after oil sideswipe

A look at the day ahead in U.S. and global markets from Mike Dolan Roiled by an oil price spike and dour August business soundings, world markets struggled again on Wednesday as they assessed a messy disinflation picture that complicates prospects hopes for peak interest rates. With this month's Federal Reserve meeting hoving into view, Tuesday's decision by Saudi Arabia and Russia to extend voluntary oil supply cuts to year end sent international prices to more than $90 per barrel for the first time this year. That's a moment in the whole disinflation story as it virtually wipes out the negative annual base effect so powerful this year in helping drag headline inflation rates back down. At the very least, it suggest the low-hanging fruit on the disinflation path may already have been picked, and central banks may have to battle harder from here to get inflation down to 2% goals. And it may mean headline rates tick up again this month. U.S. Treasury yields have been spurred again by energy price developments, alongside pressure from a swathe of new corporate debt issuance this week that sees hedging activity in benchmark bonds. U.S. 10-year yields hovered near two-week highs just under 4.30% on Wednesday and stocks fell across the world again. The Bank of Canada is, on Wednesday, the latest G7 central bank to review policy. It's expected to stand pat on rates for now but leave options open for further hikes if necessary. The more complicated inflation picture comes against the week's downbeat business surveys from Europe and Japan. U.S. service sector equivalents for August are due later on Wednesday. The big fear for investors is that what looked like an emerging 'goldilocks' scenario of cooling inflation and resilient growth starts to shape more like the 'stagflation' of sticky price gains and crumbling demand. For now, futures market thinking on the Fed's Sept 20 meeting remains unchanged - with pricing still suggesting the U.S. central bank's tightening campaign is over. That take was

Source - Investing
6 Sep 2023
6Sep

Checkers to launch Amazon Prime-style subscriptions in South Africa

Shoprite Holdings-owned Checkers will later this month launch an Amazon Prime-style subscription service, which will offer "free" deliveries through its popular Sixty60 online grocery shopping platform. The subscription plan, called Xtra Savings Plus, will bundle unlimited free delivery through Checkers Sixty60 into a R99/month subscription package. A minimum purchase of R350/order is required to qualify for free delivery — a standard delivery fee of R35 is levied otherwise. Xtra Savings Plus has been in testing for several months. A spokeswoman for Shoprite said more details about the subscription plan will be announced later this month at the commercial launch. However, it will offer 10% in savings for subscribers shopping in physical Checkers stores, limited to R200/month. Subscribers will also get additional personalised offers, deals Checkers offers its Xtra Savings loyalty programme customers based on their individual shopping habits. "Xtra Savings Plus is a monthly subscription plan that offers members a range of exclusive benefits to save you time and money - with unlimited free Sixty60 deliveries, double your deals and more," Checkers said. The Xtra Savings Plus subscription programme may be at least partially modelled on Amazon Prime, which has proved a stunning success with 148 million subscribers in the US alone, or about 44% of that country's total population. Prime subscribers in the US pay $14.99/month (R289) to get "free" deliveries on all orders; 5% back on Amazon.com purchases; "free" access to Prime Video (a competitor to Netflix and Disney+); and access to Amazon First Reads (which allows users to download a new book at no charge monthly). Subscription shopping Although sales through Sixty60 represent "less than 5% of the group's consolidated sale merchandise", the 81% year-on-year sales growth in the platform's sales in the past year and Amazon Prime's success in developed markets suggests there is room for significant growth in the local market. By offering Xtra Sa

Source - South Africa Finance News
6 Sep 2023
6Sep

Asian markets mostly drop as oil spike fuels fresh inflation worry

HONG KONG - Most Asian markets fell on Wednesday as a jump in oil prices to 10-month highs rekindled worries of another US Federal Reserve interest rate hike. The selling came after US traders returned from a long weekend to spark a sell-off after Saudi Arabia and Russia said they would extend crude output cuts to the end of the year. The news, which surprised some owing to the length of time, sent both main oil contracts to levels not seen since November, with Brent above $90 for the first time this year. They were marginally higher Wednesday. The price spike hit hopes the Fed's monetary tightening drive was over following a string of data indicating more than a year of rate hikes had managed to bring inflation down from four-decade highs and softened the labour market. Observers said higher energy costs would complicate the central bank's work as they accounted for a large part of the surge in prices in the wake of Russia's invasion of Ukraine. "Rising oil prices are officially the new inflation stoker," said Stephen Innes at SPI Asset Management. "Everyone notices that this rally feels different, suggesting that 'Oil', the Great Inflationary Dragon, is not yet slain." Meanwhile, US monetary policymakers offered differing outlooks on the way forward. Fed Governor Christopher Waller said decision-makers had room to stand back to assess the impact of past tightening, telling CNBC: "There was nothing that is saying we need to do anything imminent anytime soon." But Cleveland Fed boss Loretta Mester said she could "well imagine, from what I see so far, that we might have to go a bit higher". Rates are already at a two-decade high and some analysts warn that further increases could risk tipping the world's top economy into recession.

Source - eNCA
6 Sep 2023
6Sep

Africa: Africa Climate Summit — Carbon Markets Scheme Criticised

Africa: Final Afcon Spots Up for Grabs : [Scrolla] The final round of Africa Cup of Nations qualifying takes place this week for next year's tournament - and there are still nine spots still up for grabs. - AllAfrica News: Africa : [New Times] A new report has dismissed Africa's carbon markets scheme as a ‘wolf in sheep's clothing'. The carbon market is one of the topics being discussed at the African Climate Summit currently taking place in Nairobi, Kenya. This market enables "climate polluters to fund projects that reduce carbon emissions in other countries, and they can then include these emissions reductions in their own climate targets while still emitting greenhouse gases. - AllAfrica News: Africa Africa: Al Jaber Pledges to Push for Action on Climate Finance at COP28 : [allAfrica] The COP28 President-Designate, HE Dr. Sultan Al Jaber, announced today a UAE finance initiative that will provide US$ 4.5 billion to help unlock Africa's clean energy potential. The announcement was made during a keynote address at the inaugural African Climate Summit in Nairobi, Kenya. - AllAfrica News: Africa Submit and get free exposure here: Showcase Your Business | Advertise Your Special Offers Business News

Source - Buy PE
6 Sep 2023
6Sep

Quinton de Kock has ‘unfinished business' at the World Cup before retirement

Proteas coach Rob Walter says Quinton de Kock has ‘unfinished business’ after the announcement the wicketkeeper will retire from ODI cricket after the World Cup. FILE - Wicketkeeper-batsman Quinton de Kock in action during an ODI for the Proteas. Photo: Sajjad Hussain/AFP South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup, which starts in India on October 5. De Kock’s pending retirement was revealed during the announcement of South Africa’s 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket, said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia’s Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022. De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge regarding De Kock’s availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket, said Walter. "If we aren’t flexible we are going to lose players from the international game. Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He’s got fire in his belly, said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers

Source - DFA
6 Sep 2023
6Sep

September flurry of corporate debt sweeps global markets

Global debt markets are bursting with new deals as September kicks off, with investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. At least 40 businesses tapped high-grade debt markets around the world on Tuesday, ahead of crucial releases of economic data and central bank policy decisions later in the month. About half of those deals - or over $36 billion of new bonds - were sold in the US, making it the busiest session in terms of deal count and daily supply so far this year, according to data compiled by Bloomberg. ADVERTISEMENT CONTINUE READING BELOW BHP Billiton and Philip Morris International are among those that brought deals in the US after the Labour Day holiday, while banks featured prominently in a flurry of Asian primary market activity. Businesses across the euro zone, meanwhile, sold at least 18.7 billion ($20.1 billion) Tuesday, with the week's volume forecast at more than 25 billion. "I would expect companies to be trying to get ahead of any economic data that sends US Treasury yields higher, said Winnie Cisar, global head of credit strategy at CreditSights. "I think we will see a front-loaded issuance month. The month's early wave of issuance comes after a recent slowdown, tied to both regular summer trends across the northern hemisphere and a recent rise in US Treasury yields. But with September comes a strong seasonal precedent for issuance, according to Cisar, especially for investors who believe that policymakers are close to claiming victory against sticky consumer price gains. Money managers from BlackRock to Pacific Investment Management Co are starting to bet that the Federal Reserve's tightening cycle is finally ending, echoing a similar sentiment across global financial markets. Companies are seeking to make the most of the positive mood while they can, especially ahead of crucial events such as an upcoming reading of US inflation data and the Fed's September 20 meeting. In the US, BHP priced $4.75 billion of

Source - South Africa Finance News
6 Sep 2023
6Sep

Dollar extends gains as crude oil rallies further: markets wrap

The greenback rose for a second day as a rally in oil reignited concerns over inflation, putting pressure on policymakers to keep rates high. A gauge of dollar strength climbed to the highest since March on the back of elevated Treasury yields, which pushed up across tenors as at least 40 businesses tapped high-grade markets around the world on Tuesday. About half of the corporate deals - or over $36-billion of new bonds - were sold in the US. The greenback strengthened against most major peers and prompted Japan's top currency official Masato Kanda to say on Wednesday he wouldn't rule out any options if currency moves continue. The Japanese currency strengthened following the comment, but has since pared its gain. "The dollar's strength is likely to continue as the US economy remains resilient and inflation stays above the Fed's target high for a longer period, said Tsutomu Soma, a bond and currency trader at Monex in Tokyo. The Chinese central bank also moved on Wednesday with another strongest daily yuan fixing on record. Still, the currency extended its drop against the US currency into a third day. Meanwhile, West Texas Intermediate held near the highest since November and Brent stayed past above $90 a barrel - after breaching the level on Tuesday - as the largest OPEC+ producers extended their supply cuts to year-end. Oil's recent gains pose a headwind for much of Asia, threatening economic growth and risk keeping interest rates high. Asian stocks traded mixed, with benchmark indexes falling in Hong Kong and mainland China, but rising in Japan for an eighth day. Chinese property developers gained, with Sunac China Holdings up as much as 34%, after Securities Times in a front-page commentary called for more cities to drop home-buying restrictions. US equities edged lower following the decline in the S&P 500 to below 4,500 in the previous session while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%. Traders will be monitoring consumer price index fig

Source - Daily Maverick
6 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets

Sanlam, Africa's largest non-banking financial services provider, and Allianz, one of the world's leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz's ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. Creating Significant Value for Clients "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam group's chief executive officer, Mr Paul Hanratty. Unlocking the Potential of Multiple Fast Growing African Markets Mr Christopher Townsend, board member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our

Source - IT News Africa
6 Sep 2023
6Sep

September flurry of corporate debt sweeps global markets

With investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. By Josyana Joshua and Sri Taylor, Bloomberg 6 Sep 2023 Global debt markets are bursting with new deals as September kicks off, with investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. At least 40 businesses tapped high-grade debt markets around the world on Tuesday, ahead of crucial releases of economic data and central bank policy decisions later in the month. About half of those deals - or over $36 billion of new bonds - were sold in the US, making it the busiest session in terms of deal count and daily supply so far this year, according to data compiled by Bloomberg. ADVERTISEMENT CONTINUE READING BELOW BHP Billiton and Philip Morris International are among those that brought deals in the US after the Labour Day holiday, while banks featured prominently in a flurry of Asian primary market activity. Businesses across the euro zone, meanwhile, sold at least 18.7 billion ($20.1 billion) Tuesday, with the week's volume forecast at more than 25 billion. "I would expect companies to be trying to get ahead of any economic data that sends US Treasury yields higher, said Winnie Cisar, global head of credit strategy at CreditSights. "I think we will see a front-loaded issuance month. The month's early wave of issuance comes after a recent slowdown, tied to both regular summer trends across the northern hemisphere and a recent rise in US Treasury yields. But with September comes a strong seasonal precedent for issuance, according to Cisar, especially for investors who believe that policymakers are close to claiming victory against sticky consumer price gains. Money managers from BlackRock to Pacific Investment Management Co are starting to bet that the Federal Reserve's tightening cycle is finally ending, echoing a similar sentiment across global financial markets. Companies are seeking to make the most of the positive mood while

Source - Moneyweb
6 Sep 2023
6Sep

COMPAGNIE FINANCIÈRE RICHEMONT SA — Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee

6 September 2023 Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT APPOINTS SWEN GRUNDMANN AND BOET BRINKGREVE TO SENIOR EXECUTIVE COMMITTEE Richemont announces today the following appointments to its Senior Executive Committee (SEC), effective 6 September 2023. Director of Corporate Affairs Swen Grundmann will join the SEC in his new capacity as Director of Corporate Affairs in addition to maintaining his role as Group Company Secretary. Swen Grundmann will continue to report to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Swen Grundmann brings 27 years of experience to the role, primarily in the legal and corporate governance fields. He started his career at Richemont in 1996 as legal counsel and was appointed Group Company Secretary in 2017. Over the years, Mr Grundmann has been responsible for the corporate law affairs of the Group and its subsidiaries and been involved in various merger and acquisition projects. He was, until February of this year, also the General Counsel and Company Secretary of Reinet Investments SCA and Reinet Fund S.C.A., which he joined in 2009. This September, Mr Grundmann's responsibilities were expanded to incorporate Corporate Affairs. A Dutch national, Swen Grundmann holds a law degree from the Faculty of Law from the University of Amsterdam (1994). CEO of Laboratoire de Haute Parfumerie et Beauté Boet Brinkgreve was appointed to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté on 1 September 2023. He reports to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Mr Brinkgreve's thirty-year career has been primarily in the chemicals, fragrances and flavour industries spanning the US, China and Europ

Source - Moneyweb
6 Sep 2023
6Sep

COMPAGNIE FINANCIERE RICHEMONT SA - Richemont nominates Gary Saage to the board of directors and its audit committee

Richemont nominates Gary Saage to the board of directors and its audit committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT NOMINATES GARY SAAGE TO THE BOARD OF DIRECTORS AND ITS AUDIT COMMITTEE Richemont is pleased to announce that Gary Saage will be proposed for election to the Board of Compagnie Financière Richemont SA for shareholder approval at the annual general meeting to be held in September 2024 and, if elected, to the role of Chairman of its Audit Committee. As a former Chief Financial Officer of the Group and Board member, Gary Saage brings with him invaluable knowledge of Richemont and relevant financial skills to perform this important role. Mr Saage also brings along decades of experience in the luxury goods industry and a track record in financial discipline. A graduate of Fairleigh Dickinson University, USA, and a US Certified Public Accountant, Gary Saage began his career in public accounting with Coopers & Lybrand. In 1988, he joined Cartier in the US, thereafter serving as Chief Operating Officer of Richemont in North America and then of dunhill in London. In 2006, Mr Saage moved to Geneva to act as Group Deputy Finance Director and in 2010 was promoted Chief Financial Officer. That same year, he joined the Board, which he subsequently departed in September 2021. He continued to serve as Chairman of Richemont North America and related companies until August 2023 in a non-executive capacity, overseeing governance matters. Josua (Dillie) Malherbe will remain Deputy Chairman of the Board and will continue to sit on the Audit and the Strategic and Security Committees whilst facilitating changes due over the next 18 months during which period three members of the Audit Committee will depart and a tender process to select the next Group's external auditor is equally underway. G

Source - Sharenet
6 Sep 2023
6Sep

Market Review, Commodities, Currencies, Economic & Corporate Update - 06.09.23

South Africa Market Review South African markets closed in the red yesterday, led by losses in mining and retail sector stocks. Platinum miners, Impala Platinum (JO: ), Northam Platinum (JO: ) and Anglo American Platinum (JO: ) dropped 5.6%, 5.5% and 2.1%, respectively. Retailers, Shoprite Holdings (JO: ), SPAR Group (JO: ) and Mr Price Group (JO: ) declined 5.6%, 3.9% and 1.2%, respectively. Gold miners, Gold Fields (JO: ) and AngloGold Ashanti (JO: ) shed 2.8% and 1.7%, respectively. Property developers, Emira Property Fund (JO: ), Growthpoint Properties (JO: ) and Shaftesbury Capital fell 2.2%, 1.2% and 0.8%, respectively. Banks, FirstRand (JO: ) and Standard Bank Group (JO: ) eased 1.3% and 0.7%, respectively. On the other hand, insurance companies, Santam (JO: ), Old Mutual (JO: ) and Sanlam (JO: ) advanced 2.7%, 0.9% and 0.7%, respectively. The JSE All Share index declined 0.5% to close at 75,016.00. UK Market Review The UK market finished weaker yesterday, after British services PMI dropped for the first time since January in August amid decline in consumer demand. Retailer, B&M European Value Retail S.A. (LON: ) shed 3.4%, after the company announced to acquire 51 stores from Wilko Limited. Industrial equipment rental company, Ashtead Group (LON: ) declined 2.9%, after the company slashed its annual UK rental revenue growth guidance, amid softening market conditions. On the other hand, travel & leisure companies, Whitbread (LON: ) and InterContinental Hotels Group (LON: ) advanced 2.3% and 1.4%, respectively. Energy companies, BP (LON: ) and Shell (LON: ) gained 2.0% and 1.0%, respectively, amid surge in in prices. The index declined 0.2% to close at 7,437.93. US Market Review US markets ended lower yesterday, following a rise in the US Treasury yields and surge in oil prices. Homebuilders, PulteGroup (NYSE: ) and D.R. Horton dropped 5.7% and 4.9%, respectively. Financial services companies, Goldman Sachs Group (NYSE: ) and JPMorgan Chase (NYSE: ) each declined 1.1%. On the cont

Source - Investing
6 Sep 2023
6Sep

Uganda-South Africa Discuss Value Addition At Trade and Investment Summit

The Uganda, South Africa trade and investment summit organized by the Government of Uganda, MTN Group, Absa Bank Uganda and various South African owned business entities has officially been opened at Speke Resort Munyonyo. The discussions focused on how to improve relations between the two countries with the aim of enhancing bilateral trade and ultimately economic growth. Leading a high-powered delegation from the government of South Africa, Angela Thokozile Didiza, the Minister of Agriculture, Land Reform and Rural Development noted the need for African countries to collaborate to build back better following the impact of economic shocks like the Covid-19 pandemic and the shocks to the global chain as a result of the Russia Ukraine war. "We foresee key opportunities to trade among each other reinforced by the Africa Free Continental Trade Area (AFCFTA) to achieve the vision of the Africa we want by 2063 and work together to exploit our rich African natural resources to take advantage of economic opportunities abounding within the African population which currently stands at a billion citizens and growing. Strengthening bilateral trade creates a solid basis for the AFCFTA," she said. The summit has a focus on attracting greater trade and investment with a focus on agriculture, tourism and hospitality, ICT and mining. The State Minister for Agriculture, Bright Rwamirama noted that there is need to attract investors who can do value addition to Uganda's rich agricultural commodities. "According to our records, Uganda is the second largest producer of coffee in Africa and the number one exporter of coffee from Africa. In 2022, we earned approximately $ 860 million from export of coffee. Compared to other coffee producing nations, revenues earned from our coffee exports remain low because of limited value addition. There is need to attract investors who can do value addition to Uganda's rich agricultural commodities," he said. The gathering which has attracted participation from the business c

Source - Allafrica
6 Sep 2023
6Sep

Iron-ore giant Vale says China property outlook is more encouraging

No. 2 iron-ore miner Vale said the outlook for China's steel-intensive property sector is "more encouraging" despite uncertainties, and reiterated its long-term view of the global steel market remains intact. Vale sees reasons to be positive about the outlook for steel demand in spite of challenges facing its top customer, according to an investor presentation delivered by iron-ore vice-president Marcello Spinelli and posted on the company's website. Iron-ore prices have proved surprisingly resilient in recent months in the face of a crisis in China's vital property market, and futures in Singapore hit the highest since April on Tuesday as investors welcomed Beijing's efforts to support the real estate sector and Chinese developer Country Garden Holdings Co. avoided a default. On the property market uncertainties, there is "a more encouraging outlook, driven by higher social housing investments," according to the presentation dated Tuesday. Spinelli also pointed to high utilization rates at steel plants and low inventories of both iron ore and steel in China. Elsewhere in the world, Vale sees steel production rebounding in 2024, offsetting a decline this year. In the longer term, Vale said consumption will be supported by continued urbanisation in China, growing production in other emerging markets, including in southeast Asia - where it expects steelmaking capacity to double by 2030 - as well as renewable-energy infrastructure spending and green-steel incentives in developed countries. The performance of the world's biggest miners is intrinsically linked to demand for commodities in China, and iron ore is particularly exposed to shifts in the property sector. BHP Group CEO Mike Henry said last month that the outlook for China was "uncertain," and the company reiterated in its annual report that iron-ore's performance during the current period will depend on how effectively China's stimulus policy is implemented, especially in real estate.

Source - Mining Weekly
6 Sep 2023
6Sep

September flurry of corporate debt sweeps global markets

Global debt markets are bursting with new deals as September kicks off, with investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. At least 40 businesses tapped high-grade debt markets around the world on Tuesday, ahead of crucial releases of economic data and central bank policy decisions later in the month. About half of those deals - or over $36 billion of new bonds - were sold in the US, making it the busiest session in terms of deal count and daily supply so far this year, according to data compiled by Bloomberg. ADVERTISEMENT CONTINUE READING BELOW BHP Billiton and Philip Morris International are among those that brought deals in the US after the Labour Day holiday, while banks featured prominently in a flurry of Asian primary market activity. Businesses across the euro zone, meanwhile, sold at least €18.7 billion ($20.1 billion) Tuesday, with the week's volume forecast at more than €25 billion. "I would expect companies to be trying to get ahead of any economic data that sends US Treasury yields higher," said Winnie Cisar, global head of credit strategy at CreditSights. "I think we will see a front-loaded issuance month." The month's early wave of issuance comes after a recent slowdown, tied to both regular summer trends across the northern hemisphere and a recent rise in US Treasury yields. But with September comes a strong seasonal precedent for issuance, according to Cisar, especially for investors who believe that policymakers are close to claiming victory against sticky consumer price gains. Money managers from BlackRock to Pacific Investment Management Co are starting to bet that the Federal Reserve's tightening cycle is finally ending, echoing a similar sentiment across global financial markets. Companies are seeking to make the most of the positive mood while they can, especially ahead of crucial events such as an upcoming reading of US inflation data and the Fed's September 20 meeting. In the US, BHP pric

Source - South Africa Finance News
6 Sep 2023
6Sep

Shoprite gains record levels of market share despite R1.3bn diesel bill due to load shedding

Shoprite said yesterday 2023 was extraordinary as the retailer gained record levels of market share, and increased profits and dividends despite footing a hefty R1.3 billion diesel bill amid unprecedented levels of load shedding. In its group results for the 52 weeks ended July 2, 2023, South Africa's largest grocer said headline earnings per share from continuing operations of 1166.2 cents in the year ended July 2, from 1063.9 cents a year earlier. Shoprite said it gained record levels of market share as sales of merchandise increased by 16.9% to R215bn, underpinned by its core Supermarkets RSA segment. Supermarkets RSA sales of merchandise increased by 17.8% to R173.6bn The board declared a final dividend of 415 cents, compared to 2022's 367c per ordinary share. Shoprite CEO Pieter Engelbrecht said: "In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered higher returns for our shareholders. Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." More on this Checkers Sixty60 launches new delivery guarantee Shoprite Group trains Africa's first women Master Butchers Shoprite expects robust 16% hike in sales as it continues to gain market share Engelbrecht said 2023 was extraordinary as the group gained record levels of market share, saved customers more than R13.5bn in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load shedding. "Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. "Checkers and Checkers Hyper's 18.0% sales gr

Source - Independent Online (IOL)
6 Sep 2023
6Sep

COMPAGNIE FINANCIÈRE RICHEMONT SA — Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee

6 September 2023 Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT APPOINTS SWEN GRUNDMANN AND BOET BRINKGREVE TO SENIOR EXECUTIVE COMMITTEE Richemont announces today the following appointments to its Senior Executive Committee (SEC), effective 6 September 2023. Director of Corporate Affairs Swen Grundmann will join the SEC in his new capacity as Director of Corporate Affairs in addition to maintaining his role as Group Company Secretary. Swen Grundmann will continue to report to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Swen Grundmann brings 27 years of experience to the role, primarily in the legal and corporate governance fields. He started his career at Richemont in 1996 as legal counsel and was appointed Group Company Secretary in 2017. Over the years, Mr Grundmann has been responsible for the corporate law affairs of the Group and its subsidiaries and been involved in various merger and acquisition projects. He was, until February of this year, also the General Counsel and Company Secretary of Reinet Investments SCA and Reinet Fund S.C.A., which he joined in 2009. This September, Mr Grundmann's responsibilities were expanded to incorporate Corporate Affairs. A Dutch national, Swen Grundmann holds a law degree from the Faculty of Law from the University of Amsterdam (1994). CEO of Laboratoire de Haute Parfumerie et Beauté Boet Brinkgreve was appointed to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté on 1 September 2023. He reports to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Mr Brinkgreve's thirty-year career has been primarily in the chemicals, fragrances and flavour industries spanning the US, China and Europ

Source - Moneyweb
6 Sep 2023
6Sep

Richemont Strengthens Leadership with Key Executive Appointments

Richemont appoints Swen Grundmann as Director of Corporate Affairs and Boet Brinkgreve as CEO of Laboratoire de Haute Parfumerie. Swen Grundmann brings 27 years of legal and governance experience. Boet Brinkgreve has 30 years of experience in the chemicals and fragrance industries. In a significant move, Swiss luxury goods conglomerate Richemont has announced the appointment of two new executives to its Senior Executive Committee (SEC), effective immediately. These appointments reflect the company's commitment to strengthening its leadership team and positioning itself for continued growth and success in the luxury industry. Swen Grundmann Joins as Director of Corporate Affairs Swen Grundmann, a legal and corporate governance veteran with 27 years of experience, has taken on the role of Director of Corporate Affairs in addition to his existing position as Group Company Secretary. This expansion of his responsibilities underscores Richemont's focus on corporate reporting, compliance, and reputation management in a rapidly evolving regulatory environment. Mr. Grundmann began his career with Richemont in 1996 as a legal counsel, and his dedication and expertise have seen him rise through the ranks. He assumed the role of Group Company Secretary in 2017 and has been instrumental in managing the corporate law affairs of the group and its subsidiaries, as well as participating in various merger and acquisition projects. Prior to his expanded role, Mr. Grundmann also served as the General Counsel and Company Secretary of Reinet Investments SCA and Reinet Fund S.C.A. A Dutch national, Mr. Grundmann holds a law degree from the University of Amsterdam, and his extensive knowledge of Richemont's culture, values, and business model makes him a valuable addition to the SEC. Boet Brinkgreve Appointed as CEO of Laboratoire de Haute Parfumerie et Beauté Boet Brinkgreve has been appointed to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté, effective from 1st September 202

Source - Rateweb
6 Sep 2023
6Sep

Discovery Ltd. Announces 2023 Final Dividend

Discovery Limited declares a final cash dividend of 548.49315 cents per B preference share for H1 2023. Shareholders face a 20% dividend withholding tax, impacting net dividend payments to approximately 438.79452 cents. Important dates: Last trade day for dividend, ex-dividend day, record date, and payment date from September 19 to 26, 2023. In a significant financial move, Discovery Limited, a prominent player in the South African financial sector, has announced the declaration of a final gross cash dividend for its B preference shares. The announcement, made on September 5, 2023, is expected to impact shareholders and investors alike. The declared final gross cash dividend stands at an impressive 548.49315 cents per B preference share. However, shareholders should note that this amount will be subject to a dividend withholding tax of 20%, resulting in a net dividend of 438.79452 cents. This dividend covers the period from January 1, 2023, to June 30, 2023, demonstrating the company's commitment to sharing its financial success with its stakeholders. The company's issued preference share capital, as of the declaration date, amounts to 8 million B preference shares. These shares represent a substantial portion of the company's capital structure and have a significant impact on the financial well-being of its shareholders. Key Dates for Shareholders to Remember For shareholders and potential investors, it is crucial to be aware of the key dates associated with this dividend declaration. Missing these dates could result in a delay in receiving the dividend or other complications. The salient dates are as follows: It's worth noting that B preference share certificates may not be dematerialized or rematerialized between September 20, 2023, and September 22, 2023, inclusive. Shareholders should plan their transactions accordingly to avoid any inconvenience. Tax Considerations Shareholders should also be aware of the tax implications associated with this dividend declaration. A dividend withh

Source - Rateweb
6 Sep 2023
6Sep

Spotting the red flags for teen mental health

Parents should be aware of mental health warning signs to assist with supporting teen mental health needs In this stressful new post-pandemic world, teens face significant mental-health challenges and can be at risk of depression and suicide Supporting teens to find healthy coping mechanisms can help reduce the risk of parasuicide (a call for help without the actual intention of killing oneself) or more serious suicide attempts. Knowing the warnings signs can help parents to help their teenagers. This begins with transparent and open conversations to help destigmatise any mental health concerns or, in finding the suitable professionals for teens and families to talk to about their stresses, emotions and mental health struggles. It's crucial that all teen suicide threats and attempts be taken seriously. Life Healthcare has seen a marked increase in the proportion of adolescents accessing counselling as part of their employee wellness programmes and a rise in depression cases. Before COVID-19, adolescents accounted for less than 6% of high-risk mental health cases; this number rose to 11% during the height of the pandemic and remains high, at 7.3%. Across the past five years, suicidal risk has remained the top driver of high-risk case management for this age group. 2023 has seen a proportional decrease in mental well-being cases but an increase in couple and family-related problems. According to Life Healthcare, child behavioural issues account for 1 in 4 problems for this age grouping, followed by stress and phase-of-life or adjustment difficulties. The South African Depression and Anxiety Group reports an estimated 23 known cases of suicide in South Africa every day and 230 serious attempts at suicide daily. Claudette Marais, clinical psychologist based at the Life Brackenview mental health facility, has also seen a significant increase in teenage mental health issues during the pandemic and its aftermath. She says if left unaddressed, these problems can lead to suicidal ideation, suicide

Source - Life Healthcare
6 Sep 2023
6Sep

Fund managers can't sit on their thumbs 'when there are opportunities'

Claude van Cuyck has 30 years of experience in the industry and has managed the R1.7bn Denker SCI Equity fund — originally called the SIM Value fund — since 2011.He has an active style and an average holding period of three years.‘I don't believe fund managers should sit on their thumbs when there are opportunities to buy and to sell. Shares at the right price always crop up. We cover a universe of 100 shares on the JSE, and right now, the forward P/E is a modest 9.7 times,' Van Cuyck said.‘When it has reached these levels before over the last 40 years, there has been a compound average return over the following five years of more than 20%,' said Citywire + rated fund manager Van Cuyck (pictured below).Van Cuyck has managed the R360m Denker SCI SA Equity fund since 2017. Denker set up this fund for investors who wanted a dedicated South African equity building block.The Denker SCI SA Equity has had a particularly strong over the three years ended August 2023, coming in the top decile with a 19.9% annualised return. This placed it 18th out of 189 Asisa domestic general equity funds over the period.The Denker Equity fund is firmly in the top quartile over three years with a 16.7% annualised return, placing it 34th in the same category.Van Cuyck said the benchmark for the South African equity fund is the Capped Swix, and for the equity fund, it is 87.5% Capped Swix and 12.5% MSCI World index.Van Cuyck's colleagues in the global equity team run the Denker Global Financial fund. Kokkie Kooyman (pictured below) is the lead portfolio manager of the financial fund. Jacobus Oosthuizen also manages the Denker Global Equity fund.‘The financial fund is by no means confined to banks as it is diversified into businesses such as insurers and mortgage originators, and it has a spread of developed and emerging market businesses, and the global equity fund is a well-diversified fund, primarily invested in developed markets,' Van Cuyck said.‘We have an integrated local and global equity process,

Source - City Wire
6 Sep 2023
6Sep

Jooste pleads unemployment in insider trading hearing

Former Steinhoff CEO Markus Jooste's legal team has cited his unemployed status during proceedings around a penalty he faces over alleged insider trading. His lawyers also argued that the financial watchdog miscalculated when levying the penalty it's seeking. Jooste did not appear for his challenge against a R20m administrative penalty (reduced from R162m) for insider trading Fin24 reports. Shortly before proceedings began, a member of Jooste's legal team, Stephan Haynes from law firm DKVG, confirmed that he would not be in attendance. Jooste, who resigned from Steinhoff in late 2017 when news of the accounting scandal broke, was fined R162m for insider trading in October 2020 by the Financial Sector Conduct Authority after being found guilty of sending an SMS to four friends warning them to get rid of their Steinhoff stock immediately. In December, the Financial Sector Conduct Tribunal reduced the amount by 90% to R20m, ruling that Jooste did not disclose 'precise' inside information to his friends. In July, the Higher Regional Court of Oldenburg in Germany rejected Jooste's challenge against his arrest warrant. News24 has previously reported that authorities were working on a request to extradite him from SA. In August, the same court handed Steinhoff's former European finance chief, Dirk Schreiber, a three-and-a-half-year jail sentence, making him the first person to be imprisoned over the scandal that led to the near-collapse of the retailer.

Source - South African Lawyer
6 Sep 2023
6Sep

Shoprite posts 16.9% sales growth in FY23

South Africa-based supermarket chain Shoprite has reported total sales of R215.0bn ($11.20bn) in fiscal year (FY) 2023, up 16.9% from FY22.For the 52 weeks ending 2 July 2023, Supermarkets RSA segment's sale of merchandise increased by 17.8% to R173.6bn.The retailer's diluted headline earnings per share (DHEPS) increased by 9.7% to 1,159.4 cents in FY23. Its adjusted headline earnings per share (adjusted HEPS) also grew by 3.8% to 1,161.2 cents over the FY.During the fiscal, Shoprite opened 340 net new stores, including 94 stores acquired from Massmart. It ended the FY with a total of 3,326 stores.The supermarket chain also created 8,131 new jobs in FY23, including 4,480 jobs retained from the Massmart acquisition.Shoprite chief executive officer Pieter Engelbrecht said: "In many aspects, our 2023 year was extraordinary. The group gained record levels of market share, saved customers over R13.5bn in Xtra Savings and still managed to increase profits and dividends despite the prohibitive cost to the business as a result of unprecedented levels of load-shedding."Sales growth of 17.8% in our core Supermarkets RSA business is evidence that we continue to derive the benefits of our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation strategy."Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust and expect from the brand. Checkers Sixty60 increased sales by 81.5%, underscoring the continued growth of our Checkers omnichannel customer and validating our strategy in terms of our investment in digital and data-led decision making."In addition, Shoprite plans to spend approximately R8.5bn across various areas of the business in 2024.

Source - Retail-insight-network
6 Sep 2023
6Sep

Markus Jooste a no show in court, claims poverty

The former Steinhoff chief executive officer, Markus Jooste, was a no show in a Pretoria court on Tuesday as his legal team argued against a reduced R20 million administrative penalty for insider trading. The embattled former CEO's legal team said that Jooste is unemployed and has a lack of income in a bid to reduce the penalty. Jooste is the alleged ringleader in a financial fraud syndicate that saw investors lose more than R200 billion, and resulted in the 95% collapse of the share price in 2017. This comes after Jooste was hit with an arrest warrant from a German court in June this year. The Regional Court of Oldenburg had issued the warrant. A spokesperson for the court said prosecutors had called for Jooste's arrest in April after he failed to appear in court for his trial. Jooste, two former Steinhoff executives, and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was split in two to avoid delays due to the Covid-19 pandemic. Jooste is suspected of contravening foreign exchange regulations that saw investors lose more than R200 billion. Last year, the South African Reserve Bank attached assets belonging to Jooste worth millions of rands. The financial collapse of Steinhoff saw thousands of local and foreign investors, ranging from small to major shareholders, losing their investments. In South Africa, these included the Government Employees Pension Fund (GEPF) and well-known businessman Christo Wiese.

Source - Sunday Independent
6 Sep 2023
6Sep

Interest Payment Notification — BIABS

6 September 2023 Interest Payment Notification — BIABS ABSA BANK LIMITED (Incorporated with limited liability in South Africa under registration number 1986/004794/06) Bond Issuer Code: BIABS (‘"Absa") INTEREST PAYMENT NOTIFICATION Noteholders are advised of the following interest payments and their respective interest payment dates. Note ISIN Coupon Rate (%) Interest Amount (ZAR) Interest Payment Date ABS7 ZAG000043985 8.80 178,376,000.00 11 September 2023 ABFN09 ZAG000084765 10.44 3,514,519.73 18 September 2023 ABFN40 ZAG000162355 9.75 31,461,287.89 18 September 2023 ABFN41 ZAG000162371 9.85 21,025,517.59 18 September 2023 ABFN42 ZAG000162389 9.97 13,450,178.96 18 September 2023 ASC003 ZAG000195074 11.69 5,894,049.32 20 September 2023 ASC021 ZAG000195751 10.99 6,926,465.75 20 September 2023 ASC023 ZAG000195868 10.56 3,407,619.51 20 September 2023 ASC037 ZAG000197815 12.10 2,055,342.47 20 September 2023 ASC041 ZAG000197906 11.80 543,123.29 20 September 2023 ASC042 ZAG000197997 11.88 1,493,950.68 20 September 2023 ASN300 ZAG000155128 10.54 3,852,884.38 20 September 2023 ASN310 ZAG000156431 12.19 1,554,964.34 20 September 2023 ASN327 ZAG000158312 10.23 1,031,408.22 20 September 2023 ASN328 ZAG000158734 11.02 1,389,073.97 20 September 2023 ASN335 ZAG000159377 10.27 647,276.71 20 September 2023 ASN341 ZAG000159856 10.64 2,682,367.12 20 September 2023 ASN346 ZAG000160730 10.09 178,061.59 20 September 2023 ASN351 ZAG000160672 10.54 3,534,024.99 20 September 2023 ASN354 ZAG000161118 10.39 1,571,612.05 20 September 2023 ASN358 ZAG000161779 10.39 2,619,353.42 20 September 2023 ASN369 ZAG000162678 11.54 1,629,161.21 20 September 2023 ASN373 ZAG000162959 10.28 1,554,976.44 20 September 2023 ASN374 ZAG000163023 10.49 2,644,558.90 20 September 2023 ASN388 ZAG000164518 10.33 1,302,115.07 20 September 2023 ASN409 ZAG000165804 10.29 1,815,903.56 20 September 2023 ASN415 ZAG000166489 11.29 1,707,721.64 20 September 2023 ASN421 ZAG000167156 11.72 2,954,586.30 20 Septem

Source - Moneyweb
6 Sep 2023
6Sep

Bayobab lands long-distance operator licence in Nigeria

Bayobab Group CEO Frédéric Schepens. T he Nigerian regulatory authorities have granted Bayobab Group a national long-distance operator licence.The company announced the news today, stating that its subsidiary in Nigeria is now authorised to enable long-distance traffic, which will help meet the growing need for data. Bayobab claims it is now positioned to make important contributions to the country's connectivity plans, in accordance with the Nigerian Communications Commission's ambitious Fibre Ambitions Policy. Frédéric Schepens, CEO, Bayobab Group, said: "This achievement marks a transformative moment for us, as we look forward to contributing to the growth and development of Nigeria's digital economy." The Nigerian licence comes as Bayobab, an MTN Group subsidiary, expands its infrastructure services. Bayobab deployed roughly 3,000 kilometres of fibre during the first half of the current fiscal year, bringing its total private fibre inventory to 108,000 kilometres. It also signed a $320 million agreement with infrastructure investment firm Africa50 earlier this year, to create Project East2West, a terrestrial fibre optic cable network. By 2025, the project is expected to connect ten African countries to the cable network. In the current reporting period, the fixed connectivity segment of Bayobab's business increased external revenue by 15.2% year-over-year, aided by new fixed connectivity infrastructure contracts worth $8.4 million.

Source - ITWeb Africa
6 Sep 2023
6Sep

Concerns over latest fuel price hike on business: LFWA

The Liquid Fuels Wholesalers Association (LFWA) of South Africa has voiced apprehensions about the recent fuel price increase and its potential implications for its members' operational costs. The fuel price adjustments , which came into effect at midnight, mark the highest increase since July. Under the latest adjustments, the prices of both 93 and 95 octane petrol have risen by R 1.71 per litre, while diesel now costs between R 2.76 and R 2.84 cents more per litre. Additionally, illuminating paraffin has seen a price hike of R 3.70 per litre. Peter Morgan, the CEO of the LFWA, expressed concerns about the impact of these increases on their members' cost structures. He emphasised that independent wholesalers' most significant operational expense is diesel. Consequently, the surge in diesel prices will lead to increased operating costs for their businesses. Concerns about rocketing household costs ahead of fuel price hike: While acknowledging that the current fuel prices are not the highest ever recorded, Morgan highlighted the abruptness and magnitude of the recent hike, which has raised concerns within the industry. He stated, "I know it's not going to give anybody comfort, but it's just been such a massive increase Beyond the immediate financial implications, Morgan also emphasised the importance of ensuring the security of fuel supply. He stressed that the South African economy heavily relies on fuel, and any disruption in its supply could exacerbate existing challenges, such as load shedding. The LFWA's concerns reflect broader industry apprehensions regarding the impact of fuel price hikes on businesses and consumers alike . As fuel remains a fundamental component of the country's economic infrastructure, these developments continue to be closely monitored. Hefty fuel price hike for motorists Share article

Source - SABC News
6 Sep 2023
6Sep

South African Student Discovers Roommate's Pet Snake, Is Told to Mind Her Own Business: "Move Out ASAP"

A TikTokker was scared out of her wits after seeing a snake crawl out of her roomie's wardrobe After frantically searching for the snake and not finding it, she confronted her roommate who told her to buzz off Netizens warned her to pray to the Almighty and find another room to live in to avoid the snake After discovering her roommate had a snake, South Africans encouraged a university student to pray. After the snake disappeared in their room, she confronted the roommate after the saga, and the roommate bluntly told her to mind her business This freaked the heavens out of her! Woman discovers snake in her room @faythwa posted the TikTok video on her account, which was viewed by over 145K people in under 24 hours. Her in-video caption indicates that the roommate has a snake. The short video shows her looking for the snake without any success. Mops and brooms are out to create space for the snake to come out. In the comment section, she continued the narrative. She said she found the snake when it came out of her roommate's wardrobe, disappearing afterwards. When she texted her and confronted her about the snake, her roommate told her to mind her business. When she saw the snake coming out of her roommate's wardrobe, she called her mates to help her find it. Fearing for her life, she temporarily relocated to her friend's house. Watch the video here: South Africans encourage her to pray Netizens were terrified on her behalf and urged her to pray because something might be up with her roommate and the snake. Kefi3912 said: "That snake has been sleeping with you at night without you noticing anything. Joke_sa cried: "Yoh! I would move out the following day. My worst fear. Ocean.19 remarked: "In this journey of life, believers, pray without ceasing. Noko_sn wrote: "Let's praise God that you saw it! What if it was meant to harm you? Busi added: "Y'all won't find it because now it's a short person wherever it is. Pray, my love. Babygal admired her. "You are strong for even searching. I was gonna

Source - Briefly
6 Sep 2023
6Sep

South Africa business activity grows in Aug for first time in six months

SOUTH African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy as companies reported an increase in output and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Advertisements

Source - The African Mirror
6 Sep 2023
6Sep

Clientele vs PASA: Lawsuit may change SA debit orders

The insurance group invokes section 25 of the constitution to challenge banks' unilateral reversal of lawful payments Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. In a legal dispute that might reshape how debit order reversals are governed in SA, insurance group Clientele wants to force banks to give it an opportunity to provide proof of a valid mandate before reversing debit orders. This as the JSE-listed insurer battles to contain a rise in debit order reversals from its client base. The financial services group has dragged the Payments Association of SA (PASA) to court seeking an order compelling banks not to unilaterally reverse lawful debit orders. PASA, the country's payment system management body recognised by the central bank, has more than 20 members including SA's biggest banks; Absa, Nedbank, Capitec, Standard Bank, FirstRand and Investec. The entity plays a key role role in SA's payments industry, managing its members' activities in the national payment system (NPS). Constitutional angle Clientele, valued at R3.4bn on the JSE, will argue in the South Gauteng High Court that once money is lawfully debited from its clients, section 25 of the constitution is a shield and that banks cannot reverse the money at the behest of clients without seeking its audience first. Section 25 of the country's supreme law is often associated with the polarising expropriation without compensation debate. This section, Clientele will argue when the matter is to be heard in court, protects it from banks arbitrarily depriving it of its property, in this instance, cash. PASA on Monday managed to delay the hearing of the matter, arguing that the failure by Clientele to join the banks and the SA Reserve Bank in the matter was ill advised, as it had no authority to speak on their behalf. The country's banks and the central bank have now been given a chance by the court to choose whether

Source - Business Live
6 Sep 2023
6Sep

Bayobab Secures National Long-Distance Operator License In Nigeria To Foster Digital Economy Expansion

In a groundbreaking development, Bayobab, previously known as MTN GlobalConnect, has received regulatory approval in Nigeria for its National Long-Distance Operator License. This pivotal milestone marks a significant shift in the nation's connectivity landscape, addressing the growing need for data connectivity within Nigeria. Under this license, Bayobab's Nigerian subsidiary gains the authority to manage long-distance traffic, creating exciting opportunities for improved communication, collaboration, and innovation. " This achievement marks a transformative moment for us, as we look forward to contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are committed to pushing the boundaries of what's possible in the realm of connectivity," said Frédéric Schepens, CEO of Bayobab Group. He further emphasised, "This license is a testament to our dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We believe that connectivity is the foundation upon which innovation thrives, and our unwavering dedication to excellence and innovation will continue to guide us as we embark on this new chapter of delivering next-gen digital connectivity across Nigeria ." Concludes Frédéric. In a dynamic era of digital transformation, Nigeria's connectivity landscape has undergone remarkable growth, altering how its population accesses information, conducts business, and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is fundamentally reshaping daily life in Nigeria. Mobile technology is playing an instrumental role in the nation's economy, where mobile broadband is the predominant means of internet access, unlocking new possibilities. The surge in digital services, ranging from the realms of mobile financial solutions to dynamic e-learning platforms, has ushered in a revolution in the way Nigerians engage wit

Source - TechFinancials
6 Sep 2023
6Sep

Nigeria: Tinubu Has Shown Purposeful Leadership in 100 Days - Federal Govt

Federal government has declared that President Bola Ahmed Tinubu has ushered in an era of purposeful leadership and progress for Nigeria in a report on President Bola Ahmed Tinubu's first 100 days in office. LEADERSHIP reports that exactly 100 days ago, President Tinubu assumed office, embracing the responsibility bestowed upon him by the people of Nigeria through their votes, emerging the 16th President of Nigeria. The minister of information and national orientation, Mallam Mohammed Idris, who stated this in a statement yesterday in Abuja said during this period, he has tirelessly worked to fulfill the promises outlined in his Renewed Hope Agenda. In the last 100 days, the information minister said Tinubu has offered purposeful leadership and set the administration's tone, texture, and character. The minister said since May 29, President Tinubu has been at his duty post, working assiduously to deliver on his campaign promises as enunciated in his Renewed Hope Agenda for a better and greater Nigeria. He said the president began the journey to rebuild our battered economy, realising that our country was in a difficult situation with our public debts - both local and foreign - coupled with an unsustainable fuel subsidy regime that created, for several decades, a galling hole in our public finance, rendering the three tiers of governments insolvent and incapable of meeting the needs of the citizens. Idris said Tinubu took a bold and courageous decision to remove the fuel subsidy to avert a national economic catastrophe of epic proportions. He said fuel subsidy was a Sword of Damocles that hung over Nigeria for decades. It stunted growth and set the country a-borrowing. In addition to subsidy removal, he said President Tinubu took further steps to unify the multiple foreign exchange markets. He said while these two vital steps to save the country from hitting the rocks brought momentary discomfort to Nigerians, President Tinubu has never failed in his appeal to Nigerians to see the current in

Source - Allafrica
6 Sep 2023
6Sep

TFG's Earnings Forecast: Challenges Amidst Growth

TFG reports 11.3% retail turnover growth but anticipates earnings to drop 15-25% for H1 FY2024 due to challenges. Load shedding severely impacts operations in South Africa, with 250,000 trading hours lost. Online retail surges by 23.2%, contributing 10.1% to total Group retail turnover, reflecting changing consumer behaviour. The Foschini Group Limited (TFG) has recently released a trading update for the 22 weeks ending August 26, 2023, along with a trading statement for the six months ending September 30, 2023. The report sheds light on the company's performance in a turbulent economic landscape marked by persistent load shedding and post-COVID-19 challenges. Retail Turnover Growth Amidst Challenges In a trading update, TFG reported a 11.3% growth in group retail turnover for the 22 weeks ending August 26, 2023, compared to the same period in the previous year. This performance is commendable considering the numerous obstacles the company faced during this time. TFG Africa, the core segment of the group, exhibited robust retail turnover growth, clocking in at an impressive 16.1%. However, when excluding Tapestry, a subsidiary of TFG Africa, the growth figure remained strong at 9.7%. The company also achieved a 3.3% like-for-like retail turnover growth, demonstrating its ability to attract and retain customers. Cash Retail Turnover Takes Centre Stage One of the most significant highlights in TFG's recent report is the prominence of cash retail turnover. TFG Africa saw cash retail turnover surge by a remarkable 21.8% during the reporting period. This shift toward cash transactions is noteworthy, as it now accounts for a substantial 73.4% of TFG Africa's total retail turnover and a substantial 82.0% of the group's overall retail turnover. This trend reflects changes in consumer behaviour, likely influenced by various factors, including economic uncertainties and the convenience of cash transactions. International Operations Face Challenges However, it's not all smooth sailing for TFG. The

Source - Rateweb
6 Sep 2023
6Sep

Shoprite gains record levels of market share despite R1.3bn diesel bill due to load shedding

Shoprite said yesterday 2023 was extraordinary as the retailer gained record levels of market share, and increased profits and dividends despite footing a hefty R1.3 billion diesel bill amid unprecedented levels of load shedding. In its group results for the 52 weeks ended July 2, 2023, South Africa's largest grocer said headline earnings per share from continuing operations of 1166.2 cents in the year ended July 2, from 1063.9 cents a year earlier. Shoprite said it gained record levels of market share as sales of merchandise increased by 16.9% to R215bn, underpinned by its core Supermarkets RSA segment. Supermarkets RSA sales of merchandise increased by 17.8% to R173.6bn The board declared a final dividend of 415 cents, compared to 2022's 367c per ordinary share. Shoprite CEO Pieter Engelbrecht said: "In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered higher returns for our shareholders. Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." Engelbrecht said 2023 was extraordinary as the group gained record levels of market share, saved customers more than R13.5bn in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load shedding. "Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. "Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel customer

Source - Cape Argus
6 Sep 2023
6Sep

Drill less hit more — the core of directional drilling

Drill less but hit more targets — it's the simple proposition propelling mining-tech partners IMDEX and Devico as they expand their world-class directional core drilling capabilities. Devico is the leader in Directional Core Drilling (DCD), a technology it has developed and enhanced over more than 30 years. Now the IMDEX/Devico partnership is looking to grow the market for the technology, which delivers sustainable mining operations through more focused and efficient exploration with decreased costs and lower environmental impact, including reduced water consumption and greenhouse gas emissions when compared with conventional drilling. IMDEX Chief Operating Officer Shaun Southwell said the transition to directional core drilling was inevitable as exploration costs increased in the search for mineral deposits that are deeper and in more remote and unexplored regions. "Resource companies need to take every advantage available to them so having the capacity to hit more targets with less exploration drilling delivers real quantifiable savings," Mr Southwell said. "Directional core drilling is one of the fastest growing markets as companies seek precision in their drilling programs." Time and cost savings from 20 to 50 percent are typical compared to conventional drilling. The technology is well-suited in the search for geologically complex critical minerals, particularly with the capacity to drill multiple secondary drill holes from an initial mother hole and/or overcome natural deviation to hit intended targets. IMDEX General Manager, Europe, Erlend Olso said that while directional core drilling added some short-term costs, resource companies were recognising the greater overall savings. "Using directional core drilling provides precision and efficiency in exploration; you can hit more targets with a lot less metres drilled," Mr Olso said. "Resource companies save money in the exploration phase but also know that they can hit the targets and prove up the resource in a better, faster way. T

Source - Mining Business Africa
6 Sep 2023
6Sep

Shoprite gains record levels of market share despite R1.3bn diesel bill due to load shedding

Shoprite said yesterday 2023 was extraordinary as the retailer gained record levels of market share, and increased profits and dividends despite footing a hefty R1.3 billion diesel bill amid unprecedented levels of load shedding. In its group results for the 52 weeks ended July 2, 2023, South Africa's largest grocer said headline earnings per share from continuing operations of 1166.2 cents in the year ended July 2, from 1063.9 cents a year earlier. Shoprite said it gained record levels of market share as sales of merchandise increased by 16.9% to R215bn, underpinned by its core Supermarkets RSA segment. Supermarkets RSA sales of merchandise increased by 17.8% to R173.6bn The board declared a final dividend of 415 cents, compared to 2022's 367c per ordinary share. Shoprite CEO Pieter Engelbrecht said: "In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered higher returns for our shareholders. Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." Engelbrecht said 2023 was extraordinary as the group gained record levels of market share, saved customers more than R13.5bn in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load shedding. "Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. "Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel custome

Source - Sunday Independent
6 Sep 2023
6Sep

COMPAGNIE FINANCIERE RICHEMONT SA - Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee

Richemont appoints Swen Grundmann and Boet Brinkgreve to senior executive committee Compagnie Financière Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 RICHEMONT AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR 6 SEPTEMBER 2023 RICHEMONT APPOINTS SWEN GRUNDMANN AND BOET BRINKGREVE TO SENIOR EXECUTIVE COMMITTEE Richemont announces today the following appointments to its Senior Executive Committee (SEC), effective 6 September 2023. Director of Corporate Affairs Swen Grundmann will join the SEC in his new capacity as Director of Corporate Affairs in addition to maintaining his role as Group Company Secretary. Swen Grundmann will continue to report to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Swen Grundmann brings 27 years of experience to the role, primarily in the legal and corporate governance fields. He started his career at Richemont in 1996 as legal counsel and was appointed Group Company Secretary in 2017. Over the years, Mr Grundmann has been responsible for the corporate law affairs of the Group and its subsidiaries and been involved in various merger and acquisition projects. He was, until February of this year, also the General Counsel and Company Secretary of Reinet Investments SCA and Reinet Fund S.C.A., which he joined in 2009. This September, Mr Grundmann's responsibilities were expanded to incorporate Corporate Affairs. A Dutch national, Swen Grundmann holds a law degree from the Faculty of Law from the University of Amsterdam (1994). CEO of Laboratoire de Haute Parfumerie et Beauté Boet Brinkgreve was appointed to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté on 1 September 2023. He reports to Johann Rupert, Chairman of Compagnie Financière Richemont SA (Richemont). Mr Brinkgreve's thirty-year career has been primarily in the chemicals, fragrances and flavour industries spanning the US, China and Europe. He joins Richem

Source - Sharenet
6 Sep 2023
6Sep

GDP data shows economy still recovering, but no good news

The latest GDP data for the second quarter shows that the economy is still recovering, as it is still below the figures for the third quarter of 2022. The South African economy's better-than-expected performance of 0.6% is thanks to more moderate Eskom blackouts in June compared to April and May, as well as other mitigating factors. Economic research group Oxford Economics Africa says the increase in GDP (gross domestic product) comes despite disruptive load shedding and domestic logistical constraints, demonstrating resilience from the supply side. "Increased private sector investment in electricity generation capacity supports the demand side, but consumers are experiencing strain due to elevated prices, high interest rates and household consumption expenditure contracted in the second quarter. We expect this trend to persist in the second half of 2023," Jee-A van der Linde, senior economist at Oxford Economics Africa, says. The economy's supply side is proving more resilient than initially thought and shows that the wheels continue to turn, albeit sluggishly, he says. "Increased private sector investment in electricity generation capacity supports the demand side, but households are experiencing strain due to elevated prices and high interest rates." Van der Linde says the group expects to see modest real GDP growth over the coming quarters, with odds of a quarterly contraction in the third quarter remaining high. However, rising fuel prices, electricity supply constraints and logistical bottlenecks will continue to undermine the economy's performance. "Although the latest upside GDP surprise is likely to see upward revisions to analysts' 2023 growth forecasts, including our own of 0.4%, the South African economy is not out of the woods at all. Next year's national elections present novel uncertainty with the country's macroeconomic fundamentals weaker than before the pandemic amid widespread impediments to growth." High degree of volatility in growth dynamics Prof Raymond Parsons, N

Source - Bloemfontein Courant
6 Sep 2023
6Sep

Liberia: Political Tension, Disunity Brew in District 11 Following the Disqualification of Thomas Nimene Tweh's Candidacy

Political tension and disunity are brewing in electoral district # 11, Montserrado County following the disqualification of the leading Representative Candidate Thomas Tweh by the Supreme Court of Liberia. Last week, the Supreme Court mandated the National Elections Commission (NEC) to nullify the candidacy of Mr. Tweh, who is commonly known as Original Country Man (OCM) on grounds that he was ineligible to contest following a domicile case filed against him by by his political opponent Siah Tandanpollie of the New Liberia Party (NLP). Tandapollie contended that Mr. Tweh does not reside in district # 11, but in Louisiana, district # 1 in Montserrado County. Mr. Tweh is currently a resident of the God Grace Community in Louisiana. The Supreme Court requested the NEC to remove the name of Mr. Tweh from the official list of qualified candidates vying for the representative seat of District 11, Montserrado County. The court's ruling was in keeping with Article 30 (b) of the 1986 Liberian Constitution. The constitution is the organic law of the land. Article 30 (b) of the 1986 Liberian Constitution states that "citizens of Liberia who meet the following qualifications are eligible to become members of the Legislature shall be domiciled in the country or constituency to be represented not less than one year prior to the time of the election and be a taxpayer." As a result of the Supreme Court's ruling, supporters of Mr. Tweh are being subjected to provocations and humiliation from their political archrivals. His campaign flyers and banners were being taken down by supporters of his political archrivals. Hundreds of Mr. Tweh's supporters stage a peaceful protest over the week end and gathered at the headquarters of the Liberia National Police (LNP) on the Capitol Bye Pass in Monrovia when he (Tweh) was invited by the police for questioning. They were venting out their dissatisfaction over the ruling and the invitation extended their representative candidate. If steps are not taken to discourage

Source - Allafrica
6 Sep 2023
6Sep

The store will not work correctly in the case when cookies are disabled. Italtile 's exclusive new Laufen Basal Range Septem

In 1976, Cartier birthed the iconic Les Must de Cartier, with its exquisite ranges of accessibly priced pieces created to appeal to a wider marketof luxury lovers, yet still carrying the impeccable Cartier credentials. In much the same way, world-leading sanware creators Laufen have introduced Basal , a new range of beautifully designed, mid-range priced sanware all set to become contemporary classics. Italtile is proud to be the exclusive stockist. The new Laufen Basal range offers Italtile's style-conscious customers undeniable luxury, cutting edge innovation, high-end design, impeccable craftsmanship and impressive sustainability... all wrapped up in outstanding value for money. The range embodies Laufen's "Swissness" (a build DNA rooted in over 120 years of experience, that fuses precision, quality and extreme durability) and is truly the ultimate affordable luxe The range consists of: The Basal White Wall Hung Basin 600 x 450 x 150mm The Basal White Wall Hung Basin 800 x 450 x 150mm The Basal Rimless White wall Hung Pan 360 x 530 x 350mm The Basal White Soft Close Slim Toilet Seat & Cover 360 x 445 x 45mm The range has been designed with a crisp minimalism, incorporating contemporary curves in the Basal Rimless Wall Hung WC and Slim Soft Close Seat , and subtly rounded edges in the two Basal Wall Hung Basins . The wall hung WCs offer the double benefit of easy maintenance and optimum hygiene with Laufen's innovative rimless flushing technology . This allows uniform rinsing of the entire bowl with just one flush and also prevents any build-up of bacteria and dirt in hard-to-reach places. Each item in the range has been fired at 1250 degrees Celsius in the kiln and then, as with all Laufen products, carefully hand-finished for flawless perfection. The ceramic material used in the Laufen workshops is 100% recyclable . This means items with defects, or those at end of life, can re-enter the manufacturing process (either at Laufen, or in other industries) after being crushed into fin

Source - Italtile
6 Sep 2023
6Sep

South Africa at breaking point

Households in South Africa have been hit by a "tsunami" of cost pressures, with the two biggest sources of energy now threatening to push many over the edge.The cost of petrol and diesel have shot up dramatically from today (Wednesday, 6 September), increasing between R1.71 and R2.84 per litre, respectively. This will add even more pressure onto households' transport cost, but also to the operational costs of businesses and entire industries across the country that currently rely on diesel generators to mitigate the impact of load shedding. With load shedding back at stage 6 — and not going anywhere — these energy costs are mounting. Groups like Shoprite have had to cough up over R1.3 billion in the past year to pay for the diesel to keep lights on. Even when electricity is available, an almost 19% tariff hike from Eskom in April, and the 15%+ municipal tariff hike in July have escalated household power costs significantly, putting consumers under severe pressure. According to Debt Rescue chief executive Neil Roets, households have reached their limit and are a breaking point. "There absolutely has to be some respite for consumers soon, and this needs to come in the form of financial relief from Eskom and the Department of Mineral Resources and Energy. The financial tsunami emanating from these quarters is wreaking havoc on the lives of people across all income brackets, who are paying the price for maladministration, bad management and corruption," he said. The Automobile Association (AA) warned that the fuel price increases will have negative consequences for all consumers, not just motorists, as the higher transportation costs will inevitably filter their way through to general inflation. "Motorists will certainly feel the pinch in terms of higher prices at the pumps but consumers across the board can expect higher prices to all goods and services because of these hikes," it said. Hugo Pienaar, chief economist at the Bureau for Economic Research (BER) said that the outsized fuel pri

Source - Business Tech
6 Sep 2023
6Sep

Iron-ore giant Vale says China property outlook is more encouraging

No. 2 iron-ore miner Vale said the outlook for China's steel-intensive property sector is "more encouraging" despite uncertainties, and reiterated its long-term view of the global steel market remains intact. Vale sees reasons to be positive about the outlook for steel demand in spite of challenges facing its top customer, according to an investor presentation delivered by iron-ore vice-president Marcello Spinelli and posted on the company's website. Iron-ore prices have proved surprisingly resilient in recent months in the face of a crisis in China's vital property market, and futures in Singapore hit the highest since April on Tuesday as investors welcomed Beijing's efforts to support the real estate sector and Chinese developer Country Garden Holdings Co. avoided a default. On the property market uncertainties, there is "a more encouraging outlook, driven by higher social housing investments," according to the presentation dated Tuesday. Spinelli also pointed to high utilization rates at steel plants and low inventories of both iron ore and steel in China. Elsewhere in the world, Vale sees steel production rebounding in 2024, offsetting a decline this year. In the longer term, Vale said consumption will be supported by continued urbanisation in China, growing production in other emerging markets, including in southeast Asia - where it expects steelmaking capacity to double by 2030 - as well as renewable-energy infrastructure spending and green-steel incentives in developed countries. The performance of the world's biggest miners is intrinsically linked to demand for commodities in China, and iron ore is particularly exposed to shifts in the property sector. BHP Group CEO Mike Henry said last month that the outlook for China was "uncertain," and the company reiterated in its annual report that iron-ore's performance during the current period will depend on how effectively China's stimulus policy is implemented, especially in real estate.

Source - Engineering News
6 Sep 2023
6Sep

All the Games Coming to and Leaving Xbox Game Pass in September

September is a massive month for Game Pass with the day-one release of Bethesda's Starfield, but there are plenty more games coming to the subscription service soon.As outlined in a post on Xbox Wire, Gris The big one is of course Starfield, which launches day-and-date tomorrow, September 6, on Game Pass. It's available to play early, if you want to fork out extra. Here's IGN's Starfield review for more, and IGN's useful interactive Starfield maps, if you're already playing. Next up is stylish action platformer Solar Ash, available in Game Pass across console, PC, and cloud on September 14. Solar Ash is from the developers behind Hyper Light Drifter. In it you play Rei, a Voidrunner determined to stop at nothing to save her planet from falling prey to the Ultravoid's path of eternal hunger. Here's another big-hitter: soulslike Lies of P launches day-one on Game Pass on September 19 across console, PC, and cloud. Check out IGN's extensive Lies of P coverage for more. Another September day-one Game Pass game is the Gang Beasts-esque Party Animals, which hits the service on September 20. Starbreeze's hotly-anticipated co-op shooter Payday 3 is a steal on Game Pass from September 21. And Cocoon, from Jeppe Carlsen, the lead gameplay designer of Limbo and Inside, rounds out the September day-one Game Pass games, launching on September 29. As usual, a raft of games also leave Game Pass this month. On September 15 the following games exit Game Pass: Amazing Cultivation Simulator (PC) Aragami 2 (Cloud, Console, and PC) Danganronpa V3: Killing Harmony Anniversary Edition (Cloud, Console, and PC) DC League of Super-Pets: The Adventure of Krypto and Ace (Cloud, Console, and PC) Fuga: Melodies of Steel (Cloud, Console, and PC) Metal Hellsinger (Cloud, Console, and PC) Sid Meier's Civilization 6 (Cloud, Console, and PC) Tainted Grail: Conquest (Cloud, Console, and PC) Train Sim World 3 (Cloud, Console, and PC) Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at

Source - IGN
6 Sep 2023
6Sep

Stealing business? SA reacts to Woolies R25 amagwinyas

Retail giant Woolies has been accused of stealing customers from kasi ladies after selling amagwinyas and dombolo. For years now, South Africans have joked about Woolies and how their prices attract a certain upmarket crowd. Just a short while ago, the price of their rotiserrie chicken sent locals into a frenzy as they wondered what made the chicken so special. And now a social media user has headed online to share that the upper-class supermarket now sells amagwinyas. In the comment section, many complained that the retailer is stealing customers from the women who usually sell the fried bread in the streets. WOOLIES NOW SELLING AMAGWINYAS AT R25 FOR 4, SA REACTS South Africans absolutely love fresh magwinyas and are known to scarf down the fried delicacies for breakfast with a slice of polony and cheese. Because of this, many local men and women are able to make a decent living selling the food at around R2 a pop. It looks like big brand Woolies also wants to get in on that action and is now selling a pack of four amagwinyas at R25. Heading online, a X user shared a short clip of the amagwinyas. Take a look below: STEALING CUSTOMERS? In the comment section, many locals weighed in on the product. According to some of them, Woolies is trying to penetrate the middle class market. Others said that they are stealing customers from the men and women who make a living selling the amagwinyas on the street. "woolies is penetrating the middle class market, one person wrote while another said: "1.50 legwinya at kasi With 25bucks i can buy 10 amagwinya and 10 white liver "Eishh and our moms businesses? a third added.

Source - SA People News
6 Sep 2023
6Sep

Octopus Artist Tuesday Houston Turns Love of Diving into Art

Tueday Houston is being called the Octopus Whisperer for her love of free-diving and turning her adventures into beautiful artworks. Cape Town, South Africa (06 September 2023) — Many South Africans draw inspiration from our beautiful natural spaces. The ocean is used most due to its expanse all around the country. South Africa has beautiful coastlines for as far as the eye can see. For Tuesday Houston , her art is inspired by her time in the beautiful kelp forests. Here she meets all manner of creatures and turns them into art. She has a particular penchant for capturing octopus stories. In a fun way to promote her public profile, Tuesday's work has been highlighted by an octopus. Yes, you read that correctly! Well maybe not a real one, but if an octopus could share kind words, this is what it would say… Tuesday Houston — As told by an Octopus! In the mysterious depths of the ocean, where the sunlight shyly caresses the waves, there swims an artist like no other — the Octopus Whisperer — called Tuesday Houston to her two-legged land friends. As an octopus with a flair for the extraordinary, I can tell you that her world is a mesmerizing blend of ink and imagination, where she weaves enchanting tales of our underwater realm with her pen strokes. Her affinity for us octopodes is like a song of the sea, an unspoken kinship that she pours into her art. With each delicate ink line she draws, she breathes life into our forms, capturing the very essence of our playful, curious, and sometimes elusive nature. And little do humans know, behind each of her art pieces lies a thread of catharsis, a way for her to navigate the ebb and flow of emotions that life presents. But her world is not confined to the realm of paper and pens; she is a soul of adventure, just like us ocean dwellers. Beyond the boundaries of her studio, she dives fearlessly into the waters, embracing the freedom of the open sea through the art of free diving. As she glides gracefully, she becomes a part of our liquid ho

Source - Good Things Guy
6 Sep 2023
6Sep

ConCourt to hear Coronation's R716m tax dispute appeal

The Constitutional Court has agreed to hear an application by a subsidiary of Coronation Fund Managers for leave to appeal the asset manager's R716m tax dispute with SARS which dates back to the 2012 tax year. Fin24 reports that the Cape Town-headquartered asset manager yesterday said the apex court had issued a directive on 1 September that it would hear arguments on the merits of its appeal, although no date had yet been set for the hearing. Coronation Investment Management SA (CIMSA) told shareholders in February that the SCA had ordered it to pay additional taxes for profits earned by its international operations along with interest and costs, following an appeal by SARS. ‘We can confirm that on Friday 1 September, the Constitutional Court notified us that it will hear our application for leave to appeal and our argument on the merits of our position with respect to the ruling of the SCA on the tax dispute between Coronation and SARS,' Coronation CFO Mary-Anne Musekiwa confirmed. She added that the hearing date will be set by the court in due course. Coronation had originally planned to set aside between R800m and R900m to cover the SARS tax dispute after first announcing the disputed liability in February. However, it subsequently reduced the total obligation payable to SARS to R716m, which includes all its tax assessments from 2012 to 31 March 2023, when it announced its interim results in May. Fin24 reports that SARS initially notified the group of the tax issue in 2017, saying profit earned by Coronation Global Fund Managers, an Irish subsidiary, should have been included in the taxable income of CIMSA, the group holding company and its registered SA tax entity. . That saw the revenue authority issue a revised tax assessment for the company for the years between 2012 and 2017. After consulting with external legal counsel Coronation objected to the tax assessment. The resulting legal dispute ended up in the Western Cape High Court, which sat as a tax court to hear the matter in 20

Source - South African Lawyer
6 Sep 2023
6Sep

Bingelela Alloys launches new aluminium hub in Richards Bay

B ingelela Alloy last week launched a new aluminium hub in Richards Bay that will use molten aluminium from the nearby Hillside smelter. The launch was praised by deputy minister of trade, industry, and competition Nomalungelo Gina, and Umhlathuze mayor Xolani Ngwezi. They said the hub would boost the local and national economy and create jobs. Deputy minister Gina's speech touched on South Africa's engagement with the EU's Carbon Border Adjustment Mechanism and its impact on local exporters. This mechanism targets emissions-intensive sectors to cut emissions by 55% by 2030. She emphasised the challenges tied to the stringent EU measures and the need for discussions and international support for local green initiatives. A South African Aluminium Roadmap report commissioned by the DTIC, and AFSA (Aluminium Federation of South Africa) described a sustainable Hillside smelter as a "game changer" to grow downstream value-added products. Muzi Manzi, CEO of AFSA, emphasised collaboration in the launch. AFSA's vision was realised through stakeholders like South32, Hulamin, and government bodies, leading to a new roadmap phase. Bingelela Alloys is a 100% black-owned entity affiliated with Isizinda Aluminium, led by Bingelela Capital, which stemmed from the acquisition of Bayside Casthouse from BHP Billiton (now South32). The roadmap highlights recycling aluminium scrap metal for the value chain. Industry support for the DTIC's efforts has led to scrap processing firms generating over 400 jobs. AFSA plans to update the roadmap to acknowledge achievements and outline future strategies. Manzi called on the Government and partners like Richards Bay Industrial Development Zone to sustain support for productive sectors. AFSA commits to fostering manufacturing projects like Bingelela Alloys, contributing significantly to job creation. Commitment to collaboration Calvin Mkhabela, Hillside vice president of operations (South 32) highlighted Hillside Aluminium's support for Bingelela's goals and commitment

Source - MSN
6 Sep 2023
6Sep

Naspers Boosts Value: 250K Shares Bought

Naspers Limited updates on its share repurchase program, buying 250,654 Naspers Shares for ZAR 796 million ($42.9 million). The strategic move reflects the company's commitment to optimizing capital structure and enhancing shareholder value. Weekly updates and adherence to regulatory requirements demonstrate Naspers' confidence in its stock and strategic goals. Naspers Limited has released an update on its ongoing share repurchase program. This announcement comes as the company continues to make strategic moves in the market, attracting the attention of investors and stakeholders alike. Share Repurchase Program Recap Naspers initiated an open-ended share repurchase program on June 27, 2022. This program, aimed at acquiring ordinary shares in both Prosus and Naspers, targets free-float shareholders within the Group. To meet regulatory requirements, Naspers has committed to providing weekly updates on the progress of this program. Recent Repurchase Activity For the period spanning from August 28, 2023, to September 1, 2023, Naspers reported the acquisition of 250,654 Naspers Shares. These shares were purchased at an average price of ZAR3,177.2987 per share, amounting to a total consideration of ZAR796,402,620, which equates to approximately US$42,890,050. This strategic move highlights Naspers' commitment to optimizing its capital structure and enhancing shareholder value. Here's a summary of the recent repurchase activity: Investors and stakeholders closely monitor such share repurchase activities as they often reflect a company's confidence in its own stock and its commitment to enhancing shareholder value. Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker . For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices

Source - Rateweb
6 Sep 2023
6Sep

September flurry of corporate debt sweeps global markets

With investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. By Josyana Joshua and Sri Taylor, Bloomberg 6 Sep 2023 Global debt markets are bursting with new deals as September kicks off, with investment-grade companies rushing to lock in borrowing costs before central bankers can raise them further. At least 40 businesses tapped high-grade debt markets around the world on Tuesday, ahead of crucial releases of economic data and central bank policy decisions later in the month. About half of those deals - or over $36 billion of new bonds - were sold in the US, making it the busiest session in terms of deal count and daily supply so far this year, according to data compiled by Bloomberg. ADVERTISEMENT CONTINUE READING BELOW BHP Billiton and Philip Morris International are among those that brought deals in the US after the Labour Day holiday, while banks featured prominently in a flurry of Asian primary market activity. Businesses across the euro zone, meanwhile, sold at least €18.7 billion ($20.1 billion) Tuesday, with the week's volume forecast at more than €25 billion. "I would expect companies to be trying to get ahead of any economic data that sends US Treasury yields higher," said Winnie Cisar, global head of credit strategy at CreditSights. "I think we will see a front-loaded issuance month." The month's early wave of issuance comes after a recent slowdown, tied to both regular summer trends across the northern hemisphere and a recent rise in US Treasury yields. But with September comes a strong seasonal precedent for issuance, according to Cisar, especially for investors who believe that policymakers are close to claiming victory against sticky consumer price gains. Money managers from BlackRock to Pacific Investment Management Co are starting to bet that the Federal Reserve's tightening cycle is finally ending, echoing a similar sentiment across global financial markets. Companies are seeking to make the most of th

Source - Moneyweb
6 Sep 2023
6Sep

CMO role integral to the needs of today's business

With 78% of CEOs relying on their CMOs to steer growth in their organisations, and move the financial needle by aligning to the efforts of their boards, today the CMO role has never been more integral to the needs of the business. Source: © 123rf 123rf Impact South Africa Conference, presented by the MMA SA, takes place tomorrow This is the core theme of the Impact South Africa Conference, presented by the MMA SA, that takes place tomorrow,7 September, at the Maslow Hotel in Sandton, Johannesburg. Held in partnership with MultiChoice, Takealot.Group Advertising, Standard Bank and MTN and supported by event sponsors Mindshare, Helm and Ayoba, the conference will host a heavy-weight line-up of 23 speakers who are either delivering their keynote addresses or are part of a panel discussion. Collectively, they will share tools and techniques with the audience with a view to assist them to not only weather today’s economic, technological and social storm but also how to thrive as marketers in our contemporary, often challenging world. Key takeaways Among key takeaways of the Impact South Africa event are how: Businesses can transform into purpose-led organisations that meet corporate social responsibility expectations. CMOs can align with CFOs to enable growth and align strategies with the latter’s metrics and reporting criteria. Marketers can grasp the evolving data landscape to develop potent data strategies that are transparent, compliant and transformative. AI can be leveraged to boost economic growth while elevating a brand’s impact. Next-gen marketing looks through the lens of different generations to create meaningful, engaging and sustainable relationships with customers. The MMA SA’s regional director, Sarah Utermark, says, "This year’s conference is host to the best in breed and delegates will engage in thought-provoking discussions, forge valuable business connections, gain insights into their organisation's market position, a

Source - Bizcommunity
6 Sep 2023
6Sep

Shoprite gains record levels of market share despite R1.3bn diesel bill due to load shedding

Shoprite said yesterday 2023 was extraordinary as the retailer gained record levels of market share, and increased profits and dividends despite footing a hefty R1.3 billion diesel bill amid unprecedented levels of load shedding. In its group results for the 52 weeks ended July 2, 2023, South Africa's largest grocer said headline earnings per share from continuing operations of 1166.2 cents in the year ended July 2, from 1063.9 cents a year earlier. Shoprite said it gained record levels of market share as sales of merchandise increased by 16.9% to R215bn, underpinned by its core Supermarkets RSA segment. Supermarkets RSA sales of merchandise increased by 17.8% to R173.6bn The board declared a final dividend of 415 cents, compared to 2022's 367c per ordinary share. Shoprite CEO Pieter Engelbrecht said: "In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered higher returns for our shareholders. Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." Engelbrecht said 2023 was extraordinary as the group gained record levels of market share, saved customers more than R13.5bn in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load shedding. "Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. "Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel custome

Source - The Star Online
6 Sep 2023
6Sep

Glencore's Bold Share Buyback Signals Strong Confidence

6 September 2023 Glencore plc repurchased 2,110,000 of its own shares on the London Stock Exchange, signaling confidence in its financial position. The share buyback is part of an ongoing program expected to conclude by February 2024, enhancing shareholder value. South African investors should monitor this development, as it reflects Glencore's commitment to shareholders and its competitive edge. Glencore plc made a notable announcement today regarding its recent share buyback program on the London Stock Exchange (LSE). The move signals the company's confidence in its financial position and its commitment to returning value to its shareholders. On September 5, 2023, Glencore plc purchased a substantial number of its own ordinary shares, amounting to a total of 2,110,000 shares, each with a nominal value of USD 0.01. These shares were acquired from UBS AG, London Branch (UBS), a leading financial institution. The share buyback program saw a price range between £4.3090 and £4.3715 per share, with a volume-weighted average price of £4.3414. This initiative will result in these repurchased shares being held in treasury, allowing the company to potentially reissue them at a later time or cancel them, depending on its strategic objectives. As a result of this transaction, Glencore plc now holds a total of 1,351,903,041 of its ordinary shares in treasury. Furthermore, the company has 12,348,096,959 ordinary shares in issue, excluding treasury shares. This figure represents the total number of voting rights held by the company. South African shareholders of Glencore plc should take note of this total number of voting rights, as it serves as a critical denominator for calculations to determine if they are required to disclose any changes or interests they may have in the company, in accordance with the FCA's Disclosure Guidance and Transparency Rules. This recent share buyback is part of the second phase of Glencore plc's ongoing buyback program, with the entire program expected to be com

Source - Rateweb
6 Sep 2023
6Sep

South Africa: Shoprite-Checkers Eats Other Retailers' Lunch As It Posts Double-Digit Growth Over the Past Year

SA's biggest retailer is on a roll, planning to invest heavily in its supply chain, store refurbishments and ecommerce. Africa's largest retailer, Shoprite-Checkers, has enjoyed double-digit sales growth over the past year, despite rolling blackouts and other economic headwinds, while increasing its value proposition to customers and putting more than R13.5-billion back in their pockets at the till point. Its annual results, for the year ended 2 July, reveal that sales were up by 17% or R26-billion on the previous year to R215-billion. For the new financial year, the retail giant has allocated as much as R8.5-billion to capital expenditure to increase capacity in its supply chain, refurbish and expand existing stores, and fund the group's digital commerce and technology-related initiatives. The group plans to add a further 200,000 square metres in new distribution centres over the next two years to support its 2,121 supermarkets in South Africa, with 314 new stores planned. In the year under review, the group in SA opened 340 stores and integrated 94 stores and a meat store acquired from Massmart for R662-million. Those were remodelled as Shoprites (51), Usave (one), and Shoprite Liquor (42). Two of these Massmart stores have not yet begun trading due to a liquor licence transfer issue. About 4,480 positions in the former Massmart stores were retained, bringing Shoprite's... Read the full story on Daily Maverick

Source - Allafrica
6 Sep 2023
6Sep

Shoprite gains record levels of market share despite R1.3bn diesel bill due to load shedding

Shoprite said yesterday 2023 was extraordinary as the retailer gained record levels of market share, and increased profits and dividends despite footing a hefty R1.3 billion diesel bill amid unprecedented levels of load shedding. In its group results for the 52 weeks ended July 2, 2023, South Africa's largest grocer said headline earnings per share from continuing operations of 1166.2 cents in the year ended July 2, from 1063.9 cents a year earlier. Shoprite said it gained record levels of market share as sales of merchandise increased by 16.9% to R215bn, underpinned by its core Supermarkets RSA segment. Supermarkets RSA sales of merchandise increased by 17.8% to R173.6bn The board declared a final dividend of 415 cents, compared to 2022's 367c per ordinary share. Shoprite CEO Pieter Engelbrecht said: "In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered higher returns for our shareholders. Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." Engelbrecht said 2023 was extraordinary as the group gained record levels of market share, saved customers more than R13.5bn in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load shedding. "Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. "Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel custome

Source - Cape Times
6 Sep 2023
6Sep

Empowering Next Generation Female Coders: Vodacom Launches #CodeLikeaGirl Initiative

In an era when technology's influence shapes our world, gender diversity in STEM fields remains a critical concern.However, Vodacom, a leading telecommunications company, is taking concrete steps to address this issue with its innovative #CodeLikeaGirl programme. This year, they're launching a hybrid coding boot camp from 2-6 October 2023, aimed at young women aged 14 to 18. The programme seeks to bridge the gender gap in STEM by providing access to training and mentoring opportunities. Female representation in STEM fields has long been a global challenge. A recent report by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) titled "Cracking the code: Girls' and women's education in STEM" highlighted a sobering statistic — only 35% of STEM students in higher education worldwide are women. Furthermore, young women constitute just 25% of students in engineering or information and communication technology (ICT). Njabulo Mashigo, the Human Resources Director of Vodacom South Africa, underscores the significance of this initiative. "With our 2023 hybrid instalment of this critical initiative, we are driving access to Science, Technology, Engineering and Mathematics (STEM) for more girls and addressing the severe gender gap in these fields," says Mashigo. Through #CodeLikeaGirl, Vodacom aims to equip young women with coding skills and other essential life skills that will prepare them for the jobs of the future. Coding, the process of translating human ideas and instructions into a language computers understand, serves as the backbone of the digital age. At the five-day boot camp, participants will dive into coding, robotics, and various ICT development programmes, fostering their confidence in digital learning and skills. Importantly, this exposure opens doors for young women to pursue STEM disciplines further. Moreover, the programme incorporates a life skills component, featuring female mentors who share their experiences working in STEM, serving as visible role m

Source - Reframed
6 Sep 2023
6Sep

Bayobab Secures National Long-Distance Operator License In Nigeria To Foster Digital Economy Expansion

Bayobab Secures National Long-Distance Operator License In Nigeria To Foster Digital Economy Expansion In a groundbreaking development, Bayobab, previously known as MTN GlobalConnect, has received regulatory approval in Nigeria for its National Long-Distance Operator License. This pivotal milestone marks a significant shift in the nation's connectivity landscape, addressing the growing need for data connectivity within Nigeria. Under this license, Bayobab's Nigerian subsidiary gains the authority to manage long-distance traffic, creating exciting opportunities for improved communication, collaboration, and innovation. "This achievement marks a transformative moment for us, as we look forward to contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are committed to pushing the boundaries of what's possible in the realm of connectivity," said Frédéric Schepens, CEO of Bayobab Group. He further emphasised, "This license is a testament to our dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We believe that connectivity is the foundation upon which innovation thrives, and our unwavering dedication to excellence and innovation will continue to guide us as we embark on this new chapter of delivering next-gen digital connectivity across Nigeria." Concludes Frédéric. Bayobab Nigeria NLD License In a dynamic era of digital transformation, Nigeria's connectivity landscape has undergone remarkable growth, altering how its population accesses information, conducts business, and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is fundamentally reshaping daily life in Nigeria. Mobile technology is playing an instrumental role in the nation's economy, where mobile broadband is the predominant means of internet access, unlocking new possibilities. The surge in digital services, ranging from the

Source - Investing
6 Sep 2023
6Sep

Nigeria: President Tinubu's 100 Days of Steady Progress and National Rejuvenation

Exactly 100 days ago, President Bola Ahmed Tinubu assumed office following the popular mandate graciously bestowed by the good people of Nigeria, who elected him as the 16th leader of our country. Since May 29, President Tinubu has been at his duty post, working assiduously to deliver on his campaign promises as enunciated in his Renewed Hope Agenda for a better and greater Nigeria. The President began the journey to rebuild our battered economy, realising that our country was in a difficult situation with our public debts - both local and foreign - coupled with an unsustainable fuel subsidy regime that created, for several decades, a galling hole in our public finance, rendering the three tiers of governments insolvent and incapable of meeting the needs of the citizens. President Tinubu took a bold and courageous decision to remove the fuel subsidy to avert a national economic catastrophe of epic proportions. Fuel subsidy was a Sword of Damocles that hung over Nigeria for decades. It stunted growth and set the country a-borrowing. In addition to subsidy removal, President Tinubu took further steps to unify the multiple foreign exchange markets. While these two vital steps to save the country from hitting the rocks brought momentary discomfort to Nigerians, President Tinubu has never failed in his appeal to Nigerians to see the current inconveniences as a price we must all pay to save our country from disappearing. Considering the people's pains, the government rolled out intervention programmes to help cushion the unintended negative impacts of the reforms. These interventions include working out a minimum wage and salary increase, supporting states and local governments to enable them to cater for the most vulnerable among us, providing fertilisers to farmers, grains to households, cash transfers to people with low incomes. In addition to these, there are plans to roll out over 11,000 CNG buses for affordable public transportation among others. While striving to reduce the impact of the

Source - Allafrica
6 Sep 2023
6Sep

Go ahead, touch the Propelair toilet latch! It's antimicrobial

Situated at King Air Industria, an industrial park near Cape Town International Airport, the development site of a new clothing and textile distributioncentre for Truworths International Limited which, once opened, is expected to be the biggest of its kind in the Western Cape. This week, the City's Mayoral Committee Member for Economic Growth, Alderman James Vos, says "This is indicative of the fact that Cape Town continues to experience a development boom thanks to the City's mission to make the metro the easiest place in Africa to do business. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services." An aerial view of the new distribution centre. Image supplied The new distribution centre, which is on track for development completion in November 2023, is a joint venture between King Air Industria and Truworths. King Air Industria is the development company of the industrial park which is a joint venture between Atterbury Property and Old Mutual Property. The new facility will house a warehouse of 50,000m and an office of 3,000m , totalling 53,000m , the equivalent of five-and-a-half rugby fields. Some 750 tons of steel were used for the construction, equal to 125 African elephants. Gerrit van den Berg, head of Western Cape Developments at Atterbury Property added that the development of the site was a dream made reality. ‘The development of this iconic warehouse, which forms part of the bigger King Air Industria of 280,000m , would simply not be possible without the support of the City and its officials. We are very grateful for the support that we are receiving from the City of Cape Town, as well as the hard work that is done behind the scenes by Alderman Vos and his team to grow the economy of Cape Town and particularly the airport and its surrounds. Our investment in King Air Industria and Truworths shows our commitment to c

Source - South Africa Finance News
6 Sep 2023
6Sep

Nedbank Cup Champs Reward Ofentse Girls High

In a heartwarming gesture of community support and sports development, Orlando Pirates Football Club as the 2022/23 Nedbank Champions, celebrated their achievement by giving back to the local community. 6 September, 2023 The Club rewarded Ofentse Girls High School, situated in Orlando East, with the impressive Pitso Mosimane Multipurpose Facility during a glittering event held at the school on Tuesday afternoon. The project became a reality thanks to the generous funding provided by Nedbank, in collaboration with The Sports Trust's Soccer Development Programme. The partnership underscores a shared commitment to the development of sports, the identification of talent, and the empowerment of the local community in South Africa. Ofentse Girls High School holds a special place in this endeavour, as it is the first all-girls school to receive the Pitso Mosimane Multipurpose Sports Court. The school not only offers a diverse range of sports disciplines but also provides a progressive and empowering academic program. It is widely regarded as the premier educational institution in Orlando, making it the ideal choice for parents seeking to provide their children with a high-quality education in a convenient location equipped with excellent facilities. The event was attended by distinguished guests, including the Minister of Sport, Arts, and Culture, Mr. Zizi Kodwa; Nedbank Group Executive for Marketing and Corporate Affairs, Khensani Nobanda; Coach Pitso Mosimane; the Premier of Gauteng, Payanza Lesufi; and the PSL Chairman, Dr. Irvin Khoza. Orlando Pirates media officer, Thandi Merafe, expressed that choosing Ofentse Girls High School as the recipient of the gift was an obvious choice. The school is nestled in the very heart of the community that gave birth to Orlando Pirates Football Club, further cementing the Club's commitment to its roots. The Pitso Mosimane Multipurpose Facility is expected to play a fundamental role in fostering the growth of soccer, netball, and volleyball talents within

Source - Orlando Pirates Football Club
6 Sep 2023
6Sep

Markus Jooste a no show in court, claims poverty

The former Steinhoff chief executive officer, Markus Jooste, was a no show in a Pretoria court on Tuesday as his legal team argued against a reduced R20 million administrative penalty for insider trading. The embattled former CEO's legal team said that Jooste is unemployed and has a lack of income in a bid to reduce the penalty. Jooste is the alleged ringleader in a financial fraud syndicate that saw investors lose more than R200 billion, and resulted in the 95% collapse of the share price in 2017. This comes after Jooste was hit with an arrest warrant from a German court in June this year. The Regional Court of Oldenburg had issued the warrant. A spokesperson for the court said prosecutors had called for Jooste's arrest in April after he failed to appear in court for his trial. Jooste, two former Steinhoff executives, and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was split in two to avoid delays due to the Covid-19 pandemic. Jooste is suspected of contravening foreign exchange regulations that saw investors lose more than R200 billion. Last year, the South African Reserve Bank attached assets belonging to Jooste worth millions of rands. The financial collapse of Steinhoff saw thousands of local and foreign investors, ranging from small to major shareholders, losing their investments. In South Africa, these included the Government Employees Pension Fund (GEPF) and well-known businessman Christo Wiese. BUSINESS REPORT

Source - Independent Online (IOL)
6 Sep 2023
6Sep

SANTAM LIMITED — Changes to the Composition of the Santam Board and Board Committees

6 September 2023 R312.56 Changes to the Composition of the Santam Board and Board Committees SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 LEI: 37890092DC55C7D94B35 JSE Share Code: SNT & ISIN: ZAE000093779 A2X Share Code: SNT NSX Share Code: SNM Bond company code: BISAN ("Santam" or the "Company") CHANGES TO THE COMPOSITION OF THE SANTAM BOARD AND BOARD COMMITTEES Shareholders and noteholders are herewith referred to the announcement that was released on 30 May 2023, in which reference was made to changes to the Company's Board and Board Committees. In response to paragraphs 3.59 and 6.39 of the Listings Requirements and the Debt Listings Requirements of the JSE Limited, notice is hereby given of further changes that occurred to Santam's Board of Directors ("the Board") and its Board Committees. 1. The retirement of Ms Dawn Marole Shareholders and noteholders are advised that Ms Dawn Marole ("Dawn"), an independent non-executive director of Santam, recently informed the Board of her intention to retire from the Company's Board due to her long-standing tenure on the Board of Directors, on 30 September 2023. To this end, she will remain in her current role as the Chair of the Human Resources and Remuneration Committee and the Chair of the Social, Ethics and Sustainability Committee until 30 September 2023. The same principle applies to Dawn's membership on the Company's Nomination Committee, which would also continue until 30 September 2023. 2. Changes to the Board Committees Considering the imminent retirement of Dawn referred to herein, notice is further given to shareholders and noteholders that the following changes to the composition of the Board Committees listed below, would come into effect on 01 October 2023: a) Human Resources and Remuneration Committee Ms Lucia Swartz ("Lucia") (an independent non-executive director of Santam and an existing member of the Human Resources and Remuneration Committee) was

Source - Moneyweb
6 Sep 2023
6Sep

Business confidence rises, but interest rates still weigh heavily

• 6 September 2023 Business confidence edged higher in the third quarter of 2023, but interest rate-sensitive sectors continue to struggle. After falling to 27 in Q2, the RMB/BER Business Confidence Index (BCI) regained some ground and registered at 33 in Q3. Although higher, sentiment is still fragile. The current index level suggests that two-thirds of respondents are dissatisfied with prevailing business conditions, the Bureau for Economic Research (BER) said. The challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant business activity remained constrained. However, encouragingly, the slight reprieve from load-shedding in Q3 supported some firms, especially in manufacturing. Interest rate-sensitive sectors are suffering, as reflected by downbeat sales among durable goods retailers, new vehicle dealers, and, to a lesser extent, wholesalers of consumer goods. Manufacturing production rose within the reduced load-shedding environment. Core consumer inflation (headline inflation excluding food and energy) is set to remain on an easing trajectory in the third quarter of 2023. However, firms are not yet passing on all of the lower producer prices to consumers. From the comments, it is clear that the Western Cape taxi strike weighed on activity in the region. Lastly, activity growth in the building sector is looking more sustained. "The headline result of the 2023Q3 RMB/BER Business Confidence Index suggests that the economic malaise affecting South Africa in preceding quarters continued into this one, said RMB chief economist and head of research Isaah Mhlanga. "On deeper inspection, however, there are different forces at play with manufacturing production and building activity improving, but interest rate-sensitive sectors that are distressed. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up t

Source - Daily Investor
6 Sep 2023
6Sep

Anti-cancellation clauses and restitution: Fraud unravels all

The matter of Titan Asset Management (Pty) Ltd and Others v Lanzerac Estate Investments (Pty) Ltd and Another (2102 / 2020) [2023] ZAWCHC 136 (9 June 2023) relates to an action instituted by Christo Wiese and five other plaintiffs against Lanzerac Estate Investments (Pty) Ltd and Markus Jooste. At a glance The effect of an innocent party resiling from a contract induced by fraud is that the agreement is regarded as being void ab initio , and the innocent party is accordingly not bound by any of its terms. In light of the plaintiffs' election to resile from the contracts, the court stated that the anti-cancellation clauses on which the first defendant sought to rely on were for all practical purposes non-existent in law. The judge found that the plaintiffs had unmistakably pleaded a tender and that the issue was therefore not the making of a tender, but rather its adequacy. The adequacy of the pleaded tender was held to be an issue for trial. According to the plaintiffs, a verbal agreement was concluded in November 2011 between Wiese and Jooste (who purported to represent a consortium of unnamed investors), in terms of which they agreed that the interests of Wiese and other companies associated with Wiese in various businesses, assets and entities known as " Lanzerac " would be acquired by the consortium at their agreed combined value of R220 million in exchange for shares in Steinhoff International Holdings Limited of equivalent value. This agreement was later reduced to writing and implemented in terms of five separate written contracts. It is alleged that Jooste knew at the time that Wiese reasonably believed that the price at which the shares in Steinhoff International were trading fairly reflected their market value, and that the financial reports of Steinhoff International had materially misstated its income, profits and assets. Jooste's representation that he was acting on behalf of a consortium was also said to be a fabrication in that he was really acting on his own behalf to acqu

Source - Cliffe Dekker Hofmeyr
6 Sep 2023
6Sep

Discovery's plan to tackle load-shedding, emissions

- 6 September 2023 Discovery launched a renewable energy platform called Discovery Green, which aims to connect businesses with renewableenergy generation to reduce their carbon footprint, save money on electricity costs and mitigate the effects of load-shedding. Discovery CEO Adrian Gore said companies have limited options to reduce their emissions, with most of their CO² emissions coming from electricity consumption. Most of Eskom's electricity is generated from coal-fired power plants, which are highly carbon-intensive. South Africa has the dirtiest electricity in the world on a kilogram of CO² emitted per kWh basis, more than double the global median. Companies such as Discovery have little opportunity to mitigate this as onsite generation, such as rooftop solar, has little impact on their electricity consumption. Discovery said rooftop solar at its head office in Sandton only reduces their consumption by 3%. Thus, Discovery Green was launched to tackle this problem by matching companies with large-scale renewable energy generation facilities outside the country's urban areas. The scheme plans to do this through virtual wheeling agreements with Eskom. The service has already been offered to select partners, including Woolworths, Sun International, Virgin Active, Planet Fitness, Clicks, and Life Healthcare. Discovery has also partnered with RMB as an investment banking partner to provide advice and funding. Two products were launched — Green Saver and Green Guarantee — which offer varying degrees of renewable coverage of electricity consumption. The Green Saver product aims to cover 70% of a company's annual energy consumption, providing significant savings on electricity of up to 20% compared to utility prices. The Green Guarantee aims to cover 100% of a company's annual energy consumption with renewable energy. Discovery has been working with about 14 independent power producers and is considering building on as many as 27 sites across South Africa with a view to start oper

Source - Daily Investor
6 Sep 2023
6Sep

Hotel construction commences to add the final touch to Growthpoint's historic Longkloof precinct

Situated at King Air Industria, an industrial park near Cape Town International Airport, the development site of a new clothing and textile distributioncentre for Truworths International Limited which, once opened, is expected to be the biggest of its kind in the Western Cape. This week, the City's Mayoral Committee Member for Economic Growth, Alderman James Vos, says "This is indicative of the fact that Cape Town continues to experience a development boom thanks to the City's mission to make the metro the easiest place in Africa to do business. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services." An aerial view of the new distribution centre. Image supplied The new distribution centre, which is on track for development completion in November 2023, is a joint venture between King Air Industria and Truworths. King Air Industria is the development company of the industrial park which is a joint venture between Atterbury Property and Old Mutual Property. The new facility will house a warehouse of 50,000m and an office of 3,000m , totalling 53,000m , the equivalent of five-and-a-half rugby fields. Some 750 tons of steel were used for the construction, equal to 125 African elephants. Gerrit van den Berg, head of Western Cape Developments at Atterbury Property added that the development of the site was a dream made reality. ‘The development of this iconic warehouse, which forms part of the bigger King Air Industria of 280,000m , would simply not be possible without the support of the City and its officials. We are very grateful for the support that we are receiving from the City of Cape Town, as well as the hard work that is done behind the scenes by Alderman Vos and his team to grow the economy of Cape Town and particularly the airport and its surrounds. Our investment in King Air Industria and Truworths shows our commitment to c

Source - South Africa Finance News
6 Sep 2023
6Sep

Markus Jooste a no show in court, claims poverty

The former Steinhoff chief executive officer, Markus Jooste, was a no show in a Pretoria court on Tuesday as his legal team argued against a reduced R20 million administrative penalty for insider trading. The embattled former CEO's legal team said that Jooste is unemployed and has a lack of income in a bid to reduce the penalty. Jooste is the alleged ringleader in a financial fraud syndicate that saw investors lose more than R200 billion, and resulted in the 95% collapse of the share price in 2017. This comes after Jooste was hit with an arrest warrant from a German court in June this year. The Regional Court of Oldenburg had issued the warrant. WATCH: Markus Jooste's Assets Worth Billions Attached by SA Reserve Bank A spokesperson for the court said prosecutors had called for Jooste's arrest in April after he failed to appear in court for his trial. Jooste, two former Steinhoff executives, and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was split in two to avoid delays due to the Covid-19 pandemic. Jooste is suspected of contravening foreign exchange regulations that saw investors lose more than R200 billion. Last year, the South African Reserve Bank attached assets belonging to Jooste worth millions of rands. The financial collapse of Steinhoff saw thousands of local and foreign investors, ranging from small to major shareholders, losing their investments. In South Africa, these included the Government Employees Pension Fund (GEPF) and well-known businessman Christo Wiese. BUSINESS REPORT

Source - Cape Argus
6 Sep 2023
6Sep

Business or Pleasure? Faith Nketsi spotted leaving the hotel with an unknown man

In a now-deleted video shared on Instagram Faith Nketsi was allegedly spotted leaving the Michelangelo Hotel with an unknown man. Celebrated influencer and reality star Faith Nketsi set social media abuzz after her video with an unknown man made rounds on social media. The video has gained thousands of reactions and comments since it dropped on Instagram . Many have been trying to connect the dots about the whole incident. FAITH NKETSI SPOTTED LEAVING THE HOTEL WITH AN UNKNOWN MAN Taking to Instagram, controversial blogger Musa Khawula allegedly dropped a short video of Faith Nketsi leaving the Michelangelo Hotel in Sandton, Johannesburg, with an unknown man. However, Musa Khawula said the two had booked at the hotel. The controversial blogger allegedly claimed that it was a ‘hookup meeting.' In the backdrop of his post, Musa Khawula has since deleted the video. In the now-deleted video, the influencer walked out of the hotel wearing a black dress. The video seems to have been recorded by someone at the reception. Many were more than convinced it was either taken in the early morning or late at night. In the backdrop of the video, Faith Nketsi has yet to share her side of the story. Undoubtedly, the influencer has made headlines over the last months for the wrong reasons. MAKING HEADLINES A few months after her private wedding with controversial businessman Nzuzo Njilo, it was reported that the two had trouble in paradise. In the backdrop of Nzuzo Njilo's arrest, it was reported that the two had gone separate ways, but they later rubbished the claims. After all, this is not the first time the two have been reported to have called it quits. In March 2023, it was reported that Nketsi was now living in a hotel room in Sandton after her alleged fallout with Njilo. Could she be still living in the hotel room?

Source - The South African
6 Sep 2023
6Sep

ASPEN PHARMACARE HOLDINGS LIMITED - Contract Manufacturing Agreement to Initiate Local Production of an Essential Medicine t

Contract Manufacturing Agreement to Initiate Local Production of an Essential Medicine to treat a Chronic Disease ASPEN PHARMACARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) ("Aspen Holdings") Registration number: 1985/002935/06 Share code: APN ISIN: ZAE000066692 LEI: 635400ZYSN1IRD5QWQ94 and its subsidiaries (collectively "Aspen" or "the Group") CONTRACT MANUFACTURING AGREEMENT TO INITIATE LOCAL PRODUCTION OF AN ESSENTIAL MEDICINE TO TREAT A CHRONIC DISEASE Aspen is pleased to confirm that it has concluded a fourth contract manufacturing agreement towards its strategic plan to fill its recently expanded sterile manufacturing capacity. One of its wholly-owned South African subsidiaries, Aspen SA Operations (Pty) Ltd, has concluded an agreement with a multinational pharmaceutical group for the technical transfer and commercial manufacture of an essential medicine to treat a chronic disease. The agreement allows for local production of vials in South Africa, to cater to the needs of people with this chronic disease on the African continent and beyond. Aspen has agreed to provide the necessary capacity required for the manufacture of these vials at its existing sterile facility in Gqeberha, South Africa. The Group recently invested R6 billion in these facilities including the high technology equipment and systems that will be used to manufacture state-of-the-art sterile drugs and vaccines, packaged into vials, ampoules, and pre-filled syringes. This collaboration with the multinational pharmaceutical group is consistent with Aspen's stated objective of playing a meaningful role in enhancing access to affordable medicines in Africa. In related initiatives, Aspen was a leading manufacturer of COVID-19 vaccines for Africa and has secured the rights to manufacture, market and distribute, in Africa, four Aspen-branded routine vaccines critical to the protection of health. Durban 6 September 2023 Sponsor Investec Bank Limited Date: 06-09-2023 12:03:00 P

Source - Sharenet
6 Sep 2023
6Sep

Wriize's ultimate blueprint for unlocking business growth and success

The corporate world, in its ceaseless evolution, often resembles a vast, turbulent ocean. Amidst these waters, certain captains have shown a remarkable ability to not just navigate their vessels through the storms, but to also redraw maps and guide others. One such luminary captain is Yoav Tchelet, the visionary mind behind Wriize - a Growth and Innovation consultancy that is redefining traditional agency norms. Click here to learn more about Wriize’s business consultation services. Its core differentiator? An integration of innovation, strategy, and a results-focused approach that ensures businesses don’t just grow but thrive in an ever-changing environment. Beyond Wriize’s accolades and significant success stories, what really makes the consultancy stand out is its underlying philosophy - the ‘Integrated Growth and Sustainability Model’ (IGSM). With IGSM, Wriize offers businesses of all scales an actionable blueprint to harness their potential fully, ensuring their strategies are not just about immediate gains, but also long-term resilience and adaptability. Decoding the chronicles of "Business Rewired The principles championed by Wriize offer a roadmap for businesses, and Tchelet’s best-selling book, "Business Rewired: The Secret to Managing Unexpected Change in an Age of Chaotic Change, expands upon this by providing an in-depth examination of the modern business landscape. A treasure trove of insights and anecdotes, this book unravels the complexity of unexpected change, emphasizing the need for businesses to remain agile, flexible, and ever-prepared. Drawing from his vast reservoir of knowledge, Tchelet elaborates on the importance of having a fluid business plan, anticipating challenges, and cultivating a company culture that thrives on adaptability. Tchelet’s experiences, encapsulated in the pages of "Business Rewired, echo the principles of adaptability and resilience championed by Wriize. Merging the pathways o

Source - Business Tech
6 Sep 2023
6Sep

Pitso Mosimane and Nedbank partner to build a legacy for the future.

Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sport development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sport courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sport. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sport disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Mr Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football fraternity, Coach Pitso is leading this initiative with the aim to leave a legacy for the future of football in South Africa. "By providing a top-class sport infrastructure, especially for young girls, we are planting seeds that we hope will thrive for generations to come,' stat

Source - Fullview
6 Sep 2023
6Sep

Futures inch lower, U.S. services data looms - what's moving markets

Investing.com -- U.S. stock futures decline as investors gauge the outlook for Federal Reserve monetary policy and digest extended supply cuts by major oil producers Saudi Arabia and Russia. Elsewhere, new data later in the session on Wednesday will provide a look into the state of the key U.S. services sector, while China's Tencent prepares to unveil a new AI chatbot. 1. Futures edge down U.S. stock futures pointed lower on Wednesday after a losing session marked the beginning of a holiday-shortened trading week. By 05:24 ET (09:24 GMT), the contract dipped by 64 points or 0.2%, lost 12 points or 0.3%, and shed 67 points or 0.4%. The main indices on Wall Street posted losses on Tuesday, while the dollar touched a six-month high and government bond yields inched up, as traders attempted to suss out the future path of interest rates. Fed official Christopher Waller suggested that the U.S. central bank is set to keep borrowing costs steady at its policy meeting this month. He added that the probability of a so-called "soft landing" is growing, a trend that could convince the Fed to refrain from cutting rates any time soon. The comments added fuel to speculation that U.S. interest rates may need to stay "higher for longer" in response to ongoing resilience in the broader economy. 2. Oil reverses course after touching $90 Oil prices slipped on Wednesday, but still hovered around nine-month highs, weighed down by a stronger dollar and the waning impact of new supply cuts from two major crude producers. Saudi Arabia is due to extend its output cut of 1 million barrels per day (bpd) until the end of December, according to a report from a state news agency. Separately, Russia's Deputy Prime Minister Alexander Novak also said in a statement that Moscow would bring down oil exports by 300,000 bpd until the end of 2023. Tuesday's announcements, which surprised traders looking for extensions only until the end of October, sparked a jump in international benchmark to above $90 a barrel for the first ti

Source - Investing
6 Sep 2023
6Sep

How Limpopo twins turned their love of technology and entrepreneurship into a thriving business

The dynamic duo really like technology and decided to use their love for it to earn money. Mzansi people were intrigued by the choice of their business name and praised the young woman for their entrepreneurial spirit Twin sisters from Limpopo have captured the hearts of their community with their entrepreneurial spirit. Twins launch shop The dynamic duo behind Matwins, a cell phone repair shop, is the heart of Polokwane. The photos of their business were shared on the Kasi Economy Facebook page, where it gained a lot of attraction. Described as individuals with a deep passion for technology, they both embarked on a journey to become self-sufficient entrepreneurs. The small shop specialises in fixing cell phones and other electronic gadgets. Mzansi praise twins People from across the country were impressed by the type of business the sisters went into. As their business continues to flourish, the duo stand as shining examples that anything can be achieved if you put your mind to it. Peeps flocked to the comment section to share their views: @Prince Lee SkyFall shared: "Hai, its not make sure." @Mzoxolo Zondwayo praised: "Very interesting. Congratulations to them." @Bhelekazi Eunique applauded: "Breath of fresh air, My friend stealing components of our products." @Paul M Masemola clapped: "We are winning." @Moipone Cynthia Pudi shared: "You go twins, all the best." @StubiThe HubÄ" said: "And they look beautiful to top that off." @Thami Duma raised a question: "No jealousy guy but are we sure about this?? We dont want foreigners using our sisters to make money by fronting. This shop looks like its a foreigners shop 100%." Proud lady celebrates sister In similar stories, Briefly News reported that a proud sister took to social media to shout out to her sister for starting her own business and getting paying customers. Social media user @LollyMkunqwana was overflowing with pride and excitement, so she shared the news with her Twitter peeps. Women are starting to make moves in South Africa but

Source - MSN
6 Sep 2023
6Sep

Markus Jooste a no show in court, claims poverty

The embattled former CEO's legal team said that Jooste is unemployed and has a lack of income in a bid to reduce the penalty. Jooste is the alleged ringleader in a financial fraud syndicate that saw investors lose more than R200 billion, and resulted in the 95% collapse of the share price in 2017. This comes after Jooste was hit with an arrest warrant from a German court in June this year. The Regional Court of Oldenburg had issued the warrant. A spokesperson for the court said prosecutors had called for Jooste's arrest in April after he failed to appear in court for his trial. Jooste, two former Steinhoff executives, and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was split in two to avoid delays due to the Covid-19 pandemic. Jooste is suspected of contravening foreign exchange regulations that saw investors lose more than R200 billion. Last year, the South African Reserve Bank attached assets belonging to Jooste worth millions of rands. The financial collapse of Steinhoff saw thousands of local and foreign investors, ranging from small to major shareholders, losing their investments. In South Africa, these included the Government Employees Pension Fund (GEPF) and well-known businessman Christo Wiese. BUSINESS REPORT

Source - Cape Times
6 Sep 2023
6Sep

Markus Jooste a no show in court, claims poverty

The embattled former CEO's legal team said that Jooste is unemployed and has a lack of income in a bid to reduce the penalty. Jooste is the alleged ringleader in a financial fraud syndicate that saw investors lose more than R200 billion, and resulted in the 95% collapse of the share price in 2017. This comes after Jooste was hit with an arrest warrant from a German court in June this year. The Regional Court of Oldenburg had issued the warrant. A spokesperson for the court said prosecutors had called for Jooste's arrest in April after he failed to appear in court for his trial. Jooste, two former Steinhoff executives, and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was split in two to avoid delays due to the Covid-19 pandemic. Jooste is suspected of contravening foreign exchange regulations that saw investors lose more than R200 billion. Last year, the South African Reserve Bank attached assets belonging to Jooste worth millions of rands. The financial collapse of Steinhoff saw thousands of local and foreign investors, ranging from small to major shareholders, losing their investments. In South Africa, these included the Government Employees Pension Fund (GEPF) and well-known businessman Christo Wiese. BUSINESS REPORT

Source - The Star Online
6 Sep 2023
6Sep

SANTAM LIMITED - Changes to the Composition of the Santam Board and Board Committees

Release Date: Changes to the Composition of the Santam Board and Board Committees SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 LEI: 37890092DC55C7D94B35 JSE Share Code: SNT & ISIN: ZAE000093779 A2X Share Code: SNT NSX Share Code: SNM Bond company code: BISAN ("Santam" or the "Company") CHANGES TO THE COMPOSITION OF THE SANTAM BOARD AND BOARD COMMITTEES Shareholders and noteholders are herewith referred to the announcement that was released on 30 May 2023, in which reference was made to changes to the Company's Board and Board Committees. In response to paragraphs 3.59 and 6.39 of the Listings Requirements and the Debt Listings Requirements of the JSE Limited, notice is hereby given of further changes that occurred to Santam's Board of Directors ("the Board") and its Board Committees. 1. The retirement of Ms Dawn Marole Shareholders and noteholders are advised that Ms Dawn Marole ("Dawn"), an independent non-executive director of Santam, recently informed the Board of her intention to retire from the Company's Board due to her long-standing tenure on the Board of Directors, on 30 September 2023. To this end, she will remain in her current role as the Chair of the Human Resources and Remuneration Committee and the Chair of the Social, Ethics and Sustainability Committee until 30 September 2023. The same principle applies to Dawn's membership on the Company's Nomination Committee, which would also continue until 30 September 2023. 2. Changes to the Board Committees Considering the imminent retirement of Dawn referred to herein, notice is further given to shareholders and noteholders that the following changes to the composition of the Board Committees listed below, would come into effect on 01 October 2023: a) Human Resources and Remuneration Committee Ms Lucia Swartz ("Lucia") (an independent non-executive director of Santam and an existing member of the Human Resources and Remuneration Committee) was appointed a

Source - Sharenet
6 Sep 2023
6Sep

ASPEN PHARMACARE HOLDINGS LIMITED — Contract Manufacturing Agreement to Initiate Local Production of an Essential Medicine

6 September 2023 R163.49 Contract Manufacturing Agreement to Initiate Local Production of an Essential Medicine to treat a Chronic Disease ASPEN PHARMACARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) ("Aspen Holdings") Registration number: 1985/002935/06 Share code: APN ISIN: ZAE000066692 LEI: 635400ZYSN1IRD5QWQ94 and its subsidiaries (collectively "Aspen" or "the Group") CONTRACT MANUFACTURING AGREEMENT TO INITIATE LOCAL PRODUCTION OF AN ESSENTIAL MEDICINE TO TREAT A CHRONIC DISEASE Aspen is pleased to confirm that it has concluded a fourth contract manufacturing agreement towards its strategic plan to fill its recently expanded sterile manufacturing capacity. One of its wholly-owned South African subsidiaries, Aspen SA Operations (Pty) Ltd, has concluded an agreement with a multinational pharmaceutical group for the technical transfer and commercial manufacture of an essential medicine to treat a chronic disease. The agreement allows for local production of vials in South Africa, to cater to the needs of people with this chronic disease on the African continent and beyond. Aspen has agreed to provide the necessary capacity required for the manufacture of these vials at its existing sterile facility in Gqeberha, South Africa. The Group recently invested R6 billion in these facilities including the high technology equipment and systems that will be used to manufacture state-of-the-art sterile drugs and vaccines, packaged into vials, ampoules, and pre-filled syringes. This collaboration with the multinational pharmaceutical group is consistent with Aspen's stated objective of playing a meaningful role in enhancing access to affordable medicines in Africa. In related initiatives, Aspen was a leading manufacturer of COVID-19 vaccines for Africa and has secured the rights to manufacture, market and distribute, in Africa, four Aspen-branded routine vaccines critical to the protection of health. Durban 6 September 2023 Sponsor Investec Bank Limited D

Source - Moneyweb
6 Sep 2023
6Sep

COMPAGNIE FINANCIERE RICHEMONT SA - Information for South African 'A' shareholders ('JSE shareholders')- Approval of the div

Information for South African 'A' shareholders ('JSE shareholders')- Approval of the dividend at the AGM Compagnie Financiere Richemont SA ("Richemont" or "the Company" or "the Group") (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 INFORMATION FOR SOUTH AFRICAN 'A' shareholders ('JSE shareholders')- APPROVAL OF THE DIVIDEND AT THE AGM The total dividend, as recommended by the Board of Directors, of CHF 3.50000 per share, has been approved by shareholders of Compagnie Financière Richemont SA, Switzerland ("CFR") at the annual general meeting held today, Wednesday, 6 September 2023 in Geneva. The exchange rate applicable for the conversion of Swiss franc to Rand for payment of the dividend and full details of the dividend payable to JSE shareholders will be confirmed in a separate announcement to be released on SENS on Tuesday, 12 September 2023. CFR may appoint other parties to assist in the administration of the share programme and may provide to such agents such information as it deems to be appropriate, including information relating to the identity of holders of JSE shares. Richemont A shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont A shares are listed on the Johannesburg Stock Exchange, Richemont's secondary listing. 6 September 2023 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 06-09-2023 01:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or

Source - Sharenet
6 Sep 2023
6Sep

Live cooking by celebrity chefs, millet-based arts to enthrall G20 leaders' spouses ANI 07 Sep 2023, 03:55 GMT+10

New Delhi [India], September 6 (ANI) From agri-start-up ecosystem display to a millet fields tour, and from live cooking by celebrity chefs toshowcasing millet-based arts, the spouses of G20 leaders will catch a glimpse of India's achievements in the field of agriculture. The Ministry of Agriculture is organising a special visit of the G20's First Spouses to the Indian Agriculture Research Institute (IARI) Campus on September 9. The visit will focus on acquainting the first spouses with the strides taken by India within the field of agriculture, including millets. A tour has been organised for the first ladies and spouses of the G20 leaders at the 1,200-acre Pusa-IARI campus on September 9. "The visit will include a tour of millet fields, and an exhibition showcasing the strength of the agri-start-up ecosystem with a display of their unique and innovative solutions by integrating technology to address ground-level challenges and thereby digitising agricultural practices," an Agriculture ministry official told ANI. "In addition, members of Farmer Producer Organisations (FPOs) belonging to diverse tribes across the country, will be showcasing edible products prepared with millets and marketed throughout the country," the official informed. The exhibition will also include stalls highlighting India's achievements in Research and Development (RD) presented by the Indian Council of Agricultural Research (ICAR) showcasing the latest innovations in precision agriculture, agricultural technology, and advancements in mechanization that are propelling the sector forward, the official informed. The exhibition will further comprise live cooking demonstrations by three renowned celebrity chefs--Chef Kunal Kapur, Chef Ajay Chopra, and Chef Anahita Dhondy. In the 'Live Cooking Area', the five chefs will prepare a 'full course meal' with focus on Millets. Inside the exhibition, a dedicated culinary section will showcase millet-based dishes from all G20 member countries, offering a tribute to each nation p

Source - South Africa News
6 Sep 2023
6Sep

Exceptional performance in demanding conditions

In many aspects our 2023 year was extraordinary. The Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of load-shedding. Sales growth of 17.8% in our core Supermarkets RSA business is evidence that we continue to derive the benefits of our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation strategy. We remain humbled by the extent to which our customers continued to vote with their wallets in support of our efforts across our core supermarket and LiquorShop businesses in South Africa, spending in no small measure an additional R26.0 billion more than last year with us. During a time when every cent really does count, this equated to a 1.4% increase in market share, extending our period of uninterrupted South African market share gains to 52 months. In the context of the country's power challenges we are pleased to still report growth in headline earnings and dividends per share. It is disappointing, however, that if not… Shoprite Holdings

Source - Knowledia
6 Sep 2023
6Sep

The 2023 #EmpoweringHER Women in Business Awards winners announced

Durban - The Hollywood Foundation and the Nomzamo Lighthouse Foundation announced the winners of the 2023 #EmpoweringHER Women in Business Awards at the Langhams Lifestyle Experience in Johannesburg on Sunday. The two foundations were thrilled to unveil the accomplished recipients of the 2023 #EmpoweringHER Women in Business Awards. This R1.5 million campaign, conducted throughout Women's Month, recognises and celebrates the dedication and resilience of female entrepreneurs in South Africa. Vuyisile Ngobese, the public relations officer of the Hollywood Foundation, said both organisations shared an unwavering commitment to the advancement and empowerment of women. ''We were enthusiastic about hosting the second instalment of this impactful campaign in early August. Following an exhaustive month-long selection process, the prestigious awards ceremony where the Top 10 finalists and the Top three winners were revealed,'' she said. Ngobese said the event was designed to inspire women to leave their mark on the business world and included a panel discussion by influential women covering topics such as finance, business, law and human resources. She said both foundations are dedicated to championing women in business and fostering their growth in South Africa. Ngobese congratulated Phumzile Ntuli and all the remarkable women recognised throughout the campaign. ‘'The coveted Empowering HER Women in Business Award was bestowed upon Mrs Phumzile Ntuli, a distinguished member of the Qalekhaya Primary Cooperative from Eshowe in KwaZulu-Natal. Ntuli was presented with a substantial contribution worth R200 000 to support her growing furniture manufacturing business. Ngobese said Ntuli, alongside her business partner, could not contain their excitement as they went on stage, breaking into a joyous dance upon receiving their well-deserved cheque and award. Ntuli said this contribution would be a transformative catalyst for the growth of their furniture manufacturing enterprise. Babongile Mkhize

Source - Cape Times
6 Sep 2023
6Sep

PM Modi, BJP nervous about INDIA alliance: AAP leader Priyanka Kakkar ANI 07 Sep 2023, 02:55 GMT+10

New Delhi [India] September 6 (ANI): Amid the government's decision to use 'Bharat' in the invite for the G20 dinner instead of 'India' used earlierduring international gatherings, AAP leader Priyanka Kakkar has hit out at BJP, saying it "was nervous" about INDIA bloc and that 'India that is Bharat' is written in our Constitution. "India and Bharat are one and the same. 'India that is Bharat' is written in our Constitution. The reality is that PM Modi and the BJP are nervous about the INDIA alliance. When the first meeting of the alliance happened in Patna, then, a meeting of the NDA also took place for the first timein nine years. After our second meeting, the LPG prices that were soaring high for nine years were reduced by Rs 200. After the third meeting, hatred is being spread against the name 'INDIA'," the AAP leader told ANI. Opposition parties reacted following Rashtrapati Bhawan sending out invitations for a G20 dinner on September 9 on behalf of the 'President of Bharat'. They alleged that the government was resorting to"drama" just because they got together and called their bloc as INDIA. BJP leaders have strongly supported the move by the government. Union Minister Dharmendra Pradhan on Tuesday posted on'X' a picture of the dinner invite to him from the President and wrote a few lines from the national anthem."This should have happened earlier. This gives great satisfaction to the mind. 'Bharat' is our introduction. We are proud of it. The President has given priority to 'Bharat'. This is the biggest statement to come out of the colonial mindset," the minister said. Congress leader Jairam Ramesh made a series of posts on the issue on Tuesday. "So the news is indeed true. Rashtrapati Bhawan has sent out an invite for a G20 dinner on September 9th in the name of 'President of Bharat' instead of the usual 'President of India'.Now, Article 1 in the Constitution can read: "Bharat, that was India, shall be a Union of States." But noweven this "Union of States" is under assault," he sai

Source - South Africa News
6 Sep 2023
6Sep

The 2023 #EmpoweringHER Women in Business Awards winners announced

Durban - The Hollywood Foundation and the Nomzamo Lighthouse Foundation announced the winners of the 2023 #EmpoweringHER Women in Business Awards at the Langhams Lifestyle Experience in Johannesburg on Sunday. The two foundations were thrilled to unveil the accomplished recipients of the 2023 #EmpoweringHER Women in Business Awards. This R1.5 million campaign, conducted throughout Women's Month, recognises and celebrates the dedication and resilience of female entrepreneurs in South Africa. Vuyisile Ngobese, the public relations officer of the Hollywood Foundation, said both organisations shared an unwavering commitment to the advancement and empowerment of women. ''We were enthusiastic about hosting the second instalment of this impactful campaign in early August. Following an exhaustive month-long selection process, the prestigious awards ceremony where the Top 10 finalists and the Top three winners were revealed,'' she said. Ngobese said the event was designed to inspire women to leave their mark on the business world and included a panel discussion by influential women covering topics such as finance, business, law and human resources. She said both foundations are dedicated to championing women in business and fostering their growth in South Africa. Ngobese congratulated Phumzile Ntuli and all the remarkable women recognised throughout the campaign. ‘'The coveted Empowering HER Women in Business Award was bestowed upon Mrs Phumzile Ntuli, a distinguished member of the Qalekhaya Primary Cooperative from Eshowe in KwaZulu-Natal. Ntuli was presented with a substantial contribution worth R200 000 to support her growing furniture manufacturing business. Ngobese said Ntuli, alongside her business partner, could not contain their excitement as they went on stage, breaking into a joyous dance upon receiving their well-deserved cheque and award. Ntuli said this contribution would be a transformative catalyst for the growth of their furniture manufacturing enterprise. Babongile Mkhize

Source - The Star Online
6 Sep 2023
6Sep

Newly Launched SanlamAllianz to Provide Insurance and Financial Services in 27 African Markets

5 September 2023 Sanlam, Africa's largest non-banking financial services provider, and Allianz, one of the world's leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. SanlamAllianz's ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam Group's Chief Executive Officer, Mr Paul Hanratty. Mr Christopher Townsend, Board Member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here. The priorities of SanlamAllianz are to: "The joint venture marks a significant step forward in further implementing the Sanlam G

Source - Sanlam
6 Sep 2023
6Sep

Equity markets in U.S. and around the globe fall on interest rate jitters Lola Evans 07 Sep 2023, 07:12 GMT+10

NEW YORK, New York - U.S. and global stocks tumbled on Wednesday as fears of inflation rebounding prompting increased interest rates kept buyers at bay. The ISM (Institute for Supply Management) said Wednesday its non-manufacturing Purchasing Managers' Index rose to 54.5 in August, well ahead of an anticipated 52.5. "The stronger-than-expected ISM services data shows that investors are still not very skilled at reading the post-pandemic tea leaves," Carol Schleif, chief investment officer at BMO's family office in Minneapolis told Reuters Wednesday. He was not alone in his views. "Growth stocks have been pricing in the idea that inflation has been well anchored and that the Fed's going to cut. If that idea no longer holds they're going to be vulnerable," Patrick Kaser, portfolio manager from Brandywine Global. was quoted by Reuters as saying Wednesday. The S&P 500 finished at 4,465.48, down 31.35 points or 0.70 percent. The Dow Jones Industrial Average dropped 198.78 points or 0.57 percent, closing at 34,443.19. The NASDAQ Composite recorded a more significant decline, losing 148.48 points or 1.06 percent to end at 13,872.47. The Russell 2000 index saw a slight decline of 6.17 points or 0.33 percent Wednesday, closing at 1,874.28. The NYSE COMPOSITE (DJ) saw a decrease of 50.95 points or 0.32 percent, closing at 15,891.53. The NYSE AMEX COMPOSITE INDEX dropped 40.82 points or 0.90 percent, closing at 4,483.86. The CBOE Volatility Index , often referred to as the "VIX," rose by 0.44 points or 3.14 percent, closing at 14.45. U.S. Dollar Creeps up on ISM Report, Prospects for Higher Inflation, Interest Rates The U.S. dollar was in demand Wednesday following the ISM report, however gains were minimal. Treasury yields shot up as investors weighed up the prospect of higher interest rates. Here are the closing rates for key currency pairs: EUR/USD (Euro/US Dollar) The Euro to US Dollar exchange rate closed at 1.0723, marking a marginal decrease of 0.03 percent or a loss of 0.0003. USD/JPY

Source - South Africa News
6 Sep 2023
6Sep

South African mining companies can get quicker route to Mozambique ports

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighbouring Mozambique. The Logistics Co., indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1,800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometres, he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said.

Source - Daily Investor
6 Sep 2023
6Sep

Court grants AFU, Hawks preservation orders of R16m for assets of alleged illegal mining kingpins

The Gauteng High Court in Pretoria granted the National Prosecuting Authority's (NPA) Asset Forfeiture Unit preservation orders of over R16 million to withhold assets belonging to alleged illegal mining kingpins. According to a joint statement by the NPA and the Directorate for Priority Crime Investigation (better known as the Hawks) on Wednesday, 51 vehicles and seven properties were proceeds of an illegal mining syndicate in Carletonville and Khutsong. NPA spokesperson Lumka Mahanjana and Hawks spokesperson Colonel Katlego Mogale, said the court issued the orders in July and August in terms of the Prevention of Organised Crime Act. READ | Harmony Gold offers up 'blueprint' to thwart spiralling illegal mining They said this was part of the fight against illegal mining. The alleged kingpins dealing in unwrought gold are: Bethuel Ngobeni; Lerato Bathebeng; Poppy Mathongwane; Bongani Khumalo; Dumisani Moyo; Kesitaal Pty Ltd, a company belonging to Moyo; Nhlanhla Leon Magwaca; Neo Susan Duba; Tsepo Dube; Itumeleng Rejoice Magagane; Gloria Kgalalelo Magagane; Nhlanhla Mathebula; Manuel Nhamucho; Thabiso Sechele; and A foreign national whose identity is still being verified. Mahanjana and Mogale said six people were arrested after an investigation by the Hawks. Five are in custody. Moyo, who was the sixth arrested, was released on bail. Mahanjana and Mogale said some of the seven properties belong to four of the suspects arrested.

Source - News24
6 Sep 2023
6Sep

The 2023 #EmpoweringHER Women in Business Awards winners announced

Durban - The Hollywood Foundation and the Nomzamo Lighthouse Foundation announced the winners of the 2023 #EmpoweringHER Women in Business Awards at the Langhams Lifestyle Experience in Johannesburg on Sunday. The two foundations were thrilled to unveil the accomplished recipients of the 2023 #EmpoweringHER Women in Business Awards. This R1.5 million campaign, conducted throughout Women's Month, recognises and celebrates the dedication and resilience of female entrepreneurs in South Africa. Vuyisile Ngobese, the public relations officer of the Hollywood Foundation, said both organisations shared an unwavering commitment to the advancement and empowerment of women. ''We were enthusiastic about hosting the second instalment of this impactful campaign in early August. Following an exhaustive month-long selection process, the prestigious awards ceremony where the Top 10 finalists and the Top three winners were revealed,'' she said. More on this PSA encourages women to take up space Empowering Women: TÄ°KA's Transformative Work in South Africa Empower women to exploit socio-economic opportunities Women's economic empowerment opportunities in the water sector revived Hollywoodbets Group Transformation manager Babongile Mkhize with the CEO of the Nomzamo Lighthouse Foundation Nomzamo Mbatha and the First Runner Up of the # EmpoweringHER Campaign Claudia Phoku. Picture: Supplied. Ngobese said the event was designed to inspire women to leave their mark on the business world and included a panel discussion by influential women covering topics such as finance, business, law and human resources. She said both foundations are dedicated to championing women in business and fostering their growth in South Africa. Ngobese congratulated Phumzile Ntuli and all the remarkable women recognised throughout the campaign. ‘'The coveted Empowering HER Women in Business Award was bestowed upon Mrs Phumzile Ntuli, a distinguished member of the Qalekhaya Primary Cooperative from Eshowe in KwaZulu-Natal. N

Source - Independent Online (IOL)
6 Sep 2023
6Sep

US Business Delegation Makes Rare Visit To Taliban-Run Afghanistan Voice of America 07 Sep 2023, 04:05 GMT+10

ISLAMABAD - An American private sector delegation opened meetings in Afghanistan with officials and local counterparts Wednesday in the first interaction since the Taliban seized power from a U.S.-backed government two years ago. Jeffrey Grieco, president of the Afghan American Chamber of Commerce, or AACC, in the United States, is leading the delegation. Addressing a televised meeting in Kabul of business representatives that Greico co-hosted with Taliban Deputy Prime Minister for Economic Affairs Abdul Ghani Baradar, he said the U.S. government backs the visit. U.S. officials did not immediately comment on Greico's assertion. The American businessman credited the de facto Afghan authorities for establishing peace in the country, saying they have also 'greatly eliminated' corruption. 'It's not all gone, but it's mostly gone.' He said his team is seeking to elevate private sector activities and explore ways to ease hardships facing Afghans over the past two years. 'The next year is going to be equally hard as the donors are reducing funding for Afghanistan, both humanitarian food security and other funding, at a key moment when Afghanistan needs funding for humanitarian purposes,' he said. On Tuesday, the U.N. World Food Program announced that a 'massive funding shortfall' had forced it to cut rations for 10 million people in the country this year, warning that time is running out to avert catastrophe in Afghanistan. 'The private sector can be a powerful agent of change and an agent of support when a country like Afghanistan is suffering,' Grieco said at the event, where local women business leaders were also in attendance. 'We think that business is the way to increase knowledge and increase more program activities for the core in Afghanistan, and you are great examples for us,' he told the Afghan female participants. Barader said in his keynote speech that his government had established nationwide 'comprehensive security' and 'straightforward investment regulations' to attract domestic a

Source - South Africa News
6 Sep 2023
6Sep

Equites raises R750m in debt capital market

JSE-listed Equites Property Fund has raised R750m in SA's debt capital market in a public auction of senior unsecured floating rate notes maturing in June 2026 and June 2028. Warren Douglas, treasurer and head of risk management at Equites, said the company, which continues to be a regular issuer in debt markets, issued R300m in a 2.75-year note at a 129 basis points margin and R400m in a 4.75-year note at a 139 basis points margin on September 5... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
6 Sep 2023
6Sep

Business confidence regains some ground after steady decline since end of 2022

The RMB/BER Business Confidence Index shows business confidence regained some ground in the third quarter of 2023, after a steady decline from Q4 of 2022 into the second quarter of this year. The Index registered a level of 33 in the third quarter, up from 27 in Q2. However the challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained said the Bureau for Economic Research (BER). What is encouragingly is that the slight reprieve in the incidence of loadshedding provided support to some firms, especially in manufacturing. The second quarter survey was conducted between 16 and 31 August 2023. It covered just over 1 000 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Motheo Khoaripe (in for Bruce Whitfield) gets more detail from RMB economist Siobhan Redford. The release of the BCI numbers comes on the heels of an improvement in GDP, but Redford points out that in both cases South Africa is coming off a low base. Both in terms of GDP and business confidence it is what you'd call a gradual improvement, but really and truly taking us from a very weak position to start off with. Siobhan Redford, Economist - RMB In terms of GDP, yes we have avoided a technical recession - but the growth over the last two quarters has been miniscule, almost flat... Then adding to this we have this improvement in the Business Confidence Index for the third quarter, but it tells us still that only one out of three - a minority - of business executives are happy with business conditions. Siobhan Redford, Economist - RMB Redford notes that the biggest improvement in the BCI was in the retail sector, which moved from 20 index points (a really big drop in the second quarter) to 32. "Again, this is sitting in line with our headline number and really is saying that one in three executives in the retail sector are satisfied, which is better than the one in five it was a quarter ago."

Source - MSN
6 Sep 2023
6Sep

Platinum Giant's CFO Switch Amid CEO Shift

Ms. Sayurie Naidoo becomes acting CFO of Anglo American Platinum as CEO transition approaches on October 1, 2023. Naidoo, a seasoned CA(SA), brings 15 years of experience within the company, previously serving as Financial Controller. The search for an Executive Finance Director is ongoing, with further details to be announced in due course. Anglo American Platinum Limited has announced the appointment of Ms. Sayurie Naidoo as the acting Chief Financial Officer (CFO) effective from September 1, 2023. This development comes as part of a significant transition within the company, as Craig Miller is set to take over as the Chief Executive Officer (CEO) on October 1, 2023. The Transition at a Glance Anglo American Platinum has been a prominent name in the mining sector and plays a critical role in the production of platinum group metals. The recent changes in leadership are set to shape the company's future direction. Here's a closer look at the key details of this transition: Meet the Acting CFO Ms. Sayurie Naidoo, a registered Chartered Accountant (CA(SA)), brings a wealth of experience to her new role. Having spent over 15 years with the Anglo American Group, she has a strong financial background and has held various financial positions within the organization. In her most recent role as Financial Controller, Ms. Naidoo was responsible for overseeing financial reporting, performance reporting, corporate cost control activities, governance, and controls, as well as finance systems. Additionally, she holds directorships and trusteeships at various subsidiary companies and trusts, which further enriches her qualifications for this crucial role. The Search for an Executive Finance Director While the position of acting CFO has been filled, the company is still actively seeking a suitable candidate for the role of Executive Finance Director. The search is underway, and further details regarding this appointment will be communicated in due course. Closing Thoughts As Anglo American Platinum u

Source - Rateweb
6 Sep 2023
6Sep

The 2023 #EmpoweringHER Women in Business Awards winners announced

Durban - The Hollywood Foundation and the Nomzamo Lighthouse Foundation announced the winners of the 2023 #EmpoweringHER Women in Business Awards at the Langhams Lifestyle Experience in Johannesburg on Sunday. The two foundations were thrilled to unveil the accomplished recipients of the 2023 #EmpoweringHER Women in Business Awards. This R1.5 million campaign, conducted throughout Women's Month, recognises and celebrates the dedication and resilience of female entrepreneurs in South Africa. Vuyisile Ngobese, the public relations officer of the Hollywood Foundation, said both organisations shared an unwavering commitment to the advancement and empowerment of women. ''We were enthusiastic about hosting the second instalment of this impactful campaign in early August. Following an exhaustive month-long selection process, the prestigious awards ceremony where the Top 10 finalists and the Top three winners were revealed,'' she said. More on this PSA encourages women to take up space Empowering Women: TÄ°KA's Transformative Work in South Africa Empower women to exploit socio-economic opportunities Women's economic empowerment opportunities in the water sector revived Hollywoodbets Group Transformation manager Babongile Mkhize with the CEO of the Nomzamo Lighthouse Foundation Nomzamo Mbatha and the First Runner Up of the # EmpoweringHER Campaign Claudia Phoku. Picture: Supplied. Ngobese said the event was designed to inspire women to leave their mark on the business world and included a panel discussion by influential women covering topics such as finance, business, law and human resources. She said both foundations are dedicated to championing women in business and fostering their growth in South Africa. Ngobese congratulated Phumzile Ntuli and all the remarkable women recognised throughout the campaign. ‘'The coveted Empowering HER Women in Business Award was bestowed upon Mrs Phumzile Ntuli, a distinguished member of the Qalekhaya Primary Cooperative from Eshowe in KwaZulu-Natal. N

Source - Cape Argus
6 Sep 2023
6Sep

Kusasalethu Mine Tragedy: Harmony's Safety Commitment Amid Loss

Tragedy at Kusasalethu Mine: Two lives lost in a seismic event, highlighting the persistent risks in mining operations. Harmony Gold's commitment to improving safety practices despite the tragedy underscores the industry's challenges. Temporary mine closure and safety shift emphasize the importance of strict safety protocols and ongoing vigilance in mining. In a somber announcement today, Harmony Gold Mining Company Limited reported a tragic incident at its Kusasalethu mine, located near Carletonville in Gauteng. Two dedicated employees lost their lives in a fall of ground incident caused by a seismic event on Tuesday, September 5, 2023. This devastating event serves as a harsh reminder of the inherent risks associated with mining operations, despite the industry's relentless efforts to prioritize safety. The entire nation is mourning the loss of these two individuals who were simply going about their daily work in one of South Africa's most critical sectors. The Incident and Company Response On September 5th, a seismic event shook the Kusasalethu mine, leading to a fall of ground incident. Two employees tragically lost their lives as a result of this accident. Harmony Gold Mining Company Limited expressed its deep sorrow at the loss of these valued colleagues and emphasized its unwavering commitment to improving safety practices. Peter Steenkamp, the CEO of Harmony, stated, "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture. The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey." The families, friends, and colleagues of the deceased have been notified, and our thoughts and prayers are with them during this period of grief. Temporary Closure and Investigation In response to the incident, Harmony Gold Mining Company Limi

Source - Rateweb
6 Sep 2023
6Sep

The 2023 #EmpoweringHER Women in Business Awards winners announced

Durban - The Hollywood Foundation and the Nomzamo Lighthouse Foundation announced the winners of the 2023 #EmpoweringHER Women in Business Awards at the Langhams Lifestyle Experience in Johannesburg on Sunday. The two foundations were thrilled to unveil the accomplished recipients of the 2023 #EmpoweringHER Women in Business Awards. This R1.5 million campaign, conducted throughout Women's Month, recognises and celebrates the dedication and resilience of female entrepreneurs in South Africa. Vuyisile Ngobese, the public relations officer of the Hollywood Foundation, said both organisations shared an unwavering commitment to the advancement and empowerment of women. ''We were enthusiastic about hosting the second instalment of this impactful campaign in early August. Following an exhaustive month-long selection process, the prestigious awards ceremony where the Top 10 finalists and the Top three winners were revealed,'' she said. Ngobese said the event was designed to inspire women to leave their mark on the business world and included a panel discussion by influential women covering topics such as finance, business, law and human resources. She said both foundations are dedicated to championing women in business and fostering their growth in South Africa. Ngobese congratulated Phumzile Ntuli and all the remarkable women recognised throughout the campaign. ‘'The coveted Empowering HER Women in Business Award was bestowed upon Mrs Phumzile Ntuli, a distinguished member of the Qalekhaya Primary Cooperative from Eshowe in KwaZulu-Natal. Ntuli was presented with a substantial contribution worth R200 000 to support her growing furniture manufacturing business. Ngobese said Ntuli, alongside her business partner, could not contain their excitement as they went on stage, breaking into a joyous dance upon receiving their well-deserved cheque and award. Ntuli said this contribution would be a transformative catalyst for the growth of their furniture manufacturing enterprise. Babongile Mkhize

Source - Sunday Independent
6 Sep 2023
6Sep

Court grants AFU, Hawks preservation orders of R16m for assets of alleged illegal mining kingpins

The Pretoria High Court granted the NPA's Asset Forfeiture Unit (AFU) a preservation order to withhold assets belonging to alleged illegal mining kingpins. PHOTO: Felix Dlangamandla/Gallo Images, Netwerk24 The Gauteng High Court in Pretoria granted preservation orders for the assets of alleged illegal mining bigwigs. Fifty-one vehicles and seven properties believed to be the proceeds of illegal mining were attached in Carletonville and Khutsong. One of the six people arrested after a Hawks investigation has been granted bail. The Gauteng High Court in Pretoria granted the National Prosecuting Authority's (NPA) Asset Forfeiture Unit preservation orders of over R16 million to withhold assets belonging to alleged illegal mining kingpins. According to a joint statement by the NPA and the Directorate for Priority Crime Investigation (better known as the Hawks) on Wednesday, 51 vehicles and seven properties were proceeds of an illegal mining syndicate in Carletonville and Khutsong. NPA spokesperson Lumka Mahanjana and Hawks spokesperson Colonel Katlego Mogale, said the court issued the orders in July and August in terms of the Prevention of Organised Crime Act. READ | Harmony Gold offers up ‘blueprint' to thwart spiralling illegal mining They said this was part of the fight against illegal mining. The alleged kingpins dealing in unwrought gold are: Bethuel Ngobeni; Lerato Bathebeng; Poppy Mathongwane; Bongani Khumalo; Dumisani Moyo; Kesitaal Pty Ltd, a company belonging to Moyo; Nhlanhla Leon Magwaca; Neo Susan Duba; Tsepo Dube; Itumeleng Rejoice Magagane; Gloria Kgalalelo Magagane; Nhlanhla Mathebula; Manuel Nhamucho; Thabiso Sechele; and A foreign national whose identity is still being verified. Mahanjana and Mogale said six people were arrested after an investigation by the Hawks. Five are in custody. Moyo, who was the sixth arrested, was released on bail. Mahanjana and Mogale said some of the seven properties belong to four of the suspects arrested. We live in a world wher

Source - Mzansi Indaba
6 Sep 2023
6Sep

Opinion Piece: How To Extend Your Existing Data Management Architecture To Drive Greater Business Value

For many years, the South African banking sector has strived to comply with international financial regulations, such as Basel II and its successors, in order to ensure cost effective access to global markets. With its focus on proving the accuracy of risk measures, Basel drove the adoption of data management principles within South Africa's major banks, but with a risk focus.The challenge banks now face is how to take this compliance-driven, technical implementation of data management capabilities and expand it to enable organisations to use their data to drive their business, to regroup post-Covid and to cope with rapidly changing customer expectations. It's not just about compliance Compliance is important, and data management is an intrinsic part of meeting the requirements for many regulations in the banking sector, including the Financial Intelligence Centre Act (FICA) and the Protection of Personal Information Act (PoPIA). However, many financial services institutions have struggled to leverage this investment to enable a data-driven business. Data integrity is a powerful capability that directly increases the value of data. From improving customer satisfaction to increasing business agility to reducing risk and increasing revenue — a recent IDC Spotlight report shows that companies that invest in data integrity see positive returns across a range of business metrics. Conversely, a lack of investment in data integrity has a direct negative impact on costs and revenue. The challenge lies in understanding how to engage business stakeholders by shifting the data culture beyond a compliance-centric view, which can be seen as blocking progress, to one that enables business goals and opportunities. The importance of data lineage Data lineage can be a powerful tool to help not only manage risk, but also improve business agility. Capitec, South Africa's largest digital bank, needed visibility into their data for compliance purposes, but through the implementation of a data lineage tool,

Source - IAfrica
6 Sep 2023
6Sep

Opinion Piece: How To Extend Your Existing Data Management Architecture To Drive Greater Business Value

For many years, the South African banking sector has strived to comply with international financial regulations, such as Basel II and its successors, in order to ensure cost effective access to global markets. With its focus on proving the accuracy of risk measures, Basel drove the adoption of data management principles within South Africa's major banks, but with a risk focus. The challenge banks now face is how to take this compliance-driven, technical implementation of data management capabilities and expand it to enable organisations to use their data to drive their business, to regroup post-Covid and to cope with rapidly changing customer expectations. It's not just about compliance Compliance is important, and data management is an intrinsic part of meeting the requirements for many regulations in the banking sector, including the Financial Intelligence Centre Act (FICA) and the Protection of Personal Information Act (PoPIA). However, many financial services institutions have struggled to leverage this investment to enable a data-driven business. Data integrity is a powerful capability that directly increases the value of data. From improving customer satisfaction to increasing business agility to reducing risk and increasing revenue - a recent IDC Spotlight report shows that companies that invest in data integrity see positive returns across a range of business metrics. Conversely, a lack of investment in data integrity has a direct negative impact on costs and revenue. The challenge lies in understanding how to engage business stakeholders by shifting the data culture beyond a compliance-centric view, which can be seen as blocking progress, to one that enables business goals and opportunities. The importance of data lineage Data lineage can be a powerful tool to help not only manage risk, but also improve business agility. Capitec, South Africa's largest digital bank, needed visibility into their data for compliance purposes, but through the implementation of a data lineage tool, th

Source - IAfrica
6 Sep 2023
6Sep

Amplats appoints acting CFO

Platinum group metals (PGMs) miner Anglo American Platinum (Amplats) has appointed Sayurie Naidoo acting CFO, with effect from September 1. This follows the appointment of Craig Miller as Amplats CEO, with effect from October 1. Naidoo has been with the Anglo American Group for over 15 years and is a registered CA(SA). She has held various financial roles within Anglo American and is currently the financial controller responsible for financial reporting, performance reporting, corporate cost control activities, governance and controls, as well as finance systems. She holds directorships and trusteeships at various subsidiary companies and trusts. The process to identify a suitable candidate for the executive FD role at Amplats is progressing, the PGMs miner states.

Source - Mining Weekly
6 Sep 2023
6Sep

Food & Trees for Africa is in pursuit of South Africa's best school food garden

6 September 2023 — In an era when the health of people and our planet demands immediate attention, the EduPlant Programme emerges as a beacon of hope, offering a fresh perspective on education that intertwines learning with sustainability. After 28 years and the creation of thousands of school food gardens across the country, the EduPlant Programme, in partnership with Tiger Brands, continues to transform the way we educate our future generations and nurture a deep-rooted commitment to environmental stewardship. Every two years the EduPlant Programme works with 300 under-resourced schools in South Africa. The programme, through the school curriculum and the commitment of learners and educators, develops and grows school food gardens to add nutritional value to every meal served under the National Schools Nutrition Programme (NSNP). In a celebration of the dedication and innovation in each EduPlant school garden, Food & Trees for Africa (FTFA) is excited to announce the upcoming EduPlant Finals Competition. This competition is set to recognise and reward the best efforts in nurturing school permaculture food gardens within the EduPlant community. As we witness the remarkable transformation of schools into vibrant hubs of sustainable agriculture and ecological awareness, the EduPlant Finals Competition will spotlight those who have excelled in integrating permaculture principles into their educational journey. This event not only showcases the incredible achievements of students, educators, and communities but also inspires others to embark on their own journeys towards greener, more sustainable futures. EduPlant finalists will be announced by FTFA on 14 September 2023. The winners will be determined by an expert panel of judges and announced on 31 October 2023. In announcing the upcoming Finals Competition, Bharathi Tugh, EduPlant Manager and Education Associate said, "During the final chapter of the EduPlant 2022/2023 programme, it is time to recognise and honour our Earth Champions. The

Source - Free Mail
6 Sep 2023
6Sep

Two employees die in fall-of-ground incident at Harmony's Kusasalethu mine

Two employees died in a fall-of-ground incident, caused by a seismic event, at Harmony Gold's Kusasalethu mine, in Carletonville, on September 5. "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture. "The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey," says Harmony CEO Peter Steenkamp The work area where the fall-of-ground occurred has been temporarily closed pending an internal investigation.

Source - Engineering News
6 Sep 2023
6Sep

Index Change Advice — 20230918 September 2023 Responsible Investment Review ICA

6 September 2023 Index Change Advice — 20230918 September 2023 Responsible Investment Review ICA FTSE/JSE Responsible Investment September 2023 Quarterly Review © FTSE International Limited 2023. All Rights Reserved FTSE/JSE Responsible Investment Index Inclusions No Changes Exclusions SEDOL ISIN Company Name 6040958 ZAE000049433 AVI BK9S758 ZAE000269890 Momentum Metropolitan Holdings 6636421 ZAE000011953 Netcare 6688068 ZAE000005443 Pick N Pay Stores BMP3858 ZAE000190252 Redefine Properties 6777007 ZAE000006284 Sappi FTSE/JSE Responsible Investment Top 30 Index Inclusions SEDOL ISIN Company Name BBGB5W0 ZAE000179420 Growthpoint Prop Ltd BFXG366 ZAE000259479 Pepkor Holdings Ltd BJDS7M4 NL0013654783 Prosus Exclusions SEDOL ISIN Company Name BK9S758 ZAE000269890 Momentum Metropolitan Holdings 6688068 ZAE000005443 Pick N Pay Stores 6777007 ZAE000006284 Sappi Reserve List SEDOL ISIN Company Name ESG Rating rank B0L6750 ZAE000070660 Sanlam Limited 5 Date: 06-09-2023 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
6 Sep 2023
6Sep

SA business confidence edges up after GDP surprise

South African business sentiment recovered in the third quarter from an almost three-year low, though power outages, high interest rates and outbreaks of social unrest continue to weigh on confidence. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University's Bureau for Economic Research rose to 33 in the three months through September from 27 in the prior quarter, according to a report published on Wednesday. The recovery was driven by retailers who saw profitability improve on more moderate purchasing price increases, even as sales overall remained soft. The release comes a day after government data showed South Africa's economy grew by a faster-than-expected 0.6% in the second quarter, helped by an improved performance in the finance and manufacturing sectors. ADVERTISEMENT CONTINUE READING BELOW "Although higher, sentiment is still very weak, the report noted. "Indeed, the current level of the index suggests that two-thirds of respondents are dissatisfied with prevailing business conditions. According to the survey, sentiment among manufacturers increased six points to 23, but remained the lowest among the sectors included in the composite index. The improvement was likely due to less frequent power cuts and a return to production in industries that had recently experienced disruptions. South African companies are grappling with the worst outages on record as Eskom, which provides almost all of the country's electricity, has kept the grid from collapsing by cutting power when it's been unable to meet demand. "The headline result of the Business Confidence Index suggests that the economic malaise affecting South Africa in preceding quarters continued into this one, said Isaah Mhlanga, chief economist and head of research at RMB. "There are different forces at play with manufacturing production and building activity improving, but interest rate sensitive sectors that are distressed. © 2023 Bloomberg Source: moneyweb.co.za

Source - South Africa Finance News
6 Sep 2023
6Sep

General SENS Submitter Company - Index Change Advice 20230918 September 2023 Responsible Investment Review ICA

Index Change Advice — 20230918 September 2023 Responsible Investment Review ICA FTSE/JSE Responsible Investment September 2023 Quarterly Review © FTSE International Limited 2023. All Rights Reserved FTSE/JSE Responsible Investment Index Inclusions No Changes Exclusions SEDOL ISIN Company Name 6040958 ZAE000049433 AVI BK9S758 ZAE000269890 Momentum Metropolitan Holdings 6636421 ZAE000011953 Netcare 6688068 ZAE000005443 Pick N Pay Stores BMP3858 ZAE000190252 Redefine Properties 6777007 ZAE000006284 Sappi FTSE/JSE Responsible Investment Top 30 Index Inclusions SEDOL ISIN Company Name BBGB5W0 ZAE000179420 Growthpoint Prop Ltd BFXG366 ZAE000259479 Pepkor Holdings Ltd BJDS7M4 NL0013654783 Prosus Exclusions SEDOL ISIN Company Name BK9S758 ZAE000269890 Momentum Metropolitan Holdings 6688068 ZAE000005443 Pick N Pay Stores 6777007 ZAE000006284 Sappi Reserve List SEDOL ISIN Company Name ESG Rating rank B0L6750 ZAE000070660 Sanlam Limited 5 Date: 06-09-2023 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Sharenet
6 Sep 2023
6Sep

Load shedding: Renewable energy platform launched for SA businesses

Local insurer Discovery has launched a renewable energy platform in South Africa to help mitigate electricity shortages. This platform connects businesses to cost-effective, renewable energy from large-scale renewable plants using a method called "wheeling" through the national grid. South Africa's national grid has been under severe strain, resulting in rolling blackouts By sourcing 400MW to 1GW of wind and solar energy from top local and international Independent Power Producers, the platform will attract an investment of about R20-R25bn in the country's energy infrastructure. This is equivalent to 2700 solar farms or 200-250 wind turbines and will reduce CO2 emissions by 2.75 million tonnes annually, equal to 100 times the emissions of a company like Discovery Limited. Initially available to medium to large electricity consumers connected to Eskom distribution, the platform's early users include Discovery's corporate partners. Over time, it will expand to other clients in South Africa as new wheeling frameworks emerge. Discovery Green will supply enrolled businesses with renewable energy starting in 2026, helping them lower emissions and address the national electricity deficit. "Discovery Green was built with our goal of being carbon neutral by 2025 in mind," said Andre Nepgen, Head of Discovery Green. "It addresses a fundamental issue of renewable energy — that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. "With the benefit of aggregation, modelling and diversification, Discovery Green is able to offer products that are completely different to the market's share-of-plant approach." For most non-industrial businesses, electricity generation is a major source of emissions — about 80% of Scope 1&2 emissions. Scope 1 emissions are direct emissions from sources that are owned or controlled by an organization, such as emissions from fuel combustion for heating, power generation, and transportation. Scope 2 emi

Source - The South African
6 Sep 2023
6Sep

ANGLO AMERICAN PLATINUM LIMITED - Appointment of an Acting Finance Director

Release Date: Code(s): AMS PDF: Appointment of an Acting Finance Director Anglo American Platinum Limited (Incorporated in the Republic of South Africa) (Registration number: 1946/022452/06) Share Code: AMS ISIN: ZAE000013181 ("the Company" or "Anglo American Platinum") Appointment of an Acting Finance Director Further to the announcement published on SENS on 27 July 2023 wherein the Company advised that Craig Miller has been appointed as the Chief Executive Officer of Anglo American Platinum with effect 1 October 2023, shareholders are advised that Ms Sayurie Naidoo has been appointed as acting Chief Financial Officer, with effect from 1 September 2023. Sayurie has been with Anglo American Group for over 15 years and is a registered CA(SA). She has held various financial roles within Anglo American and is currently the Financial Controller responsible for financial reporting, performance reporting, corporate cost control activities, governance, and controls as well as finance systems. Sayurie holds directorships and trusteeships at various subsidiary companies and trusts. The process to identify a suitable candidate for the Executive Finance Director role is progressing and a further announcement will be made in due course. E Viljoen Company Secretary Johannesburg 6 September 2023 Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities Investors Media Franscelene Moodley Nomonde Ndwalaza franscelene.moodley@angloamerican.com nomonde.ndwalaza@angloamerican.com Tel: +27 (0)11 638 0279 Tel: +27 (0)66 311 1133 Notes to editors: Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine and smelter in Zimbabwe. Anglo American Platinum has two joint operations with several historical

Source - Sharenet
6 Sep 2023
6Sep

South Africa making strides in green hydrogen ambitions, but several areas require focus

Government has been making progress in achieving the targets set out in the Hydrogen Society Roadmap for South Africa; however, there are stillareas that require more focus, especially in terms of capitalising on the opportunities that the green hydrogen economy presents for the county's endowment of platinum group metals (PGMs), as well as the role it can play in the country's just energy transition. This was noted by speakers during the Mapungubwe Institute for Strategic Reflection's (Mistra)'s eighth yearly PGM roundtable, held on September 6. Department of Science and Innovation Hydrogen and Energy director Dr Cosmas Chiteme said that, with the roadmap, the country is aiming to use its mineral endowment, renewable energy assets, land availability and local industry capabilities to create a globally competitive hydrogen economy as part of its Economic Reconstruction and Recovery Plan. He pointed out that, in line with the Just-Energy Transition-Investment Plan, the country could potentially be rebranded as a destination for sustainable investment that incorporates environmental, social and good governance principles. Chiteme highlighted that the approval by National Cabinet to extend the Hydrogen South Africa RDI Programme is an indication the country remains committed to contributing to the growth of the global hydrogen economy. He added that government has initiated engagements with the private sector and international partners to design appropriate operational models for the effective implementation of the roadmap. Mistra executive director Joel Netshitenzhe highlighted two major milestones since last year's roundtable as, firstly, the R105-billion energy investment commitment of Hive Hydrogen, the biggest investment pledge announced at the fifth South African Investment Conference in April. Hive Hydrogen's commitment entails the construction of a green hydrogen/green ammonia production facility at the Coega Special Economic Zone, in the Eastern Cape, as well as the construction of a

Source - Engineering News
6 Sep 2023
6Sep

Two employees die in fall-of-ground incident at Harmony's Kusasalethu mine

Two employees died in a fall-of-ground incident, caused by a seismic event, at Harmony Gold's Kusasalethu mine, in Carletonville, on September 5. "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture. "The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey," says Harmony CEO Peter Steenkamp The work area where the fall-of-ground occurred has been temporarily closed pending an internal investigation.

Source - Mining Weekly
6 Sep 2023
6Sep

Zodiac Sign: Which zodiac sign should not wear diamonds |

Benefits of wearing gemstones Since ancient times, people from many different cultures have worn gemstones, which are frequently thought to have spiritual and therapeutic benefits.Many people believe in their positive effects. Gemstones have distinctive energies and vibrations that can have an impact on someone's spiritual health. Different gemstones are associated with various metaphysical properties and are believed to enhance specific qualities or balance chakras. Spiritual and metaphysical benefits of wearing diamonds 1. Enhances spiritual clarity Diamonds are thought to improve spiritual insight and clarity. They are believed to enhance the wearer's emotions and thoughts, enabling them to communicate with their higher selves and inner wisdom. 2. Protection and warding off negative energies Diamonds are sometimes thought to be strong defenses against harmful influences and other negative energies. They are believed to create a shield of positive energy around the wearer. 3.Balance and harmony Diamonds are associated with balance and harmony in some belief systems. They are believed to bring equilibrium to the wearer's life by aligning their physical, emotional, mental, and spiritual aspects. 4.Increased self-confidence Diamonds are said to boost self-confidence and self-esteem. Wearing a diamond can help the wearer feel more self-assured and capable, which can be beneficial in various aspects of life. 5.Emotional healing Some people believe that diamonds can aid in emotional healing by helping to release and transmute negative emotions. They are thought to promote emotional clarity and healing. Which zodiac signs should avoid wearing it Astrology suggests that certain signs may find diamonds to be incompatible with their inherent qualities and energies. Aries (March 21 — April 19) Aries people are known for being impulsive and fiery. They are enthusiastic, passionate, and frequently motivated by desires. Diamonds, with their calming and grounding properties, may not be the b

Source - Mzansi Indaba
6 Sep 2023
6Sep

Thinking of starting a side hustle, you should consider investing - expert

South African consumers are facing a number of financial challenges considering the increases in the cost of living as well as rising inflation and interest rates. One of the financial challenges that people are facing is living with only one source of income to take care of all of their financial needs. Therefore, consumers turn to starting a side hustle. Luke Martins, Financial Planning Coach at Old Mutual Wealth said that getting a second full-time job or a part-time job could be the solution, but it may be unsustainable. "By nature, a side hustle should not demand too much of your time, nor should it detract from your primary source of income," Martins said. Instead of taking another job, people should turn to investing as a side hustle, according to Martins. More on this Drawing up a will gives you the power to protect your legacy Financial freedom - it may sound like a farfetched dream but it is achievable Retirement savings - Start saving now to live a good life after your last paycheque Investing in shares allows you to have a share in a business that you don't have to start or manage, provides you with an opportunity for investment growth from different countries, and gives you a stake in innovative technologies, all of which will result in your investment growing. Making your shares work for you By putting a portion of your money into a business and, as a result, owning a small share of it, you create for yourself passive income, which you can use to advance your financial goals and to take care of financial emergencies. Martins said that you can reinvest your dividends because it allows you to acquire more shares, thus enhancing your portfolio and positioning you to benefit more from compound growth. When investing, it's important to put your money into a mix of different asset classes such as shares (or equities), bonds, real estate, commodities, and currencies. "Equities will give you the best opportunity for growth, so it is critical that these form part of your investme

Source - Cape Argus
6 Sep 2023
6Sep

Food & Trees for Africa is in pursuit of South Africa's best school food garden

MyPR | Free Business Showcase | Paid for Adverts 6 September 2023 — In an era when the health of people and our planet demandsimmediate attention, the EduPlant Programme emerges as a beacon of hope, offering a fresh perspective on education that intertwines learning with sustainability. After 28 years and the creation of thousands of school food gardens across the country, the EduPlant Programme, in partnership with Tiger Brands, continues to transform the way we educate our future generations and nurture a deep-rooted commitment to environmental stewardship. Every two years the EduPlant Programme works with 300 under-resourced schools in South Africa. The programme, through the school curriculum and the commitment of learners and educators, develops and grows school food gardens to add nutritional value to every meal served under the National Schools Nutrition Programme (NSNP). In a celebration of the dedication and innovation in each EduPlant school garden, Food & Trees for Africa (FTFA) is excited to announce the upcoming EduPlant Finals Competition. This competition is set to recognise and reward the best efforts in nurturing school permaculture food gardens within the EduPlant community. As we witness the remarkable transformation of schools into vibrant hubs of sustainable agriculture and ecological awareness, the EduPlant Finals Competition will spotlight those who have excelled in integrating permaculture principles into their educational journey. This event not only showcases the incredible achievements of students, educators, and communities but also inspires others to embark on their own journeys towards greener, more sustainable futures. EduPlant finalists will be announced by FTFA on 14 September 2023. The winners will be determined by an expert panel of judges and announced on 31 October 2023. In announcing the upcoming Finals Competition, Bharathi Tugh, EduPlant Manager and Education Associate said, "During the final chapter of the EduPlant 2022/2023 programme, it is tim

Source - Buy PE
6 Sep 2023
6Sep

Not quite what we expected

Mia Kriegler of Kruger International discusses the day's market moves, the oil price as the northern hemisphere heads into winter, the rand, the macro outlook for the globe, and Richemont trading lower. 6 Sep 2023 You can also listen to this podcast on iono.fm here AUTHOR PROFILE COMMENTS

Source - Moneyweb
6 Sep 2023
6Sep

Thinking of starting a side hustle, you should consider investing - expert

South African consumers are facing a number of financial challenges considering the increases in the cost of living as well as rising inflation and interest rates. One of the financial challenges that people are facing is living with only one source of income to take care of all of their financial needs. Therefore, consumers turn to starting a side hustle. Luke Martins, Financial Planning Coach at Old Mutual Wealth said that getting a second full-time job or a part-time job could be the solution, but it may be unsustainable. "By nature, a side hustle should not demand too much of your time, nor should it detract from your primary source of income," Martins said. Instead of taking another job, people should turn to investing as a side hustle, according to Martins. More on this Drawing up a will gives you the power to protect your legacy Financial freedom - it may sound like a farfetched dream but it is achievable Retirement savings - Start saving now to live a good life after your last paycheque Investing in shares allows you to have a share in a business that you don't have to start or manage, provides you with an opportunity for investment growth from different countries, and gives you a stake in innovative technologies, all of which will result in your investment growing. Making your shares work for you By putting a portion of your money into a business and, as a result, owning a small share of it, you create for yourself passive income, which you can use to advance your financial goals and to take care of financial emergencies. Martins said that you can reinvest your dividends because it allows you to acquire more shares, thus enhancing your portfolio and positioning you to benefit more from compound growth. When investing, it's important to put your money into a mix of different asset classes such as shares (or equities), bonds, real estate, commodities, and currencies. "Equities will give you the best opportunity for growth, so it is critical that these form part of your investme

Source - Independent Online (IOL)
6 Sep 2023
6Sep

Business confidence regains some ground after steady decline since end of 2022

The RMB/BER Business Confidence Index shows business confidence regained some ground in the third quarter of 2023, after a steady decline from Q4 of 2022. Motheo Khoaripe interviews RMB economist Siobhan Redford on The Money Show. The RMB/BER Business Confidence Index shows business confidence regained some ground in the third quarter of 2023, after a steady decline from Q4 of 2022 into the second quarter of this year. The Index registered a level of 33 in the third quarter, up from 27 in Q2. However the challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained said the Bureau for Economic Research (BER). What is encouragingly is that the slight reprieve in the incidence of loadshedding provided support to some firms, especially in manufacturing. The second quarter survey was conducted between 16 and 31 August 2023. It covered just over 1 000 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Motheo Khoaripe (in for Bruce Whitfield) gets more detail from RMB economist Siobhan Redford. The release of the BCI numbers comes on the heels of an improvement in GDP, but Redford points out that in both cases South Africa is coming off a low base. Both in terms of GDP and business confidence it is what you'd call a gradual improvement, but really and truly taking us from a very weak position to start off with.

Source - 702
6 Sep 2023
6Sep

OBITUARY: Jim Jones: an erudite and dedicated maverick

Editor navigated Business Day through the difficulty years of SA's transition years to democracy 06 September 2023 - 19:19 Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Jim Jones, former editor of Business Day from 1990 until 2001 who died on Sunday aged 81, was a larger-than-life figure. He had a remarkable range of historical and contemporary knowledge thanks to his voracious reading, observing of the world around him and persuading people to tell him things many came to regret he had been told. Jim was not a journalist by training. He was a qualified mining engineer and arrived from his UK childhood to work for, as I recall, then mining major JCI in the 1960s. But during the 1970s he became known as SA's top mining journalist. He spent time at the Financial Mail (FM), and many years freelancing for the Financial Times (FT) and other top UK publishers. When Jim's former FM editor, Steven Mulholland, became the then Times Media Ltd (TML) CEO, he ensured Jim was brought back to the FM. And soon thereafter, when the opening arose, Mulholland appointed Jim as Business Day editor. Jim was not an orthodox business journalist of that era. He had had a permanent relationship with his wife Frances. Talk had it that the more orthodox Mulholland set a condition: "Business Day editors do not ‘live with' their partners. They get married." Jim and Frances remained married since. The period of Jim's editorship, which began months after the unbanning of the ANC and other organisations and the release of political prisoners, coincided with SA's political transition. His leadership in that regard was critical, supportive and visionary. He was clear about what the newspaper needed to do to play a part in the transition. Not unlike many others in the business establishment, he said: "We need to help the ANC learn about business." But Jim added another requirement not common in those cir

Source - Business Live
6 Sep 2023
6Sep

South African Student Discovers Roommate's Pet Snake, Gets Told to Mind Her Own Business: "Move Out ASAP"

A TikTokker was scared out of her wits after seeing a snake crawl out of her roomie's wardrobe After frantically searching for the snake and not finding it, she confronted her roommate, who told her to buzz off Netizens warned her to pray to the Almighty and find another room to live in to avoid the snake After discovering her roommate had a snake, South Africans encouraged a university student to pray. After the snake disappeared in their room, she confronted the roommate and the roommate bluntly told her to mind her business . This freaked the heavens out of her! Woman discovers snake in her room @faythwa posted the TikTok video on her account, which was viewed by over 145K people in under 24 hours. Her caption indicates that the roommate has a snake. The short clip shows her looking for the snake without any success. Mops and brooms are out to create space for the snake to come out. In the comment section, she continued the narrative. She said she found the snake when it came out of her roommate's wardrobe, disappearing afterwards. When she confronted her, the roomie told her to mind her business. When she saw the snake coming out of the wardrobe, she called her mates to help find it. Fearing for her life, she temporarily relocated to a friend's house. Watch the video here: South Africans encourage her to pray Netizens were terrified on her behalf and urged her to pray because something might be up with her roommate and the snake. Kefi3912 said: "That snake has been sleeping with you at night without you noticing anything. Joke_sa cried: "Yoh! I would move out the following day. My worst fear. Ocean.19 remarked: "In this journey of life, believers, pray without ceasing. Noko_sn wrote: "Let's praise God that you saw it! What if it was meant to harm you? Busi added: "Y'all won't find it because now it's a short person, wherever it is. Pray, my love. Babygal admired her. "You are strong for even searching. I was gonna run and never come back because even if I found it, I would be scared to

Source - Briefly
6 Sep 2023
6Sep

Where to Find Guava Leaves in Cape Town: A Comprehensive Guide

/ By September 6, 2023 Finding the best local source for guava leaves in Cape Town is simple: we've got you covered.Whether you're looking for these leaves for their many health benefits or culinary applications, we've got you covered. The following sections will detail some of the best places to buy fresh guava leaves in the city. Discover how you can get a taste of guava leaves with this guide. This is the ultimate guide to finding guava leaves in Cape Town, which is a must-read for anyone interested in this exotic fruit. You can grow your own guava tree or take advantage of local markets and grocery stores, among other things. We've reduced the amount of information required in this comprehensive guide, making it easier to find and understand what you need. After reading this article, you'll have a clear understanding of what to expect when looking for guava leaves. Come join us on a tour of Cape Town's hidden gems to discover the abundance of guava leaves in the city. This guide will help you discover and acquire the right amount of guava leaves without having to deal with any problems, whether you're a health enthusiast, a culinary explorer, or simply curious. Begin by learning how to enjoy the leafy goodness of guava. Factors to Consider When Buying Guava Leaves In the realm of herbal remedies and culinary exploration, the journey to acquiring the perfect guava leaves unveils a tapestry of considerations that discerning enthusiasts must navigate. As you step into the world of guava leaves procurement, four pivotal factors emerge as your steadfast guides-each paving the way toward an optimal selection that resonates with your distinct needs and preferences. These factors, interwoven with a symphony of freshness, origin, nature's offerings, and packaging nuances, orchestrate a harmonious chorus of decision-making, leading you to the finest guava leaves Cape Town has to offer. Quality: At the heart of this verdant pursuit lies an unwavering commitment to quality-a trait that encapsula

Source - Greater Good
6 Sep 2023
6Sep

Charms and rituals are used by criminals in Nigeria — should police deploy spiritual security too?

Crime is among the major challenges confronting Nigeria as a nation. The pervasiveness of crime has repeatedly called into question the effectiveness and efficiency of the Nigeria Police Force.This is despite their exclusive reliance on modern policing strategies and techniques. Traditionally, crime-related matters have been handled through what's known as "spiritual security". This is a knowledge system that involves the use of amulets, charms, rituals and talismans for protection, power and clairvoyance. As sociologists specialising in criminology , we were interested in what the Nigerian police personnel had to say about these mechanisms of protection. We conducted a study of their perceptions and attitudes. Many told us that they believed criminals used spiritual security for power and protection. Some officers confirmed that they themselves used charms and the like to help in their jobs. Nigerians use spiritual security mechanisms in other areas of social life such as healthcare delivery conflict resolution and household crime control. But they've been overlooked in formal policing. We conclude that this indigenous approach to crime fighting could prove useful to the police, particularly in intelligence gathering, crime investigation and crime control. Traditional belief systems could complement the country's colonially based law enforcement and social control systems and improve their efficiency. Traditional belief systems Spiritual security is a traditional knowledge system that dates from precolonial times. It was a way that Nigerian people dealt with social issues. Not only for security, but also to settle disputes and for social control, conflict resolution, justice administration, peace engineering and social harmony. The knowledge system of most African societies is generally predicated on a belief system that's divided into the physical (visible and seen) and the spiritual (mysterious and unobservable). History tells us that African people gave high credence to this system of

Source - Free Mail
6 Sep 2023
6Sep

‘Binnelanders' Star Clint Brink Celebrates Lookalike Daughter Arielle's 5-Month Milestone With Cute Post

Binnelanders actor Clint Brink shared an adorable picture of his lookalike daughter Arielle to celebrate her five-month milestone The actor who welcomed Arielle Harmony Brink with his wife Steffi Brink said he could not believe it's been five months already Social media users were taken aback at how much Arielle looked like her father, many said the father-and-daughter duo looked like twins and Backstage actor Clint Brink stunned his followers when he shared an adorable picture of his daughter Arielle Harmony Brink on his social media page. Clint Brink celebrates daughter's milestone Social media users could not believe their eyes when they saw a recent picture of award-winning star Clint Brink 's daughter Arielle Harmony Brink. The star headed to his Twitter page to share a cute picture of his daughter a nd celebrate her five-month milestone . The Binnelanders actor noted that time flies as Arielle is already five months old. He wrote: "5months already " Clint Brink's fans react to his cute post Social media users shared sweet responses to Clint Brink's stunning post. Many noted that Arielle is her father's carbon copy. Some even thought it was an old picture of the actor. @Zu_Noma wrote: "Looks just like you Clint, what a beautiful baby with gorgeous eyes" @KhayaJames commented: "Your spitting image." @T_Carmen22 added: "Copy and paste." @LifeyKaBizela noted: "Ncaww! That's your twin!" @miss_lizze wrote: "Carrying a baby for nine months,just for them to look like the daddy is a scam. She's gorgeous." @RakgadiMo commented: "Baby looks just like @fatjoe …super cute and congratulations." Jessica Nkosi shares stunning pictures from daughter Namisa's princess-themed 5th birthday party In more entertainment news, Briefly News reported that Jessica Nkosi and her husband TK Dlamini recently celebrated their little one's birthday. The proud mom shared a glimpse of her princess-themed party Former actress Jessica Nkosi and her husband TK Dlamini's first child Namisa recently

Source - Briefly
6 Sep 2023
6Sep

Discovery Green platform will link, build renewable generation for business demands

The newly launched Discovery Green platform will link renewable energy production with business demands with the aim to create an aggregated, diversified and reliable energy marketplace. It will provide enrolled businesses with renewable energy by 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity generation. The company aims to procure between 400 MW and 1 GW as part of this platform and is on track to start construction early next year, Discovery Green head Andre Nepgen revealed at the launch of the platform on September 6. "By procuring between 400 MW and 1 GW of wind and solar energy from a curated list of local and international independent power producers, the platform will stimulate an investment of approximately R20-billion to R25-billion in the energy infrastructure of the country, or enough to establish 2 700 rugby fields of solar farms or 200 to 250 wind turbines, he said. The renewable energy platform will use wheeling, with energy generated at the most efficient locations in the country and wheeled to a business through the existing national grid, thereby allowing businesses to use more affordable renewable energy. The platform benefits from aggregation, modelling and diversification to provide renewable, reliable and affordable energy, Nepgen highlighted. "The problem with renewable energy is that the generation profile is resource dependent, but businesses consume energy in the way that they need it, with different patterns and seasonal changes, as well as changing business needs. "This mismatch is what we are trying to solve with Discovery Green. By combining business energy demand profiles from different industries and diverse hotspots where the energy is generated, we can reduce much of the challenges around renewables. Combining demand creates more potential for businesses to use renewable energy and, as the platform adds more diversification in the form of generation and users, it can use the dynamics

Source - Engineering News
6 Sep 2023
6Sep

Johann Rupert warns of inflation risks

The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "We've seen the squeeze," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households were spending a higher percentage of income on basic necessities than they had in the past decade. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low-interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer," he said.

Source - Daily Investor
6 Sep 2023
6Sep

What BAE's Ukraine deal shows about the risks and opportunities of setting up a business in a war zone

Amid the Russian invasion that has made the country into a war zone since February 2022, Britain's largest defence contractor BAE Systems has recently set up a business in Ukraine . It has agreed to supply arms to Ukraine's military and possibly set up local production facilities in the future. Unlike other companies and business sectors, BAE and the global defence sector are major beneficiaries of Russia's invasion of Ukraine. BAE reportedly won a record £21.1 billion of new orders in the first six months of 2023 alone. The UK government has struck a £280 million deal with BAE to buy arms to donate to Ukraine's war effort. But BAE's entry into Ukraine presents both opportunities and risks for the company, as well as the Ukrainian government. Short-terms risks but long-term gains Establishing a new business operation in a war zone is not common practice. Companies typically avoid entering such markets, while those already in afflicted regions typically downsize or divest to manage the risk of violence to their assets and their employees, according to my research But war is central to the business model of defence companies, so they are not averse to entering war zones to capture new business and better supply their government customers. Not only does BAE's recent move into Ukraine encourage its government to place direct orders with the company, but it's also a sensible way for BAE to strengthen the relationship. Direct market entry can mean different things. Low-risk models can involve establishing a trading office to facilitate exports, while high-risk options can mean a fully fledged factory. It appears BAE will start with the low-risk model by setting up a management office to coordinate sales and services. Of course, with war raging, this makes sense. But any kind of international entry carries risk. As mentioned, operating within a war zone risks the destruction of company assets and endangering its people. To account for this risk, governments in war zones someti

Source - Free Mail
6 Sep 2023
6Sep

Equites raises R750m in debt auction

Real estate investment trust Equites Property Fund has raised R750-million in the South African debt capital market in a public auction of senior unsecured floating rate notes maturing in June 2026 and June 2028. On September 5, Equites issued R300-million in a 2.75-year note at a margin of 129 basis points and R400-million in a 4.75-year note at a margin of 139 basis points. In total, R2.45-billion of bids were received from 16 different investors, resulting in a book that was 3.3 times oversubscribed in an auction conducted by Nedbank CIB. "Compared with our last auction in November 2022, we achieved significantly better results, clearing 17 basis points and 20 basis points lower for the three- and five-year notes, respectively. Equites continues to be a regular issuer in the debt capital markets. As part of our strategy to reduce our loan-to-value ratio, the funds will be used along with asset disposal proceeds to repay existing debt," Equites treasurer and risk management head Warren Dougals comments. Equites CEO Andrea Taverna-Turisan says that the company's public debt auction has, once again, yielded an excellent set of results with strong institutional support from a variety of investors in the capital markets. "This indicates strong market support for our business strategy, and the confidence which South African investors have in Equites," he adds.

Source - Engineering News
6 Sep 2023
6Sep

5 critical minerals needed for clean energy, which Africa has in abundance ・Business Insider Africa presents, 5 critica

・This list is courtesy of the United Nations Conference on Trade and Development (UNCTAD), Africa's economic report. ・According to the report, Africa has roughly 19% of the critical minerals required for the manufacture and utilization of electric vehicles. Africa is known as the "Cradle of Humanity" because of its rich history, numerous civilizations, and magnificent scenery. However, underneath its intriguing surface lies an unrivaled source of riches and significance; its vast mineral deposits. Africa's natural richness, which includes a diverse range of minerals such as gold, diamonds, copper, platinum, and others, is critical not only to the continent's economic growth but also on a worldwide scale. This is buttressed by the fact that Africa boasts some of the largest reserves when it comes to certain natural resources. The continent, since as far back as recorded history has provided the globe with key natural resources necessary for the evolution and development of the entire human race. Each era has seen the continent providing a substantial quota of raw materials, requisite for technological and economic advancements, and this era of smart tech is no different. Africa possesses vast reserves of critical minerals, including aluminum, cobalt, and copper, required for high-tech and green products like smartphones and solar panels. According to a report by the United Nations Conference on Trade and Development (UNCTAD), titled ‘The Economic Development in Africa Report 2023,' Africa has an abundance of metals needed for electric vehicles. Furthermore, the report notes that Africa holds at least one-fifth of the world's reserves of a dozen essential metals for the energy transition, including roughly 19% of those required for electric vehicles. As the global push for greener energy grows, demand for such metals will skyrocket; an electric automobile, for example, requires around six times the minerals of a regular vehicle. With that said, below are 5 critical minerals neede

Source - MSN
6 Sep 2023
6Sep

NUM plans strike at De Beers' new Limpopo mine as wage talks break down

South Africa's National Union of Mineworkers (NUM) on Tuesday said it was planning to strike at De Beers' Venetia mine after wage talks brokedown, potentially disrupting operations at the diamond giant's new $2.3 billion underground facility. NUM, South Africa's biggest mineworker union, said its members were demanding a 9% wage hike, but Anglo American Plc unit De Beers was offering a 6% increase. "The NUM can confirm that the four-month wage negotiations with the world's leading diamond company De Beers have collapsed and a dispute has been declared at the Commission for Conciliation, Mediation and Arbitration (CCMA)," NUM said in a statement. The CCMA is a South African statutory body which mediates and certifies outcomes of labour disputes. READ | De Beers' new mine in Limpopo delivers first diamonds NUM did not say when it intends to begin the strike, but said it was currently working on picketing rules with the CCMA, while mobilising its "more than 1 500 members, preparing them for a protected indefinite strike." South Africa's labour laws require workers to give a 48 hour notice before embarking on a strike. De Beers was not immediately available to comment. In July, De Beers started production from the new $2.3 billion underground mine at Venetia after stopping 30-year open pit mining operations in December 2022. De Beers says the Venetia underground mine will produce around 4 million carats of diamonds annually, the equivalent of 12% of its forecast group output for 2023.

Source - News24
6 Sep 2023
6Sep

ITALTILE LIMITED - Dealings in Securities by a Director of a Major Subsidiary

Dealings in Securities by a Director of a Major Subsidiary ITALTILE LIMITED Incorporated in the Republic of South Africa (Registration number: 1955/000558/06) Share code: ITE ISIN: ZAE000099123 ("Italtile") DEALINGS IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of JSE Limited, the following is disclosed: Name of director: Gerard Maartens Company: Ceramic Industries Proprietary Limited Date of transaction: 1 September 2023 Nature of transaction: Off market acceptance of Units (with each Unit being linked to one Italtile ordinary share held by, and registered in the name of, the Italtile Retention Scheme Trust ("Trust Shares")) in terms of the Italtile Retention Scheme. Class of underlying security to which rights attach: Ordinary shares Number of Units awarded: 200 000 Unit award price: R0.00 Total value of transaction: Not applicable Vesting period: Units will vest on the fifth anniversary of the acceptance of their award, subject to the achievement of certain performance criteria over the intervening period, and will, for no consideration, be replaced with such number of Trust Shares as are linked to the Units. Extent of director's interest: Direct beneficial Clearance to deal: Yes Johannesburg 6 September 2023 Sponsor Merchantec Capital Date: 06-09-2023 03:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Sharenet
6 Sep 2023
6Sep

ANGLO AMERICAN PLATINUM LIMITED — Appointment of an Acting Finance Director

6 September 2023 R617.93 Appointment of an Acting Finance Director Anglo American Platinum Limited (Incorporated in the Republic of South Africa) (Registration number: 1946/022452/06) Share Code: AMS ISIN: ZAE000013181 ("the Company' or ‘Anglo American Platinum') Appointment of an Acting Finance Director Further to the announcement published on SENS on 27 July 2023 wherein the Company advised that Craig Miller has been appointed as the Chief Executive Officer of Anglo American Platinum with effect 1 October 2023, shareholders are advised that Ms Sayurie Naidoo has been appointed as acting Chief Financial Officer, with effect from 1 September 2023. Sayurie has been with Anglo American Group for over 15 years and is a registered CA(SA). She has held various financial roles within Anglo American and is currently the Financial Controller responsible for financial reporting, performance reporting, corporate cost control activities, governance, and controls as well as finance systems. Sayurie holds directorships and trusteeships at various subsidiary companies and trusts. The process to identify a suitable candidate for the Executive Finance Director role is progressing and a further announcement will be made in due course. E Viljoen Company Secretary Johannesburg 6 September 2023 Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities Investors Media Franscelene Moodley Nomonde Ndwalaza franscelene.moodley@angloamerican.com nomonde.ndwalaza@angloamerican.com Tel: +27 (0)11 638 0279 Tel: +27 (0)66 311 1133 Notes to editors: Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine and smelter in Zimbabwe. Anglo American Platinum has two joint operations with several historically disa

Source - Moneyweb
6 Sep 2023
6Sep

11 — 15 September is National Wills Week: Seize the opportunity and safeguard your family's financial future

The impact of not having a valid will in place can potentially change your family's entire futureLife seems to get busier every year, with most days being a delicate balancing act between work, family and the multitude of other responsibilities screaming for our attention. With so many pots on the boil, it's easy to think that something as future-focused as estate planning can sit on the back burner for yet a while longer. In reality, the impact of not having a valid will in place can potentially change your family's entire future. 11 — 15 September is National Wills Week, and it's a timely reminder that securing the future for your loved ones involves more than just providing in the present. Why drawing up a will should be at the top of your to-do list "Life is unpredictable, and although we don't like to think about it, tomorrow is not guaranteed," says Shakira Bodasing, senior legal adviser at Old Mutual. "Dying without a will, also known as intestacy, can have considerable legal and financial consequences for your estate and your loved ones. In such cases, your assets will be distributed according to the Intestate Succession Act, and the court might also determine the guardianship of your children." This leads to outcomes that might not align with your wishes and can result in protracted legal proceedings, potential disputes among family members, and increased emotional distress during an already challenging time. Additionally, the court might appoint an executor, which will incur additional costs. The power of a will "At the heart of Wills Week lies a powerful truth: a will is not just a legal document; it's a gesture of care and responsibility towards your family," says Bodasing. "Regardless of age or financial standing, a will ensures that your wishes are respected when it matters most. It empowers you to designate guardians for your children, allocate your assets, and express your intentions clearly." The impact of having a will extends beyond personal desires. It protects your l

Source - Mail & Guardian
6 Sep 2023
6Sep

Rising oil prices and bond yields impact global currencies and markets

Published Sep 06, 2023 10:38 LCO CL EUR/USD Global currency markets and equity indices are reacting to the recent surge in oil prices and bond yields, with implications for inflation rates, according to reports from Wednesday. prices have been on the rise since Saudi Arabia and Russia announced on Tuesday that they would extend production curbs until the end of 2023, leading to a 10-month high for WTI and testing the $90.00 level for the first time since November 2022. This increase in oil prices is expected to exert upward pressure on headline inflation rates, as the base effects for inflation have been favorable for most of 2023 due to falling energy prices on an annual basis. As these trends fade in the coming months, there is a risk of a fresh increase in inflation expectations and further upward pressure on wages. Central banks are likely to find it more challenging to consider any interest rate cuts in this environment, as there are concerns that rates may need to be increased further. This could undermine the narrative of monetary easing during 2024. In currency markets, the Pound to Dollar ( ) exchange rate dipped to 11-week lows at 1.2530 before recovering to 1.2575 on Tuesday. On Wednesday, GBP/USD was able to maintain around 1.2570, although confidence remains fragile due to high oil prices and comments from Bank of England officials. The Euro (EUR) also came under renewed pressure amid concerns about the Euro-Zone outlook and a firm dollar. The Euro to Dollar ( ) exchange rate dipped to 12-week lows near 1.0700 before a tentative recovery to 1.0730. Meanwhile, the US dollar benefited from higher bond yields and overall fragile risk conditions, with the posting its highest level for 25 weeks before a limited correction as the Chinese central bank supported the yuan. The performance of other currencies like the Yen, Australian dollar, New Zealand dollar, Canadian dollar, and Swedish krona was also impacted by various factors including oil prices, GDP data, verbal intervention fro

Source - Investing
6 Sep 2023
6Sep

Harmony reports two fatalities at Kusasalethu

Harmony Gold reported on Wednesday that two employees lost their lives at its Kusasalethu mine, following a fall of ground incident caused by a seismic event on Tuesday in Carletonville, Gauteng. The group said the work area has since been temporarily closed pending an investigation, with the company saying family members, colleagues and relevant authorities had all been informed. "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture," CEO Peter Steenkamp said in a statement. "The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey," he said. In August, the miner had reported that six people lost their lives in mine-related incidents in the course of its year to end-June. The loss of life injury frequency rate improved to 0.06 per million hours worked in 2023 compared to 0.13 per million hours worked for 2022.

Source - News24
6 Sep 2023
6Sep

WATCH: Business confidence improves but remains weak

Business Day TV talks to Isaah Mhlanga from RMB Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. The RMB/BER Business Confidence Index has regained some ground in the third quarter with a reading of 33. That's from 27 in the second quarter. But, despite the improvement, sentiment is still weak. To discuss this in more detail, Business Day TV spoke to RMB's Isaah Mhlanga. WATCH: Business confidence improves but remains weak Or listen to full audio Subscribe for free episodes: iono.fm | Apple Podcasts | Spotify | Pocket Casts | Player.fm WATCH: Stock Picks - Chevron Corporation, The Home Depot, and Uber Technologies Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Source - Business Live
6 Sep 2023
6Sep

South Africa making strides in green hydrogen ambitions, but several areas require focus

Government has been making progress in achieving the targets set out in the Hydrogen Society Roadmap for South Africa; however, there are still areas that require more focus, especially in terms of capitalising on the opportunities that the green hydrogen economy presents for the county's endowment of platinum group metals (PGMs), as well as the role it can play in the country's just energy transition. This was noted by speakers during the Mapungubwe Institute for Strategic Reflection's (Mistra)'s eighth yearly PGM roundtable, held on September 6. Department of Science and Innovation Hydrogen and Energy director Dr Cosmas Chiteme said that, with the roadmap, the country is aiming to use its mineral endowment, renewable energy assets, land availability and local industry capabilities to create a globally competitive hydrogen economy as part of its Economic Reconstruction and Recovery Plan. He pointed out that, in line with the Just-Energy Transition-Investment Plan, the country could potentially be rebranded as a destination for sustainable investment that incorporates environmental, social and good governance principles. Chiteme highlighted that the approval by National Cabinet to extend the Hydrogen South Africa RDI Programme is an indication the country remains committed to contributing to the growth of the global hydrogen economy. He added that government has initiated engagements with the private sector and international partners to design appropriate operational models for the effective implementation of the roadmap. Mistra executive director Joel Netshitenzhe highlighted two major milestones since last year's roundtable as, firstly, the R105-billion energy investment commitment of Hive Hydrogen, the biggest investment pledge announced at the fifth South African Investment Conference in April. Hive Hydrogen's commitment entails the construction of a green hydrogen/green ammonia production facility at the Coega Special Economic Zone, in the Eastern Cape, as well as the construction of

Source - Mining Weekly
6 Sep 2023
6Sep

Vodafone and Amazon's Project Kuiper to extend connectivity in Africa and Europe

· Vodafone and Vodacom plan to use Project Kuiper's low Earth orbit (LEO) satellite constellation to extend the reach of their 4G/5G networks. · Companies plan to participate in beta testing of Project Kuiper service in 2024. Vodafone and Project Kuiper, Amazon's low Earth orbit satellite (LEO) communications initiative, today announced a strategic collaboration through which Vodafone and Vodacom plan to use Project Kuiper's network to extend the reach of 4G/5G services to more of their customers in Europe and Africa. Vodafone and Vodacom plan to use Project Kuiper's high-bandwidth, low-latency satellite network to bring the benefits of 4G/5G connectivity to areas that may otherwise be challenging and prohibitively expensive to serve via traditional fibre or microwave solutions. Project Kuiper will connect geographically dispersed cellular antennas back to the companies' core telecom networks. This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed wireless links back to the core networks. As part of the collaboration, Amazon plans to partner with Vodafone to roll out Project Kuiper's high-speed broadband services to unserved and underserved communities around the world. The companies are also exploring additional enterprise-specific offerings to provide businesses with comprehensive global connectivity solutions, such as backup service for unexpected events and extending connectivity to remote infrastructure. Margherita Della Valle, Vodafone Group Chief Executive, said: "Vodafone 's work with Project Kuiper will provide mobile connectivity to many of the estimated 40% of the global population without internet access, supporting remote communities, their schools and businesses, the emergency services, and disaster relief . These connections will be complemented further through our own work on direct-to-smartphone satellite services. " "Amazon is building Project Kuiper to provide fast,

Source - Blogspot
6 Sep 2023
6Sep

Coronation takes SARS to ConCourt

- 6 September 2023 The Constitutional Court has decided to hear Coronation's application for leave to appeal the Supreme Court of Appeal's (SCA) decision on its dispute with the South African Revenue Service (SARS). In February, the SCA ruled that SARS was within its rights to claim taxes from the asset manager for income earned by its Irish subsidiary, reaching back to 2012. Coronation will have to convince the Constitutional Court that SARS erred in how it assessed its offshore operations. "On Friday, 1 September 2023, the Constitutional Court issued a directive that it will hear the company's application for leave to appeal and hear arguments on the merits of the matter. The matter will be set down for hearing by the Constitutional Court in due course," said the company. The matter relates to SARS' assessment of Coronation's taxable income in 2012, which included the profits earned by Coronation Global Fund Managers (CGFM) based in Ireland. Coronation appealed the assessment to the Western Cape Tax Court, which ruled in their favour in 2021 and set aside SARS' assessment. SARS then appealed this ruling to the SCA, which ruled in the taxman's favour in February 2023 and reinstated the assessment. In addition to the additional taxes, Coronation must also pay the interest accrued on the amount assessed by SARS and costs. The SCA dismissed SARS' claim for penalties. Coronation saw a 97% decrease in its basic and headline earnings per share in its interim results for the period ended 31 March 2023 due to the tax ruling against the company. The company subsequently did not declare an interim dividend. The central issue is whether the profits of CGFM should have been included in the taxable income of the South African holding company Coronation Fund Managers or if it qualified for a tax exemption as a foreign business establishment. ENSafrica's Charles de Wet explained that to be classified as a foreign business establishment, the primary functions of the business have to be conducted outside

Source - Daily Investor
6 Sep 2023
6Sep

HARMONY GOLD MINING COMPANY LIMITED - Loss of life incident at Harmony's Kusasalethu mine

Release Date: Code(s): HAR PDF: Loss of life incident at Harmony's Kusasalethu mine Harmony Gold Mining Company Limited Registration number 1950/038232/06 Incorporated in the Republic of South Africa ISIN: ZAE000015228 JSE share code: HAR ("Harmony") LOSS-OF-LIFE INCIDENT AT HARMONY'S KUSASALETHU MINE Johannesburg, Wednesday, 6 September 2023. Harmony Gold Mining Company Limited ("Harmony") regrets to announce that two employees tragically lost their lives at its Kusasalethu mine, following a fall of ground incident caused by a seismic event on Tuesday, 5 September 2023, in Carletonville, near Gauteng. "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture. The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey." said Peter Steenkamp, chief executive officer of Harmony. Our prayers are with the deceased's families, friends and colleagues during this time of tragedy. The family members, colleagues and the relevant authorities have been informed. The work area has since been temporarily closed pending an internal investigation. A safety shift has been declared in remembrance of our departed colleagues for the 6th of September 2023, to reinforce safety messages and procedures. The safety of our employees remain our priority, and we endeavour to ensure that all safety protocols are adhered to at all times. Ends. For more details contact: Chipo Morapedi-Mrara Head of Communications and Branding +27 (0)60 571 0797 (mobile) or Dr Mashego Mashego Executive Director: Corporate affairs +27 (0) 82 767 1072 (mobile) 6 September 2023 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited. Date: 06-09-2023 04:26:00 Produced by the JSE SENS Department. The SENS service is an information disseminati

Source - Sharenet
6 Sep 2023
6Sep

Business confidence increases in third quarter, but still weak

Business confidence stays below the mid-point of 50, which means local companies do not believe conditions favour doing business. Business confidence increased in the third quarter, but is still weak, with the current level of the business confidence index suggesting two-thirds of respondents are dissatisfied with prevailing business conditions. After falling to 27 in the second quarter, the RMB/BER Business Confidence Index regained some ground to register a level of 33 in the third quarter. The index reflects the general state of the economy as it relates to conditions to do business in South Africa. The Bureau for Economic Research (BER) conducts a quarterly survey among a constant sample of manufacturing and construction companies, retailers and wholesalers and car dealers. The index has values from 0 to 100, with 0 denoting pessimism and extreme uncertainty, 50 showing neutrality and 100 the highest confidence. The challenges of relatively high interest rates, the resultant strain on consumers and social unrest meant business activity remained constrained but encouragingly, the slight reprieve in the incidence of load shedding provided support to some firms, especially in manufacturing, the BER said. Only building contractors' business confidence declined in the third quarter but at 41, builders remain more upbeat than other respondents. The biggest fall in sentiment in the second quarter was among the consumer-facing sectors, namely new vehicle dealers and retailers. Both rebounded this quarter, with the business confidence of retailers gaining 12 index points to reach 32. Read more According to the BER, sales remained weak overall, while profitability improved thanks to softer purchasing price increases. Interestingly, the index measuring the rate of selling price increases also fell significantly and is now at its lowest level since the third quarter of 2020. When nobody is buying, business confidence falls In terms of the sub-segments, the confidence of non-durable and semi-durabl

Source - The Citizen
6 Sep 2023
6Sep

ITALTILE LIMITED — Dealings in Securities by a Director of a Major Subsidiary

6 September 2023 Dealings in Securities by a Director of a Major Subsidiary ITALTILE LIMITED Incorporated in the Republic of South Africa (Registration number: 1955/000558/06) Share code: ITE ISIN: ZAE000099123 ("Italtile") DEALINGS IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of JSE Limited, the following is disclosed: Name of director: Gerard Maartens Company: Ceramic Industries Proprietary Limited Date of transaction: 1 September 2023 Nature of transaction: Off market acceptance of Units (with each Unit being linked to one Italtile ordinary share held by, and registered in the name of, the Italtile Retention Scheme Trust ("Trust Shares")) in terms of the Italtile Retention Scheme. Class of underlying security to which rights attach: Ordinary shares Number of Units awarded: 200 000 Unit award price: R0.00 Total value of transaction: Not applicable Vesting period: Units will vest on the fifth anniversary of the acceptance of their award, subject to the achievement of certain performance criteria over the intervening period, and will, for no consideration, be replaced with such number of Trust Shares as are linked to the Units. Extent of director's interest: Direct beneficial Clearance to deal: Yes Johannesburg 6 September 2023 Sponsor Merchantec Capital Date: 06-09-2023 03:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through

Source - Moneyweb
6 Sep 2023
6Sep

SA business confidence edges up after GDP surprise

The recovery was driven by retailers who saw profitability improve on more moderate purchasing price increases, even as sales overall remained soft. By Simbarashe Gumbo, Bloomberg 6 Sep 2023 South African business sentiment recovered in the third quarter from an almost three-year low, though power outages, high interest rates and outbreaks of social unrest continue to weigh on confidence. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University's Bureau for Economic Research rose to 33 in the three months through September from 27 in the prior quarter, according to a report published on Wednesday. The recovery was driven by retailers who saw profitability improve on more moderate purchasing price increases, even as sales overall remained soft. The release comes a day after government data showed South Africa's economy grew by a faster-than-expected 0.6% in the second quarter, helped by an improved performance in the finance and manufacturing sectors. ADVERTISEMENT CONTINUE READING BELOW "Although higher, sentiment is still very weak, the report noted. "Indeed, the current level of the index suggests that two-thirds of respondents are dissatisfied with prevailing business conditions. According to the survey, sentiment among manufacturers increased six points to 23, but remained the lowest among the sectors included in the composite index. The improvement was likely due to less frequent power cuts and a return to production in industries that had recently experienced disruptions. South African companies are grappling with the worst outages on record as Eskom, which provides almost all of the country's electricity, has kept the grid from collapsing by cutting power when it's been unable to meet demand. "The headline result of the Business Confidence Index suggests that the economic malaise affecting South Africa in preceding quarters continued into this one, said Isaah Mhlanga, chief economist and head of research at RMB. "There are differen

Source - Moneyweb
6 Sep 2023
6Sep

Twinsies! Clint Brink shares adorable new photo of daughter Arielle

South African actor Clint Brink can't stop gushing over his daughter, Arielle Harmony Brink. His princess turned a month older this week and the former 'Backstage' and 'Binnelanders' star decided to mark the occasion with an adorable picture of her. "5 months already [heart eye emojis]," the 42-year-old tweeted. The actor's fans agree that the little girl is already a carbon copy of her famous dad. "Your baby looks like you," one Twitter user wrote. Another added: "Daddy's photocopy." Clint and his wife, Steffi Brink (née van Wyk), became first-time parents in April. The couple tied the knot in a private ceremony in 2016. They celebrated their seventh wedding anniversary in August - their first anniversary as a family of three. "Today we aren't a couple anymore, we are a little family. If I get to choose a life partner again, I would undoubtedly choose you all over again. Thank God for choosing you for me. Hand-picked for His Devine Glory," Steffi wrote on Instagram. Clint has described their daughter as his "heart", and is thankful to raise her with Steffi by his side. "The coming and arrival of Arielle was a catalyst, an exclamation, a confirmation, an unlocking, a prophecy fulfilled. I thank GOD for this experience every day. @steffionthebrink is an incredible mother & wife who I see selflessly giving her all every day with so much joy and gratitude. When I look in my daughter's eyes first thing in the morning... It is evident that from birth, Love is what we are born with, hate is what we learn on earth," he wrote on Instagram. Main image credit: Twitter/@ clintonthebrink How to listen to East Coast Radio: 1. Listen to East Coast Radio on the FM spectrum between 94 and 95 FM on your radio. 4. Listen to us on Amazon Alexa Find East Coast Radio on the following social media platforms: Recommended for You

Source - East Coast Radio
6 Sep 2023
6Sep

TELKOM SA SOC LIMITED - Resignation of a Non-Executive Director

Release Date: Resignation of a Non-Executive Director Telkom SA SOC Limited (Registration Number 1991/005476/30) JSE Share Code: TKG JSE Bond Code: BITEL ISIN ZAE000044897 ("Telkom" or "the Company") RESIGNATION OF A NON-EXECUTIVE DIRECTOR In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited and paragraph 6.39 of the Debt Listings Requirements, shareholders are advised of the resignation of Ms Naidene Ford-Hoon as an independent non-executive director of the Company with effect from 06 September 2023. Her resignation follows recent developments which have resulted in capacity constraints. Ms Ford-Hoon was appointed as an independent non-executive Director of the Board with effect from 01 November 2022 and served as a member on the Audit and Risk Committees. These Board committees will remain duly constituted following Ms Ford-Hoon's resignation. The Telkom Board extends its gratitude to Ms Ford-Hoon for her contribution to the Company during her tenure and wishes her well in her future endeavors. Centurion 06 September 2023 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 06-09-2023 04:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. Share This Story

Source - Sharenet
6 Sep 2023
6Sep

HARMONY GOLD MINING COMPANY LIMITED — Loss of life incident at Harmony's Kusasalethu mine

6 September 2023 Loss of life incident at Harmony's Kusasalethu mine Harmony Gold Mining Company Limited Registration number 1950/038232/06 Incorporated in the Republic of South Africa ISIN: ZAE000015228 JSE share code: HAR ("Harmony") LOSS-OF-LIFE INCIDENT AT HARMONY'S KUSASALETHU MINE Johannesburg, Wednesday, 6 September 2023. Harmony Gold Mining Company Limited ("Harmony") regrets to announce that two employees tragically lost their lives at its Kusasalethu mine, following a fall of ground incident caused by a seismic event on Tuesday, 5 September 2023, in Carletonville, near Gauteng. "We are deeply saddened by the loss of our colleagues. Harmony continues its focus on embedding its risk management practice to create a more engaged and proactive safety culture. The inclusion and involvement of all Harmony stakeholders in all aspects of safety demonstrate a unified commitment to prevent accidents through our ongoing humanistic transformation safety journey." said Peter Steenkamp, chief executive officer of Harmony. Our prayers are with the deceased's families, friends and colleagues during this time of tragedy. The family members, colleagues and the relevant authorities have been informed. The work area has since been temporarily closed pending an internal investigation. A safety shift has been declared in remembrance of our departed colleagues for the 6th of September 2023, to reinforce safety messages and procedures. The safety of our employees remain our priority, and we endeavour to ensure that all safety protocols are adhered to at all times. Ends. For more details contact: Chipo Morapedi-Mrara Head of Communications and Branding +27 (0)60 571 0797 (mobile) or Dr Mashego Mashego Executive Director: Corporate affairs +27 (0) 82 767 1072 (mobile) 6 September 2023 Sponsor: J.P. Morgan Equities South Africa Proprietary Limited. Date: 06-09-2023 04:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service adminis

Source - Moneyweb
6 Sep 2023
6Sep

SA business activity grows for first time in six months in August

South African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed yesterday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Meanwhile, global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed yesterday. In the euro zone, the picture was gloomier than initially thought as the bloc's dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession. Germany's services sector contracted for the first time this year and France's shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam.

Source - Sunday Independent
6 Sep 2023
6Sep

Top business leaders join SA-Uganda trade engagement

Business and government leaders from South Africa and Uganda have discussed ways to improve trade between the two countries at a two-day summit in Kampala. The removal of all non-tariff barriers to trade between the countries, including travel visa restrictions, were among the issues discussed at the event, which concludes on Wednesday. The second South Africa Trade and Investment Summit - the first was held in Johannesburg in February - attracted more than 50 South African public sector representatives and a large private sector delegation. Agriculture minister Thoko Didiza and communications and digital technologies minister Mondli Gungubele were among the high-profile delegates from South Africa. MTN Group CEO Ralph Mupita and chair Mcebisi Jonas and Standard Bank CEO Lungisa Fuzile were among the notable business leaders from Johannesburg. From the Ugandan side, delegates appealed for easy access to South Africa for both businesspeople and goods. "Many of our neighbours have visa-free access to South Africa, said Stephen Asiimwe, Private Sector Foundation Uganda chairperson. Didiza said South Africa was on a path to grow its agricultural sector as a path of economic reconstruction. "And in this process of rebuilding and expanding the agricultural sector, we will strive to strengthen collaboration with Uganda and many of our friends in the African continent. The countries have agreed to collaborate in the deployment of the communication satellite and the development of digital platforms, said Gungubele. Agreements between the two countries "enabled MTN and many other ICT companies to continue to operate successfully with adequate diplomatic support from the South African government. Gungubele said Uganda held immense economic potential, but South African businesses needed a predictable and fair regulatory environment to thrive. "From the digital sector perspective, South African companies can digitise many sectors of the Ugandan economy such as fintech as well as various digital payment

Source - TimesLive
6 Sep 2023
6Sep

SA business activity grows for first time in six months in August

South African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed yesterday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. More on this Delayed OPEC cuts mean opportunity for African members Governments try to curb shocks that cause high food prices at their peril FNB's innovative Energy Bounce Back Scheme "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Meanwhile, global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed yesterday. In the euro zone, the picture was gloomier than initially thought as the bloc's dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession. Germany's services sector contracted for the first time this year and France's shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's

Source - Cape Argus
6 Sep 2023
6Sep

SA business activity grows for first time in six months in August

Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Meanwhile, global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed yesterday. In the euro zone, the picture was gloomier than initially thought as the bloc's dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession. Germany's services sector contracted for the first time this year and France's shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam. REUTERS

Source - The Star Online
6 Sep 2023
6Sep

Top business leaders join SA-Uganda trade engagement

Business and government leaders from South Africa and Uganda have discussed ways to improve trade between the two countries at a two-day summit in Kampala.The removal of all non-tariff barriers to trade between the countries, including travel visa restrictions, were among the issues discussed at the event, which concludes on Wednesday. The second South Africa Trade and Investment Summit - the first was held in Johannesburg in February - attracted more than 50 South African public sector representatives and a large private sector delegation. Agriculture minister Thoko Didiza and communications and digital technologies minister Mondli Gungubele were among the high-profile delegates from South Africa. MTN Group CEO Ralph Mupita and chair Mcebisi Jonas and Standard Bank CEO Lungisa Fuzile were among the notable business leaders from Johannesburg. From the Ugandan side, delegates appealed for easy access to South Africa for both businesspeople and goods. "Many of our neighbours have visa-free access to South Africa," said Stephen Asiimwe, Private Sector Foundation Uganda chairperson. Didiza said South Africa was on a path to grow its agricultural sector as a path of economic reconstruction. "And in this process of rebuilding and expanding the agricultural sector, we will strive to strengthen collaboration with Uganda and many of our friends in the African continent." The countries have agreed to collaborate in the deployment of the communication satellite and the development of digital platforms, said Gungubele. Agreements between the two countries "enabled MTN and many other ICT companies to continue to operate successfully with adequate diplomatic support from the South African government". Gungubele said Uganda held immense economic potential, but South African businesses needed a predictable and fair regulatory environment to thrive. "From the digital sector perspective, South African companies can digitise many sectors of the Ugandan economy such as fintech as well as various digital paym

Source - TimesLive
6 Sep 2023
6Sep

Ghost Bites (Aspen | Calgro M3 | Capital & Regional | Grindrod Shipping)

Listen to the latest episode of Ghost Wrap here, brought to you by Mazars: I discussed Shoprite on Kaya Biz with Gugulethu Mfuphi on Tuesday night: Aspen takes a step towards filling its capacity (JSE: APN) The company is focused on landing pharmaceutical manufacturing contracts Build it and they will come. This is some of the worst business advice ever given to startups, with Aspen experimenting with this strategy at scale. The recently expanded sterile manufacturing capacity is ready to go and needs contracts for it to generate revenue and a return on the investment, especially after the COVID vaccines fizzled out. Aspen has announced the fourth such contract, in this case with an unnamed multinational pharmaceutical group to manufacture medicine for a chronic disease. They really are as vague as that, so this agreement clearly comes with some pretty strong NDAs. With R6 billion having been invested in the facility in Gqeberha, investors won't really care what the product does, as long as its legal! Aspen can manufacture a variety of drugs at this facility and has positioned itself as a manufacturing gateway to Africa for global pharmaceutical players. Calgro M3 has a good news story for shareholders (JSE: CGR) A trading statement has flagged a 20% jump in HEPS Trading statements range from being light on details through to giving a detailed operational update. The Calgro M3 announcement is the former, simply flagging a jump in HEPS and confirming that results will be released on approximately 16 October. The company expects HEPS for the six months ended August to be at least 20% higher than the comparable period. This implies HEPS of at least 68.40 cents for this interim period. I must remind you that the minimum change that triggers a trading statement is 20%. When a company releases such a bland trading statement with "at least 20%" as the guidance, it can literally mean anything from 20.1% through to any number you can imagine. Some companies release a "further trading statement

Source - Ghost Mail
6 Sep 2023
6Sep

SA business activity grows for first time in six months in August

South African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed yesterday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Meanwhile, global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed yesterday. In the euro zone, the picture was gloomier than initially thought as the bloc's dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession. Germany's services sector contracted for the first time this year and France's shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam. REUTERS

Source - Independent Online (IOL)
6 Sep 2023
6Sep

Amplats appoints acting CFO

Platinum group metals (PGMs) miner Anglo American Platinum (Amplats) has appointed Sayurie Naidoo acting CFO, with effect from September 1. This follows the appointment of Craig Miller as Amplats CEO, with effect from October 1. Naidoo has been with the Anglo American Group for over 15 years and is a registered CA(SA). She has held various financial roles within Anglo American and is currently the financial controller responsible for financial reporting, performance reporting, corporate cost control activities, governance and controls, as well as finance systems. She holds directorships and trusteeships at various subsidiary companies and trusts. The process to identify a suitable candidate for the executive FD role at Amplats is progressing, the PGMs miner states.

Source - Engineering News
6 Sep 2023
6Sep

SA business activity grows for first time in six months in August

Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady, said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year, he said. Meanwhile, global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed yesterday. In the euro zone, the picture was gloomier than initially thought as the bloc's dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession. Germany's services sector contracted for the first time this year and France's shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam. REUTERS

Source - Cape Times
6 Sep 2023
6Sep

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

The Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia.Some suggested that Ethiopia risked slipping into another civil war The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns , the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen interest in Ethiopia. The rhetoric that presents the Amhara people as a national enemy has gone on, unchallenged , for almost 50 years. What has changed now is that the rhetoric has shifted towards widespread, government-sanctioned violence. Article 2

Source - Free Mail
6 Sep 2023
6Sep

Business confidence regains some ground after steady decline since end of 2022

The RMB/BER Business Confidence Index shows business confidence regained some ground in the third quarter of 2023, after a steady decline from Q4 of 2022. Motheo Khoaripe interviews RMB economist Siobhan Redford on The Money Show. The RMB/BER Business Confidence Index shows business confidence regained some ground in the third quarter of 2023, after a steady decline from Q4 of 2022 into the second quarter of this year. The Index registered a level of 33 in the third quarter, up from 27 in Q2. However the challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained said the Bureau for Economic Research (BER). What is encouragingly is that the slight reprieve in the incidence of loadshedding provided support to some firms, especially in manufacturing. The second quarter survey was conducted between 16 and 31 August 2023. It covered just over 1 000 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Motheo Khoaripe (in for Bruce Whitfield) gets more detail from RMB economist Siobhan Redford. The release of the BCI numbers comes on the heels of an improvement in GDP, but Redford points out that in both cases South Africa is coming off a low base. Both in terms of GDP and business confidence it is what you'd call a gradual improvement, but really and truly taking us from a very weak position to start off with.

Source - Cape Talk
6 Sep 2023
6Sep

Two miners die in accident at Harmony mine

The incident, caused by a seismic event, occurred at Kusasalethu mine in Carletonville on Tuesday Two miners have died in a fall-of-ground incident at Harmony Gold's Kusasalethu mine in Carletonville. The accident, caused by a seismic event, happened on Tuesday. "We are deeply saddened by the loss of our colleagues [and] endeavour to ensure that all safety protocols are adhered to at all times," the mine said in a statement. Harmony reported in August that six people lost their lives in mine-related incidents in its year to end-June.

Source - Business Live
6 Sep 2023
6Sep

Entrepreneur builds international food trading business from Tunisia

Mohamed Salah Skhiri (right) and a selection of the company’s products. Mohamed Salah Skhiri, a Tunisian entrepreneur, has channeled his enthusiasm for trading into a thriving international business, New Crop. This company exports processed and fresh food items from Tunisia and various African regions to countries including the US, Germany, Austria, the UK, and South Africa. In an interview with Jeanette Clark, Skhiri discussed the journey of building his enterprise. As a teenager, Mohamed Salah Skhiri would travel to the south of Tunisia to buy clothes from factories and sell them for a profit in the capital Tunis. "I’ve always been inspired by trading, by buying and selling, he says. After school, he earned a master’s degree in logistics and transport management from the University of Montpellier in France in 2006. He acquired experience at notable companies like DB Schenker and Bollore Africa before becoming a key account manager at the freight forwarder GEFCO. In his position, Skhiri was dealing with various Tunisian manufacturers. One day in 2013, he asked a counterpart at a partner company in California if they knew of anyone interested in importing Deglet Nour dates from Tunisia, a variety noted for its darker colour and caramel flavour. "It was a query that would change the course of my life, says Skhiri. The colleague responded positively, introducing him to an importer looking for date sugar, pitted dates, and date paste. Skhiri had an order for two 40-foot containers before he even had a registered company. He left his job at GEFCO, established his own freight forwarding company, and then founded his trading outfit New Crop. Shortly thereafter, in 2014, he procured the first shipment of dates from a reliable factory he had collaborated with in the past. Over the subsequent three years, Skhiri nurtured his relationship with the single US client, steadily increasing shipments of Deglet Nour dates while actively seeking more customers. His strategy enc

Source - How we made It in Africa
6 Sep 2023
6Sep

'We've seen the squeeze.' Johann Rupert warns inflation is hitting even wealthy shoppers

The chairperson of Richemont, the Swiss owner of Cartier and watchmakers, including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "We've seen the squeeze," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Click here for Richemont's share price and other data. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households were spending a higher percentage of income on basic necessities than they had in the past decade. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter . Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer," he said.

Source - News24
6 Sep 2023
6Sep

Diski business noticeboard Share this article:

Please connect us to someone who can assist us in securing match tickets for all Cape Town local teams, playing in the Premier Soccer League and Women's Super League. We would like to introduce the girls to a live football match experience and hope that it will also inspire them to follow in the shoes of the current generation of professionals. We are Ikasi Soccer Schools, a safe after-school program based managed by a 10-member volunteer staff in Khayelitsha. Our mission is to assist Educators, Parents and Learners by providing a safe space that enables young girls to be independent and become better citizens through football. Ikasi SS was originally created to host an all-girl soccer festivals due to the simple fact that, there aren't many safe spaces and opportunities for a girl child to freely express themselves in our societies. By demand the project evolved into a mini tournament focused on four schools Eluxolweni, Kukhanyile, Hopolang Combined School and Lwandle Primary School. If you are able to assist, please contact Mr Dumisani Ntsodo via email at: ntsododumisani@gmail.com and check out their website: www.ikasisoccerschool.com. dailyvoice@inl.co.za

Source - Daily Voice
6 Sep 2023
6Sep

Sharjah Chamber of Commerce, Iraq Embassy discuss preparations to host 1st Gulf-Iraqi Business Forum WAM 07 Sep 2023, 02:36

SHARJAH, 6th September, 2023 (WAM) -- The Sharjah Chamber of Commerce and Industry (SCCI) and the Embassy of Iraq in the UAE have discussed the ongoing preparations to host the 1st edition of the Gulf-Iraqi Business Forum. Scheduled to take place from 26-27 September, the event will be held under the patronage of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. Themed "Partnership for a Promising Economic Future", the forum will be organised by the Federation of GCC Chambers in collaboration with the UAE Federation of the Chambers of Commerce and Industry (FCCI), the Iraqi Federation of Chambers of Commerce, and the Sharjah Chamber of Commerce and Industry. It will be supported by the General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC). The discussions took place during a meeting at the headquarters of the SCCI between Abdullah Sultan Al Owais, Chairman of the SCCI, and Dr. Mudhaffar Mustafa Al-Jubouri, Ambassador of Iraq to the UAE, along with his accompanying delegation. The gathering was also attended by distinguished figures, including Mohammad Ahmed Amin Al Awadi, Director-General of Sharjah Chamber of Commerce and Industry (SCCI), Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the Sharjah Chamber, and Fatima Khalifa Al-Muqrab, Director of the International Relations Department in the Chamber. During the meeting, representatives from the Sharjah Chamber outlined the steps being taken to ensure the successful hosting of the forum. Both sides discussed crucial measures aimed at achieving the forum's core objectives, which include fostering development in Gulf-Iraqi trade and investment relations, amplifying joint investments, and escalating the trade exchange value between the involved parties. In his remarks, Al Owais extended a warm welcome to the visiting delegation, underscoring the deep-rooted ties and fraternal relations that unite the UAE and Iraq. H

Source - South Africa News
6 Sep 2023
6Sep

Resources Watch

Welcome to Creamer Media's Resources Watch, a weekly video round-up of the events and people making and shaping the news in the mining industry. This week: Harmony swings to profit, declares a higher dividend Vedanta aims to complete $1bn investment in South Africa soon And, Mistra reiterates call for PGMs Exchange as hydrogen economy looms Harmony swings to profit, declares a higher dividend Gold miner Harmony Gold has posted a 46% increase in production profit to just under R14-billion, or $774-million, for the financial year ended June 30. Harmony Gold CEO Peter Steenkamp... Vedanta aims to complete $1bn investment in South Africa soon Vedanta Resources aims to complete its commitment to invest $1-billion in South Africa in the near future, although its plans are being held up by a lack of reliable infrastructure and energy security Vedanta chairperson Anil Agarwal... Mistra reiterates call for PGMs Exchange as hydrogen economy looms Think tank the Mapungubwe Institute for Strategic Reflection has reiterated its call for the formation of a Platinum Group Metals Exchange in South Africa , given that many stakeholders are losing out on value that could have been created in a less volatile market system Mistra executive director Joel Netshitenzhe... For mining news as it breaks, stay logged onto Mining Weekly.com and register for our free daily newsletter.

Source - Mining Weekly
6 Sep 2023
6Sep

VIJAY NAIDOO: Good Business Basics — Budding ‘bromance' may not benefit us

The budding ‘bromance' between our President and Chinese Premier Xi Jinping has been the talk of the opening day of the Brics Summit in Sandton. President Ramaphosa has been effusive in his expression of willingness to learn from the experiences of China, in how they managed in less than 30 years, to lift 800 million of their people out of poverty. Alas, I believe our President's confidence in replicating China's successes will come to nought, and this is why. Firstly, the intense focus, bordering on ruthlessness to achieve goals only derives from absolute control and dominance of the State, a feature of the Communist led Chinese state. In this context, the State is held to know with absolute certainty what is best for its citizens. This level of state dominance allowed China to move 1,4m villagers from their ancestral homes and farms to enable the construction of the gigantic 3 Gorges dam in the early 2000's.

Source - The Citizen
6 Sep 2023
6Sep

A new platform for business to access renewable and affordable wheeled energy — Discovery Green

Discovery Discovery has today announced the launch of Discovery Green, a renewable energy platform that connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. The Discovery Green renewable energy platform will operate through a process called "wheeling. Energy is generated at the most efficient locations in the country and "wheeled to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO2/annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. Andre Nepgen, Head of Discovery Green commented: "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy - that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification, Disco

Source - FAnews
6 Sep 2023
6Sep

Wine of the Week: Saurwein Wines Chi Riesling 2022

Farming with nature to produce energy and harmony in a bottle. "Wine can hold the energy of its place of origin and its makers," statedJessica Saurwein, winemaker of her eponymous label, when talking to her about what drew her to wine. Jessica focuses on her two favourite cultivars, pinot noir (of which she makes two) and a riesling. Since the brand's inception in 2015 the wines have been critically acclaimed. The doyenne of the wine world, Jancis Robinson even cited the Chi Riesling 2019 as: "Possibly the best South African Riesling I have tasted.". A life's adventure How did she get here? "My love of nature, languages and travel encouraged me to set off on a gap year after school, working first in South Africa on a wine farm during harvest, and then travelling Europe. There I secured a stint as harvest assistant in one of France's famous wine regions, Châteauneuf-du-Pape. After time spent in picturesque vineyards and late nights on rickety ladders, I knew that winemaking would be my life's adventure." She went on to complete a BSc Oenology and Viticulture degree at Stellenbosch University, after which a period was spent in sales and marketing. "Four years down the line I felt an immense urge to get back into winemaking, and with the encouragement of my loved ones, produced my first pinot noir in 2015. "The aim is to achieve energy and harmony in my wines. I believe one must keep the core of the wine as pure as possible by having a hands-off approach." Sowing hope "My family and I have been privileged enough to make a lifetime dream come true, of building up a small polyculture farm in Stanford and planting some vines here," says Jessica, from her home of five years now, Waterval Farm in Stanford. They're aiming to have a finished wine cellar by the end of the year, and to start planting vines (pinot and riesling, naturally) from 2024. In the meantime the young family (they have two boys) have been busy preparing their farm under the principles of regenerative agriculture: from an

Source - Inside Guide
6 Sep 2023
6Sep

A new platform for business to access renewable and affordable wheeled energy — Discovery Green

Discovery Discovery has today announced the launch of Discovery Green, a renewable energy platform that connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO2/annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. Andre Nepgen, Head of Discovery Green commented: "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy — that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification,

Source - FAnews
6 Sep 2023
6Sep

RMB/BER business confidence index inches up in third quarter

South Africa's business confidence edged higher in the third quarter as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research (BER) showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1,050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak." Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections next year," said Isaah Mhlanga, chief economist and head of research at RMB.

Source - Engineering News
6 Sep 2023
6Sep

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics The Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia. Some suggested that Ethiopia risked slipping into another civil war. It is only 10 months since the end of a civil war in which around 600,000 Ethiopians were killed, making it the deadliest war of the 21st century. The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns, the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive. One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces. This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen inte

Source - Investing
6 Sep 2023
6Sep

TELKOM SA SOC LIMITED — Resignation of a Non-Executive Director

6 September 2023 R26.85 Resignation of a Non-Executive Director Telkom SA SOC Limited (Registration Number 1991/005476/30) JSE Share Code: TKG JSE Bond Code: BITEL ISIN ZAE000044897 (‘Telkom' or ‘the Company') RESIGNATION OF A NON-EXECUTIVE DIRECTOR In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited and paragraph 6.39 of the Debt Listings Requirements, shareholders are advised of the resignation of Ms Naidene Ford-Hoon as an independent non-executive director of the Company with effect from 06 September 2023. Her resignation follows recent developments which have resulted in capacity constraints. Ms Ford-Hoon was appointed as an independent non-executive Director of the Board with effect from 01 November 2022 and served as a member on the Audit and Risk Committees. These Board committees will remain duly constituted following Ms Ford-Hoon's resignation. The Telkom Board extends its gratitude to Ms Ford-Hoon for her contribution to the Company during her tenure and wishes her well in her future endeavors. Centurion 06 September 2023 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 06-09-2023 04:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
6 Sep 2023
6Sep

Shoprite Holdings Plc Reports 17.8% Sales Increase Despite Load-Shedding Challenges

What was a major challenge faced by Shoprite in this reporting period? A major challenge faced by Shoprite was the unprecedented level of load-shedding which led to an additional expense of R1.3 billion for powering generators across Shoprite's South African store base. This affected the returns to the shareholders and the profit growth.Key Insights From The Abridged ReportThe group sale of merchandise increased by 16.9% to R215.0 billion and Supermarkets RSA sales increased by 17.8% to R173.6 billion.The diluted headline earnings per share (DHEPS) and adjusted headline earnings per share (adjusted HEPS) increased by 9.7% and 3.8% respectively.Full year dividend per share (DPS) increased by 10.5% and a total of 340 new stores were opened in the past 12 months.Shoprite acquired 94 stores from Massmart. Out of these, 92 stores have been integrated into Shoprite's existing businesses.The Group created 8 131 new jobs including 4 480 jobs retained from the Massmart acquisition.Double-digit growth was experienced in sales despite challenges such as unprecedented levels of load-shedding.Checkers and Checkers Hyper experienced 18.0% sales growth due to superb delivery of value and range.Shoprite and Usave showed a commitment to affordability, leading to a sales growth of 15.6%.The successful integration of Massmart stores significantly contributed to the sales growth.Extra costs related to diesel for powering generators made an impact on the profit growth and returns to shareholders.A significant increase in new stores and jobs created, with a focus also on employee distributions.There was a focus on digital, data-led decision making and e-commerce initiatives to improve operational efficiency and customer experience.Future plans include continued store growth, refurbishments, supply chain expansion, and resources allocated towards digital advancements and e-commerce initiatives.Useful linksShoprite Holdings Plc (SHOPRT.zm) 2023 Abridged ReportShoprite Holdings Plc on AfricanFinancialsCorporate We

Source - African Financials
6 Sep 2023
6Sep

Business confidence gains some ground

After falling to 27 in the second quarter of 2023, the RMB/BER Business Confidence Index (BCI) regained some ground to register a level of 33 in the third quarter. Although higher, sentiment is still very weak. Indeed, the current level of the index suggests that two-thirds of respondents are dissatisfied with prevailing business conditions. The challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained. Encouragingly, the slight reprieve in the incidence of load-shedding provided support to some firms, especially in manufacturing. The second quarter survey was conducted by the BER between 16 August and 31 August 2023. The survey covered 1 050 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Details Of the sectors surveyed, only building contractors saw a decline in sentiment in the third quarter of 2023. However, at 41, builders remain more upbeat than other respondents. The biggest fall in sentiment last quarter was among the consumer-facing sectors, namely new vehicle dealers and retailers. Both rebounded this quarter. The business confidence of retailers gained 12 index points to reach 32. Overall, sales remained weak while profitability improved on the back of softer purchasing price increases. Interestingly, the index measuring the rate of selling price increases also fell significantly and is now at its lowest level since 2020Q3. In terms of the sub-segments, the confidence of non-durable and semi-durable goods retailers was at its best level this year. Meanwhile, sentiment among durable goods retailers deteriorated further. This trend is mimicked in the measure for growth in sales volumes, which saw a steep decline. Wholesaler confidence was up 6 points to 38 even though the sales volumes of consumer goods continued to struggle. Similarly, new vehicle dealer confidence moved higher to 30 (from 23 in the second quarter of 2023), despite a furth

Source - RMB
6 Sep 2023
6Sep

Agri SA calls for assistance as veld fires threaten food security

Ongoing fire outbreaks in the Free State, North West and Northern Cape provinces have the federation of agricultural organisations, Agri SA, concerned about food security in South Africa. In a statement released on Wednesday, the organisation said the fires have affected over 400,000 hectares and resulted in the loss of grazing and various livestock such as sheep, cattle and wildlife that were either burnt to death or had to be euthanised. Agri SA chief executive officer, Christo van der Rheede said that veld fires can cause extensive damage that destroys vegetation, harms animals, and threatens communities and food security. "In response to the destruction of vegetation, emergency response efforts are needed to assist farmers with feed. However, the impact of veld fires can be felt long after the fire has been extinguished," he said. Van der Rheede said that the damage to soil health, the disruption of ecosystems, and the alteration of natural fire patterns can also have long-lasting consequences. More on this Governments try to curb shocks that cause high food prices at their peril RCL Foods struggles with rising feed prices and load shedding SA farmers thrown a lifeline amid load shedding with R1.2bn Agro-Energy Fund Rural safety benefits from Agri Securitas Trust Fund Agri SA submits objections to what it describes as ‘racialised' water use licence regulations "The recovery process is largely dependent on rainfall. Adequate rainfall is crucial for regenerating vegetation, restoring soil fertility, and replenishing water sources. With sufficient rain, the recovery process can be significantly expedited," Van der Rheede said. He said Agri SA's Disaster Relief Foundation is donating funds to the Free State Agriculture and Agri North West to assist in the relief effort for the agricultural sector. Van der Rheede said they are also calling on members of the public to assist in an effort to galvanise resources for the devastated communities. "These devastating fires have hit the agri

Source - Independent Online (IOL)
6 Sep 2023
6Sep

Nasty business: Influencer spits out Uncle Waffles burger [watch]

Mzansi has had mixed reactions to the influencer who filmed herself spitting the Uncle Waffles burger out after taking a taste test. South African social media users aren't impressed with KFC and it's Uncle Waffles burger. Many of them have shared negative reviews about the burger which they described as having a sweet and savoury taste. And now one food influencer has gone viral after she did a taste test video in which she spits the burger out of her mouth after having a bite. While many were excited about the new addition to the menu, others don't think that the meal should be marketed to South Africans who are not too accustomed to having sweet and savoury meals mashed up. Influencer spits out KFC's Uncle Waffles burger It would appear a number of South Africans will not be having the Uncle Waffles KFC burger as their go to meal at the fast food restaurant. Many of them have used to the restaurant to get their hands on the meal which consists of a crispy KFC chicken filet dunked in maple chipotle sauce, topped with cheese and served in between two warm waffles. Unfortunately, according to their reviews, the meal isn't exactly to their liking. In fact, one food influencer recently decided to review the meal herself. As usual, she set up her camera and prepared herself to share an honest review of the meal. After taking one bit however, it would appear she couldn't stomach the meal and immediately spat it out on camera. Take a look at the clip below: SA has mixed reactions While she isn't the first to say she didn't enjoy the meal, others couldn't help but wonder whether or not her reaction was a little dramatic. In the comment section, locals shared their thoughts on how they think the meal tastes. "I tried it. It's very horrible. I took one bite and threw it away. It's too sweet and that whole texture is weird., one person said and a number of others agreed. "Is it that bad or maybe it's just her fishing for likes and interaction?, one app asked, while a third added: "This is her fakes

Source - The South African
6 Sep 2023
6Sep

Oil toils and spoils

Market scorecard US markets closed down on Tuesday after rising prices reignited concerns over global inflation. breached the $90 a barrellevel as OPEC+ producers extended their supply cuts to the end of the year. Software infrastructure, semiconductor and energy stocks rose slightly. Tesla (NASDAQ: ) had a good day, rising by 4.7%. In company news, Warner Bros Discovery (NASDAQ: ) dropped 1.2% in late trade after lowering its earnings outlook for the year due to the ongoing Hollywood actors and writers strike. Locally, Shoprite fell 5.6% despite reporting solid full-year numbers with sales of over R200 billion for the first time. They said that they have enjoyed 52 months of consecutive market share gains. Yesterday, the JSE All-share closed down 0.48%, the fell 0.42%, but the was only 0.08% lower. Just a scratch, not even a flesh wound. One thing, from Paul Jack Raines has a great list of things that money can't buy. You can read it here, on his finance blog called Young Money. Here are my favourites: The spontaneous, unplanned happenings (which become the best stories and memories) that result from being with the right people at the right time. Good health. The camaraderie that develops between people who share strenuous experiences. A good night's sleep. Commitment (to a partner, skill, career, anything). The courage to say "yes" to opportunities that you might not feel ready for, but could change your life. The wisdom to say "no" to things that benefit the short-term at the expense of the long-term. A generous disposition. Byron's beats Advertising is a massive business and Vestact's exposure to the industry is significant through stocks like Google (NASDAQ: ), Meta (NASDAQ: ), Amazon (NASDAQ: ), Apple (NASDAQ: ) and Netflix (NASDAQ: ). Group M produced a report which looks at global advertising spend for 2023. They expect global advertising to grow 5.9% this year to $874.5 billion. Digital advertising, which makes up an impressive 68.8% of the total, is expected to grow by 8.4%.

Source - Investing
6 Sep 2023
6Sep

COMPAGNIE FINANCIÈRE RICHEMONT SA — Information for South African ‘A' shareholders (‘JSE shareholders')- Approval o

6 September 2023 R2,651.02 Information for South African ‘A' shareholders (‘JSE shareholders')- Approval of the dividend at the AGM Compagnie Financiere Richemont SA (‘Richemont' or ‘the Company' or ‘the Group') (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 INFORMATION FOR SOUTH AFRICAN ‘A' shareholders (‘JSE shareholders')- APPROVAL OF THE DIVIDEND AT THE AGM The total dividend, as recommended by the Board of Directors, of CHF 3.50000 per share, has been approved by shareholders of Compagnie Financière Richemont SA, Switzerland (‘CFR') at the annual general meeting held today, Wednesday, 6 September 2023 in Geneva. The exchange rate applicable for the conversion of Swiss franc to Rand for payment of the dividend and full details of the dividend payable to JSE shareholders will be confirmed in a separate announcement to be released on SENS on Tuesday, 12 September 2023. CFR may appoint other parties to assist in the administration of the share programme and may provide to such agents such information as it deems to be appropriate, including information relating to the identity of holders of JSE shares. Richemont A shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index (‘SMI') of leading stocks. Richemont A shares are listed on the Johannesburg Stock Exchange, Richemont's secondary listing. 6 September 2023 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 06-09-2023 01:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or n

Source - Moneyweb
6 Sep 2023
6Sep

Bayobab Propels Nigeria's Connectivity Landscape with National Long-Distance Operator License

Bayobab Propels Nigeria's Connectivity Landscape with National Long-Distance Operator License Bayobab Group (Formerly MTN (JO: ) GlobalConnect) has officially been granted a National Long-Distance Operator License by the regulatory authorities in Nigeria. This license ushers in a new era of connectivity that is essential to meeting the surging demand for data within the country's borders. Bayobab's subsidiary in Nigeria is now empowered to facilitate long-distance traffic, opening doors to enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed, "This achievement marks a transformative moment for us, as we look forward to contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are committed to pushing the boundaries of what's possible in the realm of connectivity." He further emphasised, "This license is a testament to our dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We believe that connectivity is the foundation upon which innovation thrives, and our unwavering dedication to excellence and innovation will continue to guide us as we embark on this new chapter of delivering next-gen digital connectivity across Nigeria." Concludes Frédéric. Remarkable Growth in Nigeria's Connectivity Landscape In a dynamic era of digital transformation, Nigeria's connectivity landscape has undergone remarkable growth, altering how its population accesses information, conducts business, and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is fundamentally reshaping daily life in Nigeria. Mobile Technology Shaping Nation's Economy Mobile technology is playing an instrumental role in the nation's economy, where mobile broadband is the predominant means of internet access, unlocking new possibilities. The surge in digital services, ranging from the

Source - Investing
6 Sep 2023
6Sep

Bayobab Propels Nigeria's Connectivity Landscape with National Long-Distance Operator License

Bayobab Group (Formerly MTN GlobalConnect) has officially been granted a National Long-Distance Operator License by the regulatory authorities in Nigeria. This license ushers in a new era of connectivity that is essential to meeting the surging demand for data within the country's borders. Bayobab's subsidiary in Nigeria is now empowered to facilitate long-distance traffic, opening doors to enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed, " This achievement marks a transformative moment for us, as we look forward to contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are committed to pushing the boundaries of what's possible in the realm of connectivity." He further emphasised, "This license is a testament to our dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We believe that connectivity is the foundation upon which innovation thrives, and our unwavering dedication to excellence and innovation will continue to guide us as we embark on this new chapter of delivering next-gen digital connectivity across Nigeria ." Concludes Frédéric. Remarkable Growth in Nigeria's Connectivity Landscape In a dynamic era of digital transformation, Nigeria's connectivity landscape has undergone remarkable growth, altering how its population accesses information, conducts business, and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is fundamentally reshaping daily life in Nigeria. Mobile Technology Shaping Nation's Economy Mobile technology is playing an instrumental role in the nation's economy, where mobile broadband is the predominant means of internet access, unlocking new possibilities. The surge in digital services, ranging from the realms of mobile financial solutions to dynamic e-learning platforms, has ushered in a revolution

Source - IT News Africa
6 Sep 2023
6Sep

Agri SA calls for assistance as veld fires threaten food security

Ongoing fire outbreaks in the Free State, North West and Northern Cape provinces have the federation of agricultural organisations, Agri SA, concerned about food security in South Africa. In a statement released on Wednesday, the organisation said the fires have affected over 400,000 hectares and resulted in the loss of grazing and various livestock such as sheep, cattle and wildlife that were either burnt to death or had to be euthanised. Agri SA chief executive officer, Christo van der Rheede said that veld fires can cause extensive damage that destroys vegetation, harms animals, and threatens communities and food security. "In response to the destruction of vegetation, emergency response efforts are needed to assist farmers with feed. However, the impact of veld fires can be felt long after the fire has been extinguished," he said. Van der Rheede said that the damage to soil health, the disruption of ecosystems, and the alteration of natural fire patterns can also have long-lasting consequences. More on this Governments try to curb shocks that cause high food prices at their peril RCL Foods struggles with rising feed prices and load shedding SA farmers thrown a lifeline amid load shedding with R1.2bn Agro-Energy Fund Rural safety benefits from Agri Securitas Trust Fund Agri SA submits objections to what it describes as ‘racialised' water use licence regulations "The recovery process is largely dependent on rainfall. Adequate rainfall is crucial for regenerating vegetation, restoring soil fertility, and replenishing water sources. With sufficient rain, the recovery process can be significantly expedited," Van der Rheede said. He said Agri SA's Disaster Relief Foundation is donating funds to the Free State Agriculture and Agri North West to assist in the relief effort for the agricultural sector. Van der Rheede said they are also calling on members of the public to assist in an effort to galvanise resources for the devastated communities. "These devastating fires have hit the agri

Source - Cape Argus
6 Sep 2023
6Sep

Overview

Johannesburg, South Africa — South African global chemicals and energy company, Sasol Limited, has signed a three-year agreement to work with international carbon solutions provider, Vertree Partners Limited, on access to high-quality carbon credits and climate investments. In accordance with a memorandum of understanding (MoU) signed between the two parties, Vertree will help Sasol devise robust pathways for decarbonisation, manage associated risks and make high-quality, high-impact investments in carbon reductions and removals as part of the company's journey to net zero. A wholly owned subsidiary of Hartree Partners, Vertree is focused on decarbonisation and environmental markets. Vertree's experienced team assists companies and institutions to reach their climate goals. Through established partnerships with project developers, investments into new market innovations and environmental market insights, Vertree will guide Sasol and provide access to existing and future supplies of high-quality carbon credits and other environmental investments. Speaking at the signing of the MoU, Sasol's Vice President for Climate Change, Shamini Harrington, said: "High-quality carbon credits can uplift communities and contribute positively towards national imperatives of alleviating poverty, unemployment and inequality while simultaneously meeting decarbonisation objectives. We are excited to start this journey with Vertree to put in place the tools and frameworks to ensure investment in credible carbon projects that deliver on these imperatives." Vertree's Muireann Mageras commented: "We are delighted to begin our partnership with Sasol. We are committed to supporting Sasol to accelerate its decarbonisation and ensure the delivery of credible environmental and social value through carbon-related projects and investments." Sasol is transforming its business towards an absolute scope 1, 2 and 3 (Category 11) net zero ambition by 2050. This includes an interim 30% emissions reduction target on absolute

Source - Sasol
6 Sep 2023
6Sep

Discovery to use its maths skills to match renewable demand and supply

Discovery has launched a new platform, Discovery Green, aimed at offering businesses renewable energy along with certainty over costs. This will be achieved by aggregating both demand from multiple companies, but also multiple suppliers, avoiding some of the problems that can come from energy relying on the wind and sun. It has already filled up much of its order book for the initial phase, planning between 400MW and 1GW in renewables in 2026, and has two product offerings already. For more financial news, go to the News24 Business front page Financial services group Discovery on Wednesday announced the launch of a new renewable energy platform aimed at to providing price certainty to SA's companies while avoiding the fickleties of wind and solar generation. The new platform, Discovery Green, aims to aggregate demand from SA corporates and match it with renewable supply, allowing companies to avoid the potential pitfalls of contracting for a certain amount of output from a renewable energy plant, but then occasionally paying for output that isn't actually needed. The platform will therefore leverage Discovery's actuarial and technical skills to act "in the middle" to match supply and demand, providing long-term contract certainty. "We've set the goal and are in the process of procuring between 400MW and 1GW worth of renewable energy to plug in as the first phase of this platform," Andre Nepgen, head of Discovery Green, said during the launch event on Wednesday. "Of course if demand follows, we are excited, and happy, and ready, with the sites to do a lot more." Early companies working with Discovery on the platform include Sun International, Woolworths, Clicks, Virgin Active, Planet Fitness and Life Healthcare, while RMB is acting as the investment banker. Construction is set to begin in early 2024, with renewable energy expected in 2026, while in its initial phase, the platform will be open to businesses that are medium to large consumers of electricity connected to Eskom's distributi

Source - Mzansi Indaba
6 Sep 2023
6Sep

Business or Pleasure? Faith Nketsi spotted leaving the hotel with an unknown man

In a now-deleted video shared on Instagram Faith Nketsi was allegedly spotted leaving the Michelangelo Hotel with an unknown man. Celebrated influencer and reality star Faith Nketsi set social media abuzz after her video with an unknown man made rounds on social media. The video has gained thousands of reactions and comments since it dropped on Instagram . Many have been trying to connect the dots about the whole incident. FAITH NKETSI SPOTTED LEAVING THE HOTEL WITH AN UNKNOWN MAN Taking to Instagram, controversial blogger Musa Khawula allegedly dropped a short video of Faith Nketsi leaving the Michelangelo Hotel in Sandton, Johannesburg, with an unknown man. However, Musa Khawula said the two had booked at the hotel. The controversial blogger allegedly claimed that it was a ‘hookup meeting.' In the backdrop of his post, Musa Khawula has since deleted the video. In the now-deleted video, the influencer walked out of the hotel wearing a black dress. The video seems to have been recorded by someone at the reception. Many were more than convinced it was either taken in the early morning or late at night. In the backdrop of the video, Faith Nketsi has yet to share her side of the story. Undoubtedly, the influencer has made headlines over the last months for the wrong reasons. MAKING HEADLINES A few months after her private wedding with controversial businessman Nzuzo Njilo, it was reported that the two had trouble in paradise. In the backdrop of Nzuzo Njilo's arrest, it was reported that the two had gone separate ways, but they later rubbished the claims. After all, this is not the first time the two have been reported to have called it quits. In March 2023, it was reported that Nketsi was now living in a hotel room in Sandton after her alleged fallout with Njilo. Could she be still living in the hotel room?

Source - SA People News
6 Sep 2023
6Sep

Resources Watch

Welcome to Creamer Media's Resources Watch, a weekly video round-up of the events and people making and shaping the news in the mining industry. This week: Harmony swings to profit, declares a higher dividend Vedanta aims to complete $1bn investment in South Africa soon And, Mistra reiterates call for PGMs Exchange as hydrogen economy looms Harmony swings to profit, declares a higher dividend Gold miner Harmony Gold has posted a 46% increase in production profit to just under R14-billion, or $774-million, for the financial year ended June 30. Harmony Gold CEO Peter Steenkamp... Vedanta aims to complete $1bn investment in South Africa soon Vedanta Resources aims to complete its commitment to invest $1-billion in South Africa in the near future, although its plans are being held up by a lack of reliable infrastructure and energy security Vedanta chairperson Anil Agarwal... Mistra reiterates call for PGMs Exchange as hydrogen economy looms Think tank the Mapungubwe Institute for Strategic Reflection has reiterated its call for the formation of a Platinum Group Metals Exchange in South Africa , given that many stakeholders are losing out on value that could have been created in a less volatile market system Mistra executive director Joel Netshitenzhe... For mining news as it breaks, stay logged onto Mining Weekly.com and register for our free daily newsletter.

Source - Engineering News
6 Sep 2023
6Sep

COMPAGNIE FINANCIÈRE RICHEMONT SA — Disclosure of management transaction

6 September 2023 Disclosure of management transaction Compagnie Financiere Richemont SA (‘Richemont' or ‘the Company' or ‘the Group') (Incorporated in Switzerland) Share code: CFR ISIN: CH0210483332 6 SEPTEMBER 2023 DISCLOSURE OF MANAGEMENT TRANSACTION Pursuant to Article 56 of the SIX Swiss Exchange (‘SIX') listing rules and the Directive on Disclosure of Management Transactions, the Company has been notified of a trade carried out by a member of the Board of Directors in respect of the Company's shares. The Company is required, pursuant to section 18.21(e) of the JSE Listings Requirements, to announce on SENS the equivalent information that is made publicly available on the SIX. As a consequence, the following information is disclosed: +----------+------------—+ |Issuer |Compagnie Financiere Richemont SA | +----------+------------—+ |Date of transaction / |01.09.2023 | |date of trade execution | | +----------+------------—+ |Capacity of the person subject|Non executive member of the | |to the reporting obligation |Board of Directors | +----------+------------—+ |Type of transaction |Purchase | +----------+------------—+ |Total amount of rights |2'000 securities | +----------+------------—+ |Transaction value |CHF 24'959.928 | +----------+------------—+ |Type of rights |Other | +----------+------------—+ |Principal terms of the |American Depositary Receipts | |financial instruments | | +----------+------------—+ |Further transaction details |USD transaction value: USD 28280. As | | |of 1 SEP 2023, SIX Currency Converter | | |under the link https://www.six-group. | | |com/en/products-services/the-swiss- | | |stock-exchange/market-data/news-tools/| | |currency-converter.html: CHF 0.8826 / | | |USD 1.0000 | +----------+------------—+ Richemont A shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index (‘SMI') of leading stocks. Richemont A shares are listed on the JS

Source - Moneyweb
6 Sep 2023
6Sep

Discovery to use its maths skills to match renewable demand and supply

Financial services group Discovery on Wednesday announced the launch of a new renewable energy platform aimed at to providing price certainty to SA's companies while avoiding the fickleties of wind and solar generation. The new platform, Discovery Green, aims to aggregate demand from SA corporates and match it with renewable supply, allowing companies to avoid the potential pitfalls of contracting for a certain amount of output from a renewable energy plant, but then occasionally paying for output that isn't actually needed. The platform will therefore leverage Discovery's actuarial and technical skills to act "in the middle" to match supply and demand, providing long-term contract certainty. "We've set the goal and are in the process of procuring between 400MW and 1GW worth of renewable energy to plug in as the first phase of this platform," Andre Nepgen, head of Discovery Green, said during the launch event on Wednesday. "Of course if demand follows, we are excited, and happy, and ready, with the sites to do a lot more." Early companies working with Discovery on the platform include Sun International, Woolworths, Clicks, Virgin Active, Planet Fitness and Life Healthcare, while RMB is acting as the investment banker. Construction is set to begin in early 2024, with renewable energy expected in 2026, while in its initial phase, the platform will be open to businesses that are medium to large consumers of electricity connected to Eskom's distribution network. Ultimately, it aims to utilise new "virtual wheeling" frameworks, which will allow the connection buyers that have multiple off-take sites, for example, grocers with a large store footprint, to receive wheeled energy. This initial phase is expected to need between R20 billion and R25 billion in investment, with Discovery saying this is enough to establish 2 700 rugby field-sized solar farms, or 200 to 250 wind turbines. Nepgen said a lot of the commitment for the initial phase had been filled up but added given the size of the investm

Source - News24
6 Sep 2023
6Sep

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets

Sanlam, Africa's largest non-banking financial services provider, and Allianz, one of the world's leading insurers and financial services... providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz's ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. Creating Significant Value for Clients "We are confident that SanlamAllianz will create significant value for clients, shareholders

Source - Knowledia
6 Sep 2023
6Sep

Discovery Links South African Companies With Power Suppliers

Discovery Links South African Companies With Power SuppliersAims to release at least 400 megawatts of alternative powerCompanies that join platform expected to cut electricity costsA solar farm in South Africa.A solar farm in South Africa.Photographer: Michele Spatari/BloombergIn this ArticleDISCOVERY LTD14,677.00ZAr—0.53%ESKOM HLDGS SOCPrivate CompanyGeneric 1st 'XW' Future166.35USD/MT+4.29%WOOLWORTHS HLDGS7,146.00ZAr—0.52%SOUTHERN SUN LTD460.00ZAr—1.08%Have a confidential tip for our reporters? Get in TouchBefore it's here, it's on the Bloomberg Terminal LEARN MOREBy Janice KewSeptember 6, 2023 at 11:00 AM GMT+2Updated on September 6, 2023 at 1:24 PM GMT+2Get the Bloomberg Green newsletter bundle.Subscribe now to get Green Daily, Hyperdrive and Energy Daily in your inbox.EmailEnter your emailSign UpBloomberg may send me offers and promotions.By submitting my information, I agree to the Privacy Policy and Terms of Service.Discovery Ltd. plans to link South African companies looking to reduce power costs or their reliance on fossil fuels with independent power producers selling renewable energy.By connecting local companies with power producers, the medical insurance and financial services provider expects to unlock at least 400 megawatts of additional power supply, it said in a statement Wednesday. Discovery sees this climbing to as much as 1,000 megawatts.South African companies are grappling with the worst outages on record as Eskom Holdings SOC Ltd., which provides almost all of the country's electricity, has kept the grid from collapse by cutting power when it's been unable to meet demand. Eskom still gets more than 80% of its electricity from coal.BloombergGreenBoston Metal Notches $262 Million Funding Round for Clean SteelUK Set for Tropical Nights as Nocturnal Heat Tests RecordApple Veteran's Battery Firm Draws Investment From Oman FundG-20 Aims to Triple Renewables and Gives Caveat to Fossil FuelsRead more: Building a Power Station Without Spending a Cent"South Africa is lar

Source - Bloomberg
6 Sep 2023
6Sep

Business sentiment remains weak in third quarter

High interest rates and the resultant strain on consumers, along with social unrest keeps the lid on mood Business confidence regained some ground in the third quarter but sentiment remains weak, well below the neutral 50-point mark. The RMB/BER Business Confidence Index published on Wednesday shows confidence increased to 33 in the third quarter from 27 previously, suggesting two-thirds of respondents are dissatisfied with prevailing business conditions... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
6 Sep 2023
6Sep

UK economy braces for flat growth as global markets falter

Published Sep 06, 2023 07:02 UK100 GBP/USD EUR/GBP Global markets experienced a downturn on Wednesday, with European stocks and the opening lower. This follows a warning from the British Chambers of Commerce (BCC) that the UK economy is set to flatline for the next six months. The BCC expects overall growth of 0.4% for this year, with forecasts for the next two years slashed to 0.3% in 2024 and 0.7% in 2025. Despite avoiding a recession, the BCC stated that the economic stagnation will feel like one for millions of households. This news was further compounded by reports of a sharp drop in orders for British construction firms in August, adding to concerns about a slowing economy. Following these updates, the FTSE 100 (LSE:FTSE) opened down by 0.58% to 7,394.41 points, while the (Euronext:PX1) in Paris fell by 0.58% to 7,210.13 points. In Germany, the (XETR:DAX) declined by 0.36% to 15,714.78 points. Across the Atlantic, Wall Street was expected to open lower today as well, according to pre-market estimates. This comes after all main indices closed in red on Tuesday with the Dow Jones ( :DJI) closing down by 0.56% at 34,641.97 points; the fell by 0.42% to close at 4,496.83 points; and (NASDAQ:IXIC) declined by 0.08% closing at 14,020.95. Asian markets presented a mixed picture on Wednesday as well. 225 (TSE:N225) rose by 0.62% to close at 33,241.02 points while Hong Kong's (HKEX:HSI) lost 0.17%, closing at 18,425.76 points. In mainland China, despite weak demand impacting economic activity and failed stimulus efforts to revive consumption, (SSE (LON: ):000001) managed to gain slightly by 0.14%, closing at 3,158.75 points. In currency markets, the pound-to-dollar exchange rate stood at $1.25 while the pound-to-euro exchange rate was at 1.16. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. Add a Comment

Source - Investing
6 Sep 2023
5Sep

Asia stocks fall as China rally wanes on weak PMIs: markets wrap

slowest rate this year in August, a signal that economic recovery is losing traction. Property stocks were among the worst performers and developer Country Garden Holdings Co.'s woes added to the negative sentiment as it entered the final hours of a grace period to pay interest on dollar bonds. The company is also reported to plan payment extensions of seven yuan bonds. There's "some profit taking as PMI data was somewhat disappointing and Country Garden's US dollar bond grace period deadline is looming, said Marvin Chen, an analyst with Bloomberg Intelligence. Stocks traded lower in South Korea, where inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices. Equities also declined in Japan and Australia, where the Reserve Bank of Australia is set to keep rates unchanged for the third straight month in a meeting later Tuesday. The regional stocks move drove the MSCI Asia Pacific Index toward its first decline in seven days. The dollar edged up, while Treasuries were slightly lower across tenors as cash trading resumed. Australian bonds also fell ahead of the central bank's meeting, with yield on the three-year rising three basis points and that on the 10-year up four basis points. The offshore yuan weakened following the PMI data. Oil continued to trade near the highest level since mid-November after a surge driven by supply cuts from OPEC+ that have tightened the market. Crude has rallied by about a quarter since late June as a result of supply reductions, which have been led by Saudi Arabia and Russia. Meanwhile, Goldman Sachs lowered its estimate of US recession probability. "Continued positive inflation and labor market news has led us to cut our estimated 12-month US recession probability further to 15%, down 5pp from our prior estimate, Jan Hatzius, its chief economist, wrote in a note. "We are also substantially more optimistic than mos

Source - MSN
5 Sep 2023
5Sep

Gold slightly down as markets look for Fed cues

Metal edges lower in muted trading Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Bengaluru - Gold prices edged lower on Tuesday as the dollar stood firm near recent highs, though trading was muted with markets looking for more cues on the US Federal Reserve's policy path after a widely expected interest rate pause this month. Spot gold was down 0.1% at $1,936.89 an ounce by 3.56am GMT. US gold futures fell 0.2% to $1,962.70 after a US holiday on Monday. "Much remains to be seen if rate cuts in 2024 follow and to what extent, said Harshal Barot, a senior consultant at Metals Focus, adding that the possibility of US interest rates remaining higher for longer will keep gold price rallies in check. If the US economy indeed sees a soft landing, there is potential for more downside in gold as some of the aggressive rate cut expectations in the second half of next year will be pared back, Barot said. Recent US economic data has backed bets of a soft landing scenario as worries about inflation and recession have somewhat eased, cemented expectations that the Fed might not have to raise interest rates further. Investors will take cues on interest rates from Fed officials expected to speak during the week, ahead of the September 19-20 policy meeting. According to the CME FedWatch tool, traders see a 93% chance of the Fed leaving rates unchanged at the meeting this month and about 60% chance that the rates would remain at current levels rest of the year. Gold, which yields no interest, tends to lose its attraction when interest rates rise. The US dollar index held just below the 104.447 level reached on August 25, which was the highest since early June, making greenback-priced metals more expensive for overseas buyers. Spot silver slipped 0.5% to $23.86 an ounce, platinum dipped 0.7% to $947.55 and palladium was flat at $1,221.66. Reuters Stock Watch - 04 Sept 2023 | The Close Next v

Source - Business Live
5 Sep 2023
5Sep

Asia stocks fall as China rally wanes on weak PMIs: markets wrap

Stocks in Asia were under pressure after the rally in Chinese equities hit a wall on disappointing services activity, which raised further concerns on the nation's economic malaise. Hong Kong shares fell more than 1%, underperforming the region, with shares in mainland China shares also slipping. A private survey of China's services sector showed activity expanded at the slowest rate this year in August, a signal that economic recovery is losing traction. Property stocks were among the worst performers and developer Country Garden Holdings Co.'s woes added to the negative sentiment as it entered the final hours of a grace period to pay interest on dollar bonds. The company is also reported to plan payment extensions of seven yuan bonds. There's "some profit taking as PMI data was somewhat disappointing and Country Garden's US dollar bond grace period deadline is looming, said Marvin Chen, an analyst with Bloomberg Intelligence. Stocks traded lower in South Korea, where inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices. Equities also declined in Japan and Australia, where the Reserve Bank of Australia is set to keep rates unchanged for the third straight month in a meeting later Tuesday. The regional stocks move drove the MSCI Asia Pacific Index toward its first decline in seven days. The dollar edged up, while Treasuries were slightly lower across tenors as cash trading resumed. Australian bonds also fell ahead of the central bank's meeting, with yield on the three-year rising three basis points and that on the 10-year up four basis points. The offshore yuan weakened following the PMI data. Oil continued to trade near the highest level since mid-November after a surge driven by supply cuts from OPEC+ that have tightened the market. Crude has rallied by about a quarter since late June as a result of supply reductions, which have been led

Source - Daily Maverick
5 Sep 2023
5Sep

What's Next with Aki - The video podcast watched by South Africa's business leaders

By appearing on What's Next, these executives had a direct line of communication with the country's top business decision-makers and were able to share their insights and knowledge. Written by Broad Media, | 9/5/2023 7:00:00 AM What's Next with Aki Anastasiou is South Africa's leading ICT video podcast, watched by the country's business leaders and industry experts. This makes it the perfect place for executives to promote themselves, their ideas, and their companies. Many of South Africa's leading executives have already taken advantage of this, booking an interview package on What's Next and joining an esteemed guest line-up. In 2023, this includes: • Samsung South Africa VP Justin Hume • Liquid C2 CEO David Behr • Africa Data Centres Executive Dr Angus Hay • Netstock CTO Barry Kukkuk • Mazda Southern Africa MD Craig Roberts • Fedgroup CEO Grand Field By appearing on What's Next, these executives had a direct line of communication with the country's top business decision-makers and were able to share their insights and knowledge. Interview packages on What's Next MyBroadband's marketing team offers interview packages which guarantee executives excellent exposure on What's Next. These packages include a video interview on What's Next, which is promoted on the What's Next website, MyBroadband, YouTube, Facebook, and Spotify. Share this article on

Source - Ramify
5 Sep 2023
5Sep

How to eliminate the cybersecurity risks when buying a business

Alexey Vovk, Head of the Information Security Department at Kaspersky, cautions: "Acquiring an already established business can be an attractive option for example for entrepreneurs, given its potential for quick profitability, or similarly for large corporations that want to acquire innovative assets or intelligence that can expand their business. But over and above traditional legal, [ ] Alexey Vovk, Head of the Information Security Department at Kaspersky, cautions: "Acquiring an already established business can be an attractive option for example for entrepreneurs, given its potential for quick profitability, or similarly for large corporations that want to acquire innovative assets or intelligence that can expand their business. But over and above traditional legal, financial, and governance due diligence during such a process, cybersecurity must be a focal point too." At a minimum, consider conducting the following cybersecurity assessments before purchasing a new business: Existing cybersecurity measures: Investigate any past cybersecurity audits the company may have undertaken, even if they are self-conducted. Investigate any past cybersecurity audits the company may have undertaken, even if they are self-conducted. Valuable assets: Identify the most valuable digital assets of the business. For an e-commerce platform, this might be the website, so a thorough vulnerability check is essential. Identify the most valuable digital assets of the business. For an e-commerce platform, this might be the website, so a thorough vulnerability check is essential. Hosting and data management: Inquire about the company's Web hosting provider and their reputation. Past security

Source - Knowledia
5 Sep 2023
5Sep

Reach For A Dream calls cyclists to pedal for a purpose

Reach For A Dream is calling all cyclists to pedal for a purpose by joining its charity team, Dream Riders, proudly sponsored by Old Mutual Insure. Are you an avid cyclist, looking for a way to make a difference while following your passion? Join Reach For A Dream's charity team, Dream Riders, sponsored by Old Mutual Insure, on November 19 during the Virgin Active 947 Ride Joburg and make a difference in the lives of children facing life-threatening illnesses. Every year, thousands of people sign up for the 947 Ride Joburg to conquer 97km of the gruelling road race. Of these riders, hundreds add extra impetus to their efforts by riding for Reach For A Dream, one of South Africa's longest-running charities with a mission to give hope and joy to children who are facing their biggest battles. "Each Dream Rider's commitment to this gruelling race is a testament to their empathy for our dreamers. It's a beautiful act of solidarity that says, ‘Your fight is our fight, and together, we can conquer anything,'" said Reach For A Dream CEO Julia Sotirianakos. According to Thabile Nyaba, chief risk and sustainability officer at Old Mutual Insure, partnering with Reach For A Dream resonates deeply with the company's values and commitment to making a positive impact on the lives of others. "We are proud to partner with Reach for A Dream and support Dream Riders," says Nyaba. "We are there for our clients during their most challenging moments, oftentimes when having experienced traumatic losses and events. "We make a meaningful difference by helping them back on their feet. It is in this same spirit that we hope to make a difference to the many courageous children going through their darkest moments when battling severe illnesses," she said. It costs R1800 to join the Dream Rider's charity team, after which cyclists will receive a variety of perks such as complimentary Ciovita cycle shirts, durable tog bags complete with cycling socks, casquettes and other goodies. They will also enjoy a charity start

Source - Benoni City Times
5 Sep 2023
5Sep

Chicken prices do need to increase — RCL CEO

However, grocery and baking food item prices may start to wind down in FY2024, should commodity prices slow. 5 Sep 2023 The country's shoppers need to brace themselves for longer pauses at retail store freezers. Chicken prices are expected to keep rising as poultry producers struggle with profit-restraining input costs. Speaking to Moneyweb following the release of RCL Foods' 2023 financial results on Monday, CEO Paul Cruickshank did not indicate a nearing end to elevated chicken prices. This comes as poultry industry players, including its own Rainbow businesses, continue to battle higher operational costs, which have been pushed mainly by elevated raw material prices. ADVERTISEMENT CONTINUE READING BELOW "The chicken prices do need to increase; I mean, our results are clear in the losses we've posted for Rainbow, and the competitors will be very similar. We are up against a consumer who can't afford to pay… but chicken businesses across the country are making losses." "What we really need is for a better supply-demand balance in the country, which import duties will help with. The second thing chicken [producers] really needs is the reduction in the raw material costs, and then that will bring a better balance between what the producer makes and what the consumer [affords]," he added. Read: Local chicken industry finally gets protection from dumping Local poultry industry feels abandoned by government According to a fact sheet provided by RCL, it has seen a 13.6% rise in Safex Yellow Maize prices from an average price of R3 852 per ton in 2022 to an average of R4 377 per ton this year. Additionally, the global price of CME Soya rose 12.8% to $449 per ton, while Safex wheat prices increased by 7.2% over the last year to an average price of R6 846 a ton. Yellow maize and soybean are key ingredients used in animal feed along with, in some cases, wheat and white maize. Although the chicken business reported an 18.3% rise in revenue for the period to R13.46 billion — supported by s

Source - Moneyweb
5 Sep 2023
5Sep

Bidvest cashes in at the expense of dysfunctional SOEs

Renewable product sales jumped 10-fold over the last year, while the Freight division made record profits. 5 Sep 2023 Bidvest's results offer unique insights into the corners of the broader SA economy. Two divisions making roaring profits at the expense of dysfunctional state-owned companies are Commercial Products and Freight. One thing that jumps out in the latest Bidvest results for the year to June 2023 is the 10-fold increase in sales of renewable products over the previous year. ADVERTISEMENT CONTINUE READING BELOW This is admittedly coming off a small base. A year ago, many South Africans naively believed load shedding was probably a temporary phenomenon. They were rudely disabused of that idea as the year progressed. "Our exponential growth in renewable products is really the story of Eskom and its underperformance," says CEO Mpumi Madisa. "Demand for renewable energy products such as solar panels, inverters, sub-stations and other equipment is evident in our electrical division, and this is happening right across the country." Bidvest reported a fivefold increase in demand for renewable products at the halfway stage to December 2022. That accelerated in the second half of the year, as Eskom's malfunctioning operations continued delivering windfall profits to solar energy system importers and distributors. The other side of load shedding is the increased costs to factories, homes and businesses. The renewables frenzy helped the Commercial products division achieve a trading profit of R1.4 billion, up 21.4% on the previous year. Freight Transnet Freight Rail's well-publicised problems were a gift to Bidvest Freight — and neighbouring ports. Bidvest's Freight division delivered a record trading profit of R2.2 billion, double its contribution of three years ago. The business can handle 3.5 billion litres of bulk product daily through its storage capacity in Durban, Richards Bay and Isando. In times past, most of the freight to these terminals was delivered via rail. Last year,

Source - Moneyweb
5 Sep 2023
5Sep

New online rules risk hobbling local retailers, warns Naspers boss Bob van Dijk

Van Dijk says call to split its marketplace and retail businesses will give Amazon an edge Van Dijk says multinationals will have an advantage The head of Naspers, which owns SA's largest e-commerce platform, warns that new competition watchdog regulations could give an edge to global giants like Amazon over local e-commerce firms in a growing retail sector. At the beginning of August, the Competition Commission, which launched an inquiry into the digital economy in May 2021, called for Takealot to split its marketplace and retail businesses. The watchdog said that the separation is necessary to prevent Takealot from favouring its own products over those of third-party sellers and to create a level playing field for small and black-owned businesses... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
5 Sep 2023
5Sep

Absa launches landmark employee ownership plan

The transaction, one of the largest B-BBEE transactions in recent times, will include Absa staff and beneficiaries of the Corporate Social Investment (CSI) Trust, making a meaningful difference in the lives of thousands of people who might not have access to education and employment opportunities. While black employees in South Africa, as defined in South Africa's B-BBEE codes, will be the primary beneficiaries, the transaction recognises the contribution by all employees across the Group, Absa Group chief executive officer, Arrie Rautenbach said. Absa employees in South Africa will be awarded free shares while Absa employees in the 14 other countries in which the Group operates will be able to participate in a cash-equivalent programme, subject to local approvals. "The transaction is the next big step in our journey to building a diverse and inclusive organisation and it demonstrates our commitment to being an active force for good in everything we do," said Rautenbach. The transaction involves 7% of Absa Group's total shareholding, valued at approximately R11.2bn. All of Absa's approximately 26,000 eligible employees in South Africa will be awarded shares, vesting in five years. Black employees will receive an additional 20% allocation. A CSI Trust will manage funds flowing from the transaction to benefit black communities in South Africa. "As a leadership team, we are delighted to deliver the transaction particularly to employees who will be able to participate in the value that they help generate every day," said Rautenbach. Provided by SyndiGate Media Inc. ( Syndigate.info

Source - MSN
5 Sep 2023
5Sep

Decoding Numeric Html Entities Via Php

I have this code to decode numeric html entities to the UTF8 equivalent character. I'm trying to convert this character: ' which should output: ' However, it just d Solution 1: already does what you're looking for: $string = '''; echo html_entity_decode($string, ENT_COMPAT, 'UTF-8'); Copy It will return the character: ' binary hex: c292 Copy Which is PRIVATE USE TWO (U+0092) . As it's private use, your PHP configuration/version/compile might not return it at all. Also there are some more quirks: But in HTML (other than XHTML, which uses XML rules), it's a long-standing browser quirk that character references in the range to are misinterpreted to mean the characters associated with bytes 128 to 159 in the Windows Western code page (cp1252) instead of the Unicode characters with those code points. The HTML5 standard finally documents this behaviour. See: ’ is getting converted as "\u0092" by nokogiri in ruby on rails Share

Source - Blogspot
5 Sep 2023
5Sep

Vodacom, Eskom sign deal to end loadshedding in country

Vodacom, one of South Africa's leading companies, has signed a Virtual Wheeling agreement with state-owned power utility Eskom to end loadshedding in the country. Loadshedding has been the country's biggest economic bugbear for years and has in its wake destroyed the country's potential of economic growth, and also caused consternation among the country's residents as blackouts expose them to criminal elements. The Virtual Wheeling agreement was signed this week and has been described "as the way forward to permanently remove loadshedding in the country". Both companies signed an agreement to assist the power utility fast-track efforts to deal with the energy crisis. Wheeling, which has two formats, is a technical expression to describe the transformational format of electric energy from within an electrical grid to an electrical load outside the grid border lines, explained the two companies. But most important, the mobile network's (Vodacom) vision is to help the power utility in the transformation of electric energy through Vodacom innovation, which has been co-developed with Eskom. The deal will also play a significant role in moving Vodacom closer to its goal of sourcing 100% of its electricity demand from renewable energy sources by 2025. Based on the pact, this will also enable South Africa's leading network to execute the next phase of innovative solution through securing Independent Power Producers (IPPs) under the same terms and conditions which underpin its agreement with Eskom. Vodacom group CEO Shameel Joosub said: "Vodacom's partnership with Eskom is transformational in that our virtual wheeling solution will enable South Africa's private sector to participate in resolving the energy crisis which continues to impact the country's economy. "It also provides a blueprint for other South African corporates to adopt, as we pool our collective resources with the common objective of bringing an end to loadshedding. "The virtual wheeling solution has the potential to be fast-tracked,

Source - Sunday World
5 Sep 2023
5Sep

Why foreign investors dumped MultiChoice, Mr Price, and TFG

Outflows of R7bn seen following this catalyst… By Moneyweb 5 Sep 2023 Three shares, for all intents and purposes, part of the cohort of so-called ‘SA Inc' stocks, have seen sustained weakness during August. Two of the three are down by more than 10% over the last 30 days. This is due to certain foreign investors being forced to sell their holdings in MultiChoice Group, Mr Price Group and TFG Limited. The catalyst for this was the quarterly review of indices by MSCI. In total, there has been an approximate outflow of R7 billion ($360 million) from domestic equities following this rebalancing. In the review, announced in the first half of August, the index provider said these three South African shares would be deleted from its SA Index and, therefore, from the MSCI Emerging Markets Index. ADVERTISEMENT CONTINUE READING BELOW Each share was expected to see outflows of at least $100 million. The announcement from MSCI on 10 August meant that any exchange-traded funds (ETFs) or index funds that track the MSCI Emerging Markets Index were forced to dispose of their holdings in these three stocks by the end of last month. By far, the largest ETF that tracks this index is the iShares MSCI Emerging Markets ETF, with net assets of $25 billion (approximately R476 billion). For comparison, this single fund equates to three times the size of all ETFs, exchange-traded notes, and actively-managed certificates in the South African market. This is an enormous fund. Selling has been relatively constant from the third week of August. This can be seen in both the general weakness in the prices of these three shares, as well as in trading volumes. MultiChoice The average volume in MultiChoice Group over the last 10 trading days (to Friday) has been 6.09 million (daily), versus an average of 2.53 million a day for the last three months. Over the past 52 weeks, the average daily volumes in MultiChoice have been just 1.499 million, meaning that in the second half of August, volumes were more than four ti

Source - Moneyweb
5 Sep 2023
5Sep

How to Build a Business that Corporates Want to Work With

MyPR | Free Business Showcase | Paid for Adverts DCC Accelerator enables thriving business opportunities for SMEs Globally, small and medium enterprises (SMEs) wrestle with the daunting task of getting their products and services in front of the decision-makers in large companies. Even when they succeed, a series of roadblocks can derail potential opportunities causing them to miss out on transformative contracts. To help develop SMEs, Kyle Ballard, Head of the Durban Chemicals Cluster (DCC) Accelerator, shares what is known as the ‘6Cs Framework'. He says that this powerful tool can help SMEs transform into businesses that corporates are eager to work with. "Many SMEs miss out on opportunities to become future suppliers to leading customers in their supply chain as they don't comply with the specific requirements of large, industrial corporates, Ballard explains. "The 6Cs Framework has been developed as a roadmap that SMEs can use to bridge the gap that exists between being identified as a high-potential supplier and the actual placement of coveted purchase orders. Ballard encourages SMEs that want to approach large enterprises to evaluate their readiness by assessing their alignment with customers' requirements against these six factors: 1. Commitment: The linchpin of any successful relationship, commitment means going the extra mile to deliver goods or services as stipulated in contractual agreements. Demonstrating proactive dedication to meeting customer requirements is essential to unlocking commercial opportunities. 2. Capability: SMEs need to demonstrate their capacity to fully satisfy customer requirements. Conveying expertise in the processes, equipment, skills and raw materials required for delivering the desired outcomes helps to establish trust with customers. 3. Competitiveness: The ability to meet industry benchmarks related to price, quality, reliability, flexibility, logistics and innovation strengthens the SME's position. Understanding your niche positioning and

Source - Buy PE
5 Sep 2023
5Sep

Peter Moyo loses battle against Old Mutual after Constitutional Court dismisses case

Old Mutual has announced that the four-year legal battle with its former CEO Peter Moyo has ended following the Constitutional Court dismissing his case.This comes after the Constitutional Court dismissed Moyo's application to appeal against a High Court decision made in 2022 which dismissed the former CEO's claim of R250 million in damages against the company. The spat between Old Mutual and Moyo started in May 2019 when he was suspended for an alleged conflict of interest. Old Mutual said the situation started because the former CEO violated the terms of his employment contract by allegedly placing his private financial interests ahead of the company. "In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. More on this Former Old Mutual CEO's leave to appeal is dismissed by High Court Old Mutual once again wins court case against former chief executive Peter Moyo Old Mutual dispute with fired Chief Executive drags on as Moyo adds evidence "Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual," the group said. The group said it engaged Moyo for months about the matter, with no resolution, then fired him after three weeks. Moyo successfully challenged this decision in the High Court. The group prevented Moyo back to work and fired him the second time. Moyo and Old Mutual then went back and forth in court over the dismissal and its legality, with the former CEO ultimately seeking R250 million in damages from the group. Moyo then approached the Supreme Court of Appeal (SCA) in November 2022, where the case was again dismissed. According to the group, the Supreme Court of Appeal's decision follows a string of recent rulings all making it clear th

Source - Independent Online (IOL)
5 Sep 2023
5Sep

Why the right funding is important to grow your business

S ecuring capital is a crucial step towards growth and success for small and medium enterprises (SMEs). However, navigating the world of funding can be challenging, with a wide selection of sources to consider, each with its own benefits and risks. Monique Chinnah | image supplied While business loans or mainstream finance options from a bank or other financial institution are typically the most secure approach, there are other, less traditional, sources of funding that an SME can consider. While exploring funding options like these may seem like a good approach for your business, it's important to understand the potential risks and challenges associated with each of them. For example, you may want to start a business with your personal savings. While this approach enables you to retain full ownership and potentially reap all the profits, if your savings aren't sufficient, you could end up in a situation where you have used all your money and have to look for alternative sources of funding anyway. Some SME owners also look to their personal credit cards for ready and flexible access to finance. But if you withdraw money from a credit card, you immediately start incurring interest, and the rates on credit cards can be very high, so the money you borrow is expensive. Borrowing from friends and family is also an option, and one that can strengthen your bonds if your business succeeds. However, it could also destroy your relationships if the business fails, or if those contacts don't immediately see the financial benefits they expect. Another fast-growing business funding approach is crowdfunding. If you have a unique business idea, a crowdfunding platform may work to attract financial backers. Just be aware that crowdfunding requires a lot of time and effort, and you will need to offer incentives if you want people to give you their money. While none of these funding options is necessarily wrong for your business, there is a far more secure way of accessing the funding your business needs to

Source - MSN
5 Sep 2023
5Sep

Sugar tax and rising feed costs send RCL Foods profits tumbling

R CL Foods reported a 46% decline in its profit for the year, as it faced challenges from the increased sugar tax and higher feed costs. The company said its sugar business was also hit by lower sales volumes and prices, while its poultry segment suffered from increased competition, load shedding and input costs. The company reported a headline earnings per share from continuing operations - the main profit measure in the country - of 60.6 cents for the year ended 30 June, down from 111.5 cents a year earlier. Its Vector Logistics segment was disclosed as a discontinued operation for the end of the 2023 financial year, therefore profits from continuing operations are a more precise measure for the year. Like other industry participants, the maker of Ouma rusks and Rainbow chicken has had to bear the burden of a special sugar levy imposed by the South African Sugar Association to cover a shortfall after two industry players failed to oblige with business recuse proceedings. RCL Foods said in July that the net impact of the special levies had amounted to R234m (pre-tax) for the company. Adding to the pressures of doing business has been the worst rolling blackouts on record, forcing many industry players to dish out hundreds of millions of rand to keep operations afloat. The company resolved not to declare a final dividend. Provided by SyndiGate Media Inc. ( Syndigate.info

Source - MSN
5 Sep 2023
5Sep

Nigerian President to attend G20 Summit in Delhi, to meet business leaders ANI 05 Sep 2023, 07:18 GMT+10

Abuja [Nigeria], September 5 (ANI): Nigerian President Bola Tinubu is all set to visit Delhi to attend the G20 summit, scheduled to take place on September 9 and 10. According to an official statement released by Special Adviser to the President Chief Ajuri Ngelale, Tinbu will participate in and deliver keynote addresses at both the Nigeria-India Presidential Roundtable and the Nigeria-India Business Conference on the sidelines of the G20 Summit. The President aims to leverage this platform to attract global capital and promote increased foreign direct investments in key labour-intensive sectors of Nigeria's economy for job creation and revenue expansion. Moreover, he will use this opportunity to highlight Nigeria's attractiveness as an investment destination, specifically outlining his cross-sectoral reform plan as encapsulated by the Renewed Hope Agenda, according to the statement. The President will also hold bilateral meetings with a cross-section of world leaders from four different continents, representing both G-20 and non-G20 countries. These engagements are geared towards strengthening bilateral economic, trade, and investment partnerships for mutual benefit, as per the statement. At the G20 Summit, the Nigerian leader is expected to share Nigeria's perspective on the theme, "One Earth-One Family-One Future," which speaks to the global unity required to address the challenges facing humanity and the planet. With its collective contribution of up to 80 per cent of global GDP, 75 per cent of international trade, and housing 60 per cent of the world's population, the G-20 constitutes a significant economic power bloc of socio-economic opportunity and geo-political stability. While Nigeria's membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership. The Group of Twenty (G20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,

Source - South Africa News
5 Sep 2023
5Sep

Webinar - Business and Human Rights

ESG African Conference will host a webinar on Business and Human Rights in the run up to the two-day conference taking place from October 4 to 5 at the Sandton Convention Centre, in Johannesburg. Facilitated by Strategic Mindsets Wendy Poulton , the webinar will provide attendees with insight from Webber Wentzel senior associate Paula-Ann Novotny, Ardea International CEO Coleen Theron and University of the Witwatersrand's Centre for Applied Legal Studies attorney Ariella Scher The webinar, sponsored by Webber Wentzel, will highlight major legislative and other trends such as voluntary standards and what this means for business in Africa . Deep dives into mining and agriculture will explore these issues at a sectoral level in two areas that are of particular interest in Africa and where human rights violations have been experienced in the past. This interactive session will explore key issues for responsible sourcing and value chains in an increasingly complex trade environment . The audience will be able to interact with the panellists and each other for a rich conversation on the environmental , social and governance ecosystem and human rights imperatives. Click here to register today.

Source - Mining Weekly
5 Sep 2023
5Sep

South Africa loses R1 billion a day due to Transnet collapse

- 5 September 2023 The collapse of South Africa's rail and port utility, Transnet, is set to cost the country R1 billion a day in economic output, equivalent to 4.9% of annual GDP or R353 billion. This was revealed in a study by the GAIN Group, a boutique consultancy focusing on contract research of freight transport in particular. The figure of R353 billion for 2023 is actually less than the R411 billion GAIN estimated Transnet cost the South African economy last year. Director at GAIN Professor Jan Havenga expected the utility's performance to improve markedly this year due to cooperation between Transnet and mining companies. However, this improvement did not materialise as the total freight transported by Transnet declined in 2023. Transnet on Friday reported a R5.7 billion loss for the year ending March 31, compared with a R5 billion profit in 2022. The volumes delivered by its freight rail business dropped 13.6% during the period. Volumes of iron ore and coal transported by Transnet's freight rail network for export have fallen due to issues like poor management, idle locomotives and cable theft. According to GAIN, South Africa's economic growth of 0.5% for 2023 could have been over ten times higher at 5.4% if Transnet operated at full capacity. The impact could have been even worse if commodity prices remained close to their 2022 highs. The calculated cost to the South African economy includes the failure to achieve potential exports, the impact of inefficient logistics resulting in higher costs, and other indirect impacts from lost revenue on the economy. The Minerals Council of South Africa estimated that poorly run ports and freight-rail lines may have cost the country R150 billion rand in exports last year. For example, Anglo American subsidiary Kumba Iron Ore lost R6 billion from rail underperformance, including derailments and cable theft on Transnet's iron ore line in the first six months of 2023. The company is South Africa's largest producer and exporter of iron ore, and i

Source - Daily Investor
5 Sep 2023
5Sep

Stealing business? SA reacts to Woolies R25 amagwinyas

Retail giant Woolies has been accused of stealing customers from kasi ladies after selling amagwinyas and dombolo. For years now, South Africans have joked about Woolies and how their prices attract a certain upmarket crowd. Just a short while ago, the price of their rotiserrie chicken sent locals into a frenzy as they wondered what made the chicken so special. And now a social media user has headed online to share that the upper-class supermarket now sells amagwinyas. In the comment section, many complained that the retailer is stealing customers from the women who usually sell the fried bread in the streets. Woolies now selling amagwinyas at R25 for 4, SA reacts South Africans absolutely love fresh magwinyas and are known to scarf down the fried delicacies for breakfast with a slice of polony and cheese. Because of this, many local men and women are able to make a decent living selling the food at around R2 a pop. It looks like big brand Woolies also wants to get in on that action and is now selling a pack of four amagwinyas at R25. Heading online, a X user shared a short clip of the amagwinyas. Take a look below: Stealing customers? In the comment section, many locals weighed in on the product. According to some of them, Woolies is trying to penetrate the middle class market. Others said that they are stealing customers from the men and women who make a living selling the amagwinyas on the street. "woolies is penetrating the middle class market, one person wrote while another said: "1.50 legwinya at kasi With 25bucks i can buy 10 amagwinya and 10 white liver "Eishh and our moms businesses? a third added.

Source - The South African
5 Sep 2023
5Sep

Battle of the food producers: RCL vs AVI

Alex Duys from Umthombo Wealth talks the divergent RCL Foods and AVI results. Sanisha Packirisamy from Momentum Investments on the importance of women in the labour force. PPS's David Crosoer explains how we should manage short-term price gains with long-term sustainable investments.

Source - Iono FM
5 Sep 2023
5Sep

Vodacom in deal with Starlink rival Project Kuiper

Vodacom Group plans to offer access to Project Kuiper, the Amazon.com-owned low-Earth-orbit satellite network. Vodacom Group plans to offer access to Project Kuiper , the Amazon.com-owned low-Earth orbit satellite communications provider and a direct competitor of SpaceX's Starlink. Vodacom and its parent, the UK-headquartered Vodafone Group, said on Tuesday that the companies will use Project Kuiper's satellites to extend the reach of their 4G and 5G networks in Africa and Europe. They plan to participate in beta testing of Project Kuiper in 2024 through a "strategic collaboration". "Vodafone and Vodacom plan to use Project Kuiper's high-bandwidth, low-latency satellite network to bring the benefits of 4G/5G connectivity to areas that may otherwise be challenging and prohibitively expensive to serve via traditional fibre or microwave solutions," they said in a statement. Vodacom had been working with Loon , a now-abandoned plan by Google to offer internet access via high-altitude balloons. "Project Kuiper will connect geographically dispersed cellular antennas back to the companies' core telecoms networks. This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed-wireless links back to the core networks," they added. The telecoms operators are also exploring enterprise-specific offerings to provide businesses with comprehensive global connectivity solutions, such as backup service for unexpected events and extending connectivity to remote infrastructure. "Vodafone's work with Project Kuiper will provide mobile connectivity to many of the estimated 40% of the global population without internet access, supporting remote communities, their schools and businesses, the emergency services, and disaster relief. These connections will be complemented further through our own work on direct-to-smartphone satellite services," said Vodafone Group CEO Margherita Della Valle in the statement. A promotional video

Source - Tech Central
5 Sep 2023
5Sep

Private business, community step up during strike

While most Centurion residents battled to cope with the effects of a wage dispute between the metro and its workers, private individuals and businesses stepped in to take the edge off the worst of the strike. Services including waste collection as well as water and sanitation, transport and road maintenance were affected by the strikes, leaving residents frustrated. Ward 65 councillor, Gert Visser, saluted those trying to help, saying they were creating positive change to the benefit of all. "Issues attended to by the community are, among others, power outages, sewage overflows, removal of household waste, litter picking, beautification of open areas, pothole repairs, water leaks, sidewalk maintenance, removal of weeds and road sweeping, explained Visser. Professionals such as plumbers assisted with urgent repairs, such as weeks-long sewerage leaks in Wierdapark, Rooihuiskraal, and Eldoraigne. Ward 70 councillor Marika Kruger-Muller thanked the plumbers who stepped in while the city could not render services. Cindy Billson, ward 69 councillor said that it wasn't just those providing a service for free or offering to pay for a service, but also those supporting them and offering prayers, encouragement, and messages of support. "Several kind souls assisted us in the last couple of weeks in helping to sustain and grow the city, despite the strikes, said Billson. While some metro workers were able to work, many had to operate under the darkness of night, or with the support of local security companies for protection. Some volunteers experienced the intimidation first-hand, with teams from Hennops River Revival being forced to abandon their work at the Rooihuiskraal garden refuse site due to intimidation. Others offered the resources that they had access to, while members of the community pooled what they had to make up for the difference. To clean up the waste that was illegally dumped at Rooihuiskraal, Billson said that a resident who owns a construction company made heavy machinery available

Source - Rekord
5 Sep 2023
5Sep

MTN SA selects insiders for two key roles

Tumi Chamayou has been named MTN SA's chief enterprise business officer for South Africa. M obile operator MTN South Africa has made two key appointments to its executive team. The company has appointed Tumi Chamayou, as chief enterprise business officer for South Africa, effective 1 October; and Ernest Galelekile as the new executive: channels in commercial operations, effective 1 September. In a media statement, the telco says Chamayou is currently the group executive for MTN's Enterprise Business Unit, having joined that team in 2018 as general manager for large enterprise sales. According to the firm, during her group tenure, she has added immense value, overseeing growth, first in the multinational and large enterprise segments. She later added the SME client segment teams, as well as driving the overall strategy and operational alignment, through various programmes that she spearheaded across MTN's markets to drive growth that has seen growth exceed more than 28% year on year between the period of 2020 and 2022, the telco adds. Prior to joining MTN, it notes, Chamayou played a key role as management consultant at Egon Zehnder's Technology and Telecommunications, Private Equity, and Family Business Advisory Practices. Before Egon Zehnder, she was vice president at Ericsson Sub-Saharan Africa, covering 43 countries in the region and a member of the region's leadership team. In that position, MTN says, she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. Commenting on Chamayou's appointment, Charles Molapisi, CEO of MTN South Africa, says: "Tumi has made a significant contribution to our Group Enterprise Business Unit, and in our pursuit of realising our strategic goals of fostering business expansion, revolutionising customer satisfaction, and revitalising employee involvement, it's paramount we enlist individuals with the requisite cap

Source - IT Web
5 Sep 2023
5Sep

SUPER GROUP LIMITED — Dealing in Securities by the Group Company Secretary and Directors of Major Subsidiaries: Deferred S

5 September 2023 R33.30 Dealing in Securities by the Group Company Secretary and Directors of Major Subsidiaries: Deferred Share Plan Super Group Limited (Incorporated in the Republic of South Africa) (Registration number: 1943/016107/06) Share code: SPG ISIN: ZAE000161832 Legal Entity Identifier: 378900A8FDADE26AD654 Debt Company Code: BISGL ("Super Group") DEALING IN SECURITIES BY THE GROUP COMPANY SECRETARY AND DIRECTORS OF MAJOR SUBSIDIARIES: DEFERRED SHARE PLAN In compliance with the JSE Limited Listings and Debt Listings Requirements, the following information is disclosed: The following transactions are disclosed in relation to the deferred share awards: 1. Name of director: Bonisile Makubalo (Director of Super Group Trading) Date of transaction: 31 August 2023 Nature of transaction: On- market sale of shares Class of securities: Ordinary shares Number of deferred shares: 20 000 Volume weighted average price per share: R34.70 Highest price per share: R35.11 Lowest price per share: R34.56 Total value of transaction: R694 000.00 Nature and extent of director's interest: Direct beneficial 2. Name of director: Graeme Watson (Director of Allen Ford UK) Date of transaction: 31 August 2023 Nature of transaction: On- market sale of shares to settle tax obligations arising from vesting of rights in terms of the Deferred Share Plan Class of securities: Ordinary shares Number of deferred shares: 9 072 Volume weighted average price per share: R34.70 Highest price per share: R35.11 Lowest price per share: R34.56 Total value of transaction: R314 798.40 Nature and extent of director's interest: Direct beneficial 3. Name of The Group Company John Mackay (Group Company Secretary of Secretary: Super Group) Date of transaction: 31 August 2023 Nature of transaction: On- market sale of shares to settle tax obligations arising from vesting of rights in terms of the Deferred Share Plan Class of securities: Ordinary shares Number of deferred shares: 3 265 V

Source - Moneyweb
5 Sep 2023
5Sep

Vodacom taps Amazon's Project Kuiper to connect Africa

Project Kuiper is an initiative to increase global broadband access through a constellation of 3 236 satellites in low Earth orbit. V odafone and Project Kuiper, Amazon's low Earth orbit satellite (LEO) communications initiative, today announced a strategic collaboration through which Vodafone and Vodacom plan to use Project Kuiper's network to extend the reach of 4G/5G services to more of their customers in Europe and Africa. Project Kuiper is an initiative to increase global broadband access through a constellation of 3 236 satellites in low Earth orbit. Its mission is to bring fast, affordable broadband to unserved and underserved communities around the world. It competes with Elon Musk's Starlink service among others. SpaceX's Starlink, nonetheless, remains unavailable in South Africa although it has gone live in several African countries. Vodafone and Vodacom plan to use Project Kuiper's high-bandwidth, low-latency satellite network to bring the benefits of 4G/5G connectivity to areas that may otherwise be challenging and prohibitively expensive to serve via traditional or microwave solutions. In a statement, the companies say Project Kuiper will connect geographically dispersed cellular antennas back to the companies' core telecom networks. This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed wireless links back to the core networks. As part of the collaboration, Amazon plans to with Vodafone to roll out Project Kuiper's high-speed broadband services to unserved and underserved communities around the world. The companies are also exploring additional enterprise-specific offerings to provide businesses with comprehensive global connectivity solutions, such as backup service for unexpected events and extending connectivity to remote infrastructure. Margherita Della Valle, Vodafone Group chief executive, says: "Vodafone's work with Project Kuiper will provide mobile connectivity to many of t

Source - IT Web
5 Sep 2023
5Sep

South Africa's biggest retailer is spending R3.5 million a day to beat load shedding

South Africa's biggest retailer, Shoprite, has recorded a strong financial performance despite spending over R1.3 billion on diesel to curb load shedding. In its financial results for the 52 weeks that ended 2 July 2023, the group grew sales by 16.9% to R215 billion, which its supermarkets in South Africa have underpinned. Checkers and Checkers Hyper also saw 18.0% sales growth, whilst Checkers Sixty60 increased sales by 81.5%. The on-demand grocery delivery app also expanded its services from 300 stores in 2022 to 466 stores in 2023. The low prices and affordability at Shoprite and Usave also resulted in sales growth of 15.6%. Overall, the group's trading profit also increased by 5.7%, which resulted in a trading margin of 5.5% (restated 2022: 6.1%). "This was notably impacted by the R1.3 billion (2022: R226 million) diesel expense required to operate generators across our Supermarkets RSA store base during the year due to higher stages of load shedding," the group said. Averaged out, the group has gone from spending R620,000 a day on diesel in 2022 to R3.56 million a day — a 470% increase. Due to the effect on liquidity caused by load shedding, the group did not repurchase any shares under its share buy-back programme, which has resulted in the group buying back R1.5 billion worth of shares since the 2021 financial year. Returning to positive news, the group opened 382 stores (340 net), which expanded its footprint to 3,326 stores — 94 of these new stores were acquired from Massmart. Amidst the improved financial position, the group upped its dividend by 10.5% to 415 cents per share.Group sales of merchandise increased by 16.9% to R215.0 billionSupermarkets RSA sales of merchandise increased by 17.8% to R173.6 billionDiluted headline earnings per share (DHEPS) increased by 9.7% to 1 159.4 cents (restated 2022: 1 056.9 cents)Adjusted headline earnings per share (adjusted HEPS) increased by 3.8% to 1 161.2 cents (restated 2022: 1 118.6 cents)Full-year dividend per share (DPS) increased

Source - Business Tech
5 Sep 2023
5Sep

Dubai World Trade Centre reinforces Dubai's position as global hub for business tourism WAM 06 Sep 2023, 01:30 GMT+10

DUBAI, 5th September, 2023 (WAM) -- Dubai World Trade Centre (DWTC) today announced the events line-up for the last quarter of 2023 with over 100 business and consumer events spanning vital sectors including technology, sustainability, food and beverage, healthcare, green economy, among others. DWTC continues to connect global business communities by organising and hosting internationally recognised meetings, exhibitions and conferences, as it gears up for what is anticipated to be one of the city's busiest events seasons, reinforcing Dubai's position as a global hub for business tourism. Mahir Abdulkarim Julfar, Executive Vice President at DWTC, said, "DWTC plays a crucial role in furthering the emirate's position as the global Meetings, Incentives, Conferences, and Exhibitions (MICE) capital. We are witnessing substantial growth of flagship events like GITEX Global, ArabLab+, Big 5 Global, World Radiocommunication Conference among others and are equally excited to host new events at the venue. The upcoming events season will offer an unrivalled opportunity for exhibiting companies, participants, and the business communities at large to network and collaborate, provide access to global markets, while facilitating foreign investments into the emirate and contributing to the ongoing growth of Dubai as a business tourism destination in line with Dubai's Economic Agenda (D33)". "We consider it an honour to be at the forefront of Dubai's unprecedented business events season, which features international conferences like COP 28 as well as our own industry leading events. We are ready for yet another impactful season, marking the culmination of a remarkable 2023, even as we look forward to an action-packed 2024", Julfar added. September opens with Plastics Recycling Show ME, Sleep Expo, ME Foam & Polyurethane Expo, Adhesives Sealants, and Bonding Expo ME from 5-7 September, followed by Gulf Bride Show from13-17 September, Frozen Musical Celebrations on September 16th, Sign and Graphic Im

Source - South Africa News
5 Sep 2023
5Sep

MTN South Africa Elevates Tumi Chamayou And Ernest Galelekile To New Roles

MTN South Africa has announced the appointment of Tumi Chamayou, as Chief Enterprise Business Officer for South Africa, effective 1 October 2023, andErnest Galelekile as the new Executive: Channels in Commercial Operations, effective 01 September 2023. Chamayou is currently the Group Executive for MTN's Enterprise Business Unit (GEBU) having joined that team in 2018, as General Manager for Large Enterprise Sales. During her Group tenure, she has added immense value, overseeing growth, first in the Multinational and Large Enterprise segments. She later added the SME client segment teams, as well as driving the overall strategy and operational alignment, through various programs that she spearheaded across MTN's markets to drive growth that has seen growth exceed more than 28% year on year between the period of 2020 and 2022. Prior to joining MTN, Chamayou played a key role as Management Consultant at Egon Zehnder's Technology and Telecommunications, Private Equity, and Family Business Advisory Practices. And before Egon Zehnder, she was Vice President at Ericsson Sub-Saharan Africa, covering 43 countries in the region and a member of the Region's leadership team. In that position, she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. During her 10-year tenure at Ericsson, Chamayou led various other global and regional roles including running the Business & Network Consulting and Services business in West Africa, the Business Advisory Services for the whole of Reginal Sub Sahara Africa, amongst other roles. She also led the Consulting and SI business for Region Eastern & Central Europe based in Sweden and later France, covering Scandinavian, Russian and CIS countries. Prior to that she spent seven years in technology and strategy consulting at Accenture and later at Decipher Consulting. Commenting on Chamayou's appointment, Charles Molapisi, C

Source - TechFinancials
5 Sep 2023
5Sep

South Africa's De Kock has'unfinished business' at World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup, which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022. De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - Jacaranda FM
5 Sep 2023
5Sep

REDEFINE PROPERTIES LIMITED - Interest rate reset RDFB15

Release Date: Code(s): RDFB15 PDF: Interest rate reset — RDFB15 REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration no: 1999/018591/06) Company code: BIRDF LEI: 37890061EC026A7DA532 ISIN: ZAG000155854 (Approved as a REIT by the JSE) INTEREST RATE RESET — RDFB15 Notice is hereby given that the 3 month JIBAR rate as at 5 September 2023 is 8.35% p.a. ("JIBAR"). Accordingly, the next interest payment, payable on 5 December 2023 (Following*), for the period 5 September 2023 to 4 December 2023, will be calculated based on a rate of 9.95% p.a. (160 bps over JIBAR). * When the interest payment date falls on a non-business day, such interest payment will be paid on the first business day after the weekend or public holiday. Next reset date: 5 December 2023. 5 September 2023 Debt sponsor Java Capital Date: 05-09-2023 02:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. Share This Story

Source - Sharenet
5 Sep 2023
5Sep

Metals Acquisition appoints chairperson

NYSE-listed Metals Acquisition Limited (MAC) on Tuesday announced the appointment of Patrice Merrin as chairperson of the board, replacing Neville Power , who has resigned to pursue other opportunities. Merrin chaired the predecessor company, Metals Acquisition Corporation, from its founding until August 2022, when she stepped out of that role as the company pursued the acquisition of the CSA copper mine, then owned by Glencore on which board she served from June 2014 until May 2023. She is also a former chairperson of Detour Gold and former independent director of Stillwater Mining and Arconic, among others. "It has been an honour and a privilege to Chair Metals Acquisition Limited through the CSA mine purchase and public listing process. MAC is well placed to continue to grow and I wish the company all the best for the future," said Power.

Source - Engineering News
5 Sep 2023
5Sep

Shoprite's impressive results dampened by R1.3bn spent on diesel during load shedding

Shoprite's 2023 financial report shows sales growth despite the continuous power outages. Shoprite's 2023 financial report shows double-digit growth, with sales reaching R215 billion, yielding higher profits for the food retail giant amid unprecedented load shedding. Shoprite customers spent R26 billion more compared to a year ago, while saving over R13.5 billion in Xtra Savings. Shoprite CEO Pieter Engelbrecht said the multibillion sales growth equated to 1.4% in market share for the financial year ended 2 July 2023. "In the context of our power challenges, we are pleased to still report growth in headline earnings and dividends per share," he said. Read more Load shedding According to Engelbrecht, the Shoprite group has spent R1.3 billion on diesel so it can run generators in stores during periods of load shedding. "It's disappointing, however, that if not for the R1.3 billion diesel expense… our market sales growth would have delivered higher returns for our shareholders," Engelbrecht said. "Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." Growth against all odds However, Shoprite's core supermarkets saw a 17.8% sales growth, which Engelbrecht attributed to the group's multi-year transformation strategy. Sales in Shoprite's Usave supermarkets grew by 15.6%. Meanwhile, Checkers and Checkers Hyper yielded 18% sales growth. The CEO said the company's Sixty60 online order and delivery service had increased the retailer's sales by 81.5%. "[This validates] our strategy in terms of our investment in digital and data-led decision making," he added. "Shoprite and Usave's commitment to lowest prices and affordability resulted in 15.6% sales growth." Massmart acquisition Shoprite's sales was also boosted by the integration of 92 acquired Massmart stores into Shoprite, Usave and Shoprite Liquorshop operations, Engelbrecht said. "We are pleased with the performance of these stores, especially in light of considerable c

Source - The Citizen
5 Sep 2023
5Sep

African Rainbow Minerals reports decline in profits due to lower production, weaker commodity prices.

African Rainbow Minerals (ARM) yesterday reported a 21% decline in annual profit, citing lower production and weaker commodity prices. In its results for the financial year ended June 30, 2023, the diversified miner said headline earnings per share were R48.51 compared with R57.87 the previous year. The group declared a final dividend of R12 per share. Last year it was R20 per share. The group said iron ore, manganese ore, and thermal coal volumes were negatively impacted by logistic challenges. The group said the average realised rand weakened by 17% versus the US dollar to R17.76 per dollar compared to R15.21 per dollar in the 2022 financial year. "Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs," the company said. The group reported that ARM Ferrous headline earnings were 17% lower, driven by a 34% decrease in headline earnings in the manganese division, and an 11% decrease in the iron ore division. "Lower headline earnings in the iron ore division were driven by a decrease in the average realised dollar iron ore prices and lower export sales volumes, partially offset by the weaker rand versus the dollar exchange rate and lower freight costs," it said. Iron ore headline earnings included a R279 million (pre-tax) negative fair value adjustment on sales, of which 66% was based on confirmed prices and 34% on forward prices, the group said. Lower headline earnings in the manganese division were driven by a decrease in the average realised US dollar manganese ore and alloy prices and higher production and railage costs, which were partially offset by the weaker rand versus US dollar exchange rate and lower freight costs. ARM said it remained confident about the long-term profitability of Bokoni after concluding the acquisition of Bokoni Mine from Anglo American Platinum and Atlatsa Resources Corporation. "Good progress has been made in advancing the

Source - Sunday Independent
5 Sep 2023
5Sep

Metals Acquisition appoints chairperson

NYSE-listed Metals Acquisition Limited (MAC) on Tuesday announced the appointment of Patrice Merrin as chairperson of the board, replacing Neville Power , who has resigned to pursue other opportunities. Merrin chaired the predecessor company, Metals Acquisition Corporation, from its founding until August 2022, when she stepped out of that role as the company pursued the acquisition of the CSA copper mine, then owned by Glencore on which board she served from June 2014 until May 2023. She is also a former chairperson of Detour Gold and former independent director of Stillwater Mining and Arconic, among others. "It has been an honour and a privilege to Chair Metals Acquisition Limited through the CSA mine purchase and public listing process. MAC is well placed to continue to grow and I wish the company all the best for the future," said Power.

Source - Mining Weekly
5 Sep 2023
5Sep

African Rainbow Minerals reports decline in profits due to lower production, weaker commodity prices.

African Rainbow Minerals (ARM) yesterday reported a 21% decline in annual profit, citing lower production and weaker commodity prices. In its results for the financial year ended June 30, 2023, the diversified miner said headline earnings per share were R48.51 compared with R57.87 the previous year. The group declared a final dividend of R12 per share. Last year it was R20 per share. The group said iron ore, manganese ore, and thermal coal volumes were negatively impacted by logistic challenges. The group said the average realised rand weakened by 17% versus the US dollar to R17.76 per dollar compared to R15.21 per dollar in the 2022 financial year. More on this SA billionaire Patrice Motsepe urges Africa to forge beneficial partnerships with BRICS countries ARM delivers strong interims boosted by coal prices Book Extract: PATRICE MOTSEPE ‘An Appetite for Disruption' "Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs," the company said. The group reported that ARM Ferrous headline earnings were 17% lower, driven by a 34% decrease in headline earnings in the manganese division, and an 11% decrease in the iron ore division. "Lower headline earnings in the iron ore division were driven by a decrease in the average realised dollar iron ore prices and lower export sales volumes, partially offset by the weaker rand versus the dollar exchange rate and lower freight costs," it said. Iron ore headline earnings included a R279 million (pre-tax) negative fair value adjustment on sales, of which 66% was based on confirmed prices and 34% on forward prices, the group said. Lower headline earnings in the manganese division were driven by a decrease in the average realised US dollar manganese ore and alloy prices and higher production and railage costs, which were partially offset by the weaker rand versus US dollar exchange rate and lower freight costs. ARM s

Source - Cape Argus
5 Sep 2023
5Sep

MTN South Africa Elevates Tumi Chamayou And Ernest Galelekile To New Roles

MTN South Africa has announced the appointment of Tumi Chamayou, as Chief Enterprise Business Officer for South Africa, effective 1 October 2023, andErnest Galelekile as the new Executive: Channels in Commercial Operations, effective 01 September 2023. Chamayou is currently the Group Executive for MTN's Enterprise Business Unit (GEBU) having joined that team in 2018, as General Manager for Large Enterprise Sales. During her Group tenure, she has added immense value, overseeing growth, first in the Multinational and Large Enterprise segments. She later added the SME client segment teams, as well as driving the overall strategy and operational alignment, through various programs that she spearheaded across MTN's markets to drive growth that has seen growth exceed more than 28% year on year between the period of 2020 and 2022. Prior to joining MTN, Chamayou played a key role as Management Consultant at Egon Zehnder's Technology and Telecommunications, Private Equity, and Family Business Advisory Practices. And before Egon Zehnder, she was Vice President at Ericsson Sub-Saharan Africa, covering 43 countries in the region and a member of the Region's leadership team. In that position, she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. During her 10-year tenure at Ericsson, Chamayou led various other global and regional roles including running the Business & Network Consulting and Services business in West Africa, the Business Advisory Services for the whole of Reginal Sub Sahara Africa, amongst other roles. She also led the Consulting and SI business for Region Eastern & Central Europe based in Sweden and later France, covering Scandinavian, Russian and CIS countries. Prior to that she spent seven years in technology and strategy consulting at Accenture and later at Decipher Consulting. Commenting on Chamayou's appointment, Charles Molapisi, C

Source - Investing
5 Sep 2023
5Sep

Surprise growth in GDP will not bail out fiscus

SA's economy grew ahead of expectations in the second quarter, reflecting the positive impact that June's moderation in blackouts had after high levels of load-shedding in April and May.A low growth rate reduces potential tax revenues and increases the expenditure needs of the government, making it harder to achieve fiscal sustainability and forcing the government into a trade-off between balancing its budget and pursuing other policy goals, such as social welfare.At 0.6% quarter-on-quarter growth for the three months ending June, the GDP reading published by Stats SA on Tuesday, surpassed median expectations of 0.1% among economists polled by Reuters.The latest number is stronger than first-quarter GDP growth, which registered at 0.4%. It is back above the level of economic activity that prevailed before the start of Covid-19, albeit by a small margin.Stats SA said the growth was largely driven by the mining and manufacturing sectors, which contributed 0.1 and 0.3 percentage points, respectively, to the outcome, with 10 major manufacturing divisions reporting an improvement in activity.Another positive contribution came from the broad financial service sector, which added 0.2 percentage point to the headline number, reflecting increased banking, insurance and real estate activity.The agriculture sector also surprised, recording a positive contribution after two siccessive quarters of decline.Agriculture expanded 4.2%, driven mainly by increases in the production of field crops and horticulture products, which were helped by favourable weather conditions.The growth performance was, however, not broad-based, with retail, transport, communication and construction activity all contracting in the quarter.North-West University professor Raymond Parsons said other economic data - such as retail sales and credit demand - remain weak as a result of higher borrowing costs and rand depreciation, which cut disposable income.The economy will struggle to gain sufficient momentum to sustain a higher rat

Source - Business Live
5 Sep 2023
5Sep

Double-digit sales growth for Shoprite as it continues to gain market share

The Money Show interviews CEO Pieter Engelbrecht after Shoprite Holdings posts its results for the past financial year. Shoprite Holdings increased sales by almost 17% to R215 billion in the financial year ended 2 July 2023. For Supermarkets RSA, sales were up 17.8% to R173.6 billion. Adjusted headline earnings per share (HEPS) increased by 3.8% to 1 161.2 cents (restated 2022: 1 118.6 cents). The Group declared a full-year dividend of 663 cents per share, an increase of 10.5%. In many aspects Shoprite's past financial year was "extraordinary" said CEO Pieter Engelbrecht. The Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of loadshedding. Motheo Khoaripe interviews the Shoprite Holdings CEO on The Money Show. The past financial year was extraordinary not only in terms of what was thrown at them Engelbrecht says, but also how the team reacted to achieve what it did in the South African supermarkets division. An 18% sales growth on top of 19% the previous year resulted in an R8.1 billion gain in market share across the two brands, both Checkers and Shoprite - a remarkable achievement. This marks now the fifth financial year in succession in which the group has gained market share... so it's not a one- year story, it is also not a one-horse story in the sense that it's only coming from Checkers or only from Shoprite - it comes from across the business.

Source - 702
5 Sep 2023
5Sep

South Africa business activity grows in Aug for first time in six months |PMI.

(Reuters) - South African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed on Tuesday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady," said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year," he said.

Source - Fullview
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - Cape Times
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked about South Africa's prospects after a pattern of falling short in previous World Cups, captain Temba Bavuma said: "It's about pl

Source - Sunday Independent
5 Sep 2023
5Sep

ConCourt to hear Coronation's appeal in R716m SARS tax dispute

The Constitutional Court has agreed to hear an application by a subsidiary of Coronation Fund Managers for leave to appeal the asset manager's R716million tax dispute with the SA Revenue Service (SARS), which dates all the way back to the 2012 tax year. The Cape Town-headquartered asset manager said on Tuesday saying the apex court had issued a directive on 1 September that it would hear arguments on the merits of its appeal, though no date had yet been set for the hearing. Coronation Investment Management SA (CIMSA), a subsidiary of the JSE-listed asset manager, told shareholders in February 2023 that the Supreme Court of Appeal (SCA) had ordered it to pay additional taxes for profits earned by its international operations along with interest and costs, following an appeal by SARS. "We can confirm that on Friday, 1 September, the Constitutional Court notified us that it will hear our application for leave to appeal and our argument on the merits of our position with respect to the ruling of the Supreme Court of Appeal on the tax dispute between Coronation and the SA Revenue Service," Coronation CFO Mary-Anne Musekiwa confirmed to News24. "The hearing date will be set by the Constitutional Court in due course." Coronation had originally planned to set aside between R800 million and R900 million to cover the SARS tax dispute after first announcing the disputed liability in February. However, it subsequently reduced the total obligation payable to SARS to R716 million, which includes all its tax assessments from 2012 to 31 March 2023, when it announced its interim results in May. READ | Coronation plans Constitutional Court appeal in R900m tax fight SARS initially notified the group of the tax issue in 2017, saying profit earned by Coronation Global Fund Managers (CGFM), an Irish subsidiary, should have been included in the taxable income of CIMSA, the group holding company and its registered SA tax entity. That saw the revenue authority issue a revised tax assessment for Coronation for th

Source - News24
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - Sunday Tribune
5 Sep 2023
5Sep

De Kock has ‘unfinished business' at World Cup — eNCA

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will ... Read more: South Africa's De Kock has 'unfinished business' at World Cup - France 24 Leave a Reply

Source - The Kimberly Prospector
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. More on this Retiring Quinton de Kock can finish Proteas journey with Cricket World Cup trophy as SA go for experience EXCLUSIVE: Coetzee set for Proteas World Cup berth, but no place for Brevis, Stubbs LOOK: Proteas have new technical sponsor and new threads ahead of World Cup Australia wrap up series whitewash despite Donovan Ferreira's dream debut Flawless Australia sweep undercooked Proteas aside and seal T20I series Reeza Hendricks urges Proteas to build partnerships ahead of second T20 against Australia A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had n

Source - Independent Online (IOL)
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - Pretoria News
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. More on this Retiring Quinton de Kock can finish Proteas journey with Cricket World Cup trophy as SA go for experience EXCLUSIVE: Coetzee set for Proteas World Cup berth, but no place for Brevis, Stubbs LOOK: Proteas have new technical sponsor and new threads ahead of World Cup Australia wrap up series whitewash despite Donovan Ferreira's dream debut Flawless Australia sweep undercooked Proteas aside and seal T20I series Reeza Hendricks urges Proteas to build partnerships ahead of second T20 against Australia A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had n

Source - Cape Argus
5 Sep 2023
5Sep

Retiring Quinton de Kock has ‘unfinished business' at the World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup , which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022 De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - The Star Online
5 Sep 2023
5Sep

Business Talk — Michael Martin on new legislation for South Africans to become St Kitts and Nevis citizens

Michael Martin is in charge of the St Kitts and Nevis Citizenship by Investment Programme and is intimately acquainted with the new legislation to be introduced. Lifestyle Business Talk - Michael Martin on new legislation for South Africans to become St Kitts and Nevis citizens Staff Writer · 5 Sep 2023 In this episode of Business Talk with Michael Avery, Michael Martin, Head of the St. Kitts and Nevis Citizenship by Investment Unit, discusses new legislation to be introduced to streamline this citizenship programme. Martin boasts extensive experience in strategic planning and compliance, having served in top management positions in several companies - including the Staff Writer

Source - Knowledia
5 Sep 2023
5Sep

Update: Chinese president meets Red Cross president Xinhua 06 Sep 2023, 02:06 GMT+10

BEIJING, Sept. 5 (Xinhua) -- Chinese President Xi Jinping met with President of the International Committee of the Red Cross (ICRC) Mirjana Spoljaric Egger in Beijing on Tuesday. Xi spoke highly of the international humanitarian work carried out by the ICRC over the past 160 years since its founding and hailed its important contributions to world peace and progress. Xi noted that the world today is undergoing profound changes unseen in a century, and human society is faced with many challenges, some of which are familiar and some are new. Under such circumstances, China is strengthening cooperation with other countries to jointly explore solutions and promote the building of a community with a shared future for humanity, Xi said. "I put forward the Belt and Road Initiative, the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative in the hope of working with other countries to achieve economic development, improve people's livelihood, achieve win-win results, and provide Chinese ideas and solutions for strengthening global governance and governance of humanitarian issues," Xi said. Calling humanitarianism the greatest consensus that is able to unite different civilizations, Xi said the ideas contained in traditional Chinese culture such as "the benevolent man loves others" and "do not do to others what you do not want others to do to you" are in harmony with the mission of the International Red Cross and Red Crescent Movement. Upholding the principle of putting the people first, China has won the biggest battle against poverty in human history. In the face of COVID-19, China has not only protected the lives and health of its own people but also launched the largest global humanitarian assistance in history, Xi said. "Facts have proven that China is an active supporter, participant and contributor to the international humanitarian cause. China is ready to work more closely with the ICRC and make important contributions to human peace and progre

Source - South Africa News
5 Sep 2023
5Sep

ERIN-DIANNE RICHARDS: Succumbing to the cancel culture

Banks' decision to close accounts linked to Sekunjalo smacks of woke hysteria given the absence of proven wrongdoing In the space between Sekunjalo Investment Holdings' offices and the premises of the country's leading banks a significant controversy brews. The nation's appetite for discourse should pique as the banks endeavour to solidify their authority to terminate customer relationships based on broadly defined "reputational risk" stemming from often unverified and inaccurate negative media allegations. Regrettably, the debate remains conspicuously muted due to insufficient coverage by much of the mainstream media, which seems more engrossed by the sensationalism surrounding Sekunjalo chair Iqbal Survé than by the imperative of informing the public about the contents of the arguments being advanced. The thrust of the current case is this: since mid-2020 every major bank in the country has chosen to close accounts associated with Sekunjalo-linked entities and cease accepting them as new clients, in effect rendering them ineligible for banking services. Remarkably, the banks affirm under oath that their decisions hinge solely on what they term "reputational risk" arising from negative media coverage after the Mpati commission of inquiry into the Public Investment Corp. (PIC). Notably, they make this determination without any direct reliance on wrongdoing, and in circumstances where they admit to being entirely unconcerned with the veracity of the allegations in the negative media coverage. On their version, the mere existence of negative media reports justifies the termination of these banking relationships. As matters presently stand banks are commercial entities, entitled to choose their customers and manage those customer relationships as they see fit, including terminating those relationships on reasonable notice. From a public policy perspective this hasn't been a major source of concern to date given that termination has historically been infrequently invoked, reserved for extre

Source - Business Live
5 Sep 2023
5Sep

MTN announces new chief enterprise business officer and channels executive

MTN South Africa has promoted Tumi Chamayou and Ernest Galelekile to new executive roles. MTN South Africa has appointed Tumi Chamayou as chief enterprise business officer and Ernest Galelekile as executive for channels in commercial operations. Chamayou's appointment is effective 1 October, while Galelekile's was effective from 1 September 2023. Chamayou is currently the group executive for MTN's Enterprise Business Unit after joining that team in 2018 as general manager for large enterprise sales. Before joining MTN, Chamayou was a management consultant at Egon Zehnder's technology and telecommunications, private equity, and family business advisory Staff Writer

Source - Knowledia
5 Sep 2023
5Sep

What are SEO Services for Small Business

Introduction In today's digital age, having an online presence is no longer optional for small businesses. However, merely having a website or social media account is not enough. To truly stand out in the crowded digital marketplace, small businesses must invest in Search Engine Optimization (SEO). But what exactly are SEO services for small businesses, and why are they so crucial for growth? In this article, we'll delve into the specific SEO services that can benefit small businesses and explore why they are an essential investment for long-term success. The Importance of SEO for Small Businesses Before diving into the specifics, it's crucial to understand why SEO is vital for small businesses. SEO helps improve a website's visibility on search engines like Google, Bing, and Yahoo. The higher your site ranks, the more likely it is that potential customers will find and visit it. For small businesses, this increased visibility can be a game-changer, driving more organic traffic, boosting sales, and enhancing brand recognition. Local SEO: Targeting Your Immediate Market One of the most effective SEO strategies for small businesses is Local SEO . This approach focuses on optimizing your online presence to attract more business from relevant local searches. Local SEO involves various techniques, such as optimizing your Google My Business listing, gathering customer reviews, and using local keywords. By targeting your immediate market, you can compete more effectively with larger companies and become a go-to option for local consumers. The Role of an SEO Agency: Expertise and Strategy Many small business owners may feel overwhelmed by the complexities of SEO. That's where an SEO agency comes in. These agencies offer specialized expertise and can develop a comprehensive SEO strategy tailored to your business needs. They handle everything from keyword research and on-page optimization to link-building and content creation. By outsourcing these tasks to experts, you can focus on running your busi

Source - Free Mail
5 Sep 2023
5Sep

Stage 6 load shedding weighs on the rand and JSE

The currency traded almost a percent weaker at R19.26 against the dollar at one point in early morning trade. South Africa's rand and JSE were trading weaker on Tuesday morning, weighed down partly by Stage 6 load shedding locally and a stronger dollar on the international front. More intense rolling power cuts resurfaced on Tuesday, with Eskom hit by further plant breakdowns. The rand and JSE weakened by almost 1% at one point, with the rand hitting R19.26 against the greenback while the JSE was at 74 643 points. Both regained some lost ground around midday. The JSE closed marginally up (0.4%) at 75 375 points on Monday. US markets were closed on Tuesday. Rand weakens due to stronger dollar Simon Brown, founder of Just One Lap and host of MoneywebNOW, said the biggest driver behind the rand's slip was the dollar strengthening. Read more "We've been seeing some rand weakness, and that primarily is probably being driven by dollar strength. We're seeing the dollar strong against the euro, sterling and pretty much across the basket of emerging market currencies," he added. State-owned power utility Eskom this week reimplemented higher stages of load shedding, announcing the highest Stage 6 power cuts until further notice as of Tuesday morning, following a protracted period of lighter load shedding even during the Brics Summit in South Africa recently. "The sort of bigger picture would be locally, where we're now sitting here on Stage 6, and I think that's spooking folks again," said Brown. "And what we're not seeing is… foreigners buying in both our equities and bond markets; that's also diminished over the last two to three, to four years, which simply means less money coming in," he added. Vulnerable position He said with commodities retreating, unlike in the lead-up to 2021 when a commodity boom helped to shelter the rand, the currency is left in a very vulnerable position. Heavyweights drag down JSE All Share The JSE All Share index (Alsi) fall on Tuesday morning was dragged down by

Source - The Citizen
5 Sep 2023
5Sep

Business Finance in Post-Apartheid South Africa was the Focus of Inaugural Lecture

Business Finance in Post-Apartheid South Africa was the Focus of Inaugural Lecture Dean and Head of UKZN's School of Accounting, Economics and Finance (SAEF), Professor Mabutho Sibanda achieved a significant milestone in his academic career in August when he delivered an inaugural lecture titled: Business Finance in Post-Apartheid South Africa: Views and Evidence. A firm believer that understanding and critically analysing the evolving landscape of business finance in post-apartheid South Africa can pave the way for a more inclusive and sustainable economic future, Sibanda set out his philosophical views and evidence on trends in business finance from the neoclassical lens to identify the possible paradigm shifts in financing businesses in the country. He noted that, theoretically, firms first make investment decisions and then consider financing options for either expansion or start-up projects. These decisions, which mainly involve the use of financial intermediaries, lead to economic growth in a pattern of causality referred to as "supply leading or "demand following depending on the country's level of economic development. In the past, South African firms mainly relied on equity as a source of business finance. However, recently, with the development of a robust bond market, this trend has been reversed, with firms embarking on debt finance to meet their expansion and working capital needs. Drawing on his expertise in corporate finance, Sibanda described corporate financial management as an organisation's heartbeat as it forms the foundation for all strategic decisions on the allocation of resources, investment choices and financial planning that drive the company's growth and success. He added: ‘As we delve into various trends and patterns that have emerged over the years, we must recognise the historical context in which these changes have taken place and their impact on different sectors of society, particularly the business sector. By shedding light on the successes and shortcomi

Source - University Of KwaZulu-Natal
5 Sep 2023
5Sep

Kim to meet Putin as Russia seeks closer military ties with North Korea -report

Kim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss supplying Moscow with weapons for the war in Ukraine, according to a New York Times report, as Russia seeks closer military ties with North Korea. In a rare trip abroad, Kim would travel from Pyongyang, probably by armoured train, to Vladivostok, on the Pacific Coast of Russia, where he would meet Putin, the Times reported on Monday, citing US and allied sources. White House national security spokesman John Kirby said on August 30 that the United States was concerned that arms negotiations between the two countries were advancing. While in Vladivostok, a port city not far from North Korea, the two leaders would discuss Kim's sending Russia artillery shells and antitank missiles in exchange for Moscow's advanced technology for satellites and nuclear-powered submarines, the newspaper reported. At a time when the United States has expressed concern about growing military ties between the two countries, the news of Kim's planned visit came after Russia said it was discussing holding joint military exercises with North Korea. "Why not, these are our neighbours. There's an old Russian saying: you don't choose your neighbours and it's better to live with your neighbours in peace and harmony," Interfax news agency quoted Russia's Defence Minister, Sergei Shoigu, as saying on Monday. When asked about the possibility of joint exercises between the two countries, he said they were "of course" being discussed, it said. South Korean news agency Yonhap earlier cited South Korea's intelligence agency as saying Shoigu, who visited Pyongyang in July, had proposed to Kim that their countries hold a naval exercise, along with China. COLD WAR ALLIES The Kremlin said last week that Moscow intends to deepen its "mutually respectful relations" with Pyongyang, one of its close Cold War allies and also one of a small handful of countries to back Russia's proclaimed annexation of parts of Ukraine in 2022. The New York Tim

Source - DispatchLIVE
5 Sep 2023
5Sep

New SanlamAllianz partnership to provide insurance, financial services in 27 African markets

Non-banking financial services group Sanlam and insurance and asset management group Allianz will create a pan-African non-banking financial services joint venture (JV) called SanlamAllianz with a presence in 27 African countries, excluding South Africa. The JV is expected to have a combined group equity value of about R35-billion. Retail and corporate clients of both companies will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Further, products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. SanlamAllianz's ambition is to be among the top three players, in terms of both market share and profitability, in the markets where the JV company will operate. SanlamAllianz's priorities include driving financial inclusion by focusing on the number of lives touched, and providing greater access to products and services through digital innovation. It will also leverage its telecommunications and bank assurance partnerships to create new opportunities across Africa. Additionally, the JV will provide enhanced offerings in property and casualty, as well as life insurance offerings through innovation and the additional capabilities enabled by greater economies of scale. The partnership is also aimed at growing the life and general insurance businesses through product, service and distribution innovation. Sanlam Emerging Markets CEO Heinie Werth has been appointed SanlamAllianz CEO. He has a career spanning 25 years at Sanlam and has held various executive positions within the group, including that of FD. "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this partnership, we want to unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate

Source - Engineering News
5 Sep 2023
5Sep

RCL Foods struggles with rising feed prices and load shedding

Agricultural commodity input costs was the biggest contributor to margin pressure, followed by load shedding which added R158.3m in direct costs for diesel, generator hire and additional labour requirements. CEO Paul Cruickshank said in a telephone interview yesterday that agricultural commodity prices had, in the past three to four months, started to fall marginally, in contrast to experience, when the prices peaked at high prices and dropped more dramatically thereafter, the difference this time probably being due to the impact of the Russia-Ukraine war. RCL plans for a full separation of the Rainbow business and had taken "significant steps" over two years to prepare it for this. Cruikshanck said that although the operational and administrative separation was complete, the business would need to stand on its own feet, also financially, with a strong balance sheet and funding capacity, for the full separation to occur. "Rainbow continues to focus on a turnaround strategy, which includes improving agricultural performance, driving cost efficiencies and economies of scale," he said. The Sugar business unit lifted Ebitda by R62.4m or 7.6%, even after the impact of the sugar industry special levy of R234.4m. This despite a decision by Tongaat Hulett's business rescue practitioners to suspend payment of their statutory pre-commencement levies and redistribution payments to the South African Sugar Association (Sasa), and the subsequent default of Tongaat and Gledhow. The remaining industry participants covered the shortfall via a special Sasa levy. Industry-led legal proceedings, including by Tongaat's business rescue practitioners, were under way to assess whether Tongaat was liable for the 2023 season levy — it had paid its 2024 season levy so far. "Understanding the key role our business plays in maintaining food security and employment in South Africa, we have focused on ‘controlling the controllables' to deliver a stable profit while supporting cash-strapped consumers. We have done so

Source - Cape Times
5 Sep 2023
5Sep

RCL Foods struggles with rising feed prices and load shedding

Agricultural commodity input costs was the biggest contributor to margin pressure, followed by load shedding which added R158.3m in direct costs for diesel, generator hire and additional labour requirements. CEO Paul Cruickshank said in a telephone interview yesterday that agricultural commodity prices had, in the past three to four months, started to fall marginally, in contrast to experience, when the prices peaked at high prices and dropped more dramatically thereafter, the difference this time probably being due to the impact of the Russia-Ukraine war. RCL plans for a full separation of the Rainbow business and had taken "significant steps" over two years to prepare it for this. Cruikshanck said that although the operational and administrative separation was complete, the business would need to stand on its own feet, also financially, with a strong balance sheet and funding capacity, for the full separation to occur. "Rainbow continues to focus on a turnaround strategy, which includes improving agricultural performance, driving cost efficiencies and economies of scale," he said. The Sugar business unit lifted Ebitda by R62.4m or 7.6%, even after the impact of the sugar industry special levy of R234.4m. This despite a decision by Tongaat Hulett's business rescue practitioners to suspend payment of their statutory pre-commencement levies and redistribution payments to the South African Sugar Association (Sasa), and the subsequent default of Tongaat and Gledhow. The remaining industry participants covered the shortfall via a special Sasa levy. Industry-led legal proceedings, including by Tongaat's business rescue practitioners, were under way to assess whether Tongaat was liable for the 2023 season levy — it had paid its 2024 season levy so far. "Understanding the key role our business plays in maintaining food security and employment in South Africa, we have focused on ‘controlling the controllables' to deliver a stable profit while supporting cash-strapped consumers. We have done so

Source - The Star Online
5 Sep 2023
5Sep

ALEXANDER FORBES GROUP HOLDINGS LIMITED - Report on proceedings at the annual general meeting and committee appointment

Release Date: Code(s): AFH Report on proceedings at the annual general meeting and committee appointment Alexander Forbes Group Holdings Limited (Incorporated in the Republic of South Africa) Registration Number: 2006/025226/06 JSE Share Code: AFH and ISIN: ZAE000191516 (Alexforbes or the company or group) REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING AND COMMITTEE APPOINTMENT Shareholders are advised that at the seventeenth (17th) annual general meeting (AGM) of Alexforbes held on 4 September 2023, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes. All the ordinary and special resolutions proposed at the AGM were unaltered from that reflected in the Notice of AGM, with the exception of ordinary resolution 4: Reappointment of Deloitte and Touche (South Africa) as independent external auditors and in this regard, shareholders are advised of the appointment of Mr Mark Holme as audit partner with immediate effect, following the resignation of Mr Dinesh Munu. The company confirms the voting statistics from the AGM as follows: Resolutions Votes cast disclosed Number of Shares voted Shares as a percentage in shares voted disclosed as a abstained relation to the total percentage in disclosed as a number of shares relation to the percentage in voted at the meeting total issued relation to the share capital total issued For Against share capital Ordinary resolution 1.1: Election of 99.96% 0.04% 1 220 840 494 91.96% 0.00% Ms MK Dippenaar as a director Ordinary resolution 1.2: Election of 99.96% 0.04% 1 220 840 494 91.96% 0.00% Mr P Dhamija as a director Ordinary resolution 1.3: Election of 100.00% — 1 220 840 494 91.96% 0.00% Mr KD Dlamini as a director Ordinary resolution 1.4: Election of 99.95% 0.05% 1 220 840 494 91.96% 0.00% Mr GW Herbert as a director Ordinary resolution 2.1: Election of 100.00% — 1 220 840 494 91.96% 0.00% Mr RM Head as a member of the group audit and risk committee Ordin

Source - Sharenet
5 Sep 2023
5Sep

Turning passion into a business: Pretty Ngubane

Pretty Ngubane, the driving force behind PSN Travel Frenzy, a travel agency that has become synonymous with exceptional service. Pretty Ngubane pulls out all the stops to ensure that clients of her travel agency get the best possible service and word of their great service is travelling fast. A passion for serving people is the driving force behind the growth of PSN Travel Frenzy, a tourism business based in KwaZulu-Natal. The business is owned by 33-year-old Pretty Ngubane who has been passionate about the tourism industry since she was a teenager. PRETTY NGUBANE The business is owned by 33-year-old Pretty Ngubane who has been passionate about the tourism industry since she was a teenager. She studied tourism in high school and later at the Durban University of Technology. Ngubane said visiting different places as part of her studies and her love for travelling, steered her in the direction of tourism as a career. "My passion stems from a love of working with people, she said. Ngubane always wanted to start her own business. After working as an independent travel consultant, she officially registered her business in 2016. PSN Travel Frenzy is a travel agency that also specialises in marketing and coordinating itineraries. The business offers custom made travel management services and packages to individuals and groups. This includes arranging accommodation, transport and entertainment for clients. Ngubane currently employs four people. Although the business experienced some tough times, clientele growth has been on an upward trajectory. "The first two months of the COVID-19 pandemic were hard. I was part of a programme for entrepreneurs that had sponsors but they pulled out, she recalled. PANDEMIC Thankfully, a several months into the COVID-19 pandemic, business improved. "From 2020 October things started to change. We would make significant revenue every month - more than before and the interest continued to grow, she said. Ngubane received about R50 000 in government relief funding to k

Source - SA People News
5 Sep 2023
5Sep

Futures slip, Goldman Sachs cuts recession chances - what's moving markets

Investing.com -- U.S. stock futures edge down following the Labor Day holiday, with traders trying to suss out the path ahead for price gains and the wider economy. Meanwhile, Goldman Sachs reduces the chances that America will slip into a recession over the next 12 months, pointing to recent labor and inflation data. Elsewhere, weak overseas demand weighs on activity in China's services sector. 1. Stock futures lower U.S. stock futures inched lower on Tuesday, as investors attempt to parse out the health of the broader economy and gauge price pressures following the end-of-summer holiday. At 05:18 ET (09:18 GMT), the contract slipped by 46 points or 0.1%, edged down by 12 points or 0.3%, and lost 65 points or 0.4%. The main indices were mixed to end the previous trading week, with the benchmark and 30-stock posting gains and the dipping marginally. However, on a weekly basis, all three finished in the green. Data on Friday showed that the unemployment rate unexpectedly rose in August, while average hourly wage growth eased. The figures bolstered expectations that the Federal Reserve would keep interest rates steady at its September meeting. Prior to the two-day gathering, more crucial economic releases -- including fresh inflation numbers -- are due out. Goldman Sachs lowers chance of U.S. recession Analysts at Goldman Sachs seem to be more persuaded that the U.S. economy will avoid a massive contraction in the near term despite a recent spike in borrowing costs. The investment bank on Tuesday lowered the probability that the country would fall into a recession in the next 12 months to 15% from 20%, citing positive inflation data and last week's labor market report. Goldman also predicted that the drag from the Fed's long-standing monetary tightening cycle will continue to lessen before "diminishing entirely" early next year. Meanwhile, the analysts highlighted Fed Chair Jerome Powell's current "careful" approach to future rate decisions, arguing it is a signal that a September hike is "o

Source - Investing
5 Sep 2023
5Sep

Pay yourself first

Market scorecard US markets were closed yesterday for a public holiday. Here's a quick recap on where we stand; the broader S&P 500 is up18% this year, even though it had a small reversal in August for the first time since February. The tech-focused Nasdaq declined by 2.1% in August, its worst month since late last year, but is still up 35% year-to-date. We are not too far away from all-time market highs. In company news, Novo Nordisk (CSE: ) has officially launched its weight-loss drug in the UK, the weekly injectable called Wegovy. Here at home, Bidvest (JO: ) reported solid earnings as all of its divisions recorded growth, but the share price didn't do much, suggesting that Mr. Market already had high expectations. Down here in the southern hemisphere, the JSE All-share closed up 0.79%. That's it. One thing, from Paul To become financially independent, you must save a lot. You need to consume less than you earn, and invest the difference. In fact, your savings rate is a more reliable predictor of your long-term wealth than your investment returns. It's hard, I know. Bina Venkataraman wrote a book in 2019 called The Optimist's Telescope which was reviewed in the New York Times. It contained this telling quote: "The future is an idea we have to conjure in our minds, not something that we perceive with our senses. What we want today, by contrast, we can often feel in our guts as a craving." The secret is to pay yourself first, setting aside money for your investment account as it comes in, before you have a chance to fritter it away on lifestyle expenses. Send the funds offshore to add to your Vestact portfolio in New York. In decades to come, you can get it back to live on. Byron's beats Yesterday was Labor Day in the US and the market was shut, so I had some free time to do extra reading. I looked at Berkshire's annual letter written by Warren Buffett for the year 2022. It was released earlier this year but I hadn't had a chance to read it in full. It did not disappoint. This was the

Source - Investing
5 Sep 2023
5Sep

Local Trade Idea: Satrix RESI ETF (STXRES) - BUY

Latest Markets Economics Investment Institute Wills And Legacy Planning Education Hub Back Trade Ideas Local Trade Idea: Satrix RESI ETF (STXRES) - BUY 4 September 2023 The Satrix RESI ETF provides investors with effective exposure to the performance of the FTSE/JSE Resources 10 Index. This index is comprised of various companies operating in the mining, oil and gas, and other natural resources space within South Africa. The ETF consist of 10 different companies, with the top five being Anglo American (~30%), Gold Fields (~16%), AngloGold Ashanti (~11%), Sasol (~9%) and BHP (~7%). Technically, the ETF is trading near a major support level (see the black trendline on the first chart). Buying pressure at this level is strong and this may prevent further downwards movement in the price. The ETF is also in an accumulation phase - a period in which knowledgeable investors start purchasing large quantities of shares at discounted prices (due to them being perceived as undervalued within the market). This phase usually precedes a period of price appreciation. Both the major support and the accumulation phase of the ETF are indicative of strong underlying demand, which is expected to drive the price higher going forward. The ETF is trading below its 200-day simple moving average (SMA) of ~R70.50 and we take a counter-trend strategy in anticipation of a price correction near term. Fading downside momentum, according to the MACD indicator and upwards movement of the On-Balance Volume indicator, supports our bullish stance. Share Information Share code STXRES Industry ETFs Market Capital (ZAR) 949 million One year total return Return year-to-date Current price (ZAR) 52 Week high (ZAR) 52 Week low (ZAR) Financial year end Closing paragraph The ETF has come under severe pressure this year and the current price level is seen as an attractive entry point. Expect moderate to high volatility going forward. Buy/Sell Rationale Technical Analysis: The second chart depicts the Re

Source - FNB
5 Sep 2023
5Sep

Resourcing Tomorrow Announces the Panel of Judges and Special Guest Speaker for this year's Outstanding Achievement Awards a

The Resourcing Tomorrow Outstanding Achievement Awards and Gala Dinner is returning to London on 30 November 2023, the final day of Europe's largest mining event, Resourcing Tomorrow. For two decades, these Awards have spotlighted excellence in the mining industry, recognising those who push boundaries and innovate. The Awards and Gala Dinner is a memorable evening of celebration with great food, fantastic entertainment, and networking with the industry's best and brightest. We are delighted to welcome Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals, as a special guest speaker, interviewed by David Tait, Chief Executive Officer, World Gold Council. Adding a touch of humor to the evening, we are thrilled to introduce Jo Caulfield, Comedian, Writer, Crime Fighter, who will serve as the EMCEE. Andrew Thake, Divisional Director, Resourcing Tomorrow, said, "This is a global gathering of key industry players and a must-attend for anyone wanting to rub shoulders with industry talent." The Judging Panel: · Carl Weatherell, Executive Director, and Chief Executive Officer, CMIC · Caroline Donally, Managing Partner, Sprott Streaming · Elaine Dorward-King, Non-Executive Director, Sibanye Stillwater, Kenmare Resources and NovaGold · Elaine Hattingh, Manager, Innovation , Exxaro Resources · Dr Ali Soofastaei, Australia and Africa Analysis Manager, Newmont · Danielle Chigumura, Director Securities Research — EMEA Metals and Mining , Credit Suisse · David Walker, Technical Director, Global Sector Leader - Mining and Metals, SLR Consulting · Mark O'Brien, General Manager - Digital Technology and Innovation , CITIC Pacific Mining · Matthew Geiger, Managing Partner, MJG Capital Management · Miranda Werstiuk, Chief Executive Officer, Fuchsia Capital · Remi Piet, Co-Founder and Senior Partner, Embellie Advisory · Roby Stancel, Board Member, Investment Advisor (VC, PE), Partner in Consultancy, Angel Investor, Innovation Architects The Resou

Source - Mining Weekly
5 Sep 2023
5Sep

RCL Foods struggles with rising feed prices and load shedding

Strong demand for RCL Foods' (RCL) Rainbow poultry and grain-based animal feed unit was not enough to stem the severe impacts of high feed costs, failingmunicipal infrastructure and load shedding, causing sharply lower profit for the entire group. Revenue at RCL's Rainbow and grain-based Animal Feed business grew by 18.3% to R13.46 billion in the year to June 30 compared with the previous year, aided by strong demand, increased market share and price increases in the Quick Service Restaurant (QSR) sector. But earnings before interest tax depreciation and amortisation (Ebitda) at the unit declined by 74.9% to R86 million. The Epol and Driehoek Animal Feed businesses also faced load shedding and margin pressure challenges arising from high commodity input costs and overcapacity in the industry. RCL group revenue from continuing operations increased 17.3% to R37.8bn, mainly due to higher pricing necessitated by rising input costs. But Ebitda fell 24.5% to R1 71bn, mainly driven by the decline in Rainbow and a revaluation of RCL's minority shareholding in The LIVEKINDLY Collective International business. Headline earnings per share fell 45.7% to 60.6 cents. More on this It's cheers all around as Rainbow returns its Hammarsdale plant to full production RCL earnings to drop due to uncertainty in the local sugar industry Hammarsdale plant plans are on track, says RCL Foods Agricultural commodity input costs was the biggest contributor to margin pressure, followed by load shedding which added R158.3m in direct costs for diesel, generator hire and additional labour requirements. CEO Paul Cruickshank said in a telephone interview yesterday that agricultural commodity prices had, in the past three to four months, started to fall marginally, in contrast to experience, when the prices peaked at high prices and dropped more dramatically thereafter, the difference this time probably being due to the impact of the Russia-Ukraine war. RCL plans for a full separation of the Rainbow business and had take

Source - Independent Online (IOL)
5 Sep 2023
5Sep

Hugh Masekela & Siparia Deltones Steel Orchestra Release "Mango Tree"Ahead of ‘Siparia To Soweto' Album

After the rousing reception of " Meeting Place (Amapiano Version) " alongside Soca great Machel Montano , the late legendary South Africantrumpeter, composer and singer Hugh Masekela and Trinidadian outfit Siparia Deltones announce the release of second single " Mango Tree " ahead of their highly-anticipated collaborative album, Siparia To Soweto released through Gallo Record Company and Montano's Monk Music Group "One of Trinidad's most popular meeting places is under the mango tree. It's a place where politics, economics, history and culture are discussed," says Deltones' band leader and executive producer Akinola Sennon . "Some even claim to find love under the mango tree". Both singles, "Meeting Place" and "Mango Tree" embody the album's ethos as a platform for the confluence of ideas, genres, cultures, and generations. Informed by a range of influences, Siparia To Soweto also captures the 3X Grammy Award -nominated Masekela's famed love of travel, collaboration, and musical adventure. After Bra Hugh witnessed the Siparia Deltones at the San Fernando Jazz Festival in 2005, the idea of bridging the musical words of Africa and the Caribbean was born, extending a musical love affair dating back to his time in London, England. During this time, Masekela was transfixed by the arrangements, vernacular, and style of calypso music. Masekela's visits to Trinidad between 2012 and 2016 expanded his appreciation of these sounds, their embrace of the human spirit, and co-creative impulse. These facets spoke to Bra Hugh's spirit and found an outlet in lively recording sessions helmed by esteemed musical arranger Carlton "Zanda" Alexander As musical worlds collided through the ensuing re-interpretations of Trinidadian standards by Baron (Timothy Watkins), Mighty Shadow (Winston Bailey), Lord Kitchener (Aldwyn Roberts) and Daisy Voisin , a sonic meeting place for South African Jazz, Steel Drums, Soca, Calypso, Parang and Amapiano took shape. "The mission of the Siparia Deltones is to use the steelpa

Source - Wordpress
5 Sep 2023
5Sep

ALEXANDER FORBES GROUP HOLDINGS LIMITED — Report on proceedings at the annual general meeting and committee appointment

5 September 2023 R5.90 Report on proceedings at the annual general meeting and committee appointment Alexander Forbes Group Holdings Limited (Incorporated in the Republic of South Africa) Registration Number: 2006/025226/06 JSE Share Code: AFH and ISIN: ZAE000191516 (Alexforbes or the company or group) REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING AND COMMITTEE APPOINTMENT Shareholders are advised that at the seventeenth (17th) annual general meeting (AGM) of Alexforbes held on 4 September 2023, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes. All the ordinary and special resolutions proposed at the AGM were unaltered from that reflected in the Notice of AGM, with the exception of ordinary resolution 4: Reappointment of Deloitte and Touche (South Africa) as independent external auditors and in this regard, shareholders are advised of the appointment of Mr Mark Holme as audit partner with immediate effect, following the resignation of Mr Dinesh Munu. The company confirms the voting statistics from the AGM as follows: Resolutions Votes cast disclosed Number of Shares voted Shares as a percentage in shares voted disclosed as a abstained relation to the total percentage in disclosed as a number of shares relation to the percentage in voted at the meeting total issued relation to the share capital total issued For Against share capital Ordinary resolution 1.1: Election of 99.96% 0.04% 1 220 840 494 91.96% 0.00% Ms MK Dippenaar as a director Ordinary resolution 1.2: Election of 99.96% 0.04% 1 220 840 494 91.96% 0.00% Mr P Dhamija as a director Ordinary resolution 1.3: Election of 100.00% — 1 220 840 494 91.96% 0.00% Mr KD Dlamini as a director Ordinary resolution 1.4: Election of 99.95% 0.05% 1 220 840 494 91.96% 0.00% Mr GW Herbert as a director Ordinary resolution 2.1: Election of 100.00% — 1 220 840 494 91.96% 0.00% Mr RM Head as a member of the group audit and risk committee Ordinary r

Source - Moneyweb
5 Sep 2023
5Sep

RCL Foods struggles with rising feed prices and load shedding

Strong demand for RCL Foods' (RCL) Rainbow poultry and grain-based animal feed unit was not enough to stem the severe impacts of high feed costs, failingmunicipal infrastructure and load shedding, causing sharply lower profit for the entire group. Revenue at RCL's Rainbow and grain-based Animal Feed business grew by 18.3% to R13.46 billion in the year to June 30 compared with the previous year, aided by strong demand, increased market share and price increases in the Quick Service Restaurant (QSR) sector. But earnings before interest tax depreciation and amortisation (Ebitda) at the unit declined by 74.9% to R86 million. The Epol and Driehoek Animal Feed businesses also faced load shedding and margin pressure challenges arising from high commodity input costs and overcapacity in the industry. RCL group revenue from continuing operations increased 17.3% to R37.8bn, mainly due to higher pricing necessitated by rising input costs. But Ebitda fell 24.5% to R1 71bn, mainly driven by the decline in Rainbow and a revaluation of RCL's minority shareholding in The LIVEKINDLY Collective International business. Headline earnings per share fell 45.7% to 60.6 cents. Agricultural commodity input costs was the biggest contributor to margin pressure, followed by load shedding which added R158.3m in direct costs for diesel, generator hire and additional labour requirements. CEO Paul Cruickshank said in a telephone interview yesterday that agricultural commodity prices had, in the past three to four months, started to fall marginally, in contrast to experience, when the prices peaked at high prices and dropped more dramatically thereafter, the difference this time probably being due to the impact of the Russia-Ukraine war. RCL plans for a full separation of the Rainbow business and had taken "significant steps" over two years to prepare it for this. Cruikshanck said that although the operational and administrative separation was complete, the business would need to stand on its own feet, also financially, w

Source - Sunday Independent
5 Sep 2023
5Sep

Market Review, Commodities, Currencies, Economic & Corporate Update - 05.09.23

South Africa Market Review South African markets closed in the green yesterday, led by gains in mining and banking sector stocks. Diversified miners, Kumba Iron Ore (JO: ), Anglo American (JO: ) and Pan African Resources (JO: ) advanced 4.0%, 1.4% and 1.2%, respectively. Retailers, Pick ‘n Pay Stores (JO: ) and SPAR Group (JO: ) gained 3.3% and 1.6%, respectively. Lenders, Capitec Bank Holdings (JO: ), Standard Bank Group (JO: ) and Nedbank Group (JO: ) climbed 2.7%, 1.0% and 0.8%, respectively. Food companies, Famous Brands (JO: ) and Tiger Brands (JO: ) added 2.2% and 0.9%, respectively. On the flipside, platinum miners, Impala Platinum (JO: ), Northam Platinum (JO: ) and Anglo American Platinum (JO: ) dropped 4.9%, 3.8% and 1.7%, respectively. The JSE All Share index advanced 0.8% to close at 75,375.25. UK Market Review The UK market finished weaker yesterday, weighed down by losses in insurance sector stocks. Insurance companies, Admiral Group (LON: ), Legal & General Group (LON: ) and Aviva (LON: ) dropped 2.4%, 1.1% and 0.6%, respectively. Real estate companies, Land Securities Group (LON: ) and Berkeley Group Holdings (LON: ) shed 1.5% and 0.6%, respectively. Retailers, B&M European Value Retail S.A. (LON: ), JD Sports Fashion (LON: ) and J Sainsbury (LON: ) (OTC: ) declined 1.2%, 1.0% and 0.6%, respectively. On the other hand, miners, Glencore (LON: ) (JO: ) and Rio Tinto (LON: ) gained 2.1% and 0.6%, respectively, buoyed by higher metal prices following China's new stimulus measures. The index declined 0.2% to close at 7,452.76. US Market Review US markets were closed yesterday on account of a public holiday. On Friday, the index rose 0.2% to settle at 4,515.77, while the index advanced 0.3% to close at 34,837.71. The index marginally eased to end the trading session at 14,031.81. Asia Market Review Asian markets are trading lower this morning, as China's service PMI dropped to its lowest in eight months in August. In Japan, cement company, Taiheiyo Cement (TYO: ) has droppe

Source - Investing
5 Sep 2023
5Sep

RCL Foods struggles with rising feed prices and load shedding

Strong demand for RCL Foods' (RCL) Rainbow poultry and grain-based animal feed unit was not enough to stem the severe impacts of high feed costs, failingmunicipal infrastructure and load shedding, causing sharply lower profit for the entire group. Revenue at RCL's Rainbow and grain-based Animal Feed business grew by 18.3% to R13.46 billion in the year to June 30 compared with the previous year, aided by strong demand, increased market share and price increases in the Quick Service Restaurant (QSR) sector. But earnings before interest tax depreciation and amortisation (Ebitda) at the unit declined by 74.9% to R86 million. The Epol and Driehoek Animal Feed businesses also faced load shedding and margin pressure challenges arising from high commodity input costs and overcapacity in the industry. RCL group revenue from continuing operations increased 17.3% to R37.8bn, mainly due to higher pricing necessitated by rising input costs. But Ebitda fell 24.5% to R1 71bn, mainly driven by the decline in Rainbow and a revaluation of RCL's minority shareholding in The LIVEKINDLY Collective International business. Headline earnings per share fell 45.7% to 60.6 cents. More on this It's cheers all around as Rainbow returns its Hammarsdale plant to full production RCL earnings to drop due to uncertainty in the local sugar industry Hammarsdale plant plans are on track, says RCL Foods Agricultural commodity input costs was the biggest contributor to margin pressure, followed by load shedding which added R158.3m in direct costs for diesel, generator hire and additional labour requirements. CEO Paul Cruickshank said in a telephone interview yesterday that agricultural commodity prices had, in the past three to four months, started to fall marginally, in contrast to experience, when the prices peaked at high prices and dropped more dramatically thereafter, the difference this time probably being due to the impact of the Russia-Ukraine war. RCL plans for a full separation of the Rainbow business and had take

Source - Cape Argus
5 Sep 2023
5Sep

Main Components of a Business Plan Relevant in South Africa

A business plan serves as the blueprint for any venture, outlining the strategy, operations, and financial expectations. In South Africa, the need for a comprehensive business plan is particularly acute given the country's complex economic landscape. Challenges such as market saturation in certain sectors, regulatory hurdles, and socio-economic inequalities make it critical to have a well-thought-out plan. Moreover, access to funding often requires a persuasive business plan, as financial institutions and investors want to mitigate risks. What are the key elements that South African entrepreneurs should focus on in a business plan? Article Highlights Executive Summary: The importance of a compelling introduction Market Research: Tailoring strategies for the South African market Business Description: Legal structure and unique selling points Marketing Plan: Navigating a diverse consumer base Operations and Management: Importance in South Africa's context Financial Projections: Accounting for economic uncertainties Risk Analysis: Importance due to regulatory and social factors Funding Requirements: Specifics for South African ventures Appendix and Supporting Documents: Local regulations and permits Main Components of a Business Plan Relevant in South Africa In South Africa, a robust business plan should include the following main components: an Executive Summary that encapsulates the mission and financial projections; Market Research to understand the diverse and complex South African market; a Business Description that outlines the business structure, industry, and unique selling propositions, also indicating if it's a Black Economic Empowerment (BEE) entity; a Marketing Plan tailored for various cultural and income groups; an Operations and Management section that takes into account local labor laws and supply chain issues; Financial Projections that offer both optimistic and conservative estimates; a Risk Analysis that considers business, financial, and socio- political risks; Funding Req

Source - My Courses
5 Sep 2023
5Sep

Stage 6 load shedding weighs on the rand and JSE

The currency traded almost a percent weaker at R19.26 against the dollar at one point in early morning trade. 5 Sep 2023 South Africa's rand and JSE were trading weaker on Tuesday morning, weighed down partly by Stage 6 load shedding locally and a stronger dollar on the international front. More intense rolling power cuts resurfaced on Tuesday, with Eskom hit by further plant breakdowns. The rand and JSE weakened by almost 1% at one point, with the rand hitting R19.26 against the greenback while the JSE was at 74643 points. ADVERTISEMENT CONTINUE READING BELOW Read: Why foreign investors dumped MultiChoice, Mr Price, and TFG The JSE closed marginally up (0.4%) at 75 375 points on Monday. Simon Brown, founder of Just One Lap and host of MoneywebNOW said the biggest driver behind the rand's slip was the dollar strengthening. "We've been seeing some rand weakness, and that primarily is probably being driven by dollar strength. We're seeing the dollar strong against the euro, sterling and pretty much across the basket of emerging market currencies," he added. State-owned power utility Eskom this week reimplemented higher stages of load shedding, announcing the highest Stage 6 power cuts until further notice as of Tuesday morning, following a protracted period of lighter load shedding even during the Brics Summit in SA recently. Read: How to fix crumbling Joburg: Host the Brics Summit "The sort of bigger picture would be locally, where we're now sitting here on Stage 6, and I think that's spooking folks again," said Brown. "And what we're not seeing is… foreigners buying in both our equities and bond markets; that's also diminished over the last two to three, to four years, which simply means less money coming in," he added. Vulnerable position ADVERTISEMENT CONTINUE READING BELOW He said with commodities retreating, unlike in the lead-up to 2021 when a commodity boom helped to shelter the rand, the currency is left in a very vulnerable position. The JSE All Share index (Alsi) fall on

Source - Moneyweb
5 Sep 2023
5Sep

North Korea's Kim to meet Putin to discuss weapons sales — report

North Korean leader Kim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss supplying Moscow with weapons for the war in Ukraine, the New York Times reported.North Korean leader Kim Jong Un shakes hands with Russian President Vladimir Putin. File picture: North Korea's Central News Agency (KCNA) via Reuters NORTH Korean leader Kim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss supplying Moscow with weapons for the war in Ukraine, the New York Times reported. In a rare trip abroad, Kim would travel from Pyongyang, probably by armoured train, to Vladivostok, on the Pacific Coast of Russia, where he would meet Putin, the Times reported on Monday, citing US and allied sources. White House national security spokesman John Kirby said on August 30 that the United States was concerned that arms negotiations between the two countries were advancing. While in Vladivostok, a port city not far from North Korea, the two leaders would discuss Kim's sending Russia artillery shells and anti-tank missiles in exchange for Moscow's advanced technology for satellites and nuclear-powered submarines, the newspaper reported. At a time when the United States has expressed concern about growing military ties between the two countries, the news of Kim's planned visit came after Russia said it was discussing holding joint military exercises with North Korea. "Why not, these are our neighbours. There's an old Russian saying: you don't choose your neighbours and it's better to live with your neighbours in peace and harmony," Interfax news agency quoted Russia's Defence Minister, Sergei Shoigu, as saying on Monday. When asked about the possibility of joint exercises between the two countries, he said "of course" they were being discussed, it said. South Korean news agency Yonhap earlier cited South Korea's intelligence agency as saying Shoigu, who visited Pyongyang in July, had proposed to Kim that their countries hold a naval exercise, al

Source - DFA
5 Sep 2023
5Sep

Experience a soul revival at the 2023 Arise Women's Conference

The Word of Faith Christian Centre event will be filled with inspirational talks, delicious food, practical breakaway sessions and beauty and health treatmentsWomen have had testimonies of life changing experiences and making new friends at the Arise Women's Conference. The 18th anniversary of one of Gqeberha's largest women's conferences is upon us and women from the city and its surrounding areas have joined in for the countdown. Word of Faith Christian Centre will present the Arise Women's Conference on September 8 and 9 2023, featuring keynote speakers Bianca Lee Healey from the UK and conference founder Mariana Crompton. Themed "Radiant", the conference will take place at the 2,000-seater Word of Faith Christian Centre in William Moffett Expressway. Crompton says the conference is designed specifically for women and is aimed at meeting their needs, making it a success over the years. "Testimonies from previous years include many women seeing a dramatic change in their lives, making new friends, and saying the atmosphere is what brings them back every year." This year, the conference provides attendees with a pop-up health clinic, where women can have free vital checks and screenings for breast health. The much-loved annual Thrift Shop returns, with proceeds going toward local nonprofit organisation Project Hope. Attendees can also enjoy discounted beauty treatments and browse through a variety of stalls. Catering for women of all ages, ladies will have the opportunity to attend a selection of ‘breakaway sessions' which will include discussions on: parenting teens of the 21st century, the differences in how men and women interpret their roles in relationships and society; comfort eating and how to deal with it; and self-esteem and self-image for girls between 13 and 19 years old. In addition, the conference will have amazing giveaways from local businesses and Arise partners, including AVC Medical, Bonamia and Pure Harmony Photography. Every year, the Arise Women's Conference speaker

Source - Herald LIVE
5 Sep 2023
5Sep

PowerBall mega draws: What would YOU do with R60 million?

Tuesday, 5 September's PowerBall and PowerBall Plus draws offer a combined R60 million. What would you do if you won? Tuesday, 5 September's PowerBall and PowerBall Plus draws offer a combined R60 million There's never a bad time to become super rich overnight! But to win, you need to play — and here's HOW What's the first thing YOU would do if you won either of the jackpots on offer? Let us know by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest Lottery news. Tuesday's PowerBall jackpot stands at an estimated R38 million, while the PowerBall Plus draw offers another R22 million bounty. Buy your tickets now at your nearest participating retailer, on our website by visiting national lottery.co.za using your computer or mobile site, via the National Lottery Mobile App, or participating banks, namely FNB, ABSA, Nedbank, Standard Bank, Capitec, TymeBank and African Bank otherwise dial 7529# for USSD. DID YOU KNOW: Winners who win R50 000 and above receive free trauma counselling from professional psychologists and financial advice from accredited financial advisors absolutely free. At the same time, winnings are paid tax-free directly into the winner's accounts. Good luck! The PowerBall and PowerBall Plus draws will take place on Tuesday, 5 September from POWERBALL The PowerBall jackpot draw required players to pick five main numbers from 1 to 50 and one ‘PowerBall' number from 1 to 20 for an entry fee of R5.00 per board. Draws take place every Tuesday and Friday The record prize for any lottery game in South Africa came in the PowerBall when one winner scooped an incredible R232 131 750.69 in the draw held on 19 February 2019. POWERBALL PLUS PowerBall Plus is exactly the same as PowerBall but gives players a second chance to win. When buying a PowerBall ticket, players can pay an extra R2.50 per board to enter the PowerBall

Source - The South African
5 Sep 2023
5Sep

Vodacom announces big partnership with Amazon Starlink rival

Vodacom plans to use Project Kuiper's high-bandwidth, low-latency satellite network to bring the benefits of 4G and 5G connectivity to under-serviced areas. This is thanks to a strategic collaboration between parent company Vodafone and Project Kuiper, announced on Tuesday. Vodafone and Vodacom said they plan to use Project Kuiper's network to extend 4G and 5G services to more of their customers in Europe and Africa. Vodacom said it would specifically target areas where it may otherwise be challenging and prohibitively expensive to serve with traditional fibre or microwave backhaul connections. The companies said Project Kuiper would connect geographically dispersed cellular antennas back to the companies' core telecom networks. "This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed wireless links back to the core networks," the companies stated. Amazon plans to partner with Vodafone to roll out Project Kuiper's services to unserved and underserved communities around the world. The companies are also exploring additional enterprise-specific products, such as backup services for unexpected events, and extending connectivity to remote infrastructure. "Collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon's satellite constellation to quickly reach more customers across the African continent," said Vodacom Group CEO Shameel Joosub. Vodafone Group chief executive Margherita Della Valle (pictured, left) said their partnership would support remote communities previously without Internet access, their schools and businesses, emergency services, and disaster relief. "These connections will be complemented further through our own work on direct-to-smartphone satellite services," Della Valle said. "Amazon is building Project Kuiper to provide fast, affordable broadband to tens of millions of customers in unserved and underserved communities," said Amazon senior

Source - Mybroadband
5 Sep 2023
5Sep

Interest rate reset — RDFB15

5 September 2023 Interest rate reset — RDFB15 REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration no: 1999/018591/06) Company code: BIRDF LEI: 37890061EC026A7DA532 ISIN: ZAG000155854 (Approved as a REIT by the JSE) INTEREST RATE RESET — RDFB15 Notice is hereby given that the 3 month JIBAR rate as at 5 September 2023 is 8.35% p.a. (‘JIBAR'). Accordingly, the next interest payment, payable on 5 December 2023 (Following*), for the period 5 September 2023 to 4 December 2023, will be calculated based on a rate of 9.95% p.a. (160 bps over JIBAR). * When the interest payment date falls on a non-business day, such interest payment will be paid on the first business day after the weekend or public holiday. Next reset date: 5 December 2023. 5 September 2023 Debt sponsor Java Capital Date: 05-09-2023 02:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
5 Sep 2023
5Sep

NUM plans wage strike at De Beers' Venetia mine

SA's National Union of Mineworkers (NUM) on Tuesday said it was planning to strike at De Beers' Venetia mine after wage talks broke down, potentiallydisrupting operations at the diamond giant's new $2.3 billion underground facility. NUM, SA's biggest mineworker union, said its members were demanding a 9% wage hike, but Anglo American Plc unit De Beers was offering a 6% increase. "The NUM can confirm that the four-month wage negotiations with the world's leading diamond company De Beers have collapsed and a dispute has been declared at the Commission for Conciliation, Mediation and Arbitration (CCMA)," NUM said in a statement. The CCMA is a South African statutory body which mediates and certifies outcomes of labour disputes. NUM did not say when it intends to begin the strike, but said it was currently working on picketing rules with the CCMA, while mobilising its "more than 1,500 members, preparing them for a protected indefinite strike." SA's labour laws require workers to give a 48 hour notice before embarking on a strike. De Beers was not immediately available to comment. In July, De Beers started production from the new $2.3 billion underground mine at Venetia after stopping 30-year open pit mining operations in December 2022. De Beers says the Venetia underground mine will produce around 4 million carats of diamonds annually, the equivalent of 12% of its forecast group output for 2023. Reuters

Source - TimesLive
5 Sep 2023
5Sep

Mokwena tags good preparation for Sundowns' record-breaking start

'I would attribute it (good start) to number one, very good preparation in a sense that a lot of work was done in the off-season,' Mokwena said. Rulani Mokwena has attributed their blistering start to the season to having captured their key targets while still in pre-season. Getting deals done early enabled the coach to have enough time to work with his new recruits and blood them into the Sundowns way of playing. One arrival that has taken to life in South African football like a duck to water is Lucas Ribeiro who has seamlessly adjusted to the demands at Chloorkop. The Brazilian attacker is cruising with four goals in the opening six DStv Premiership matches. "I would attribute it (good start) to number one, very good preparation in a sense that a lot of work was done in the off-season," Mokwena said. "Not just from a technical perspective but also from the club, from the chairman and the support we got from the Motsepe family with regards to the targets that we had from a recruitment perspective and the sporting director for the amount of work that he did. Read more "The hard work they did procuring the players faster than we normally would. There are a lot of areas from the club that don't necessarily get the credit and recognition for their contribution. The second part is just having very good players and a good squad with good human beings." Mokwena also revealed the harmony and brotherhood that exists within his star-studded squad that will be expected pick up where they left off when their campaign resumes following the FIFA break. "A lot of these sundowns players are so honest and good professionals," he said. "I'm grateful that I'm their coach but I'm also grateful that I'm able to learn from them. Marcello Allende was the other day handing out serviettes to every player including some of the staff members during a pre-match meal. "These are the type of players that I work with Peter Shalulile, Teboho Mokoena and Grant Kekana. Grant celebrates every goal we score even if he's

Source - The Citizen
5 Sep 2023
5Sep

Double-digit sales growth for Shoprite as it continues to gain market share

increased sales by almost 17% to R215 billion in the financial year ended 2 July 2023. For Supermarkets RSA, sales were up 17.8% to R173.6 billion. Adjusted headline earnings per share (HEPS) increased by 3.8% to 1 161.2 cents (restated 2022: 1 118.6 cents). The Group declared a full-year dividend of 663 cents per share, an increase of 10.5%. In many aspects Shoprite's past financial year was "extraordinary" said CEO Pieter Engelbrecht. The Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of loadshedding. Pieter Engelbrecht, CEO - Shoprite Holdings Motheo Khoaripe interviews the Shoprite Holdings CEO on The Money Show. The past financial year was extraordinary not only in terms of what was thrown at them Engelbrecht says, but also how the team reacted to achieve what it did in the South African supermarkets division. An 18% sales growth on top of 19% the previous year resulted in an R8.1 billion gain in market share across the two brands, both Checkers and Shoprite - a remarkable achievement. Pieter Engelbrecht, CEO - Shoprite Holdings This marks now the fifth financial year in succession in which the group has gained market share... so it's not a one- year story, it is also not a one-horse story in the sense that it's only coming from Checkers or only from Shoprite - it comes from across the business. Pieter Engelbrecht, CEO - Shoprite Holdings Engelbrecht also discussed changes in shopping behaviour as ever more stressed consumers look for value more than ever before. In the last two years the participation of promotional items in the basket has increased by more than 5%... We've also noticed some other behaviour from our 27 million Xtra Savings Xtra saving members... in terms of substituting items, categories that they are opting out of and a tendency to also buy more into the private label. Pieter Engelbre

Source - MSN
5 Sep 2023
5Sep

Majestic Baboons of Cape Town: Exploring the Species Diversity

/ By September 5, 2023 Who are the charming and lively residents of Cape Town, South Africa?They are affectionately known as the enchanting baboons , who roam the town's diverse landscapes? They drew the attention of the locals and tourists alike, giving this vibrant city a wild edge. But what exactly are the different types of baboons found in Cape Town, and how do they contribute to the city's unique ecosystem? Let's embark on a journey to learn more about this fascinating animal. In this article, we'll go over the amazing world of the magnificent creatures that call Cape Town home. We will examine the physical, social, and ecological characteristics of the iconic Chacma baboons as well as the lesser-known Olive baboons. To gain a better understanding of the intricate balance that these primates contribute to Cape Town's ecosystem, we will investigate their behavior, habitat preferences, and interactions with both the environment and humans. From the vantage point of these extraordinary creatures, we will learn about the challenges they face, the conservation efforts in place to protect them, and practical tips for coexisting peacefully with them. In this article, we will provide you with a fascinating glimpse into the lives of the baboons in Cape Town, whether you are a nature lover, a traveler, or simply interested in the natural world. So, we invite you to join us for a tour of the fascinating world of Cape Town's baboons. Baboons in Cape Town: An Overview In the intricate tapestry of Cape Town's diverse landscapes, the captivating presence of baboons unfolds, revealing a compelling narrative of primal connections and ecological harmony . As primates with an ancient lineage, baboons stand as remarkable ambassadors of the natural world, their significance echoing far beyond their charismatic appearances. With a profound understanding of their pivotal roles, we unearth the nuanced interactions that link these creatures to both their ecosystem and the human communities that share their

Source - Greater Good
5 Sep 2023
5Sep

Shoprite-Checkers eats other retailers' lunch as it posts double-digit growth over the past year

Africa's largest retailer, Shoprite-Checkers, has enjoyed double-digit sales growth over the past year, despite rolling blackouts and other economicheadwinds, while increasing its value proposition to customers and putting more than R13.5-billion back in their pockets at the till point. Its annual results, for the year ended 2 July, reveal that sales were up by 17% or R26-billion on the previous year to R215-billion. For the new financial year, the retail giant has allocated as much as R8.5-billion to capital expenditure to increase capacity in its supply chain, refurbish and expand existing stores, and fund the group's digital commerce and technology-related initiatives. The group plans to add a further 200,000 square metres in new distribution centres over the next two years to support its 2,121 supermarkets in South Africa, with 314 new stores planned. In the year under review, the group in SA opened 340 stores and integrated 94 stores and a meat store acquired from Massmart for R662-million. Those were remodelled as Shoprites (51), Usave (one), and Shoprite Liquor (42). Two of these Massmart stores have not yet begun trading due to a liquor licence transfer issue. About 4,480 positions in the former Massmart stores were retained, bringing Shoprite's total job increases to 8,131. It has spent R213-million on capital assets to onboard the Massmart stores since acquisition and expects to spend more to bring the stores in line with the group's standards. The group hiked sales by 17% to R215-billion in the 2022/23 financial year, with South African supermarkets up 17.8% to R173.6-billion. Total income was up 15.6%, while total expenses, excluding Shoprite Employees Trust distributions, diesel in SA supermarkets and additional insurance, were up 14.9%. The group's diluted headline earnings per share increased by 9.7% and its full-year dividend per share by 10.5% to 663c. Group CEO Pieter Engelbrecht said in the context of the country's power problems, they were pleased to report growth in he

Source - MSN
5 Sep 2023
5Sep

Best analytics and business intelligence platforms

Some of the leaders in the analytics and business intelligence platform market include Microsoft, Salesforce, Tableau, and Qlik. Analytics and business intelligence (ABI) platforms allow businesses to import, clean, and analyse data from various sources to gain valuable insight and make critical decisions. ABI platform market leaders include Microsoft, Salesforce, Tableau, and Qlik. With the rise of artificial intelligence (AI), these products offer more automation and are more intuitive than before. ABI products offer a unified platform that acts as a central hub for business data and provides tools to analyse the data to gain critical insights in real time. According to the US Chamber of Commerce, ABI platforms can help businesses increase productivity and efficiency, enhance visibility, and provide a scalable solution to predict future outcomes. Leaders in the analytics and business intelligence market are listed below. Microsoft Power Business Intelligence Microsoft says its Power Business Intelligence (BI) product helps businesses uncover more powerful insights and use them in impactful ways. "Enable everyone at every level of your organisation to make confident decisions using up-to-the-minute analytics," it says. Power BI provides a secure, centralised hub for business data and lets users analyse the data and create visuals from it. Other benefits Myles Illidge

Source - Knowledia
5 Sep 2023
5Sep

Double-digit sales growth for Shoprite as it continues to gain market share

The Money Show interviews CEO Pieter Engelbrecht after Shoprite Holdings posts its results for the past financial year. Shoprite Holdings increased sales by almost 17% to R215 billion in the financial year ended 2 July 2023. For Supermarkets RSA, sales were up 17.8% to R173.6 billion. Adjusted headline earnings per share (HEPS) increased by 3.8% to 1 161.2 cents (restated 2022: 1 118.6 cents). The Group declared a full-year dividend of 663 cents per share, an increase of 10.5%. In many aspects Shoprite's past financial year was "extraordinary" said CEO Pieter Engelbrecht. The Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of loadshedding. Motheo Khoaripe interviews the Shoprite Holdings CEO on The Money Show. The past financial year was extraordinary not only in terms of what was thrown at them Engelbrecht says, but also how the team reacted to achieve what it did in the South African supermarkets division. An 18% sales growth on top of 19% the previous year resulted in an R8.1 billion gain in market share across the two brands, both Checkers and Shoprite - a remarkable achievement. This marks now the fifth financial year in succession in which the group has gained market share... so it's not a one- year story, it is also not a one-horse story in the sense that it's only coming from Checkers or only from Shoprite - it comes from across the business.

Source - Cape Talk
5 Sep 2023
5Sep

Ghost Bites (Bowler Metcalf | Coronation | Orion Minerals | Sanlam | Santam | Shoprite | The Foschini Group)

Bowler Metcalf's net profit margin continues to drop (JSE: BCF) For the sake of bringing back memories of outdated formatting, I won't change their charts On the local market, it's a bit of a cult thing to be one of the companies that truly doesn't care about formatting in official documents. I can only assume that to be the case at Bowler Metcalf , as nobody on earth releases charts like these and thinks they look modern: These are your charts of the day, just for the hell of it. I can't bring myself to change that formatting or redo them. But more importantly, I'm actually grateful to the company for including charts like these and making it easier for investors to see what is going on. The revenue chart looks good, doesn't it? the net profit chart, not so much. Net profit margin was 13.3% back in 2019. It's now dropped all the way down to 9.6% for the year ended June 2023, which means net profit in absolute terms is lower than it was four years ago despite revenue being 32% higher. It takes working capital to generate revenue and so it isn't surprising to see a deterioration in return on equity, down from 10.6% in 2019 to 9.4% in 2023. The only good news about return on equity is that they used slightly different formatting: Yet despite this, HEPS has somehow increased from 88.10 cents in 2019 to 102.96 cents in 2023. Welcome to the world of share buybacks, with 15% fewer shares in issue now than in 2019. The share price is trading ahead of the levels seen in 2019 after the payment of a very large special dividend, so this strategy of buybacks has saved the day for shareholders. It's made all the more impressive by ordinary cash dividends having been paid along the way as well. Perhaps capital allocation is more important than chart formatting after all? City Lodge shows us what a normal year looks like (JSE: CLH) Well, as normal as South Africa gets After such a terrible period during the pandemic, City Lodge had to make big changes to its business model and really improve the ov

Source - Ghost Mail
5 Sep 2023
5Sep

Covid-19 contracts reveal that Pharma ‘bullied' SA while securing vaccines worth $734m

After winning a legal challenge forcing the government to hand over its Covid-19 vaccine contracts with large pharmaceutical organisations, the Health Justice Initiative says they show ‘SA's sovereignty was bartered for scarce supplies'. The Health Justice Initiative (HJI) has made damning findings on the Covid-19 vaccine contracts between the Department of Health and pharmaceutical giants Johnson & Johnson (J&J), Pfizer and the Serum Institute of India, and the Global Alliance for Vaccines and Immunisations (Gavi), an international alliance established to improve equitable access to vaccines. The NGO said the conditions of the contract negotiations were found to have been unequal and at worst amounted to bullying towards South Africa, with the vaccines being found to have been overpriced. J&J was found to be the worst offender and is reported to have charged South Africa more than countries in the global north. HJI said the company "charged SA US$10 per vaccine dose, while the EU reportedly paid US$8.50, and there are also claims that the non-profit price could have been in the region of US$7.50". In August, HJI won a legal challenge to force the Department of Health to make available its contracts with the vaccine providers. The department initially argued against disclosing details of the deals, saying it would be in breach of confidentiality clauses. Government officials maintained they had negotiated in the best interests of the country. However, the Pretoria High Court ordered that they make available the contracts as well as copies of all Covid-19 vaccine negotiation meeting outcomes and/or minutes and correspondence with any of the parties. ‘Pharmaceutical bullying' On Tuesday, 5 September, the HJI said that while the government made some of the documents available, it had until the end of September to submit the outstanding ones so a fuller analysis could be carried out. "We found that in all four contracts/agreements, the pernicious nature of pharmaceutical bullying and Gavi

Source - Daily Maverick
5 Sep 2023
5Sep

Shoprite blasts long competition process to save Cambridge

More than 4,000 jobs were lost in the drawn-out finalising of the purchase of the grocery stores from Massmart, says CEO Pieter Engelbrecht More than 4,000 jobs were lost in the long time it took to finalise the purchase of the Cambridge grocery stores from Massmart, said Shoprite CEO Pieter Engelbrecht, criticising a process that led to the devaluing of the stores. Engelbrecht did not come straight out by criticising the competition authorities or Massmart, but said the deal took too long... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
5 Sep 2023
5Sep

Khayelitsha/Mitchells Plain Chapter - Safety/Security Roadshow - Business Extortion

Event Details The Mitchells Plain/Khayelitsha Chapter in partnership with the City of Cape Town, the Western Cape Government, and the South African Police Services will be hosting a Safety and Security Roadshow on Business Extortion to discuss concerning issues with the business community and stakeholders. Our businesses are exposed to crime daily and these hideous acts undermine profitability, investment, growth, and jobs. Is there something business can do in partnership with the authorities? Panel: John Lawson, CEO of the Cape Chamber of Commerce & Industry Reagon Allen, Minister of Police Oversight and Community Safety: Western Cape Government Alderman JP Smith, Mayoral Committee Member: Safety & Security: City of Cape Town SAPS Representative, South African Police Service Petrus Robberts, Director: Operational Coordination-Safety & Security: City of Cape Town Please join us to communicate our situation/reality to the leaders of our safety and security services and hear what their plans are to deal with such.

Source - Glueup
5 Sep 2023
5Sep

Shoprite-Checkers eats other retailers' lunch as it posts double-digit growth over the past year

SA's biggest retailer is on a roll, planning to invest heavily in its supply chain, store refurbishments and ecommerce. Africa's largest retailer, Shoprite-Checkers, has enjoyed double-digit sales growth over the past year, despite rolling blackouts and other economic headwinds, while increasing its value proposition to customers and putting more than R13.5-billion back in their pockets at the till point. Its annual results, for the year ended 2 July, reveal that sales were up by 17% or R26-billion on the previous year to R215-billion. Showdown 2024: Why voter registration and education needs to start now For the new financial year, the retail giant has allocated as much as R8.5-billion to capital expenditure to increase capacity in its supply chain, refurbish and expand existing stores, and fund the group's digital commerce and technology-related initiatives. The group plans to add a further 200,000 square metres in new distribution centres over the next two years to support its 2,121 supermarkets in South Africa, with 314 new stores planned. In the year under review, the group in SA opened 340 stores and integrated 94 stores and a meat store acquired from Massmart for R662-million. Those were remodelled as Shoprites (51), Usave (one), and Shoprite Liquor (42). Two of these Massmart stores have not yet begun trading due to a liquor licence transfer issue. About 4,480 positions in the former Massmart stores were retained, bringing Shoprite's total job increases to 8,131. It has spent R213-million on capital assets to onboard the Massmart stores since acquisition and expects to spend more to bring the stores in line with the group's standards. The group hiked sales by 17% to R215-billion in the 2022/23 financial year, with South African supermarkets up 17.8% to R173.6-billion. Total income was up 15.6%, while total expenses, excluding Shoprite Employees Trust distributions, diesel in SA supermarkets and additional insurance, were up 14.9%. The group's diluted headline earnings per share in

Source - Daily Maverick
5 Sep 2023
5Sep

Markus Jooste skips another court appearance

Jooste was absent from court in Pretoria on Tuesday, months after skipping his trial in Germany. Former Steinhoff CEO Markus Jooste , already facing a warrant of arrest in Germany for his alleged involvement in the massive accounting scandal, further fuelled controversy by failing to attend proceedings in Pretoria on Tuesday regarding his challenge against a reduced R20 million administrative penalty for insider trading. Jooste, who resigned from his position in late 2017 amidst the accounting scandal, had previously been fined R162 million by the Financial Sector Conduct Authority (FSCA) for insider trading. However, in December, the Financial Services Tribunal reduced the penalty by 90%, leading to Jooste's recent legal dispute. Now Jooste is now under increased scrutiny for his absence from the court proceedings, attracting more criticism, News24 reported Read more Insider trading allegations Jooste's legal predicament stems from allegations of insider trading related to his tenure as the CEO of Steinhoff International Holdings. In October 2020, the FSCA imposed a staggering R162 million fine on Jooste for sending a text message to four of his friends, advising them to divest their Steinhoff stocks urgently. The message was perceived as confidential information and a blatant case of insider trading. Financial services tribunal's decision Despite Jooste's initial fine, the Financial Services Tribunal handed down a surprising decision in December. They reduced his penalty by 90%, effectively reducing it to R20 million. The tribunal's rationale was that Jooste had not disclosed "precise" inside information to his friends, but they still upheld the ruling that he had engaged in insider trading by encouraging his associates to sell their Steinhoff shares. In Germany Jooste's legal challenges are not confined to South Africa alone. In July, the Higher Regional Court of Oldenburg in Germany rejected his challenge against an arrest warrant issued in connection with the accounting scandal.

Source - The Citizen
5 Sep 2023
5Sep

GDP data shows economy still recovering, but no good news

The latest GDP data does not mean the South African economy is out of the woods as rolling blackouts and high interest rates continue. The latest GDP data for the second quarter shows that the economy is still recovering, as it is still below the figures for the third quarter of 2022. The South African economy's better-than-expected performance of 0.6% is thanks to more moderate Eskom blackouts in June compared to April and May, as well as other mitigating factors. Economic research group Oxford Economics Africa says the increase in GDP (gross domestic product) comes despite disruptive load shedding and domestic logistical constraints, demonstrating resilience from the supply side. "Increased private sector investment in electricity generation capacity supports the demand side, but consumers are experiencing strain due to elevated prices, high interest rates and household consumption expenditure contracted in the second quarter. We expect this trend to persist in the second half of 2023," Jee-A van der Linde, senior economist at Oxford Economics Africa, says. The economy's supply side is proving more resilient than initially thought and shows that the wheels continue to turn, albeit sluggishly, he says. Read more "Increased private sector investment in electricity generation capacity supports the demand side, but households are experiencing strain due to elevated prices and high interest rates." Van der Linde says the group expects to see modest real GDP growth over the coming quarters, with odds of a quarterly contraction in the third quarter remaining high. However, rising fuel prices, electricity supply constraints and logistical bottlenecks will continue to undermine the economy's performance. "Although the latest upside GDP surprise is likely to see upward revisions to analysts' 2023 growth forecasts, including our own of 0.4%, the South African economy is not out of the woods at all. Next year's national elections present novel uncertainty with the country's macroeconomic fundament

Source - The Citizen
5 Sep 2023
5Sep

How Do I Set Up SEO for My Business

Setting up an effective SEO strategy for your business is no longer optional; it's a necessity. With the digital landscape becoming increasingly competitive, businesses need to be proactive in ensuring they are easily discoverable online. But how do you go about setting up SEO for your business? In this step-by-step guide, we'll walk you through the process, offering tips and best practices along the way. Step 1: Conduct a Website Audit Before diving into SEO, it's crucial to understand the current state of your website. Conduct a comprehensive audit to identify issues such as broken links, slow loading times, and outdated content. There are various tools available to help you with this, ranging from Google's Search Console to specialized SEO software. Step 2: Keyword Research Keywords are the backbone of SEO. Use tools like Google Keyword Planner or SEMrush to identify relevant keywords for your business. Look for terms with high search volume but low competition, as these offer the best opportunity for ranking. Step 3: On-Page Optimization Once you've identified your target keywords, the next step is to optimize your website's content. This includes meta descriptions, title tags, and the content itself. Make sure to naturally incorporate your keywords into these elements. Step 4: Create Quality Content Content is king when it comes to SEO. Create high-quality, informative, and engaging content that addresses the needs and questions of your target audience. This not only improves your site's SEO but also establishes your brand as an authority in your field. Step 5: Off-Page Optimization Off-page SEO refers to actions taken outside of your website that impact your rankings. This primarily involves building high-quality backlinks from reputable websites. Consider reaching out to industry influencers or writing guest posts for well-known blogs in your sector. Step 6: Monitor and Analyze SEO is not a one-time effort but an ongoing process. Use analytics tools to monitor your website's perform

Source - Free Mail
5 Sep 2023
5Sep

Former Business Day editor Jim Jones dies at 81

Jones worked for Business Day for 10 years from 1990 and a senior position at the Financial Mail Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Former Business Day editor Jim Jones, 81, died of a heart attack on September 3 at his house in France. Jones worked for Business Day for 10 years from 1990, and before that he held a senior position at the Financial Mail. He is survived by his wife and three children. A friend of Jones for 40 years, Pat Sidley, said they met in the late 1970s while she was a cadet journalist at the Rand Daily Mail. She described Jones as a mystical person with a wonderful sense of humour, powerfully intelligent, nobody s fool and with a surprisingly soft heart. " Jim was the most well-read person I ever came across, she said. Former journalist Alan Fine said: " He was mischievous, but he never let anything get in the way of a factual story. mhlangad@businesslive.co.za Stock Watch - 05 Sept 2023 | The Close Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Source - Business Live
5 Sep 2023
5Sep

Markus Jooste skips another court appearance | The Citizen

Jooste was absent from court in Pretoria on Tuesday, months after skipping his trial in Germany. Former Steinhoff CEO Markus Jooste, … Read more: Markus Jooste skips another court appearance | The Citizen Leave a Reply

Source - The Kimberly Prospector
5 Sep 2023
5Sep

Harmony Gold joins youth initiative to combat illegal mining

The Safer South Africa Foundation and Harmony Gold partner to educate mining community youth about security, and develop some into ambasadors: SSA CEO General Riah Phiyega. 5 Sep 2023 You can also listen to this podcast on iono.fm here JIMMY MOYAHA: There's been a recent increase in the number of illegal miners that we've had to contend with, and it's definitely had a damaging impact on communities and environments — not just in Gauteng but in other provinces as well. ADVERTISEMENT CONTINUE READING BELOW Harmony Gold has…partnered with the Safer South Africa Foundation to ensure that more can be done to combat illegal mining. I'm joined on the line by the CEO of the Safer South Africa Foundation. You might know her as the first female police commissioner of South Africa, retired General Riah Phiyega. Good evening, Ms Phiyega. Thank you so much for joining me. Please tell us more about this initiative. Obviously the scourge of illegal miners and illegal mining is a serious problem that we have to contend with in South Africa, but please tell us about this partnership with Harmony Gold. GENERAL RIAH PHIYEGA: Good evening, and good evening to your listeners. Thank you so much for giving us the opportunity to share about this initiative. I think the appropriate thing to say is that crime in general has reached proportions that are very concerning in the country, and that is also evident in mining communities. It is further exacerbated by the scourge of illegal mining, as you have put it. I also want to mention that as a foundation the work that we do is to focus more on education and awareness and prevention, targeting youth in this country — both in school and out of school. It is [that] that attracted the attention of the Harmony Gold Mining, and we had conversations with them and they were keen that we look at offering our programmes in communities within which they operate. You would know that our interventions in crime are largely very reactive, because that's [sheer volumes]…

Source - Moneyweb
5 Sep 2023
5Sep

Shoprite Holdings Plc (SHOPRT.zm) 2023 Abridged Report

hoprite Holdings Plc (SHOPRT.zm) listed on the Lusaka Securities Exchange under the Retail sector has released its 2023 abridged results.For more information about Shoprite Holdings Plc (SHOPRT.zm) reports, abridged reports, interim earnings results and earnings presentations visit the Shoprite Holdings Plc (SHOPRT.zm) company page on AfricanFinancials.Indicative Share Trading LiquidityThe total indicative share trading liquidity for Shoprite Holdings Plc (SHOPRT.zm) in the past 12 months, as of 3rd May 2023, is US$22.71K (ZMW376.26K). An average of US$1.89K (ZMW31.35K) per month.Shoprite Holdings Plc 2023 abridged resultsCompany ProfileShoprite Holdings Plc is one of the largest supermarket and retailing companies in Zambia. With over 10 outlets mainly located in major towns across Zambia, it is the most recognised and trusted name in the retail sector. Additionally, Shoprite delivers convenience, quality products, and a wide range of value to its customers. Driven by its strategic focus on digital transformation, it also offers e-commerce and mobile services including digital payment options such as mobile wallets, etc. Shoprite is listed on the Lusaka Securities Exchange.

Source - African Financials
5 Sep 2023
5Sep

Mining, academia forge future digital path at Wits

A powerful combination of digital technology insights and thought leadership will underpin the upcoming Wits Mining Institute (WMI) seminar and exhibition on 28 and 29 September 2023 at Wits University in Johannesburg. Driven by the theme ‘Turning Research Curiosity into 21st Century Minerals Industry Performance, Relationships and Technology', the event will focus on pressing current issues including critical raw minerals, circular mining and sustainability. The focus will include the digital transformation of mining and the just energy transition, with input from leading industry players and academia. Reflecting the strong industry participation, WMI Director Professor Glen Nwaila highlighted that the seminar represents over a decade of partnership between Sibanye-Stillwater and the WMI. The event is also sponsored by South32, African Rainbow Minerals (ARM), Impala Platinum (Implats), Datamine, Ramjack Technology Solutions, Schauenburg Systems, Gold One, Accenture and the Mandela Mining Precinct. The WMI has joined forces with the Wits Business School in hosting the seminar. Keynote addresses will be delivered by Sibanye-Stillwater, Dwyka Mining Services, Seriti and the Engineering Council of South Africa (ECSA), while four panel discussions will include participation by companies including Sibanye-Stillwater, Implats, Anglo American, ARM and Accenture. The event will focus on four key areas: integrated critical raw materials for the just energy transition; circular mining and minerals; digital technologies and cybersecurity; and waterless mining. The WMI will present aspects of its current research, and delegates can tour the WMI's flagship project, the Sibanye-Stillwater DigiMine. Aside from sponsoring DigiMine, Sibanye-Stillwater also recently sponsored the newly refurbished and rebranded Wits Sibanye-Stillwater Innovation bridge, which links East and West campuses. "Our first focus in the seminar is to promote research and innovation in the exploration, extraction and processing of

Source - Mining Business Africa
5 Sep 2023
5Sep

Webinar - Business and Human Rights

ESG African Conference will host a webinar on Business and Human Rights in the run up to the two-day conference taking place from October 4 to 5 at the Sandton Convention Centre, in Johannesburg. Facilitated by Strategic Mindsets Wendy Poulton , the webinar will provide attendees with insight from Webber Wentzel senior associate Paula-Ann Novotny, Ardea International CEO Coleen Theron and University of the Witwatersrand's Centre for Applied Legal Studies attorney Ariella Scher The webinar, sponsored by Webber Wentzel, will highlight major legislative and other trends such as voluntary standards and what this means for business in Africa . Deep dives into mining and agriculture will explore these issues at a sectoral level in two areas that are of particular interest in Africa and where human rights violations have been experienced in the past. This interactive session will explore key issues for responsible sourcing and value chains in an increasingly complex trade environment . The audience will be able to interact with the panellists and each other for a rich conversation on the environmental , social and governance ecosystem and human rights imperatives. Click here to register today. Comment Guidelines

Source - Polity
5 Sep 2023
5Sep

Patrice Motsepe on Transnet execs: 'We can't be experimenting'

After Pravin Gordhan directed the new Transnet board to probe whether the company's execs have the right skills, Patrice Motsepe said the best people are "absolutely non-negotiable". The chair of African Rainbow Minerals said there was no time to be "playing around" when it comes to Transnet. African Rainbow Minerals suffered a sharp fall in annual profit, partly due to logistics constraints.For more financial news, go to the News24 Business front page.Billionaire mining tycoon Patrice Motsepe said there is no time to "experiment" with the leadership of critical institutions like Transnet amid a logistics crisis which is costing the economy billions.Asked about the public enterprises minister's recently announced plan to turn around Transnet — which includes a review of the SOE's executive management — Motsepe said the best people for such a job is "absolutely non-negotiable". Minister of Public Enterprises Pravin Gordhan directed the newly installed Transnet board to report back within the next three weeks on whether the executives have the right skills. "We can't be experimenting, there's no time to be playing around and fidgeting," Motsepe said in reaction, noting that experience is critical. "The best people in any industry are the ones who have grown up in the business and understand the business."He noted that the leadership of any organisation should be prepared to take criticism where their interventions don't yield the required results.Motsepe was speaking in his capacity as chairperson of African Rainbow Minerals, which on Monday reported its annual results.Headline earnings slumped 21% to R8.98 billion from the previous year.This reflected a drop in commodity prices as well as the negative impact of logistics challenges on iron ore, manganese ore and thermal coal volumes.Transnet's poor rail performance is causing billions in lost revenue for bulk commodity miners, while issues at certain Transnet ports are also adversely affecting mining and other industries. Richards Bay C

Source - News24
5 Sep 2023
5Sep

Global agents look to further tapping China's inbound travel business Xinhua 05 Sep 2023, 17:18 GMT+10

China has launched a series of policies to facilitate inbound tourists. Inbound group travel services for foreigners offered by domestic travel agencies and online travel companies resumed in late March this year, and the National Immigration Administration optimized its exit and entry management policies and measures from May 15, 2023, a new move to facilitate the entry-exit exchanges of personnel and promote the opening up of the service industry. "Chinese government makes it easier for foreigners to visit, and it's already making some big improvement," Andrew said, adding that the electronic visa makes it more convenient for foreigners to visit, and the 144-hour transit visa exemption program for travelers from many countries has further benefited the tourism industry. Alipay and WeChat Pay, China's two major online payment platforms, recently allowed foreign users to link international credit cards to their platforms, enabling them to use mobile payments across China. "Every person that I bring in from another country to visit China will change the idea of what they think the country was. And they may also tell people about China, how modern and developed it is, and their good experience," Andrew said. More South Africa News Access More Sign up for South Africa News a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!

Source - South Africa News
5 Sep 2023
5Sep

Santam's Mega Dividend: R2B Payout Delights Shareholders

Santam successfully disposes of its 10% stake in SAN JV, receiving EUR 126.4 million in disposal proceeds. A special cash dividend of 1,780 cents per share, net of tax, will be distributed to shareholders based on their holdings. Shareholders must mark important dates, including the Record Date on October 6, 2023, for the dividend payout. Santam Limited, a leading name in South Africa's insurance industry, has declared a special cash dividend for its shareholders following the successful fulfillment of conditions precedent to the disposal of the company's 10% interest in SAN JV RF Proprietary Limited ("SAN JV"). This announcement comes after months of anticipation and strategic maneuvers within the insurance sector. In a statement released today, Santam confirmed that all conditions precedent to the transaction have been met, making the disposal of its 10% stake in SAN JV to Allianz Europe BV a reality. The legal effective date of the transaction was September 4, 2023, with Santam receiving EUR 126.4 million, which is approximately R2.6 billion in disposal proceeds. Special Cash Dividend for Shareholders One of the most anticipated aspects of this development is the declaration of a special cash dividend for Santam's shareholders. This move underscores the company's commitment to rewarding its investors for their continued support. The Board of Directors at Santam meticulously assessed the company's financial position post-transaction and decided to distribute a significant portion of the gross proceeds to shareholders. This distribution will take the form of a special cash dividend, subject to approval by the Financial Surveillance Department of the South African Reserve Bank. Table 1: Special Cash Dividend Details Shareholders can expect to receive the special cash dividend based on their ordinary shareholding in Santam as of the Record Date, which is set for October 6, 2023. It's important to note that a dividend withholding tax of 20% will be applicable to all shareholders who are no

Source - Rateweb
5 Sep 2023
5Sep

REINET INVESTMENTS SCA — Exchange rate applicable for dividend payable in respect of ordinary shares listed on the JSE

5 September 2023 R407.49 Exchange rate applicable for dividend payable in respect of ordinary shares listed on the JSE Reinet Investments S.C.A. (Incorporated in Luxembourg) ISIN: LU0383812293 JSE share code: RNI LEI: 222100830RQTFVV22S80 REINET INVESTMENTS S.C.A. (‘REINET') — EXCHANGE RATE APPLICABLE FOR DIVIDEND PAYABLE IN RESPECT OF ORDINARY SHARES LISTED ON THE JOHANNESBURG STOCK EXCHANGE The dividend payable to holders of Reinet ordinary shares listed on the Johannesburg Stock Exchange (the ‘Reinet South African Shares') is payable in rand via central security depository participants in Strate for all holdings of dematerialised Reinet South African Shares. The total dividend of EUR 0.30000 per share from income reserves, as recommended by Reinet, has been approved by shareholders of Reinet at the annual general meeting held on Tuesday, 29 August 2023 in Luxembourg. There is no Luxembourg withholding tax payable on dividends which may be declared by Reinet. In 2013, Reinet sought clarification from the South African Revenue Service (‘SARS') as to the treatment of any dividends to be declared by Reinet and paid to holders of depository receipts issued by Reinet Securities SA in respect of Reinet ordinary shares. This ruling was renewed for a further 5 years on 8 March 2018 in respect of any dividends to be declared by Reinet and paid to holders of the Company's ordinary shares listed on the Johannesburg Stock Exchange. Reinet is in the process of applying for a renewal of this ruling in respect of any dividends to be declared and paid to holders of its ordinary shares listed on the Johannesburg Stock Exchange. Information relating to the renewal of the ruling will be provided in due course. The exchange rate applicable for the conversion of euro to rand for payment of the Reinet South African Share dividend is ZAR 20.60000 : Euro 1. Accordingly, the net dividend payable per Reinet South African Share is 494.40000 ZAR cents, as set out in the table below: Gross dividend

Source - Moneyweb
5 Sep 2023
5Sep

After four years of market share gains, Shoprite eyes even more with R8.5bn spend

Shoprite's capital expenditure could be as much as R8.5 billion in its 2024 financial year, a quarter higher than in 2023, as it invests in store and supply chain expansion as well as ecommerce initiatives. The JSE-listed retailer said on Tuesday the capex formed part of an extensive plan to pursue continued store growth and refurbishments across all supermarket formats, the next phase of a multi-year supply chain expansion to meets its "next decade volume and logistics requirements". This came as the group reported its South African supermarkets business's sale of merchandise increased 17.8% to R173.6 billion for year to 2 July, saying its unbroken market share growth had been extended to more than four years. It also recorded double digit growth in sales across its core brands. This was while it increased diluted continuing headline earnings per share by 9.7% and it hiked its full-year dividend per share 10.5% to 663c. CEO Pieter Engelbrecht said in commentary accompanying the results that customers "continued to vote with their wallets" in support of the group's efforts across its core supermarket and LiquorShop businesses in SA, spending an additional R26 billion more than last year. "During a time when every cent really does count, this equated to a 1.4% increase in market share, extending our period of uninterrupted South African market share gains to 52 months." Engelbrecht said the group was also pleased to report growth in its headline earnings and dividends but was disappointed by R1.3 billion in diesel expenses. The company reported a "record year for store growth", adding 340 net new stores to its base in the year under review to total 3 326, adding that it had created 3 651 new jobs through this expansion. This was over and above the 4 480 people the group had employed as part of the acquisition of selected businesses from Walmart-owned Massmart. Sales growth at its Checkers and Checkers Hypers came in 18% higher, while the group's online delivery service Sixty60 increased sa

Source - News24
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. More on this Growthpoint is optimising offshore portfolio due to high interest rates Ombudsman for Banking Services says Nedbank and Capitec had the biggest increase of complaints Bidvest shares surge after sound first-half dividend Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen

Source - Cape Argus
5 Sep 2023
5Sep

South African supermarket giant Shoprite's full-year profit jumps

South Africa's biggest supermarket group Shoprite Holdings (SHPJ.J) reported a 9.6% rise in annual profit on Tuesday on the back of a double-digit sales growth across its food stores and the integration of 92 Massmart stores in the second half. Shoprite, which has more than 3,300 stores, posted headline earnings per share from continuing operations of 1,166.2 cents in the year ended July 2, from 1,063.9 cents a year earlier.Amid a cost-of-living crisis the retailer, which competes with Pick n Pay (PIKJ.J), SPAR (SPPJ.J) and Woolworths (WHLJ.J), gained record levels of market share, Chief Executive Pieter Engelbrecht said, increasing sales by 16.9% to 215 billion rand ($11.20 billion). Consumers flocked to its budget chains for discounts, while its investment in its upmarket Checkers brand also continued to attract bigger wallets. This all contributed to 17.8% sales growth within its core South African supermarkets division. Like its rivals, Shoprite is grappling with rising costs, including running diesel generators to keep its operations going as state utility Eskom struggles to keep the lights on.The group spent 1.3 billion rand on diesel in the year.Meanwhile, its exposure to higher inflation commodity lines meant its products were 10.1% more expensive compared to last year's 3.9% price inflation.($1 = 19.1896 rand)

Source - Reuters
5 Sep 2023
5Sep

Kim to meet Putin as Russia seeks closer military ties with North Korea -report

Kim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss supplying Moscow with weapons for the war inUkraine, according to a New York Times report, as Russia seeks closer military ties with North Korea. In a rare trip abroad, Kim would travel from Pyongyang, probably by armoured train, to Vladivostok, on the Pacific Coast of Russia, where he would meet Putin, the Times reported on Monday, citing US and allied sources. White House national security spokesman John Kirby said on August 30 that the United States was concerned that arms negotiations between the two countries were advancing. While in Vladivostok, a port city not far from North Korea, the two leaders would discuss Kim's sending Russia artillery shells and antitank missiles in exchange for Moscow's advanced technology for satellites and nuclear-powered submarines, the newspaper reported. At a time when the United States has expressed concern about growing military ties between the two countries, the news of Kim's planned visit came after Russia said it was discussing holding joint military exercises with North Korea. "Why not, these are our neighbours. There's an old Russian saying: you don't choose your neighbours and it's better to live with your neighbours in peace and harmony," Interfax news agency quoted Russia's Defence Minister, Sergei Shoigu, as saying on Monday. When asked about the possibility of joint exercises between the two countries, he said they were "of course" being discussed, it said. South Korean news agency Yonhap earlier cited South Korea's intelligence agency as saying Shoigu, who visited Pyongyang in July, had proposed to Kim that their countries hold a naval exercise, along with China. COLD WAR ALLIES The Kremlin said last week that Moscow intends to deepen its "mutually respectful relations" with Pyongyang, one of its close Cold War allies and also one of a small handful of countries to back Russia's proclaimed annexation of parts of Ukraine in 2022. The New York Time

Source - TimesLive
5 Sep 2023
5Sep

Chicken prices do need to increase — RCL CEO

South African chicken prices are set to rise due to elevated input costs, posing challenges for consumers. The country's shoppers need to brace themselves for longer pauses at retail store freezers. Chicken prices are expected to keep rising as poultry producers struggle with profit-restraining input costs. Speaking to Moneyweb following the release of RCL Foods' 2023 financial results on Monday, CEO Paul Cruickshank did not indicate a nearing end to elevated chicken prices. This comes as poultry industry players, including its own Rainbow businesses, continue to battle higher operational costs, which have been pushed mainly by elevated raw material prices. "The chicken prices do need to increase; I mean, our results are clear in the losses we've posted for Rainbow, and the competitors will be very similar. We are up against a consumer who can't afford to pay… but chicken businesses across the country are making losses." "What we really need is for a better supply-demand balance in the country, which import duties will help with. The second thing chicken [producers] really needs is the reduction in the raw material costs, and then that will bring a better balance between what the producer makes and what the consumer [affords]," he added. Read more According to a fact sheet provided by RCL, it has seen a 13.6% rise in Safex Yellow Maize prices from an average price of R3 852 per ton in 2022 to an average of R4 377 per ton this year. Additionally, the global price of CME Soya rose 12.8% to $449 per ton, while Safex wheat prices increased by 7.2% over the last year to an average price of R6 846 a ton. Yellow maize and soybean are key ingredients used in animal feed along with, in some cases, wheat and white maize. Although the chicken business reported an 18.3% rise in revenue for the period to R13.46 billion — supported by strong demand, increased market share and higher prices in the fast-food sector, this was not enough to offset cost pressures in the business. This is the largest Eb

Source - The Citizen
5 Sep 2023
5Sep

Shoprite sees double-digit sales growth, ups dividend

- 5 September 2023 Checkers-owner Shoprite Holdings saw a significant increase in sales over the 2023 financial year. Shoprite released its results for the year ended 2 July 2023 today, which revealed strong results for the retailer. Group merchandise sales increased by 16.9% to R215.0 billion, while local merchandise sales increased by 17.8% to R173.6 billion. Checkers and Checkers Hyper saw sales growth of 18.0%, which can be attributed to "superb delivery on the value and range our customers have come to know, trust and expect from the brand", Shoprite CEO Pieter Engelbrecht said. Checkers Sixty60 increased sales by 81.5%, "underscoring the continued growth of our Checkers omnichannel customer and validating our strategy in terms of our investment in digital and data-led decision making". Shoprite and Usave saw sales growth of 15.6%. This saw the company's earnings significantly increase, as headline earnings per share rose 9.6% and basic earnings per share rose 10%. EBITDA increased by 13.0% to R18.8 billion. "In the context of the country's power challenges, we are pleased to still report growth in headline earnings and dividends per share," Engelbrecht said. "It is disappointing, however, that if not for the R1.3 billion diesel expense incurred to power generators across our South African store base, our market-leading sales growth would have delivered considerably higher returns for our shareholders." "Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees." The retailer's trading profit increased by 5.7% from R11.28 billion in 2022 to R11.92 billion. During the year, Shoprite opened a net number of 340 stores. Of these, 94 stores were acquired from Massmart Holdings, of which 92 were integrated into Shoprite, Usave and Shoprite LiquorShop businesses. The retailer created 8,131 new jobs in FY 2023, including 4,480 jobs retained from the Massmart acquisition. Shoprite declared a full-year dividend per share (DPS) of

Source - Daily Investor
5 Sep 2023
5Sep

Webinar - Business and Human Rights

ESG African Conference will host a webinar on Business and Human Rights in the run up to the two-day conference taking place from October 4 to 5 at the Sandton Convention Centre, in Johannesburg. Facilitated by Strategic Mindsets Wendy Poulton , the webinar will provide attendees with insight from Webber Wentzel senior associate Paula-Ann Novotny, Ardea International CEO Coleen Theron and University of the Witwatersrand's Centre for Applied Legal Studies attorney Ariella Scher The webinar, sponsored by Webber Wentzel, will highlight major legislative and other trends such as voluntary standards and what this means for business in Africa . Deep dives into mining and agriculture will explore these issues at a sectoral level in two areas that are of particular interest in Africa and where human rights violations have been experienced in the past. This interactive session will explore key issues for responsible sourcing and value chains in an increasingly complex trade environment . The audience will be able to interact with the panellists and each other for a rich conversation on the environmental , social and governance ecosystem and human rights imperatives. Click here to register today.

Source - Engineering News
5 Sep 2023
5Sep

Former Kaizer Chiefs star moves to Sweden!

A former Kaizer Chiefs and Swallows defender has landed a new club in Sweden to continue his development as a player. Former Kaizer Chiefs defender Yagan Sasman has been praised after completing a move to Swedish club Eskilstuna. Get the latest news from your favourite soccer team Ex-Kaizer Chiefs man moves to Sweden 27-year-old Yagan Sasman left Swallows at the end of last season after two years at the Soweto club where he was a regular after his arrival from local rivals Chiefs. After 51 appearances and three goals, the centre-back has moved on to the Swedish second tier to continue the next stage of his career, according to iDiski Times. "Yagan Sasman is good at reading the game," the club's CEO Mikael Larsson said about youth product Ajax Cape Town (Cape Town Spurs). He has great timing in his tackles and is good in the air. He is an experienced player with a lot of playing time at a high level." Sasman joins former teammate Tashreeq Matthews in Sweden who's currently starring in the Allsvenskan (Sweden's top tier) with IK Sirius. The Norwegian Lepasa hits another ridiculous Premier League milestone Meanwhile, Erling Haaland seems to have been watching Orlando Pirates striker Zakhele Lepasa this season, with yet another hat trick in the Premier League at the weekend. He's now hit five trebles in 42 English top-flight matches. The previous quickest to that milestone was Ruud van Nistelrooy, who got there in 73 matches. Meanwhile, hit up for more insights, analysis and love for the beautiful game of football. Also, follow The African on Twitter for up-to-the-minute news updates.

Source - The South African
5 Sep 2023
5Sep

What's Next with Aki: The video podcast watched by South Africa's business leaders

By appearing on What's Next, these executives had a direct line of communication with the country's top business decision-makers and were able to share their insights and knowledge. What’s Next with Aki Anastasiou is South Africa’s leading ICT video podcast, watched by the country’s business leaders and industry experts. This makes it the perfect place for executives to promote themselves, their ideas, and their companies. Click here to learn more about interview packages on What’s Next. Many of South Africa’s leading executives have already taken advantage of this, booking an interview package on What’s Next and joining an esteemed guest line up. In 2023, this includes: Samsung South Africa VP Justin Hume Liquid C2 CEO David Behr Africa Data Centres Executive Dr Angus Hay Netstock CTO Barry Kukkuk Mazda Southern Africa MD Craig Roberts Fedgroup CEO Grand Field By appearing on What’s Next, these executives had a direct line of communication with the country’s top business decision-makers and were able to share their insights and knowledge. Interview packages on What’s Next MyBroadband’s marketing team offers interview packages which guarantee executives excellent exposure on What’s Next. These packages include a video interview on What’s Next, which is promoted on the What’s Next website, MyBroadband, YouTube, Facebook, and Spotify. Click here to learn more about interview packages on What’s Next.

Source - Bizcommunity
5 Sep 2023
5Sep

Police launch manhunt for business burglary suspects in Bloemfontein

Police in Mangaung Metro have launched a manhunt for eight suspects who committed business burglary at a retail chain store at the Loch Logan Waterfront Mall in Bloemfontein. Reports say a group of suspects smashed the store windows using hammers, stormed in and robbed the store of expensive perfumes, sunglasses and clothing. The group is alleged to have fled the scene in different directions on foot and in motor vehicles. Police were called to the scene. Dockets of business burglary, attempted murder, and robbery of a firearm were opened at Parkweg Police Station. Police spokesperson, Mahlomola Karedi says, "It is said that the group heading towards the tunnel came across the female person and attempted to rob her of her belongings. An off duty member of the Department of Correctional Services witnessed the robbery and tried to intervene. At the Kingsway exit, the other group held the security officer hostage. "The vehicle patrolling along Kingsway noticed the commotion and stopped to investigate. The robbers opened fire on the police vehicle, and the 41-year-old constable detached to Mangaung Metro, district operational command centre was hit on the right hip by the bullet. The member of the correctional services was robbed of a firearm with ammunition, adds Karedi. Share article

Source - SABC News
5 Sep 2023
5Sep

Union plans wage strike at De Beers' Venetia mine

Union members are demanding a 9% wage hike, but Anglo American unit De Beers was offering a 6% increase. By Nelson Banya, Reuters 5 Sep 2023 National Union of Mineworkers (NUM) on Tuesday said it was planning to strike at De Beers' Venetia mine after wage talks broke down, potentially disrupting operations at the diamond giant's new $2.3 billion underground facility. NUM, South Africa's biggest mineworker union, said its members were demanding a 9% wage hike, but Anglo American unit De Beers was offering a 6% increase. "The NUM can confirm that the four-month wage negotiations with the world's leading diamond company De Beers have collapsed and a dispute has been declared at the Commission for Conciliation, Mediation and Arbitration (CCMA)," NUM said in a statement. ADVERTISEMENT CONTINUE READING BELOW The CCMA is a South African statutory body which mediates and certifies outcomes of labour disputes. NUM did not say when it intends to begin the strike, but said it was currently working on picketing rules with the CCMA, while mobilising its "more than 1 500 members, preparing them for a protected indefinite strike." South Africa's labour laws require workers to give a 48 hour notice before embarking on a strike. De Beers was not immediately available to comment. In July, De Beers started production from the new $2.3 billion underground mine at Venetia after stopping 30-year open pit mining operations in December 2022. De Beers says the Venetia underground mine will produce around 4 million carats of diamonds annually, the equivalent of 12% of its forecast group output for 2023. COMMENTS

Source - Moneyweb
5 Sep 2023
5Sep

MVNO explosion in South Africa

South Africa has seen a swell in mobile virtual network operators (MVNOs), with five of the 13 major players in the space entering the market in the past three years. In addition, one of the country's challenger mobile network operators (MNOs) no longer operates its own radio access network and This left four cellular network infrastructure providers in the country - Vodacom, MTN, Telkom, and Rain. Cell C decommissioned its physical radio access network (RAN) as part of an attempted turnaround, including sweeping cost cuts. With roughly 12.8 million subscribers, Cell C has gone from South Africa's fourth-biggest MNO to the country's largest MVNO. Since Cell C still operates its own core network, it can be classified as South Africa's only " ". It also remains a Mobile Virtual Network Enabler (MVNE), providing services to other MVNOs. Most MVNOs in South Africa use Cell C's MVNO platform, including major players like FNB Connect. Cell C has argued that it is not an MVNO since it still has a radio frequency spectrum licence. However, MTN now fully manages and maintains its cellular network as a "virtual RAN". Additionally, only some of Cell C's customers use the virtual RAN. Its contract subscribers roam on Vodacom's network, while its prepaid and MVNO customers use the network built by MTN. Cell C was South Africa's only MVNE for years and provided services to South Africa's very first MVNO, Virgin Mobile. MTN added its first MVNO customer in 2013 - Air Mobile (then Afrihost Mobile). It went on to launch a fully-fledged MVNO platform in 2020. Afrihost and MTN had built a relationship in the years leading up to the mobile operator's short-lived acquisition of the ISP Since launching its platform, FNB Connect, Melon Mobile, and TFG Connect have been onboarded with MTN. FNB Connect is using Cell C's network in conjunction with MTN's. While this might seem like just a handful, MTN South Africa wholesale head Quintus de Beer told ITWeb the operator had already signed up 30 partners. MTN is exp

Source - Mybroadband
5 Sep 2023
5Sep

IT News Africa | Business Technology, Telecoms and Startup News

Husk Power Systems has made a significant commitment to accelerate climate-resilient economic growth in rural Sub-Saharan Africa through its "Africa Sunshot initiative. The goal is to have 2,500 net-zero mini-grids operating in off-grid and weak-grid communities in the region within 5 years, with Husk aiming to mobilize $500 million in equity and debt for this initiative. This announcement was made during the inaugural Africa Climate Summit, where Husk presented ambitious goals that raise the bar for the mini-grid industry, aligning with the Sustainable Development Goals (SDGs), including universal energy access (SDG7) by 2030. The 5-year objectives of the Africa Sunshot initiative include: - Establishing 2,500 operational mini-grids - Providing 1 million new connections directly impacting 7.7 million people - Connecting 225,000 micro, small, and medium-sized enterprises (MSMEs) - Installing 150MW of rooftop solar for commercial and industrial (C&I) purposes - Avoiding 2.1 megatons of CO2 emissions by displacing diesel generation In the 33 least developed countries (LDCs) in Africa, the electrification rate stands at only 36%. However, the current pace indicates the construction of only about 12,000 new mini-grids serving 46 million people. To electrify 380 million Sub-Saharan Africans by 2030, over 160,000 minigrids costing $91 billion are needed, per the World Bank. Without a significant industry-scale increase and a more than 10-fold rise in the industry's deployment rate, achieving SDG7 will remain a distant goal. Husk currently operates over 200 minigrids in Nigeria and India. In the Africa Sunshot initiative, Husk aims for 1,000 minigrids in Nigeria (doubling their previous goal) and 500 in the Democratic Republic of Congo (DRC), plus four more countries with 250 minigrids each. This year, Husk proposed a PPP framework to fund hundreds of African minigrids, pending met conditions. Manoj Sinha, Husk's Co-Founder and CEO, emphasized the need for operational excellence, governme

Source - IT News Africa
5 Sep 2023
5Sep

NEPI ROCKCASTLE N.V. — Finalisation announcement: election to receive a capital repayment, cash dividend or scrip issue

5 September 2023 R112.75 Finalisation announcement: election to receive a capital repayment, cash dividend or scrip issue NEPI Rockcastle N.V. (formerly NEPI Rockcastle S.A.) Incorporated and registered in the Netherlands Registration number 87488329 Share code: NRP ISIN: NL0015000RT3 (‘NEPI Rockcastle' or ‘the Company') FINALISATION ANNOUNCEMENT: ELECTION TO RECEIVE A CAPITAL REPAYMENT, CASH DIVIDEND OR SCRIP ISSUE Shareholders are referred to the circular issued on Tuesday, 29 August 2023 (the ‘Circular') in respect of an election to receive the dividend for the six months ended 30 June 2023 of 25.67 euro cents per share (‘interim dividend'), either: (i) via a reduction and repayment in cash of the nominal value per share (‘capital repayment') (the default); or (ii) as an ordinary cash dividend out of distributable profits (‘cash dividend'). with an alternative election available to receive a distribution of 27.10 euro cents per share, corresponding to a 95% dividend pay-out ratio and representing a 5.6% premium to the interim dividend, by way of an issue of new shares with a nominal value of €0.01 each credited as fully paid up (‘scrip issue'). Shareholders are now advised as follows: — The scrip reference price is ZAR cents 10,470.75169 per share, being a 3% discount to the five-day volume weighted average price (less the final dividend of 25.67 euro cents per share) of NEPI Rockcastle shares on the JSE as at 4 September 2023. For NEPI Rockcastle shares traded on Euronext Amsterdam, the scrip reference price is EUR5.12030, being the ZAR scrip reference price converted to Euro at an average exchange rate of EUR1.00:ZAR20.44948, determined over a two-day period commencing on Friday, 1 September 2023 and ending on Monday, 4 September 2023. — Shareholders electing to receive the scrip issue will receive 5,29266 new NEPI Rockcastle shares for every 100 NEPI Rockcastle shares held by such shareholders on the record date of Friday, 15 September 202

Source - Moneyweb
5 Sep 2023
5Sep

Turning passion into a business: Pretty Ngubane

Pretty Ngubane, the driving force behind PSN Travel Frenzy, a travel agency that has become synonymous with exceptional service. Pretty Ngubane pulls out all the stops to ensure that clients of her travel agency get the best possible service and word of their great service is travelling fast. A passion for serving people is the driving force behind the growth of PSN Travel Frenzy, a tourism business based in KwaZulu-Natal. The business is owned by 33-year-old Pretty Ngubane who has been passionate about the tourism industry since she was a teenager. Pretty Ngubane The business is owned by 33-year-old Pretty Ngubane who has been passionate about the tourism industry since she was a teenager. She studied tourism in high school and later at the Durban University of Technology. Ngubane said visiting different places as part of her studies and her love for travelling, steered her in the direction of tourism as a career. "My passion stems from a love of working with people, she said. Ngubane always wanted to start her own business. After working as an independent travel consultant, she officially registered her business in 2016. PSN Travel Frenzy is a travel agency that also specialises in marketing and coordinating itineraries. The business offers custom made travel management services and packages to individuals and groups. This includes arranging accommodation, transport and entertainment for clients. Ngubane currently employs four people. Although the business experienced some tough times, clientele growth has been on an upward trajectory. "The first two months of the COVID-19 pandemic were hard. I was part of a programme for entrepreneurs that had sponsors but they pulled out, she recalled. Pandemic Thankfully, a several months into the COVID-19 pandemic, business improved. "From 2020 October things started to change. We would make significant revenue every month - more than before and the interest continued to grow, she said. Ngubane received about R50 000 in government relief funding to k

Source - The South African
5 Sep 2023
5Sep

Kim to meet Putin as Russia seeks closer military ties with North Korea - report

By Hyunsu Yim, Mark Trevelyan and Lidia Kelly - Kim Jong Un plans to travel to Russia this month to meet President Vladimir Putin and discuss supplyingMoscow with weapons for the war in Ukraine, according to a New York Times report, as Russia seeks closer military ties with North Korea. In a rare trip abroad, Kim would travel from Pyongyang, probably by armoured train, to Vladivostok, on the Pacific Coast of Russia, where he would meet Putin, the Times reported on Monday, citing US and allied sources. White House national security spokesman John Kirby said on August 30 that the United States was concerned that arms negotiations between the two countries were advancing. While in Vladivostok, a port city not far from North Korea, the two leaders would discuss Kim's sending Russia artillery shells and antitank missiles in exchange for Moscow's advanced technology for satellites and nuclear-powered submarines, the newspaper reported. At a time when the United States has expressed concern about growing military ties between the two countries, the news of Kim's planned visit came after Russia said it was discussing holding joint military exercises with North Korea. "Why not, these are our neighbours. There's an old Russian saying: you don't choose your neighbours and it's better to live with your neighbours in peace and harmony," Interfax news agency quoted Russia's Defence Minister, Sergei Shoigu, as saying on Monday. When asked about the possibility of joint exercises between the two countries, he said they were "of course" being discussed, it said. South Korean news agency Yonhap earlier cited South Korea's intelligence agency as saying Shoigu, who visited Pyongyang in July, had proposed to Kim that their countries hold a naval exercise, along with China. COLD WAR ALLIES The Kremlin said last week that Moscow intends to deepen its "mutually respectful relations" with Pyongyang, one of its close Cold War allies and also one of a small handful of countries to back Russia's proclaimed annexation

Source - Herald LIVE
5 Sep 2023
5Sep

Chinese data push global markets lower

A recent rally in China shares, spurred by a spate of government measures to boost its economy, is losing steam Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. London - Global equities fell on Tuesday as weak service sector data rekindled worries over China's sputtering post-pandemic economy, while Australia's central bank kept interest rates unchanged, pushing the Australian dollar lower. European equity indices opened in the red, with the pan-European benchmark Stoxx 600 dropping 0.8% and Germany's DAX, France's CAC 40 and Britain's FTSE 100 all nursing losses of between 0.6%-1.2%. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.1% lower, moving away from a three-week high it touched on Monday. That pushed MSCI's gauge of stocks across the globe down 0.3%. A recent rally in China shares, spurred by a spate of government measures to boost the faltering economy, is quickly losing steam. The blue-chip CSI 300 Index fell 0.7%, while Hong Kong's Hang Seng index slid 2.1%, after those markets clocked their best day in over a month on Monday. The optimism quickly dwindled after a private-sector survey showed on Tuesday that China's services activity expanded at the slowest pace in eight months in August as weak demand continued to dog the world's second-largest economy. "The miss in China's Caixin services PMI has offset some of the sentiment shift we got yesterday, said Charu Chanana, market strategist at Saxo in Singapore. Still, investors are hoping that Beijing's drip feed of policy stimulus will be enough to stabilise the Chinese economy. "It feels like China has been tinkering around the edges and they probably need to do something more substantial, said Dan Boardman-Weston, CEO and CIO at BRI Wealth Management. "They clearly want to sort out the property sector and make sure moral hazard doesn't encroach into the system, but I have been surprised by how se

Source - Business Live
5 Sep 2023
5Sep

African Financial Institutions Unite to Safegard and Revitalize Nature

In response to a pressing biodiversity crisis imperiling the prosperity and sustenance of millions across Africa, prominent financial institutions on the continent are rallying behind an urgent plea to preserve and rejuvenate nature.The landmark "Nature Voices Pledge" is being launched by the African Natural Capital Alliance (ANCA), a collaborative membership organisation whose collective assets total US$390 billion. Among its members are major financial institutions such as Standard Chartered, KCB, Equity Bank, Ecobank, Access Bank, DBSA, Zanaco, FirstRand, Investec, Sanlam, Old Mutual, CalBank, ICEA Lion and Fidelity Shield. The Pledge commits the ANCA membership, which also includes governmental organisations such as the Ghana Ministry of Environment, Science, Technology and Innovation (MESTI) and civil society organisations including the African Wildlife Foundation, to support conservation and restoration efforts, integrate nature into their decision-making and promote sustainable financing solutions. It comes amid growing evidence that the natural capital on which tens of millions of Africans depend is being lost due to factors including overexploitation, overpopulation, land-use changes and climate change. The value of the natural capital lost to Africa every year is estimated to be $195 billion according to the United Nations Environment Programme (UNEP). The "Nature Voices Pledge" is to be announced at a Presidential Panel titled "Pioneering the Future of Nature in Africa" which is being hosted by the Africa Climate Summit 2023 on 5 September 2023 The event, which is being supported by ANCA, brings together leaders from several African nations including the Presidents of Rwanda, Republic of Congo and Burundi, to engage in a high-level dialogue on the future of nature in Africa. It will provide a platform for African leaders to discuss key challenges, opportunities, and policy interventions aimed at promoting nature and biodiversity for sustainable development across the continent.

Source - Africa
5 Sep 2023
5Sep

Standard Bank holds its ninth hackathon

Financial services firm Standard Bank is holding the ninth yearly two-day Kuunda Disrupt Hackathon, which is aimed at harnessing the creative power of its people to tackle client pain points. The event also emphasises the importance of innovation and collaboration in devising client-centric solutions, the firm states. This year's hackathon had a record-breaking 274 ideas submitted from across Africa and, from these, the top 42 teams — comprising 229 hackers — have been selected to participate. "During the initial judging phase, the teams will present their client-focused solutions to an experienced panel of judges, which will narrow the field down to 15 finalist teams. The ultimate stage will see these top 15 teams competing in front of a panel of experts, and passionately pitching their refined solutions," said Standard Bank Group CIO Jörg Fischer Winners will be announced on the last day of the event on September 6. The solutions that the teams develop will harness cutting-edge technology while aligning with the bank's digital strategies and core values. For example, each team is bound by four pivotal criteria for their proposals, with the first requirement being that the proposal submission must be anchored in a cloud platform. Secondly, they must leverage one of the organisation's contracted hyper scalers to establish real-time connections with clients. Thirdly, the idea should align to the Standard Bank Group's strategic value drivers. Lastly, the envisioned outcomes should ideally lead to improved costs and efficiency, and an enhanced client experience, he said. "The event underscores the bank's steadfast dedication to nurturing innovation to solve real client challenges, creating solutions that are not only technically brilliant but also socially relevant and impactful," said Fischer. Hackathons serve as effective strategic cornerstones for fostering innovation. This annual event is open to all employees across all levels within the Standard Bank Group, including permanent a

Source - Engineering News
5 Sep 2023
5Sep

Why Kim may meet Putin in Russia

Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Seoul - North Korean leader Kim Jong Un may soon meet President Vladimir Putin and discuss potential arms deals, a US national security official has said, signalling deeper ties between the two countries as they face off with Washington. As Russia's isolation over its war in Ukraine has grown, analysts say it has seen increasing value in North Korea. For North Korea's part, relations with Russia have not always been as warm as they were during at the height of the Soviet Union, but now the country is reaping clear benefits from Moscow's need for friends. Here's how North Korea-Russia relations began, and how they are becoming closer: How deep are the political ties? Communist North Korea was formed in the early days of the Cold War with the backing of the Soviet Union. North Korea later battled the South and its US and UN allies to a stalemate in the 1950-1953 Korean War with extensive aid from China and the Soviet Union. North Korea was heavily reliant on Soviet aid for decades, and the collapse of the Soviet Union in the 1990s contributed to a deadly famine in the North. Pyongyang's leaders have often tried use Beijing and Moscow to balance each other. Kim initially had a cool relationship with Russia and China, which both joined the US in imposing strict sanctions on North Korea over its nuclear tests. After his country's most recent nuclear test in 2017, Kim took steps to repair ties. He met Putin in 2019 for the first time in the Russian city of Vladivostok. In a message for Russia's National Day in June, Kim vowed to "hold hands" with Putin and bolster strategic co-operation. Russia has joined China in opposing new sanctions on North Korea, blocking a US-led push and publicly splitting the UN Security Council for the first time since it started punishing Pyongyang in 2006. The most striking sign of deepening ties came i

Source - Business Live
5 Sep 2023
5Sep

REINET INVESTMENTS S.C.A - Exchange rate applicable for dividend payable in respect of ordinary shares listed on the JSE

Exchange rate applicable for dividend payable in respect of ordinary shares listed on the JSE Reinet Investments S.C.A. (Incorporated in Luxembourg) ISIN: LU0383812293 JSE share code: RNI LEI: 222100830RQTFVV22S80 REINET INVESTMENTS S.C.A. ("REINET") - EXCHANGE RATE APPLICABLE FOR DIVIDEND PAYABLE IN RESPECT OF ORDINARY SHARES LISTED ON THE JOHANNESBURG STOCK EXCHANGE The dividend payable to holders of Reinet ordinary shares listed on the Johannesburg Stock Exchange (the "Reinet South African Shares") is payable in rand via central security depository participants in Strate for all holdings of dematerialised Reinet South African Shares. The total dividend of EUR 0.30000 per share from income reserves, as recommended by Reinet, has been approved by shareholders of Reinet at the annual general meeting held on Tuesday, 29 August 2023 in Luxembourg. There is no Luxembourg withholding tax payable on dividends which may be declared by Reinet. In 2013, Reinet sought clarification from the South African Revenue Service ("SARS") as to the treatment of any dividends to be declared by Reinet and paid to holders of depository receipts issued by Reinet Securities SA in respect of Reinet ordinary shares. This ruling was renewed for a further 5 years on 8 March 2018 in respect of any dividends to be declared by Reinet and paid to holders of the Company's ordinary shares listed on the Johannesburg Stock Exchange. Reinet is in the process of applying for a renewal of this ruling in respect of any dividends to be declared and paid to holders of its ordinary shares listed on the Johannesburg Stock Exchange. Information relating to the renewal of the ruling will be provided in due course. The exchange rate applicable for the conversion of euro to rand for payment of the Reinet South African Share dividend is ZAR 20.60000 : Euro 1. Accordingly, the net dividend payable per Reinet South African Share is 494.40000 ZAR cents, as set out in the table below: Gross dividend South African Net dividend per shar

Source - Sharenet
5 Sep 2023
5Sep

Battle of the food producers: RCL vs AVI

Analysis of RCL Foods and AVI results and why having women as part of the labour force is vital. 5 Sep 2023 You can also listen to this podcast on iono.fm here Alex Duys from Umthombo Wealth talks the divergent RCL Foods and AVI results. Sanisha Packirisamy from Momentum Investments on the importance of women in the labour force. PPS's David Crosoer explains how we should manage short-term price gains with long-term sustainable investments. Guests on today's show: Alex Duys: Umthombo Wealth Sanisha Packirisamy: Momentum Investments David Crosoer: PPS AUTHOR PROFILE COMMENTS

Source - Moneyweb
5 Sep 2023
5Sep

Shoprite gains ‘record' market share

Retailer's customers spend R26bn more in year ended July than year before Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. SA's largest grocery retailer Shoprite said on Tuesday it gained "record market share" in the year ended July 2, suggesting that its tools to maintain dominance in lower income markets and attract spending from middle-to-high end consumers were effective. Its customers spent R26bn more year on year in core supermarket and LiquorShop businesses in SA, which the retailer said equated to a 1.4% increase in market share. Over the past four years, Shoprite claims it has had uninterrupted market share gains in its core SA market, a fiercely contented space. During the reporting period, Shoprite added a record 340 new stores on a net basis, taking the total to 3,326 in an expansion that created 3,651 new jobs. This excludes 4,480 people employed since January as part of the Massmart acquisition. "In many aspects our 2023 year was extraordinary," CEO Pieter Engelbrecht said in a statement. "The group gained record levels of market share, saved customers over R13.5bn in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of load-shedding," Engelbrecht said. Sales in its core SA supermarket business rose 17.8% to R173.6bn, boosted by its various store brands. LiquorShop reported the biggest improvement in the past year with growth of 30.8%, albeit off a relatively lower base from 2022 when Covid-19 restrictions on alcohol sales were in place. The Checkers brand grew sales 18% year on year, leveraging its Sixty60 delivery service to gain more customers. Sales at Shoprite and Usave brands rose 15.6%. The retailer has an effective rewards programme that has data on 26-million customers across its various brands. It has been innovative by branching out into baby goods, pet f

Source - Business Live
5 Sep 2023
5Sep

NEPI ROCKCASTLE N.V - Finalisation announcement: election to receive a capital repayment, cash dividend or scrip issue

Finalisation announcement: election to receive a capital repayment, cash dividend or scrip issue NEPI Rockcastle N.V. (formerly NEPI Rockcastle S.A.) Incorporated and registered in the Netherlands Registration number 87488329 Share code: NRP ISIN: NL0015000RT3 ("NEPI Rockcastle" or "the Company") FINALISATION ANNOUNCEMENT: ELECTION TO RECEIVE A CAPITAL REPAYMENT, CASH DIVIDEND OR SCRIP ISSUE Shareholders are referred to the circular issued on Tuesday, 29 August 2023 (the "Circular") in respect of an election to receive the dividend for the six months ended 30 June 2023 of 25.67 euro cents per share ("interim dividend"), either: (i) via a reduction and repayment in cash of the nominal value per share ("capital repayment") (the default); or (ii) as an ordinary cash dividend out of distributable profits ("cash dividend"). with an alternative election available to receive a distribution of 27.10 euro cents per share, corresponding to a 95% dividend pay-out ratio and representing a 5.6% premium to the interim dividend, by way of an issue of new shares with a nominal value of €0.01 each credited as fully paid up ("scrip issue"). Shareholders are now advised as follows: - The scrip reference price is ZAR cents 10,470.75169 per share, being a 3% discount to the five-day volume weighted average price (less the final dividend of 25.67 euro cents per share) of NEPI Rockcastle shares on the JSE as at 4 September 2023. For NEPI Rockcastle shares traded on Euronext Amsterdam, the scrip reference price is EUR5.12030, being the ZAR scrip reference price converted to Euro at an average exchange rate of EUR1.00:ZAR20.44948, determined over a two-day period commencing on Friday, 1 September 2023 and ending on Monday, 4 September 2023. - Shareholders electing to receive the scrip issue will receive 5,29266 new NEPI Rockcastle shares for every 100 NEPI Rockcastle shares held by such shareholders on the record date of Friday, 15 September 2023, representing the ratio that the 27.10 eur

Source - Sharenet
5 Sep 2023
5Sep

Former Kaizer Chiefs star moves to Sweden!

A former Kaizer Chiefs and Swallows defender has landed a new club in Sweden to continue his development as a player. Former Kaizer Chiefs defender Yagan Sasman has been praised after completing a move to Swedish club Eskilstuna. EX-KAIZER CHIEFS MAN MOVES TO SWEDEN 27-year-old Yagan Sasman left Swallows at the end of last season after two years at the Soweto club where he was a regular after his arrival from local rivals Chiefs. After 51 appearances and three goals, the centre-back has moved on to the Swedish second tier to continue the next stage of his career, according to iDiski Times. "Yagan Sasman is good at reading the game," the club's CEO Mikael Larsson said about youth product Ajax Cape Town (Cape Town Spurs). He has great timing in his tackles and is good in the air. He is an experienced player with a lot of playing time at a high level." Sasman joins former teammate Tashreeq Matthews in Sweden who's currently starring in the Allsvenskan (Sweden's top tier) with IK Sirius. THE NORWEGIAN LEPASA HITS ANOTHER RIDICULOUS PREMIER LEAGUE MILESTONE Meanwhile, Erling Haaland seems to have been watching Orlando Pirates striker Zakhele Lepasa this season, with yet another hat trick in the Premier League at the weekend. He's now hit five trebles in 42 English top-flight matches. The previous quickest to that milestone was Ruud van Nistelrooy, who got there in 73 matches. Meanwhile, hit up for more insights, analysis and love for the beautiful game of football.

Source - SA People News
5 Sep 2023
5Sep

South African supermarket giant Shoprite's full-year profit jumps

South Africa's biggest supermarket group Shoprite Holdings reported a 9.6% rise in annual profit on Tuesday on the back of a double-digit sales growth across its food stores and the integration of 92 Massmart stores in the second half.Shoprite, which has more than 3,300 stores, posted headline earnings per share from continuing operations of 1,166.2 cents in the year ended July 2, from 1,063.9 cents a year earlier.Amid a cost-of-living crisis the retailer, which competes with Pick n Pay, SPAR and Woolworths, gained record levels of market share, Chief Executive Pieter Engelbrecht said, increasing sales by 16.9% to 215 billion rand ($11.20 billion).Consumers flocked to its budget chains for discounts, while its investment in its upmarket Checkers brand also continued to attract bigger wallets. This all contributed to 17.8% sales growth within its core South African supermarkets division.Like its rivals, Shoprite is grappling with rising costs, including running diesel generators to keep its operations going as state utility Eskom struggles to keep the lights on.The group spent 1.3 billion rand on diesel in the year.Meanwhile, its exposure to higher inflation commodity lines meant its products were 10.1% more expensive compared to last year's 3.9% price inflation.($1 = 19.1896 rand)(Reporting by Tannur Anders, Editing by Louise Heavens, Nqobile Dludla and Alexander Smith)

Source - Market Screener
5 Sep 2023
5Sep

Business Talk — Michael Martin on new legislation for South Africans to become St Kitts and Nevis citizens

In this episode of Business Talk with Michael Avery, Michael Martin, Head of the St. Kitts and Nevis Citizenship by Investment Unit, discusses new legislation to be introduced to streamline this citizenship programme. Martin boasts extensive experience in strategic planning and compliance, having served in top management positions in several companies - including the National Caribbean Insurance Company, National Bank Trust Company, and Sagicor Life. He holds a graduate diploma from the International Compliance Association and Manchester Business School, a certificate in International Trust Management from the Society of Trust and Estate Practitioners, and a certificate in Managing Financial Services from the University of the West Indies. The Interview In this Business Talk interview, Martin explains key changes that are being introduced to the St Kitts and Nevis Citizenship by Investment Programme thanks to new legislation. He discusses how feedback both from internal sources and the international community has influenced this legislation and outlines how these changes will enhance the integrity and transparency of the programme. Given the significance of these changes, Martin also addresses investors’ concerns regarding potential future changes, and concludes by giving a timeline for the new legislation’s implementation. Watch the full interview with Michael Martin below.

Source - Business Tech
5 Sep 2023
5Sep

Zimbabwe: We Have Shamed Detractors - Says Mnangagwa As He Is Sworn in for Final Term

President Emmerson Mnangagwa said his party has shamed detractors who hoped for violence and his downfall during the just ended general elections. He was addressing thousands at his inauguration ceremony held at the National Sports Stadium in Harare on Monday. Mnangagwa said the peace that prevailed was an indication that Zimbabwe has matured politically. "We have shamed our detractors who predicted and clandestinely financed mayhem, expecting the worst from us, before, during and after our polls. "The will of the Zimbabwean people has been expressed and must be respected. "In unity, we have defended this sacred land, bequeathed to us by our great heroes and heroines. "They paid for the democracy, independence and sovereignty we are enjoying today, with their precious lives. Added Mnangagwa: "I once again call upon all Zimbabweans to say no to violence, tribalism, regionalism, hate speech and other divisive tendencies. Peace, love, harmony and tolerance are in our DNA as a people." "As Zimbabwe, we have demonstrated that we are a mature democracy. "The people of this precious nation, which is born out of the sacred blood of those who fought for our independence, freedom, democracy and indeed the right to vote, have spoken. "Our unparalleled conduct before, during and after the electoral processes is praiseworthy and will be an everlasting standard and benchmark as we continue to deepen and entrench constitutional democracy in our country," he said. Mnangagwa said there are no losers, but a victory for the people of Zimbabwe against the neo-colonial and hegemonic tendencies of our country's detractors and those who believe that "might is right". "Counter-revolutionary forces and their proxies will never prevail in our free mother country, Zimbabwe. Mnangagwa said people should now turn their focus back to building and industrialising the country so the quality of life improves. Read the original article on New Zimbabwe

Source - Allafrica
5 Sep 2023
5Sep

MTN SA selects insiders for two key roles MTN SA selects insiders for two key roles

Read time 3min 10sec Comments (0) Tumi Chamayou has been named MTN SA's chief enterprise business officer for South Africa. Mobile operator MTN South Africa has made two key appointments to its executive team. The company has appointed Tumi Chamayou, as chief enterprise business officer for South Africa, effective 1 October; and Ernest Galelekile as the new executive: channels in commercial operations, effective 1 September. In a media statement, the telco says Chamayou is currently the group executive for MTN's Enterprise Business Unit, having joined that team in 2018 as general manager for large enterprise sales. According to the firm, during her group tenure, she has added immense value, overseeing growth, first in the multinational and large enterprise segments. She later added the SME client segment teams, as well as driving the overall strategy and operational alignment, through various programmes that she spearheaded across MTN's markets to drive growth that has seen growth exceed more than 28% year on year between the period of 2020 and 2022, the telco adds. Prior to joining MTN, it notes, Chamayou played a key role as management consultant at Egon Zehnder's Technology and Telecommunications, Private Equity, and Family Business Advisory Practices. Before Egon Zehnder, she was vice president at Ericsson Sub-Saharan Africa, covering 43 countries in the region and a member of the region's leadership team. In that position, MTN says, she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. Commenting on Chamayou's appointment, Charles Molapisi, CEO of MTN South Africa, says: "Tumi has made a significant contribution to our Group Enterprise Business Unit, and in our pursuit of realising our strategic goals of fostering business expansion, revolutionising customer satisfaction, and revitalising employee involvement, it's paramount we enlist

Source - MSN
5 Sep 2023
5Sep

Cost focus is key, new African Rainbow Minerals CEO emphasises

JOHANNESBURG (miningweekly.com) — Ensuring cost-competitive operational performance and increasing efficiencies and outputs to improve margins werecited as being key by new African Rainbow Minerals (ARM) CEO Phillip Tobias when he outlined the operating, low price, logistics, power, water and above-inflation cost challenges of ARM's 2023 financial year to June 30. "A cost focus is very key," Tobias emphasised when the Johannesburg Stock Exchange-listed company reported 21% lower headline earnings to R8 981-million on September 4. "Very important is to continue engagement with Transnet to implement sustainable logistics solutions that are value accretive to all stakeholders," he said. The South African diversified company, headed by Dr Patrice Motsepe , which mines iron-ore, manganese ore, chrome ore, platinum group metals (PGMs) and coal, also has a strategic investment in gold through Harmony Gold. ARM's ferrous metals interests are held through wholly owned ARM Ferrous which owns 50% of Assmang. Implementation of technology to enhance productivity and efficiencies, looking for appropriate new technology and employing it to deliver better volumes, were highlighted, along with delivering existing growth projects on time and on budget, and applying what went well with the successful R7.4-billion Black Rock project as well as its skillsets to projects under way such as the Two Rivers Merensky project and front-end loading for the Bokoni platinum group metals (PGMs) project. ARM is intent on transitioning Bokoni into execution mode and delivering it on time and on budget. As an immediate area of attention, improvements are being driven by enhanced levels of mechanisation, automation, appropriate new technology and fit-for-purpose information technology systems. "Very important is to control things that are within our control, especially in the PGMs space, and ensuring that we improve our grades close to reserve grade and reducing waste and dilution. It's an area that's getting our urgent at

Source - Polity
5 Sep 2023
5Sep

MTN announces new chief enterprise business officer and channels executive

MTN South Africa has appointed Tumi Chamayou as chief enterprise business officer and Ernest Galelekile as executive for channels in commercial operations. Chamayou's appointment is effective 1 October, while Galelekile's was effective from 1 September 2023. Chamayou is currently the group executive for MTN's Enterprise Business Unit after joining that team in 2018 as general manager for large enterprise sales. Before joining MTN, Chamayou was a management consultant at Egon Zehnder's technology and telecommunications, private equity, and family business advisory practices. Prior to Egon Zehnder, she was vice president at Ericsson Sub-Saharan Africa, covering 43 countries in the region. During her ten years at Ericsson, Chamayou led various other global and regional roles, including running the business and network consulting and services business in West Africa, and the business advisory services for Sub-Saharan Africa. She also led the consulting and system integrator business for Eastern & Central Europe based in Sweden and later France, covering Scandinavian, Russian, and CIS countries. Galelekile previously held various leadership roles within the MTN Group and MTN South Africa. As the executive for channels in commercial operations, Galelekile will oversee the strategic development and management of distribution channels across the organisation. He has previously served as the general manager of KwaZulu-Natal regional operations and held key roles at Nedbank, SAB Miller, and Unilever. "Ernest and Tumi's appointments reflect our commitment to fostering internal talent and harnessing the expertise of individuals who understand the intricacies of our industry, said MTN SA CEO Charles Molapisi.

Source - Mybroadband
5 Sep 2023
5Sep

SHOPRITE HOLDINGS LIMITED — Termination and release of pledge arrangement by an associate of a director

5 September 2023 R247.36 Termination and release of pledge arrangement by an associate of a director Shoprite Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1936/007721/06) ISIN no: ZAE000012084 JSE share code: SHP NSX share code: SRH ("Shoprite Holdings") TERMINATION AND RELEASE OF PLEDGE ARRANGEMENT BY AN ASSOCIATE OF A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Executive director Dr CH Wiese Name of associate Thibault Square Financial Services (Pty) Ltd Class of securities Shoprite Holdings ordinary shares Nature of transaction Termination of a security pledge arrangement Date of termination of pledge arrangement 31 August 2023 Number of securities released from pledge 143 157 Current market value of securities released R37 438 418.60 from pledge Nature of transaction Release of shares from a security pledge arrangement Date of partial termination of pledge 26 May 2023 arrangement Number of securities released from pledge 2 082 282 Current market value of securities released R419 933 810.94 from pledge Cape Town Date: 5 September 2023 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 05-09-2023 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
5 Sep 2023
5Sep

SALUNGANO GROUP LIMITED — Update on the Voluntary Business Rescue Process of a Subsidiary and Appointment of Chief Restruc

5 September 2023 R0.50 Update on the Voluntary Business Rescue Process of a Subsidiary and Appointment of Chief Restructuring Officer SALUNGANO GROUP LIMITED Incorporated in the Republic of South Africa (Registration number 2005/006913/06) Share code: SLG ISIN: ZAE000306890 ("Salungano Group or "the Company) UPDATE ON THE VOLUNTARY BUSINESS RESCUE PROCESS OF A WHOLLY-OWNED SUBSIDIARY AND APPOINTMENT OF CHIEF RESTRUCTURING OFFICER Shareholders are referred to the cautionary announcement in relation to the business rescue of a wholly-owned subsidiary of the Company, Wescoal Mining Proprietary Limited ("Wescoal Mining) released on SENS on 25 August 2023 ("Announcement), advising shareholders, inter alia, that a voluntary business rescue process of Wescoal Mining, based on a board resolution in terms of Section 129(1) of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies Act), would ensue. Subsequent to the Announcement, the voluntary business rescue application was duly registered at the Companies and Intellectual Property Commission ("CIPC), with the date of commencement of business rescue proceedings recorded as 25 August 2023. The successful appointment of three senior business rescue practitioners at the CIPC followed on 28 August 2023, and the first meeting of creditors of Wescoal Mining (in business rescue) is planned for 11 September 2023. Shareholders will be updated on the Wescoal Mining business rescue process as further material information becomes available, and are reminded to continue to exercise caution when trading in Salungano Group shares until a further announcement in this regard is made. Shareholders should note that Wescoal Mining (comprising the Elandspruit and Khanyisa operations) does not represent the main revenue-generating operations of the Salungano Group of companies ("the Group). The Group's major operation at Moabsvelden Colliery, supplying coal to Eskom in terms of a long-term coal supply agreement under the subsidiary, Neosho Trading 86 Propriet

Source - Moneyweb
5 Sep 2023
5Sep

HARCOURT STREET 1 (RF) LIMITED - New financial instrument listing - H127T2

Release Date: Code(s): H127T2 New financial instrument listing - H127T2 Harcourt Street 1 (RF) Limited (Incorporated with limited liability in the Republic of South Africa) (Registration Number 2015/047670/06) JSE Code: HCTI The JSE Limited has granted a listing to HARCOURT STREET 1 (RF) LIMITED on Interest Rate Market with effect from 6 September 2023. Instrument type Senior Secured Floating Rate Notes Debt security code H127T2 Nominal Amount Issued R 100,000,000.00 Issue Price R 100,000,000.00 Coupon 3 Month JIBAR plus Margin Margin 0.75% per annum Final Maturity Date 6 December 2023 From 2 December 2023 to 6 December 2023 Books Close Period (both days inclusive) 6 December 2023 subject to the applicable Interest Payment Date Business Day Convention Rate Determination Dates Interest Commencement Date By 17h00 on the Business Day immediately Last Day to Register preceding the first day of the Books Closed Period Issue Date 6 September 2023 Date Convention Following Interest Commencement Date 6 September 2023 Call / Step Up Date N/A ISIN No. ZAG000199183 Aggregate Nominal Amount of Notes Outstanding in the Sub-Series after this issuance R100,000,000.00 The Pricing Supplement contains additional terms and conditions or changes to the terms and conditions as contained in the Programme Documents. These relate to Physical Settlement, Early redemption upon a Participating Asset Event of Default, Refinancing of Notes and the definition of Controlling Class and Series Transaction Event of Default. Investors should study the Applicable Pricing Supplement for full details of the terms and conditions applicable to these Notes. A copy of the Pepkor Trading Proprietary Limited Guarantee in respect of the PEP06 Applicable Pricing Supplement, issued under the Pepkor Holdings Limited Programme Memorandum shall be made available on request at the registered office of the Issuer. 5 September 2023 Debt Sponsor: Investec Bank Limited Date: 05-09-2023 03:51:00 Produced

Source - Sharenet
5 Sep 2023
5Sep

BHP GROUP LIMITED — BHP 2023 US Annual Report (Form 20-F)

5 September 2023 BHP 2023 US Annual Report (Form 20-F) BHP Group Limited BHP Group Limited ABN 49 004 028 077 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000 Share code: BHG ISIN: AU000000BHP4 Exchange release 5 September 2023 2023 US Annual Report (Form 20-F) BHP has filed its 2023 US Annual Report (Form 20-F) with the United States Securities and Exchange Commission. The Form 20-F has been prepared in accordance with the requirements of the United States Securities and Exchange Commission and, as a result, does not comply with the reporting requirements under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). The Form 20-F has been submitted to the FCA National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism The Form 20-F can also be accessed at https://www.bhp.com/news/media-centre/reports- presentations/2023/08/2023-annual-reporting-suite or www.sec.gov. American Depositary Receipt holders may receive a hard copy of the company's complete audited financial statements free of charge upon request by telephoning Citibank Shareholder Services (+1 781) 575 4555 (outside US) or +1 877 248 4237 (+1 877 CITIADR) (toll free within US). Further information on BHP can be found at bhp.com. Authorised for release by Stefanie Wilkinson, Group Company Secretary. Sponsor: J.P. Morgan Equities South Africa Proprietary Limited BHP Group Limited ABN 49 004 028 077 Contacts Media Investor Relations media.relations@bhp.com investor.relations@bhp.com Australia and Asia Australia and Asia Gabrielle Notley John-Paul Santamaria Europe, Middle East and Africa Europe, Middle East and Africa Neil Burrows James Bell Americas Americas Renata Fernandaz Monica Nettleton BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Level 18, 171 Collins Street Melbourne V

Source - Moneyweb
5 Sep 2023
5Sep

SCIB: The Standard Bank Of South Africa- PRX Warrants terms amendment

5 September 2023 SCIB: The Standard Bank Of South Africa- PRX Warrants terms amendment The Standard Bank of South Africa Limited ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK PROSUS NV WARRANTS Following the Prosus NV ("PRX") announcement on the Capitalisation Issue, PRX shareholders will receive 1.17960 PRX shares for every 1 PRX share held. Following this announcement, notice is hereby given that the terms of the PRX warrants will be adjusted to place the warrant holders in the same financial position they were prior to the rights offer ex-date. The terms of the warrants shall be determined at the close of business on 12th September 2023. The following warrants will be affected by this corporate action: Existing Terms ISIN JSE Code Exercise Price Conversion Ratio Expiry Exercise Style ZAE000319869 PRXSBA R1,450.00 750 07-Dec-23 American Call ZAE000323234 PRXSBB R1,450.00 800 14-Mar-24 American Call ZAE000325411 PRXSBC R1,525.00 700 07-May-24 American Call ZAE000317921 PRXSBQ R1,340.00 600 04-Oct-23 European Put ZAE000321626 PRXSBR R1,180.00 450 12-Feb-24 European Put ZAE000325239 PRXSBS R1,250.00 450 07-May-24 European Put New Terms ISIN JSE Code Exercise Price Conversion Ratio Expiry Exercise Style ZAE000319869 PRXSBA TBA TBA 07-Dec-23 American Call ZAE000323234 PRXSBB TBA TBA 14-Mar-24 American Call ZAE000325411 PRXSBC TBA TBA 07-May-24 American Call ZAE000317921 PRXSBQ TBA TBA 04-Oct-23 European Put ZAE000321626 PRXSBR TBA TBA 12-Feb-24 European Put ZAE000325239 PRXSBS TBA TBA 07-May-24 European Put The Effective Date of the adjustment shall be 13th September 2023. This Notice together with the Common Terms Document and Conditions Annexure record the terms and conditions of the agreement between the Parties. Any terms used in this Notice which are defined in the Common Terms Document, Conditions Annexure and the relevant Supplements shall bear the meaning ascribed to them therein, unless specifically stated otherwise herein. Other than as s

Source - Moneyweb
5 Sep 2023
5Sep

New financial instrument listing — H127T2

5 September 2023 New financial instrument listing — H127T2 Harcourt Street 1 (RF) Limited (Incorporated with limited liability in the Republic of South Africa) (Registration Number 2015/047670/06) JSE Code: HCTI The JSE Limited has granted a listing to HARCOURT STREET 1 (RF) LIMITED on Interest Rate Market with effect from 6 September 2023. Instrument type Senior Secured Floating Rate Notes Debt security code H127T2 Nominal Amount Issued R 100,000,000.00 Issue Price R 100,000,000.00 Coupon 3 Month JIBAR plus Margin Margin 0.75% per annum Final Maturity Date 6 December 2023 From 2 December 2023 to 6 December 2023 Books Close Period (both days inclusive) 6 December 2023 subject to the applicable Interest Payment Date Business Day Convention Rate Determination Dates Interest Commencement Date By 17h00 on the Business Day immediately Last Day to Register preceding the first day of the Books Closed Period Issue Date 6 September 2023 Date Convention Following Interest Commencement Date 6 September 2023 Call / Step Up Date N/A ISIN No. ZAG000199183 Aggregate Nominal Amount of Notes Outstanding in the Sub-Series after this issuance R100,000,000.00 The Pricing Supplement contains additional terms and conditions or changes to the terms and conditions as contained in the Programme Documents. These relate to Physical Settlement, Early redemption upon a Participating Asset Event of Default, Refinancing of Notes and the definition of Controlling Class and Series Transaction Event of Default. Investors should study the Applicable Pricing Supplement for full details of the terms and conditions applicable to these Notes. A copy of the Pepkor Trading Proprietary Limited Guarantee in respect of the PEP06 Applicable Pricing Supplement, issued under the Pepkor Holdings Limited Programme Memorandum shall be made available on request at the registered office of the Issuer. 5 September 2023 Debt Sponsor: Investec Bank Limited Date: 05-09-2023 03:51:00 Produced by the JSE SE

Source - Moneyweb
5 Sep 2023
5Sep

The store will not work correctly in the case when cookies are disabled. Italtile Extends Its Versatile V&A Lussari Range Wi

Unveiled a year ago, Italtile's exclusive range of V&A Lussari Baths originally offered eco-conscious style shoppers the luxury of choice: with three sizes of compact, freestanding bath-time bliss.Continuing the theme of versatility and choice, Italtile has added five newcomers to the existing range of contemporary classics: two back-to-wall baths, a right corner unit, a left corner unit, and a countertop basin to complete the luxe Lussari look. Let your bathroom choose the Lussari look that's right for you. As with the original freestanding Lussari models, Italtile's new, curated selection of wall-fitted baths plus matching countertop basin offer the same unapologetically luxurious shape; sensuously sloping sides and smooth curves that speak of timeless elegance. Hugging your bathroom walls — whether against an accent wall, or neatly slotting into a private corner spot — these models offer smart solutions for smaller bathrooms. (Less space should never mean less style.) Range features and benefits. The new Lussari range extensions are available in standard white, with the options to customise the outside with one of literally hundreds of RAL colour finishes to harmonise with your chosen colour scheme. Speak to one of Italtile's design-certified sales consultants about the V&S colour service available.) Both the baths and the matching countertop basin are created from Quarrycast, the unique volcanic limestone and resin composite that gives every V&A bath its signature warm, velvety feel. This remarkable warmth is the result of high insulation properties, guaranteed to keep your bath water toastier for longer. Quarrycast also offers outstanding strength (twice as tough as acrylic), with no ‘creaking' or flexing. The naturally glossy surface is incredibly durable and non-porous, resistant to hair dyes and bath oils. Simply wipe clean after use. Like all V&A baths and basins, each model in the Lussari Collection comes with a 25-year guarantee. VABA1088 LUSSARI C/T BASIN WITH O/F 544X3

Source - Italtile
5 Sep 2023
5Sep

Italtile's New InOut Crassana Offers Urban Edge With An Elegant Twist Italtile's New InOut Crassana Offers Urban Edge With A

Introducing Crassana, an exciting addition to Italtile's exclusive INOUT collection . The INOUT Crassana Matt Rectified 1000 x 1000 mm PorcelainTile combines the durability of porcelain with the modern aesthetics of a concrete cement look. Crafted in Spain, this tile speaks of sophistication, and its two textural neutral colourways are designed to bring a contemporary touch to any space. With its sleek and minimalist design, the INOUT Crassana Matt Rectified Porcelain Tile captures the essence of industrial chic and urban elegance, perfect for those seeking a modern and stylish aesthetic. The Crassana range includes a Pearl variant, a soft and subtle neutral, and a Grey option, a more traditional cement screed shade. Both offer the fascinating variance inspired by the personality of crushed stone mixed into a cement screed aggregate. There's a sense of weathered rock which is extremely decorative and creates a marked difference that sets Crassana apart from other screed looks. This large-format 1000 x 1000 mm tile is rectified, which means each tile has been mechanically cut to be exactly the same size. The result, when installed, is a near seamless and expansive look with minimal grout lines, making it ideal for flooring or wall cladding both inside and outdoors, where you want to create a sense of spaciousness. INOUT technology creates a beautiful tile surface with a velvety matt surface. When dry, it is smooth to the touch. When wet, the deceptively smooth surface develops an astonishingly strong grip. This is next-level technology that take slip resistance up several notches. While traditional slip-resistant tiles offer a rough texture created from a randomly applied abrasive, INOUT technology consists of a fine coating of uniformly sized microscopic granules. When fired, these tiny granules create the signature smoothness of every INOUT porcelain tile. Consequently, an INOUT tile is not only smooth to the touch when dry or wet, it is also easy to clean, unlike other more traditional s

Source - Italtile
5 Sep 2023
5Sep

Checkers Sixty60 sales surge 81% in a year

Checkers Sixty60, Shoprite Holdings' on-demand grocery delivery service, grew sales by 81% year on year in the 52 weeks ended 2 July 2023, underscoring just how much South Africans have warmed to the concept. "[This underscores] the continued growth of our Checkers omnichannel customer initiative and validates our strategy in terms of our investment in digital and data-led decision making," Shoprite Holdings CEO Pieter Engelbrecht said in a statement alongside the results. Launched in 2019, the growth of the Sixty60 platform coincided with the Covid-19 pandemic and associated lockdowns as well as increased levels of load shedding in South Africa. However, higher sales growth of 150% in the previous year suggests the growth trend for the on-demand service may be normalising somewhat. Although Checkers Sixty60 extended its reach to 466 stores offering the service, up from 300 in 2022, in-app purchases still make up "less than 5% of the group's consolidated sale of merchandise". When considered alongside the fact that Shoprite Holdings added a record 340 new physical stores in the latest 52-week reporting period, it is evident that South African consumers still overwhelmingly prefer to shop in person for their groceries. Shoprite said it plans to spend about R8.5-billion to increase supply-chain capacity, add stores and strengthen its digital capabilities. The retailer has been swallowing market share from rivals Pick n Pay and Spar, while pushing into the higher-margin upmarket niche dominated by Woolworths. Read: Checkers opens its first ‘dark store' as online shopping booms But rivals have been innovating and expanding capacity in a fiercely competitive grocery market, forcing Shoprite to step up a turf war for both budget and affluent shoppers. Checkers Sixty60 The company is adding 200 000sq m in new distribution centres over the next two years to support growth at its over 2 100 South African supermarket stores and additional 314 new stores planned in its new financial year, which s

Source - South Africa Finance News
5 Sep 2023
5Sep

De Kock has 'unfinished business' at World Cup

South Africa coach Rob Walter said on Tuesday that Quinton de Kock has "unfinished business" after it was announced that the wicketkeeper will retire from one-day international cricket after the World Cup, which starts in India on October 5. De Kock's pending retirement was revealed during the announcement of South Africa's 15-man squad in Bloemfontein, where South Africa start a five-match ODI series against Australia on Thursday. "Quinny has been a magnificent player for South Africa in 50-over cricket," said Walter in backing De Kock, 30, to finish his ODI career in style. De Kock will play in Australia's Big Bash League in December, which will clash with a one-day series against India. A former captain in all three international formats, De Kock retired from Test cricket in 2022. De Kock will remain available for T20 internationals. Walter said there was "still water to go under the bridge" regarding De Kock's availability for a T20I series against India, which will precede the ODI series. "In the ever-changing world of cricket there is going to be an inevitable clash between leagues and international cricket," said Walter. "If we aren't flexible we are going to lose players from the international game." Promising fast bowler Gerald Coetzee, 22, is one of eight players who will be playing in their first World Cup. He appeared emotional when his name was announced at a ceremony in his home town. "He's got fire in his belly," said Walter. Fellow fast bowler Sisanda Magala, who had not initially been named in an 18-man squad for the series against Australia, was selected after struggling with a left knee injury. South Africa named six fast bowlers in their squad and only two specialist spin bowlers. "Our strength has been in fast bowling and we want to be able to have four high-quality fast bowlers on the park in most situations," said Walter. "That is why we have gone with extra fast bowlers." South Africa's first World Cup match will be against Sri Lanka in Delhi on October 7. Asked abo

Source - East Coast Radio
5 Sep 2023
5Sep

Shoprite's impressive results dampened by R1.3bn spent on diesel during load shedding

Shoprite's 2023 financial report shows sales growth despite the continuous power outages. Load shedding Growth against all odds Massmart acquisition Shoprite Group's achievements in digits: 340 new stores; 3 651 new jobs in addition to 4 480 jobs from Massmart acquisition; 4 480 employees since January 2023; 17.8% sales growth by SA supermarkets.

Source - Economy24
5 Sep 2023
5Sep

General SENS Submitter Company - Informative Notice 20230905 Anglogold Ashanti Reorganisation

Release Date: Code(s): GSSC PDF: Informative Notice — 20230905 Anglogold Ashanti Reorganisation CORPORATE Anglogold Ashanti (South Africa): Reorganisation Informative Notice (FTSE/JSE Africa Index Series) 05 September 2023 FTSE/JSE notes the announcement by Anglogold Ashanti Ltd (South Africa, ZAE000043485, FTSE/JSE Top 40 Index) in relation to a reorganisation in order to effect a change in incorporation to the UK and a change in primary listing to the New York Stock Exchange. In the reorganisation, shareholders will receive one share in Anglogold Ashanti Plc (GB00BRXH2664) for each share held, which will commence trading on the Johannesburg Stock Exchange as a secondary listing from the open of Wednesday 20 September 2023. Subject to finalisation, FTSE/JSE intends to reflect the reorganisation as name and identifier updates on the effective date and index memberships will be retained. Anglogold Ashanti Plc will be treated as foreign for index purposes and will use Shareholder Weighted free float in all the FTSE/JSE indices effective from the December 2023 review. For further information please contact FTSE Russell Client Services at info@ftserussell.com or call: Australia +1800 653 680 Hong Kong +852 2164 3333 Japan +81 3 6441 1430 London +44 (0) 20 7866 1810 New York +1866 551 0617 Alternatively please visit our website at www.ftserussell.com Terms of Use | Copyright © 2023 FTSE Russell Date: 05-09-2023 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance

Source - Sharenet
5 Sep 2023
5Sep

DISCOVERY LIMITED — Final preference share cash dividend declaration

5 September 2023 R147.55 Final preference share cash dividend declaration Discovery Limited (Incorporated in the Republic of South Africa) Registration number: 1999/007789/06 Legal Entity Identifier: 378900245A26169C8132 Company tax reference number: 9652/003/71/7 Share code: DSBP ISIN: ZAE000158564 (‘the Company') FINAL PREFERENCE SHARE CASH DIVIDEND DECLARATION Notice is hereby given that, on Tuesday, 5 September 2023, the directors declared a final gross cash dividend of 548.49315 cents (438.79452 cents net of dividend withholding tax) per B preference share for the period 1 January 2023 to 30 June 2023, payable from the income reserves of the Company. A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt. The issued preference share capital at the declaration date is 8 million B preference shares. The salient dates for the dividend will be as follows: Last day of trade to receive a dividend Tuesday, 19 September 2023 Shares commence trading ‘ex' dividend Wednesday,20 September 2023 Record date Friday, 22 September 2023 Payment date Tuesday, 26 September 2023 B preference share certificates may not be dematerialised or rematerialised between Wednesday 20 September 2023 and Friday 22 September 2023, both days inclusive. Sandton 5 September 2023 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 05-09-2023 05:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through

Source - Moneyweb
5 Sep 2023
5Sep

THE FOSCHINI GROUP LIMITED - Trading update for the 22 weeks ended 26 August 2023 & trading statement for the six months end

Release Date: Code(s): TFG TFGP PDF: THE FOSCHINI GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1937/009504/06) Ordinary share code: TFG ISIN: ZAE000148466 Preference share code: TFGP ISIN: ZAE000148516 ("TFG" or "the Company" and together with its affiliates "the Group") TRADING UPDATE FOR THE 22 WEEKS ENDED 26 AUGUST 2023 AND TRADING STATEMENT FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2023 SALIENT FEATURES - Group retail turnover growth of 11,3% for the 22 weeks ended 26 August 2023 ('current period') compared to the 22 weeks ended 27 August 2022 ('prior period'); - TFG Africa recorded retail turnover growth of 16,1% (9,7% excluding Tapestry*) and like-for-like retail turnover growth of 3,3%; - Cash retail turnover growth for TFG Africa of 21,8%. Cash retail turnover now contributes 73,4% to total TFG Africa retail turnover and 82,0% to total Group retail turnover; - TFG London's retail turnover declined 12,4% (GBP) off a high post COVID-19 base; - TFG Australia's retail turnover declined 6,6% (AUD) off a post COVID-19 record prior period base; and - Group online retail turnover grew a pleasing 23,2% during the current period with online retail turnover contributing 10,1% to total Group retail turnover compared to 9,1% in the prior period. As previously reported on SENS, the results of TFG's international operations were positively impacted, in the prior period, by the inflated, post COVID-19 spending recovery and consequently earnings for the six months ended 30 September 2022 ('H1 FY2023') were unsustainably high. In the current period, their performance has returned to growing off pre COVID-19 levels. As a result of this, combined with the impact of high levels of load shedding that persists in disrupting operations in South Africa, especially during April, May and June 2023, earnings for the six months ending 30 September 2023 ('H1 FY2024') are expected to be 15% to 25% lower than H1 FY2023 earnings. For further de

Source - Sharenet
5 Sep 2023
5Sep

THE FOSCHINI GROUP LIMITED — Trading update for the 22 weeks ended 26 August 2023 & trading statement for the six months e

5 September 2023 R101.72 Trading update for the 22 weeks ended 26 August 2023 & trading statement for the six months ending 30 September 2023 THE FOSCHINI GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1937/009504/06) Ordinary share code: TFG ISIN: ZAE000148466 Preference share code: TFGP ISIN: ZAE000148516 (‘TFG' or ‘the Company' and together with its affiliates ‘the Group') TRADING UPDATE FOR THE 22 WEEKS ENDED 26 AUGUST 2023 AND TRADING STATEMENT FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2023 SALIENT FEATURES — Group retail turnover growth of 11,3% for the 22 weeks ended 26 August 2023 (‘current period') compared to the 22 weeks ended 27 August 2022 (‘prior period'); — TFG Africa recorded retail turnover growth of 16,1% (9,7% excluding Tapestry*) and like-for-like retail turnover growth of 3,3%; — Cash retail turnover growth for TFG Africa of 21,8%. Cash retail turnover now contributes 73,4% to total TFG Africa retail turnover and 82,0% to total Group retail turnover; — TFG London's retail turnover declined 12,4% (GBP) off a high post COVID-19 base; — TFG Australia's retail turnover declined 6,6% (AUD) off a post COVID-19 record prior period base; and — Group online retail turnover grew a pleasing 23,2% during the current period with online retail turnover contributing 10,1% to total Group retail turnover compared to 9,1% in the prior period. As previously reported on SENS, the results of TFG's international operations were positively impacted, in the prior period, by the inflated, post COVID-19 spending recovery and consequently earnings for the six months ended 30 September 2022 (‘H1 FY2023') were unsustainably high. In the current period, their performance has returned to growing off pre COVID-19 levels. As a result of this, combined with the impact of high levels of load shedding that persists in disrupting operations in South Africa, especially during April, May and June 2023, earnings for the

Source - Moneyweb
5 Sep 2023
5Sep

Informative Notice — 20230905 Anglogold Ashanti Reorganisation

5 September 2023 Informative Notice — 20230905 Anglogold Ashanti Reorganisation CORPORATE Anglogold Ashanti (South Africa): Reorganisation Informative Notice (FTSE/JSE Africa Index Series) 05 September 2023 FTSE/JSE notes the announcement by Anglogold Ashanti Ltd (South Africa, ZAE000043485, FTSE/JSE Top 40 Index) in relation to a reorganisation in order to effect a change in incorporation to the UK and a change in primary listing to the New York Stock Exchange. In the reorganisation, shareholders will receive one share in Anglogold Ashanti Plc (GB00BRXH2664) for each share held, which will commence trading on the Johannesburg Stock Exchange as a secondary listing from the open of Wednesday 20 September 2023. Subject to finalisation, FTSE/JSE intends to reflect the reorganisation as name and identifier updates on the effective date and index memberships will be retained. Anglogold Ashanti Plc will be treated as foreign for index purposes and will use Shareholder Weighted free float in all the FTSE/JSE indices effective from the December 2023 review. For further information please contact FTSE Russell Client Services at info@ftserussell.com or call: Australia +1800 653 680 Hong Kong +852 2164 3333 Japan +81 3 6441 1430 London +44 (0) 20 7866 1810 New York +1866 551 0617 Alternatively please visit our website at www.ftserussell.com Terms of Use | Copyright © 2023 FTSE Russell Date: 05-09-2023 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information

Source - Moneyweb
5 Sep 2023
5Sep

Empowering tomorrow's leaders: Dubai Business Associates(DBA) embraces diversity and global collaboration

BI Africa #Featuredpost Diversity is actively shaping today's business landscape. The notion that a diverse workforce can be a driving force behind an organization's success has evolved from a progressive ideal into an irrefutable business fact. The evidence is unequivocal: companies that actively cultivate diverse talent pools and inclusive environments are not only more resilient but also notably more competitive. According to McKinsey & Company , which has been tracking the correlation between company performance and diversity, firms with greater diversity within their leadership teams tend to perform better than their competitors with a less diverse make-up. Diverse teams are better prepared to face challenges in today's culturally dynamic business world, as they offer a variety of business perspectives, experiences and backgrounds, guaranteeing an active flow of creativity, innovation, and different ways of thinking within a company. Specifically, a study conducted by Boston Consulting Group revealed that increasing the diversity of leadership teams leads to increased innovation and financial performance. In both developing and developed economies, firms with diverse leadership teams reported greater revenues and higher EBIT margins. Recognising the transformative power of diversity, international graduate programmes are placing more emphasis on promoting diversity in student recruitment and encouraging cross-cultural collaboration. Committed towards developing some of the world's future business leaders, the Dubai Business Associates (DBA) graduate management programme is taking bold steps in this direction. By bringing together young professionals from a range of social, economic and ethnic backgrounds, DBA leverages global collaboration and fosters cross-cultural experiences across its fully-funded management programme. This autumn the programme will welcome 27 Associates from 19 different countries across South and Central America, Europe, Africa, and Asia, including Mexic

Source - Business Insider
5 Sep 2023
5Sep

CORONATION FUND MANAGERS LIMITED — Voluntary update of tax matter

5 September 2023 Voluntary update of tax matter CORONATION FUND MANAGERS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1973/009318/06) Share code: CML ISIN: ZAE000047353 LEI: 3789001BC9A294E6FF77 ("Coronation" or "the Company") VOLUNTARY UPDATE OF TAX MATTER The purpose of this announcement is to provide shareholders of the Company ("Shareholders") with further information regarding the tax litigation relating to the group's international operations. Shareholders are referred to the SENS announcement released on 8 February 2023, wherein Shareholders were informed that the Supreme Court of Appeal ("SCA") had upheld the South African Revenue Services appeal and ordered the Company's subsidiary, Coronation Investment Management SA (Pty) Ltd ("CIMSA"), to pay additional taxes in respect of profits earned by its international operations, together with interest and costs. Subsequently CIMSA applied to the Constitutional Court for leave to appeal the SCA judgement (refer to note 7 of the Interim Results for the six months ended 31 March 2023 for additional information). On Friday, 1 September 2023 the Constitutional Court issued a directive that it will hear the Company's application for leave to appeal and hear arguments on the merits of the matter. The matter will be set down for hearing by the Constitutional Court in due course. Cape Town 5 September 2023 Sponsor Valeo Capital (Pty) Ltd Date: 05-09-2023 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or th

Source - Moneyweb
5 Sep 2023
5Sep

Best analytics and business intelligence platforms

Analytics and business intelligence (ABI) platforms allow businesses to import, clean, and analyse data from various sources to gain valuable insight and make critical decisions. ABI platform market leaders include Microsoft, Salesforce, Tableau, and Qlik. With the rise of artificial intelligence (AI), these products offer more automation and are more intuitive than before. ABI products offer a unified platform that acts as a central hub for business data and provides tools to analyse the data to gain critical insights in real time. According to the , ABI platforms can help businesses increase productivity and efficiency, enhance visibility, and provide a scalable solution to predict future outcomes. Leaders in the analytics and business intelligence market are listed below. Microsoft Power Business Intelligence Microsoft says its Power Business Intelligence (BI) product helps businesses uncover more powerful insights and use them in impactful ways. "Enable everyone at every level of your organisation to make confident decisions using up-to-the-minute analytics, it says. Power BI provides a secure, centralised hub for business data and lets users analyse the data and create visuals from it. Other benefits include: Real-time analytics streaming; Microsoft Excel interoperation; An application lifecycle management toolkit; and, An open connectivity layout. It also features Microsoft's AI-powered Copilot, which lets users describe the insights they need or ask questions about their data. Copilot will then analyse and pull the relevant data into a report. Salesforce CRM Analytics Salesforce says its Client Relationship Management (CRM) Analytics product helps businesses focus on outcomes, take real-time action, and unify various business aspects on one platform. "Get the exact information you need by tailoring analytics to your business. Improve any business outcome with precise recommendations and specific guidance, it says. CRM Analytics lets users create visualisations, predictions, and insi

Source - Mybroadband
5 Sep 2023
5Sep

Vodacom Aims To Provide Access To Amazon's Project Kuiper Low-Earth-Orbit Satellite Network

Vodafone and Project Kuiper, Amazon's low Earth orbit satellite (LEO) communications venture, have unveiled a strategic partnership.In this collaboration, Vodafone and Vodacom intend to leverage Project Kuiper's advanced network to expand 4G/5G coverage for their customers across Europe and Africa. Utilizing Project Kuiper's high-capacity, low-latency satellite network, Vodafone and Vodacom aim to bring the advantages of 4G/5G connectivity to regions that would otherwise be challenging and costly to serve using traditional fiber or microwave solutions. Project Kuiper will establish connections between widely dispersed cellular antennas and the core telecom networks of these companies. This strategic move enables Vodafone and Vodacom to offer 4G/5G services in more locations, eliminating the need for extensive investments in fibre-based or fixed wireless links to the core networks. As part of this partnership, Amazon plans to collaborate with Vodafone to deploy Project Kuiper's high-speed broadband services to underserved and unserved communities worldwide. Furthermore, the companies are exploring additional tailor-made solutions for enterprises, including comprehensive global connectivity options, such as backup services for unforeseen events and extending connectivity to remote infrastructure. "At Vodacom, our purpose is to connect for a better future, and we work every day to bring more people in Africa online," said Shameel Joosub, CEO of Vodacom Group. "Collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon's satellite constellation to quickly reach more customers across the African continent." Vodafone, Vodacom and Project Kuiper will begin deploying services in Africa and Europe as Amazon's production satellites come online. Amazon is preparing to test two prototype satellites in the coming months before starting to deploy production satellites in 2024. Amazon expects to begin beta testing Project Kuiper services with select customers by t

Source - TechFinancials
5 Sep 2023
5Sep

Livestock markets: Choose right to improve profits

With so many selling opportunities available for livestock, and farmers wanting to sell, it's important to ensure everything is in place like brand mark certification and an understanding of how the grading process works Are you new to livestock farming? Or perhaps an old hand looking to explore new market opportunities? South Africa has a well-established and diverse livestock industry with various selling opportunities for you to benefit from. Gone are the days when farmers had limited options in selling their livestock. Today, farmers are spoilt for choice allowing livestock sellers the opportunity to ensure higher profit margins, consistent demand and competitive pricing to name a few. Importance of certification According to Juan de Beer, livestock marketer for Andre Kock en Seun auctioneers in Polokwane, Limpopo, before a farmer can even think about selling into these markets, they need to have a brand mark certification for livestock sold. The certificate, he explains, "Is a tattoo or a brand that you give your sheep, [cattle] or goats. That is to [certify] that you are the owner of that livestock. In the unfortunate event that your livestock is stolen, the identification mark could help in retrieving your livestock. Without the mark, the process can be rather difficult. A livestock removal certificate is also a requirement. 1. Private sales As a farmer, you can sell your livestock directly from the farm through private sale. This is usually the preferred option because it promises higher profit potential, the seller has control over pricing and the sale is usually in cash with no Value-Added Tax (VAT). Other advantages include building relationships with your customers, which can lead to repeat business. If you choose this route, De Beer advises farmers to "do your research and see what you can offer the people around you. Requirements: Branding or tagging of livestock is essential. You may need to draft a sales contract detailing the terms of the sale, including price, delivery, a

Source - Food For Mzansi
5 Sep 2023
5Sep

Emerging markets retreat as China takes ‘two steps back'

The key emerging-market equities index lost 0.9%, halting a two-day advance and on track for its largest decline in 1-1/2 weeks. Emerging-market currencies and stocks fell as disappointing data from China heightened investors' anxiety surrounding the nation's sputtering economy. MSCI's gauge of developing currencies sank 0.4%, headed for its biggest drop in a month, as currencies from South Korea to South Africa fell with the Chinese yuan. The key emerging-market equities index lost 0.9%, halting a two-day advance and on track for its largest decline in 1-1/2 weeks. ADVERTISEMENT CONTINUE READING BELOW A private survey of China's services sector showed activity expanded in August at the slowest rate this year, sapping investors' earlier relief over the government's additional stimulus for the embattled property sector. The weak data also overshadowed news that Chinese developer Country Garden Holdings Co. made coupon payments on two dollar bonds within grace periods, avoiding its first default. "Sentiment has turned downbeat again on China as fresh brushstrokes are painted on the picture of its slowing economy, Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in an email. "China appears to be taking one step forward, but two steps back, as optimism one day turns to pessimism the next. The lira pared earlier losses and the banking index rose on news that the the World Bank is in advanced talks to potentially double its exposure to Turkey to $35 billion to help stabilize the Middle East's largest non-oil economy. Elsewhere, the Israeli shekel erased most of its earlier losses after the country's central bank governor said interest rates are high enough to support the currency and ensure inflation slows to 3% or less by early next year. ADVERTISEMENT CONTINUE READING BELOW In the debt market, Hungary is offering Eurobonds to help cover an increased need for financing after the budget deficit widened amid a suspension of European Union funding. The nation is marketing

Source - Moneyweb
5 Sep 2023
5Sep

MTN South Africa appoints chief enterprise business officer, channels in commercial operations exec

Telecommunications group MTN South Africa has appointed Tumi Chamayou as chief enterprise business officer for South Africa , effective October 1. In addition, effective September 1, the company appointed Ernest Galelekile as the new executive for channels in commercial operations Chamayou is currently the group executive for MTN's Enterprise Business Unit, having joined the team in 2018 as large enterprise sales GM. During her group tenure, she added immense value, overseeing growth, first in the multinational and large enterprise segments and, later, she added the small and medium-sized enterprise client segment teams and drove the overall strategy and operational alignment through various programmes across MTN's markets that has seen growth exceed more than 28% year-on-year between the period of 2020 and 2022. "Tumi has made a significant contribution to our Group Enterprise Business Unit, and in our pursuit of realising our strategic goals of fostering business expansion, revolutionising customer satisfaction and revitalising employee involvement, it is paramount we enlist individuals with the requisite capabilities, which describes Tumi to a tee. I am confident that her extensive expertise will play a significant role in elevating our commercial and operational facets as we endeavour to provide an enhanced customer experience, says MTN South Africa CEO Charles Molapisi Prior to joining MTN, Chamayou played a key role as management consultant at Egon Zehnder's technology and telecommunications, private equity and family business advisory practices. She was also a VP at Ericsson sub-Saharan Africa , covering 43 countries in the region and a member of the region's leadership team, where she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. Galelekile also brings a wealth of experience to his new position, having previously held various lea

Source - Engineering News
5 Sep 2023
5Sep

African Rainbow Minerals reports decline in profits due to lower production, weaker commodity prices.

In its results for the financial year ended June 30, 2023, the diversified miner said headline earnings per share were R48.51 compared with R57.87 the previous year. The group declared a final dividend of R12 per share. Last year it was R20 per share. The group said iron ore, manganese ore, and thermal coal volumes were negatively impacted by logistic challenges. The group said the average realised rand weakened by 17% versus the US dollar to R17.76 per dollar compared to R15.21 per dollar in the 2022 financial year. "Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs," the company said. The group reported that ARM Ferrous headline earnings were 17% lower, driven by a 34% decrease in headline earnings in the manganese division, and an 11% decrease in the iron ore division. "Lower headline earnings in the iron ore division were driven by a decrease in the average realised dollar iron ore prices and lower export sales volumes, partially offset by the weaker rand versus the dollar exchange rate and lower freight costs," it said. Iron ore headline earnings included a R279 million (pre-tax) negative fair value adjustment on sales, of which 66% was based on confirmed prices and 34% on forward prices, the group said. Lower headline earnings in the manganese division were driven by a decrease in the average realised US dollar manganese ore and alloy prices and higher production and railage costs, which were partially offset by the weaker rand versus US dollar exchange rate and lower freight costs. ARM said it remained confident about the long-term profitability of Bokoni after concluding the acquisition of Bokoni Mine from Anglo American Platinum and Atlatsa Resources Corporation. "Good progress has been made in advancing the DFS (definitive feasibility study). The project remains robust and is expected to be attractive in terms of industry cost competitivene

Source - Cape Times
5 Sep 2023
5Sep

Overall service increased by 30% compared to 2023

The excitement, glitz and glamour of the 2023 FIA Intermediary Experience Awards is already fading; but the winners of the prestigious advice-focused Awards will be basking in their achievements over the next 12-months. By now, most FAnews readers will have seen the 2023 FIA Awards winners broadcast over social media, or by their favourite online trade publication. But as a quick reminder, this writer would like to extend his personal congratulations to the eight category winners. Gareth Stokes And the winners of the 2023 FIA Awards are In the non-life insurance discipline: Santam, for the personal lines category; Western National, for the commercial category; and Hollard, for the corporate category. Allan Gray repeated its ‘double' in the life insurance and investments discipline, winning both the investment product lump sum and savings categories, while Sanlam scooped the risk product award. Employee benefit product supplier of the year went to Momentum Corporate, and finally, Discovery Health received the healthcare provider of the year accolade. A heartfelt congratulations to all the brands that go the extra mile for South Africa's hard-working financial and risk advisers. As all and sundry fawn over the post-awards marketing and social media ‘propaganda', it can be easy to lose sight of the importance of these awards from a South African intermediary perspective. To restore order, we spent a few minutes reviewing the speeches given by the women at the helm of the Financial Intermediaries Association of Southern Africa (FIA). First up, FIA President, ButÅ¡i Tladi, who is also Executive Consulting at Alexforbes. Tladi opened the evening with a fast-paced scene-setter, reminding the audience of the FIA's role in "shaping the future of intermediaries" over the 15-years since the association's establishment. The FIA was formed 15-years ago from the merger of old advisers-focused associations, the IBC and SAFSIA, with LUASA joining later. "The mission of the FIA centres on construct

Source - FAnews
5 Sep 2023
5Sep

African Rainbow Minerals reports decline in profits due to lower production, weaker commodity prices.

In its results for the financial year ended June 30, 2023, the diversified miner said headline earnings per share were R48.51 compared with R57.87 the previous year. The group declared a final dividend of R12 per share. Last year it was R20 per share. The group said iron ore, manganese ore, and thermal coal volumes were negatively impacted by logistic challenges. The group said the average realised rand weakened by 17% versus the US dollar to R17.76 per dollar compared to R15.21 per dollar in the 2022 financial year. "Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs," the company said. The group reported that ARM Ferrous headline earnings were 17% lower, driven by a 34% decrease in headline earnings in the manganese division, and an 11% decrease in the iron ore division. "Lower headline earnings in the iron ore division were driven by a decrease in the average realised dollar iron ore prices and lower export sales volumes, partially offset by the weaker rand versus the dollar exchange rate and lower freight costs," it said. Iron ore headline earnings included a R279 million (pre-tax) negative fair value adjustment on sales, of which 66% was based on confirmed prices and 34% on forward prices, the group said. Lower headline earnings in the manganese division were driven by a decrease in the average realised US dollar manganese ore and alloy prices and higher production and railage costs, which were partially offset by the weaker rand versus US dollar exchange rate and lower freight costs. ARM said it remained confident about the long-term profitability of Bokoni after concluding the acquisition of Bokoni Mine from Anglo American Platinum and Atlatsa Resources Corporation. "Good progress has been made in advancing the DFS (definitive feasibility study). The project remains robust and is expected to be attractive in terms of industry cost competitivene

Source - The Star Online
5 Sep 2023
5Sep

Emerging markets retreat as China takes ‘two steps back'

Emerging-market currencies and stocks fell as disappointing data from China heightened investors' anxiety surrounding the nation's sputtering economy. MSCI's gauge of developing currencies sank 0.4%, headed for its biggest drop in a month, as currencies from South Korea to South Africa fell with the Chinese yuan. The key emerging-market equities index lost 0.9%, halting a two-day advance and on track for its largest decline in 1-1/2 weeks. ADVERTISEMENT CONTINUE READING BELOW A private survey of China's services sector showed activity expanded in August at the slowest rate this year, sapping investors' earlier relief over the government's additional stimulus for the embattled property sector. The weak data also overshadowed news that Chinese developer Country Garden Holdings Co. made coupon payments on two dollar bonds within grace periods, avoiding its first default. "Sentiment has turned downbeat again on China as fresh brushstrokes are painted on the picture of its slowing economy, Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in an email. "China appears to be taking one step forward, but two steps back, as optimism one day turns to pessimism the next. The lira pared earlier losses and the banking index rose on news that the the World Bank is in advanced talks to potentially double its exposure to Turkey to $35 billion to help stabilize the Middle East's largest non-oil economy. Elsewhere, the Israeli shekel erased most of its earlier losses after the country's central bank governor said interest rates are high enough to support the currency and ensure inflation slows to 3% or less by early next year. ADVERTISEMENT CONTINUE READING BELOW In the debt market, Hungary is offering Eurobonds to help cover an increased need for financing after the budget deficit widened amid a suspension of European Union funding. The nation is marketing a 10-year euro-denominated benchmark at about 260 basis points above mid-swaps, according to a person familiar with the matter, w

Source - South Africa Finance News
5 Sep 2023
5Sep

Checkers Sixty60 sales surge 81% in a year

Checkers Sixty60 grew sales by 81% year on year in the 52 weeks ended 2 July, and now plans a R99/month subscription service. Checkers Sixty60, Shoprite Holdings' on-demand grocery delivery service, grew sales by 81% year on year in the 52 weeks ended 2 July 2023, underscoring just how much South Africans have warmed to the concept. "[This underscores] the continued growth of our Checkers omnichannel customer initiative and validates our strategy in terms of our investment in digital and data-led decision making," Shoprite Holdings CEO Pieter Engelbrecht said in a statement alongside the results. Launched in 2019, the growth of the Sixty60 platform coincided with the Covid-19 pandemic and associated lockdowns as well as increased levels of load shedding in South Africa. However, higher sales growth of 150% in the previous year suggests the growth trend for the on-demand service may be normalising somewhat. Although Checkers Sixty60 extended its reach to 466 stores offering the service, up from 300 in 2022, in-app purchases still make up "less than 5% of the group's consolidated sale of merchandise". When considered alongside the fact that Shoprite Holdings added a record 340 new physical stores in the latest 52-week reporting period, it is evident that South African consumers still overwhelmingly prefer to shop in person for their groceries. Shoprite said it plans to spend about R8.5-billion to increase supply-chain capacity, add stores and strengthen its digital capabilities. The retailer has been swallowing market share from rivals Pick n Pay and Spar , while pushing into the higher-margin upmarket niche dominated by Woolworths But rivals have been innovating and expanding capacity in a fiercely competitive grocery market, forcing Shoprite to step up a turf war for both budget and affluent shoppers. Checkers Sixty60 The company is adding 200 000sq m in new distribution centres over the next two years to support growth at its over 2 100 South African supermarket stores and additional 31

Source - Tech Central
5 Sep 2023
5Sep

Vodacom in deal with Starlink rival Project Kuiper

Vodacom Group plans to offer access to Project Kuiper, the Amazon.com-owned low-Earth orbit satellite communications provider and a direct competitor of SpaceX's Starlink. Vodacom and its parent, the UK-headquartered Vodafone Group, said on Tuesday that the companies will use Project Kuiper's satellites to extend the reach of their 4G and 5G networks in Africa and Europe. They plan to participate in beta testing of Project Kuiper in 2024 through a "strategic collaboration". "Vodafone and Vodacom plan to use Project Kuiper's high-bandwidth, low-latency satellite network to bring the benefits of 4G/5G connectivity to areas that may otherwise be challenging and prohibitively expensive to serve via traditional fibre or microwave solutions," they said in a statement. Vodacom had been working with Loon, a now-abandoned plan by Google to offer internet access via high-altitude balloons. "Project Kuiper will connect geographically dispersed cellular antennas back to the companies' core telecoms networks. This means Vodafone and Vodacom will be able offer 4G/5G services in more locations without the time and expense of building out fibre-based or fixed-wireless links back to the core networks," they added. The telecoms operators are also exploring enterprise-specific offerings to provide businesses with comprehensive global connectivity solutions, such as backup service for unexpected events and extending connectivity to remote infrastructure. "Vodafone's work with Project Kuiper will provide mobile connectivity to many of the estimated 40% of the global population without internet access, supporting remote communities, their schools and businesses, the emergency services, and disaster relief. These connections will be complemented further through our own work on direct-to-smartphone satellite services," said Vodafone Group CEO Margherita Della Valle in the statement. A promotional video about Project Kuiper: [embedded content] Vodacom Group CEO Shameel Joosub added: "Collaborating with Project K

Source - South Africa Finance News
5 Sep 2023
5Sep

Cost focus is key, new African Rainbow Minerals CEO emphasises

African Rainbow Minerals CEO Phillip Tobias. JOHANNESBURG (miningweekly.com) — Ensuring cost-competitive operational performance and increasingefficiencies and outputs to improve margins were cited as being key by new African Rainbow Minerals (ARM) CEO Phillip Tobias when he outlined the operating, low price, logistics, power, water and above-inflation cost challenges of ARM's 2023 financial year to June 30. "A cost focus is very key," Tobias emphasised when the Johannesburg Stock Exchange-listed company reported 21% lower headline earnings to R8 981-million on September 4. "Very important is to continue engagement with Transnet to implement sustainable logistics solutions that are value accretive to all stakeholders," he said. The South African diversified company, headed by Dr Patrice Motsepe , which mines iron-ore, manganese ore, chrome ore, platinum group metals (PGMs) and coal, also has a strategic investment in gold through Harmony Gold. ARM's ferrous metals interests are held through wholly owned ARM Ferrous which owns 50% of Assmang. Implementation of technology to enhance productivity and efficiencies, looking for appropriate new technology and employing it to deliver better volumes, were highlighted, along with delivering existing growth projects on time and on budget, and applying what went well with the successful R7.4-billion Black Rock project as well as its skillsets to projects under way such as the Two Rivers Merensky project and front-end loading for the Bokoni platinum group metals (PGMs) project. ARM is intent on transitioning Bokoni into execution mode and delivering it on time and on budget. As an immediate area of attention, improvements are being driven by enhanced levels of mechanisation, automation, appropriate new technology and fit-for-purpose information technology systems. "Very important is to control things that are within our control, especially in the PGMs space, and ensuring that we improve our grades close to reserve grade and reducing waste and diluti

Source - Engineering News
5 Sep 2023
5Sep

MTN South Africa appoints chief enterprise business officer, channels in commercial operations exec

Telecommunications group MTN South Africa has appointed Tumi Chamayou as chief enterprise business officer for South Africa , effective October 1. In addition, effective September 1, the company appointed Ernest Galelekile as the new executive for channels in commercial operations Chamayou is currently the group executive for MTN's Enterprise Business Unit, having joined the team in 2018 as large enterprise sales GM. During her group tenure, she added immense value, overseeing growth, first in the multinational and large enterprise segments and, later, she added the small and medium-sized enterprise client segment teams and drove the overall strategy and operational alignment through various programmes across MTN's markets that has seen growth exceed more than 28% year-on-year between the period of 2020 and 2022. "Tumi has made a significant contribution to our Group Enterprise Business Unit, and in our pursuit of realising our strategic goals of fostering business expansion, revolutionising customer satisfaction and revitalising employee involvement, it is paramount we enlist individuals with the requisite capabilities, which describes Tumi to a tee. I am confident that her extensive expertise will play a significant role in elevating our commercial and operational facets as we endeavour to provide an enhanced customer experience," says MTN South Africa CEO Charles Molapisi Prior to joining MTN, Chamayou played a key role as management consultant at Egon Zehnder's technology and telecommunications, private equity and family business advisory practices. She was also a VP at Ericsson sub-Saharan Africa , covering 43 countries in the region and a member of the region's leadership team, where she managed various functional areas, including the strategy, marketing and communications, corporate and social responsibility units, in addition to chairing the regional diversity and inclusion council. Galelekile also brings a wealth of experience to his new position, having previously held various

Source - Engineering News
5 Sep 2023
5Sep

Vodacom Aims To Provide Access To Amazon's Project Kuiper Low-Earth-Orbit Satellite Network

Vodacom Aims To Provide Access To Amazon's Project Kuiper Low-Earth-Orbit Satellite Network Vodafone and Project Kuiper, Amazon's low Earth orbit satellite (LEO) communications venture, have unveiled a strategic partnership. In this collaboration, Vodafone and Vodacom intend to leverage Project Kuiper's advanced network to expand 4G/5G coverage for their customers across Europe and Africa. Utilizing Project Kuiper's high-capacity, low-latency satellite network, Vodafone and Vodacom aim to bring the advantages of 4G/5G connectivity to regions that would otherwise be challenging and costly to serve using traditional fiber or microwave solutions. Project Kuiper will establish connections between widely dispersed cellular antennas and the core telecom networks of these companies. This strategic move enables Vodafone and Vodacom to offer 4G/5G services in more locations, eliminating the need for extensive investments in fibre-based or fixed wireless links to the core networks. As part of this partnership, Amazon plans to collaborate with Vodafone to deploy Project Kuiper's high-speed broadband services to underserved and unserved communities worldwide. Furthermore, the companies are exploring additional tailor-made solutions for enterprises, including comprehensive global connectivity options, such as backup services for unforeseen events and extending connectivity to remote infrastructure. "At Vodacom, our purpose is to connect for a better future, and we work every day to bring more people in Africa online," said Shameel Joosub, CEO of Vodacom Group. "Collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon's satellite constellation to quickly reach more customers across the African continent." Vodafone, Vodacom and Project Kuiper will begin deploying services in Africa and Europe as Amazon's production satellites come online. Amazon is preparing to test two prototype satellites in the coming months before starting to deploy production satellites in

Source - Investing
5 Sep 2023
5Sep

African Sustainable Mining Piques Interest of Global Players

In the wake of the global energy transition, mining companies have come under pressure to adopt sustainable business practices and employ low-carbon technologies in order to mitigate adverse environmental impacts. Private- and public-sector led mining activities across Africa have begun to prioritize sustainable techniques to promote environmental sustainability, social responsibility, and good business practices. In turn, the sustainable mining industry has become an increasingly attractive investment opportunity for global players seeking to enhance their returns on investment while spearheading climate protection and resilience. The Critical Minerals Africa (CMA) summit {https://criticalmineralsafrica.com/} — scheduled for October 17-19 in Cape Town — will connect capital and technology providers to African mineral producers, fostering synergies between the mining and tech industries. Taking place concurrently with Africa's largest energy event, the African Energy Week conference { https://aecweek.com/}, CMA 2023 facilitates new investment and technology into both the African energy and mining sectors under efforts to forge a sustainable future for all. The emergence of advanced technologies such as machine learning, artificial intelligence, cloud computing, and robotics is poised to advance process automation within Africa's mining industry. Automation can enable real-time monitoring of minerals and metals through mines and processing plants and allow mining companies to use simulations during the mining design stage to test multiple solutions before implementation. Automation also enables mines to reduce costs and improve competitiveness during operation, with more efficient sources of energy and improved water quality management set to drive profitability, safety and efficiency. Investing in automation will unlock a fresh wave of productive mineral operations in Africa. On the mining technique front, new alternatives to traditional mining strategies such as in-situ leching are en

Source - Engineering News
5 Sep 2023
5Sep

CORONATION FUND MANAGERS LIMITED - Voluntary update of tax matter

Release Date: Code(s): CML PDF: Voluntary update of tax matter CORONATION FUND MANAGERS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1973/009318/06) Share code: CML ISIN: ZAE000047353 LEI: 3789001BC9A294E6FF77 ("Coronation" or "the Company") VOLUNTARY UPDATE OF TAX MATTER The purpose of this announcement is to provide shareholders of the Company ("Shareholders") with further information regarding the tax litigation relating to the group's international operations. Shareholders are referred to the SENS announcement released on 8 February 2023, wherein Shareholders were informed that the Supreme Court of Appeal ("SCA") had upheld the South African Revenue Services appeal and ordered the Company's subsidiary, Coronation Investment Management SA (Pty) Ltd ("CIMSA"), to pay additional taxes in respect of profits earned by its international operations, together with interest and costs. Subsequently CIMSA applied to the Constitutional Court for leave to appeal the SCA judgement (refer to note 7 of the Interim Results for the six months ended 31 March 2023 for additional information). On Friday, 1 September 2023 the Constitutional Court issued a directive that it will hear the Company's application for leave to appeal and hear arguments on the merits of the matter. The matter will be set down for hearing by the Constitutional Court in due course. Cape Town 5 September 2023 Sponsor Valeo Capital (Pty) Ltd Date: 05-09-2023 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the u

Source - Sharenet
5 Sep 2023
5Sep

African Rainbow Minerals reports decline in profits due to lower production, weaker commodity prices.

African Rainbow Minerals (ARM) yesterday reported a 21% decline in annual profit, citing lower production and weaker commodity prices. In its results for the financial year ended June 30, 2023, the diversified miner said headline earnings per share were R48.51 compared with R57.87 the previous year. The group declared a final dividend of R12 per share. Last year it was R20 per share. The group said iron ore, manganese ore, and thermal coal volumes were negatively impacted by logistic challenges. The group said the average realised rand weakened by 17% versus the US dollar to R17.76 per dollar compared to R15.21 per dollar in the 2022 financial year. More on this SA billionaire Patrice Motsepe urges Africa to forge beneficial partnerships with BRICS countries ARM delivers strong interims boosted by coal prices Book Extract: PATRICE MOTSEPE ‘An Appetite for Disruption' "Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs," the company said. The group reported that ARM Ferrous headline earnings were 17% lower, driven by a 34% decrease in headline earnings in the manganese division, and an 11% decrease in the iron ore division. "Lower headline earnings in the iron ore division were driven by a decrease in the average realised dollar iron ore prices and lower export sales volumes, partially offset by the weaker rand versus the dollar exchange rate and lower freight costs," it said. Iron ore headline earnings included a R279 million (pre-tax) negative fair value adjustment on sales, of which 66% was based on confirmed prices and 34% on forward prices, the group said. Lower headline earnings in the manganese division were driven by a decrease in the average realised US dollar manganese ore and alloy prices and higher production and railage costs, which were partially offset by the weaker rand versus US dollar exchange rate and lower freight costs. ARM s

Source - Independent Online (IOL)
5 Sep 2023
5Sep

Shoprite's impressive results dampened by R1.3bn spent on diesel during load shedding

Shoprite's 2023 financial report shows double-digit growth, with sales reaching R215 billion, yielding higher profits for the food retail giant amid unprecedented load shedding.Shoprite customers spent R26 billion more compared to a year ago, while saving over R13.5 billion in Xtra Savings. Shoprite CEO Pieter Engelbrecht said the multibillion sales growth equated to 1.4% in market share for the financial year ended 2 July 2023. "In the context of our power challenges, we are pleased to still report growth in headline earnings and dividends per share," he said. According to Engelbrecht, the Shoprite group has spent R1.3 billion on diesel so it can run generators in stores during periods of load shedding."It's disappointing, however, that if not for the R1.3 billion diesel expense… our market sales growth would have delivered higher returns for our shareholders," Engelbrecht said."Similarly, our profit growth would also have resulted in a higher Shoprite Employee Trust distribution for our employees."Growth against all oddsHowever, Shoprite's core supermarkets saw a 17.8% sales growth, which Engelbrecht attributed to the group's multi-year transformation strategy.Sales in Shoprite's Usave supermarkets grew by 15.6%.Meanwhile, Checkers and Checkers Hyper yielded 18% sales growth.The CEO said the company's Sixty60 online order and delivery service had increased the retailer's sales by 81.5%."[This validates] our strategy in terms of our investment in digital and data-led decision making," he added."Shoprite and Usave's commitment to lowest prices and affordability resulted in 15.6% sales growth."Massmart acquisitionShoprite's sales was also boosted by the integration of 92 acquired Massmart stores into Shoprite, Usave and Shoprite Liquorshop operations, Engelbrecht said."We are pleased with the performance of these stores, especially in light of considerable customer equity that was lost due to the prolonged nature of the transaction period," he explained.Shoprite Group's achievements in di

Source - The Citizen
5 Sep 2023
5Sep

Cost focus is key, new African Rainbow Minerals CEO emphasises

African Rainbow Minerals CEO Phillip Tobias. JOHANNESBURG (miningweekly.com) — Ensuring cost-competitive operational performance and increasingefficiencies and outputs to improve margins were cited as being key by new African Rainbow Minerals (ARM) CEO Phillip Tobias when he outlined the operating, low price, logistics, power, water and above-inflation cost challenges of ARM's 2023 financial year to June 30. "A cost focus is very key," Tobias emphasised when the Johannesburg Stock Exchange-listed company reported 21% lower headline earnings to R8 981-million on September 4. "Very important is to continue engagement with Transnet to implement sustainable logistics solutions that are value accretive to all stakeholders," he said. The South African diversified company, headed by Dr Patrice Motsepe , which mines iron-ore, manganese ore, chrome ore, platinum group metals (PGMs) and coal, also has a strategic investment in gold through Harmony Gold. ARM's ferrous metals interests are held through wholly owned ARM Ferrous which owns 50% of Assmang. Implementation of technology to enhance productivity and efficiencies, looking for appropriate new technology and employing it to deliver better volumes, were highlighted, along with delivering existing growth projects on time and on budget, and applying what went well with the successful R7.4-billion Black Rock project as well as its skillsets to projects under way such as the Two Rivers Merensky project and front-end loading for the Bokoni platinum group metals (PGMs) project. ARM is intent on transitioning Bokoni into execution mode and delivering it on time and on budget. As an immediate area of attention, improvements are being driven by enhanced levels of mechanisation, automation, appropriate new technology and fit-for-purpose information technology systems. "Very important is to control things that are within our control, especially in the PGMs space, and ensuring that we improve our grades close to reserve grade and reducing waste and diluti

Source - Mining Weekly
5 Sep 2023
5Sep

Glovo and Shoprite enter a strategic partnership to offer home deliveries in Nigeria

In line with its vision to provide everyone with easy access to anything in their city, leading multi-category app, Glovo has entered into a strategic partnership with Nigeria's largest supermarket retailer, Shoprite. Through this alliance designed to offer a simple, fast and convenient experience for consumers to buy groceries online, customers can now order all their daily essentials including freshly prepared meals, fresh fruits, and vegetables from Shoprite on Glovo. Thanks to Glovo's fleet of couriers, products are delivered to customers within an hour after the order is placed. This partnership will allow urban consumers to benefit from fast and convenient delivery service of groceries to their doorstep through Glovo. The partnership is a new step in Shoprite's ambition to develop a unique omnichannel model and also allows Glovo to further develop its grocery segment in Nigeria. The partnership which was signed in May covers all Shoprite stores where Glovo is active - Lagos, Abuja & Ibadan, with plans to expand to other cities in the coming months. This move drastically changes the game in the local commerce industry, further elevating Glovo's standing in the Nigerian market, just two years after its arrival on the scene. Tosin Olukoya, Strategy Manager, Retail Supermarkets Nigeria, noted that e-commerce has revolutionized retail and the supermarket wants to meet the ever-changing needs of the modern-day customer by making online shopping even easier through Glovo. "Shoprite is constantly looking for ways to deliver innovative services that make customers' daily shopping experience easier. Leveraging Glovo's global and local expertise in the quick commerce industry, we believe this partnership will offer fast and convenient home delivery service that allows us to address our customers needs in the digital age." said Olukoya. The Chief Strategy Officer for Retail Supermarkets Nigeria, Bunmi Adeleye, further stated that the business relationship with Glovo aligns with the ambition of R

Source - Business Insider
5 Sep 2023
5Sep

SALUNGANO GROUP LIMITED - Update on the Voluntary Business Rescue Process of a Subsidiary and Appointment of Chief Restructu

Update on the Voluntary Business Rescue Process of a Subsidiary and Appointment of Chief Restructuring Officer SALUNGANO GROUP LIMITED Incorporated in the Republic of South Africa (Registration number 2005/006913/06) Share code: SLG ISIN: ZAE000306890 ("Salungano Group or "the Company) UPDATE ON THE VOLUNTARY BUSINESS RESCUE PROCESS OF A WHOLLY-OWNED SUBSIDIARY AND APPOINTMENT OF CHIEF RESTRUCTURING OFFICER Shareholders are referred to the cautionary announcement in relation to the business rescue of a wholly-owned subsidiary of the Company, Wescoal Mining Proprietary Limited ("Wescoal Mining) released on SENS on 25 August 2023 ("Announcement), advising shareholders, inter alia, that a voluntary business rescue process of Wescoal Mining, based on a board resolution in terms of Section 129(1) of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies Act), would ensue. Subsequent to the Announcement, the voluntary business rescue application was duly registered at the Companies and Intellectual Property Commission ("CIPC), with the date of commencement of business rescue proceedings recorded as 25 August 2023. The successful appointment of three senior business rescue practitioners at the CIPC followed on 28 August 2023, and the first meeting of creditors of Wescoal Mining (in business rescue) is planned for 11 September 2023. Shareholders will be updated on the Wescoal Mining business rescue process as further material information becomes available, and are reminded to continue to exercise caution when trading in Salungano Group shares until a further announcement in this regard is made. Shareholders should note that Wescoal Mining (comprising the Elandspruit and Khanyisa operations) does not represent the main revenue-generating operations of the Salungano Group of companies ("the Group). The Group's major operation at Moabsvelden Colliery, supplying coal to Eskom in terms of a long-term coal supply agreement under the subsidiary, Neosho Trading 86 Proprietary Limited, remains un

Source - Sharenet
5 Sep 2023
5Sep

MTN announces new chief enterprise business officer and channels executive

MTN South Africa has appointed Tumi Chamayou as chief enterprise business officer and Ernest Galelekile as executive for channels in commercial operations. Chamayou's appointment is effective 1 October, while Galelekile's was effective from 1 September 2023. Chamayou is currently the group executive for MTN's Enterprise Business Unit after joining that team in 2018 as general manager for large enterprise sales. Before joining MTN, Chamayou was a management consultant at Egon Zehnder's technology and telecommunications, private equity, and family business advisory practices. Prior to Egon Zehnder, she was vice president at Ericsson Sub-Saharan Africa, covering 43 countries in the region. During her ten years at Ericsson, Chamayou led various other global and regional roles, including running the business and network consulting and services business in West Africa, and the business advisory services for Sub-Saharan Africa. She also led the consulting and system integrator business for Eastern & Central Europe based in Sweden and later France, covering Scandinavian, Russian, and CIS countries. Galelekile previously held various leadership roles within the MTN Group and MTN South Africa. As the executive for channels in commercial operations, Galelekile will oversee the strategic development and management of distribution channels across the organisation. He has previously served as the general manager of KwaZulu-Natal regional operations and held key roles at Nedbank, SAB Miller, and Unilever. "Ernest and Tumi's appointments reflect our commitment to fostering internal talent and harnessing the expertise of individuals who understand the intricacies of our industry," said MTN SA CEO Charles Molapisi.

Source - Mybroadband
5 Sep 2023
5Sep

SHOPRITE HOLDINGS LIMITED - Termination and release of pledge arrangement by an associate of a director

Termination and release of pledge arrangement by an associate of a director Shoprite Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1936/007721/06) ISIN no: ZAE000012084 JSE share code: SHP NSX share code: SRH ("Shoprite Holdings") TERMINATION AND RELEASE OF PLEDGE ARRANGEMENT BY AN ASSOCIATE OF A DIRECTOR In compliance with rule 3.63 of the JSE Listings Requirements, the following information is disclosed: Executive director Dr CH Wiese Name of associate Thibault Square Financial Services (Pty) Ltd Class of securities Shoprite Holdings ordinary shares Nature of transaction Termination of a security pledge arrangement Date of termination of pledge arrangement 31 August 2023 Number of securities released from pledge 143 157 Current market value of securities released R37 438 418.60 from pledge Nature of transaction Release of shares from a security pledge arrangement Date of partial termination of pledge 26 May 2023 arrangement Number of securities released from pledge 2 082 282 Current market value of securities released R419 933 810.94 from pledge Cape Town Date: 5 September 2023 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 05-09-2023 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Sharenet
5 Sep 2023
5Sep

BHP GROUP LIMITED - BHP 2023 US Annual Report (Form 20-F)

Release Date: Code(s): BHG BHP 2023 US Annual Report (Form 20-F) BHP Group Limited BHP Group Limited ABN 49 004 028 077 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000 Share code: BHG ISIN: AU000000BHP4 Exchange release 5 September 2023 2023 US Annual Report (Form 20-F) BHP has filed its 2023 US Annual Report (Form 20-F) with the United States Securities and Exchange Commission. The Form 20-F has been prepared in accordance with the requirements of the United States Securities and Exchange Commission and, as a result, does not comply with the reporting requirements under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). The Form 20-F has been submitted to the FCA National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism The Form 20-F can also be accessed at https://www.bhp.com/news/media-centre/reports- presentations/2023/08/2023-annual-reporting-suite or www.sec.gov. American Depositary Receipt holders may receive a hard copy of the company's complete audited financial statements free of charge upon request by telephoning Citibank Shareholder Services (+1 781) 575 4555 (outside US) or +1 877 248 4237 (+1 877 CITIADR) (toll free within US). Further information on BHP can be found at bhp.com. Authorised for release by Stefanie Wilkinson, Group Company Secretary. Sponsor: J.P. Morgan Equities South Africa Proprietary Limited BHP Group Limited ABN 49 004 028 077 Contacts Media Investor Relations media.relations@bhp.com investor.relations@bhp.com Australia and Asia Australia and Asia Gabrielle Notley John-Paul Santamaria Europe, Middle East and Africa Europe, Middle East and Africa Neil Burrows James Bell Americas Americas Renata Fernandaz Monica Nettleton BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Level 18, 171 Collins Street

Source - Sharenet
5 Sep 2023
5Sep

Automated reasoning goes under the hood of business

Arthur Goldstuck | CEO | World Wide Worx | @art2gee | mail me | When the cost of failure is high, when lives could be at stake along with massive investment, how does one calculate verifiable outcomes? Artificial intelligence (AI) is all very well when dealing with probabilities, but sometimes only certainties are good enough. This was the daily challenge facing a research scientist, Neha Rungta, when she worked at National Aeronautics and Space Administration (NASA) as a research scientist during the last decade. The solution was a discipline of AI called automated reasoning, which uses logic to generate proofs automatically from a set of known facts. A wide range of applications Rungta holds a PhD in the subject. When she joined Amazon Web Services (AWS) as principal software engineer in 2017, she realised that automated reasoning had a wide range of applications across cybersecurity, to detect vulnerabilities and prevent attacks, and software verification. Having risen through the ranks since then to become director of applied science at the AWS Identity Division, she intends to harness the power of automated reasoning and make it accessible to businesses of all sizes and technical backgrounds. "It’s a technology that had traditionally been applied in aerospace industries and embedded systems. But it hadn’t ever been applied at the scale of web services, which is a running, breathing, organic thing. " The difference is this: what you’d call generative AI or machine learning builds a model based on observations of past behaviours, and then makes a prediction. In contrast, automated reasoning relies on a specialised fact model. It produces verifiable outcomes without probabilities, offering an explainable and demonstrable approach to security. Rungta has developed innovative solutions, such as Amazon’s IAM Access Analyzer, where the goal was to turn access security into a one-click solution. This would make an advanced technical solution accessible

Source - BBrief
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. More on this Growthpoint is optimising offshore portfolio due to high interest rates Ombudsman for Banking Services says Nedbank and Capitec had the biggest increase of complaints Bidvest shares surge after sound first-half dividend Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen

Source - Independent Online (IOL)
5 Sep 2023
5Sep

Ghost Bites (African Rainbow Minerals | AVI | Bidvest | Brimstone | Cognition | MAS | Nampak | Naspers + Prosus | PPC | RCL

Featured: Naspers and Prosus finalises the capitalisation issue In a complicated transaction, Naspers (JSE: NPN) and Prosus (JSE: PRX) havereleased a finalisation announcement for the capitalisation issue that effectively removes the cross-holding structure that the market was very unhappy with during its relatively short-lived existence. You can get all the details in this announcement>>> Featured: RCL Foods needs a brighter Rainbow Our poultry industry in South Africa is in a lot of trouble Revenue at RCL Foods increased by 17.3% for the year ended June 2023. That sounds strong, but things go very badly as we move down the income statement. EBITDA fell 24.5%, or 11% excluding material once-offs. HEPS fell by 42.4% overall and by 45.7% from continuing operations. In the same way that they calculated the 11% drop in EBITDA, HEPS was down 20.2%. The numbers aren't pretty, which is why there's no dividend this year. The special levy raised by the South African Sugar Association got a lot of attention this year. Despite that levy, the sugar business actually delivered a solid result. The baking segment was flat year-on-year. The grocery segment didn't get any tails wagging, with pet food production down by almost 50% from November 2022 to April 2023 because Eskom is the furthest thing from a good boy. But to find the real pain, you need to go looking for rainbows. The chicken business is taking severe strain, with Rainbow's underlying EBITDA down by 74.9% because the market simply cannot absorb the pricing increases that would be required to offset input cost pressures. Notably, the Vector Logistics segment has been classified as a discontinued operation at year end. The disposal of that business was completed at the end of August. You can get full details on the announcement at this link>>> African Rainbow Minerals on the wrong end of Transnet (JSE: ARI) Local infrastructure continues to hurt our mining houses African Rainbow Minerals reported a drop in headline earn

Source - Ghost Mail
5 Sep 2023
5Sep

Newly launched SanlamAllianz to provide insurance and financial services in 27 African markets

Sanlam, Africa's largest non-banking financial services provider, and Allianz, one of the world's leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Sanlam Group / Allianz Africa Allianz Arena Christopher Townsend, Member of the Board of Management, Allianz SE Paul Hanratty Sanlam Group CEO Sanlam Johannesburg office - day SanlamAllianz's ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam group's chief executive officer, Mr Paul Hanratty. Mr Christopher Townsend, board member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is buildin

Source - FAnews
5 Sep 2023
5Sep

SANTAM LIMITED - Fulfilment of Conditions Precedent to the Disposal of Santams Interest in San JV and Special Dividend

Fulfilment of Conditions Precedent to the Disposal of Santam's Interest in San JV and Special Dividend SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 LEI: 37890092DC55C7D94B35 JSE Share Code: SNT & ISIN: ZAE000093779 A2X Share Code: SNT NSX Share Code: SNM Bond company code: BISAN ("Santam" or the "Company" or the "Group") FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE DISPOSAL OF SANTAM'S 10% INTEREST IN SAN JV RF PROPRIETARY LIMITED ("SAN JV") AND DECLARATION OF A SPECIAL CASH DIVIDEND 1. INTRODUCTION Shareholders of Santam ("Shareholders") are referred to the announcement released on the Stock Exchange News Service ("SENS") of the JSE Limited on 04 May 2022 in which Santam advised that it had entered into an agreement with Allianz Europe BV ("Allianz"), in terms of which Santam will dispose of its 10% interest in SAN JV to Allianz (the "Transaction"). The Board of Directors of Santam ("Board") is pleased to advise Shareholders that all the conditions precedent to the Transaction have now been fulfilled and the Transaction has become unconditional, and has been implemented according to its terms, with a legal effective date of 04 September 2023 ("Effective Date"). Disposal proceeds of EUR 126.4 million (c. R2.6 billion) in relation to the Transaction were received on the Effective Date. 2. DECLARATION OF A SPECIAL CASH DIVIDEND In addition to the cash dividend declared with the release of the interim results for the six months ended 30 June 2023 on SENS on 31 August 2023, the Board assessed the financial position of the Company following the finalisation of the Transaction. To this end, the Board intends to distribute R2 billion of the gross proceeds of the Transaction to Shareholders. The distribution will be implemented by way of a special cash dividend ("Special Cash Dividend"), subject to the approval by the Financial Surveillance Department of the South African Reserve Bank. The Special Cash Dividend will be

Source - Sharenet
5 Sep 2023
5Sep

2 new business laws for South Africa open for public comment

The Portfolio Committee on Trade, Industry and Competition has opened the Companies Amendment Bill and the Companies Second Amendment Bill for public comment. Interested parties will have until 12h00 on Monday, 2 October 2023 to submit comments to the Committee. Oral submissions on the Bill can also be requested, with public hearings scheduled for 17,18 and 20 October 2023. One of the biggest changes seen in the Companies Amendment Bill is to force listed companies to disclose the ratio of the top-paid employees with those in the bottom-paid 5%. Trade and Industry Minister Ebrahim Patel said that this Bill will help address South Africa's rampant inequality - with South Africa the most unequal society in the world. In South Africa, some top executives earn over R500,000 a day, whilst the average person makes R800 a day or the poverty line of just R25 a day. There has also been a recent push amongst shareholders of listed companies to vote against high executive pay at Annual General Meetings. The Bill seeks to amend the Companies Act, 2008 through the following: Clarify when a Notice of Amendment of a Memorandum of Incorporation takes effect; Differentiate where the right to gain access to companies' records may be limited; Provide for the preparation, presentation and voting on companies' remuneration policy and directors' remuneration report; Provide for the filing of a copy of the annual financial statement; Empower the court to validate the irregular creation, allotment or issue of shares; Clarify how shares which are not fully paid are to be dealt with; Exclude the subsidiary company from the requirements relating to financial assistance; Provide for instances where a special resolution is required for acquisition of shares by the company; Extend the definition of an employee share scheme to include situations where there are purchases of shares of a company; Provide for the circumstances under which a private company will be a regulated company; Deal with the composition of the socia

Source - Business Tech
5 Sep 2023
5Sep

SHOPRITE HOLDINGS LIMITED - Group results for the 52 weeks ended 2 July 2023

Release Date: Code(s): SHP PDF: Group results for the 52 weeks ended 2 July 2023 SHOPRITE HOLDINGS LIMITED (Reg. No. 1936/007721/06) (ISIN: ZAE000012084) (JSE Share code: SHP) (A2X Share code: SHP) (NSX Share code: SRH) (LuSE Share code: SHOPRITE) ("the Group") Group results for the 52 weeks ended 2 July 2023 Pieter Engelbrecht, Chief Executive Officer: 2023 was extraordinary as the Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load-shedding. Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel customer growth. Shoprite and Usave's commitment to low prices and affordability delivered sales growth of 15.6% with second half sales including the successful integration of 92 Massmart stores into our operations. Our Shoprite and Usave customer, core to our business, is battling high costs of living and spurring us on to continually improve product affordability. Our customers continued to support our efforts across our core supermarket and LiquorShop businesses in South Africa, spending an additional R26.0 billion more than last year with us. This equated to a 1.4% increase in market share, extending our period of uninterrupted South African market share gains to 52 months. In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our Sout

Source - Sharenet
5 Sep 2023
5Sep

Using Generative AI to Light the Way for Business Transformation

Thomas Edison Center at Menlo Park in Edison, New Jersey, commemorates the birthplace of recorded sound and the world's first practical incandescent light bulb. On New Year's Eve, 1879, Thomas Edison used his newly invented incandescent lamp to illuminate Christie Street, where his laboratory was located. This public demonstration conveyed the art of the possible in electricity. It was novel and magical, and people flocked from New York City on trains to see the first street lit by the electric bulb. But Edison didn't stop there. He used his electric bulb demonstration to light the way to establishing the first central commercial power plant in the United States on Pearl Street, New York City, in 1882. Soon electricity was commercially produced and distributed, leading to the rapid electrification of homes and towns. This widespread adoption changed how we lived and worked; businesses could remain open late, home appliances improved the division of domestic labor (enabling many women to join the workforce), and factories reorganized production processes to build faster and better. Using electricity to illuminate one street created value in the immediate vicinity, but widespread electrification had far-reaching benefits beyond what was imaginable at the time. Like electricity, AI (especially generative AI) is the transformative technology of our time. According to Goldman Sachs [1] , AI can potentially lead to a $7 trillion increase in global GDP over the next 10 years. Illuminate Your First Street with Generative AI Edison's demonstration of illuminating his street can teach us a few things as we consider initial use cases of generative AI in our organizations. Your goal with these early use cases is not only to deliver value for an immediate opportunity but also to showcase the potential for broader adoption. How do you choose early use cases for generative AI? Look for things that are impactful, visible, and relatable. I use all three adjectives intentionally: Impactful: Early use cases

Source - Aiden Promotions
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen this year, mining, agriculture, tourism and basic infrastructure, while at the same time alert to the pressure in discretionary spend and heightened competition," she said. Bidvest's second six months improved on an already strong first

Source - Sunday Independent
5 Sep 2023
5Sep

Glencore's Stock Buyback Boost: A Strategic Move

Glencore PLC bought back 2,110,000 of its shares on the London Stock Exchange, boosting shareholder value through strategic repurchasing. The company now holds 1,349,793,041 shares in treasury, signaling confidence in its financial position and commitment to capital management. This move aligns with an existing buy-back program set to conclude in February 2024, further bolstering Glencore's financial strategy. In a recent development, Glencore PLC, a global resource and commodity trading giant, has made a significant move by purchasing a substantial number of its own ordinary shares on the London Stock Exchange. This strategic decision, announced on September 5, 2023, reflects the company's commitment to its existing buy-back program and aims to maximize shareholder value. Transaction Details On September 4, 2023, Glencore PLC acquired a total of 2,110,000 of its ordinary shares, each valued at USD 0.01, from UBS AG, London Branch (UBS). This purchase comes as part of the second phase of the Company's ongoing buy-back program, which was initially revealed to investors on August 8, 2023. The program is expected to conclude in February 2024. Here are the key details of the transaction: Share Status Following this share repurchase, Glencore PLC will hold the acquired shares in treasury. Currently, the Company possesses 1,349,793,041 of its ordinary shares in treasury, while there are 12,350,206,959 ordinary shares in issue (excluding treasury shares). This total number of voting rights will be crucial for shareholders when determining whether they need to disclose or alter their interests in the Company, in accordance with the FCA's Disclosure Guidance and Transparency Rules. Impact and Strategic Direction Glencore's decision to buy back its own shares underscores its confidence in its financial position and its dedication to delivering value to shareholders. By reducing the number of outstanding shares, the Company may enhance its earnings per share (EPS) metrics, potentially benefiting

Source - Rateweb
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. More on this Growthpoint is optimising offshore portfolio due to high interest rates Ombudsman for Banking Services says Nedbank and Capitec had the biggest increase of complaints Bidvest shares surge after sound first-half dividend Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen

Source - Cape Argus
5 Sep 2023
5Sep

SHOPRITE HOLDINGS LIMITED - Group results for the 52 weeks ended 2 July 2023

Group results for the 52 weeks ended 2 July 2023SHOPRITE HOLDINGS LIMITED(Reg. No. 1936/007721/06)(ISIN: ZAE000012084)(JSE Share code: SHP)(A2X Share code: SHP)(NSX Share code: SRH)(LuSE Share code: SHOPRITE)("the Group")Group results for the 52 weeks ended 2 July 2023Pieter Engelbrecht, Chief Executive Officer: 2023 was extraordinary as the Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load-shedding.Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel customer growth. Shoprite and Usave's commitment to low prices and affordability delivered sales growth of 15.6% with second half sales including the successful integration of 92 Massmart stores into our operations. Our Shoprite and Usave customer, core to our business, is battling high costs of living and spurring us on to continually improve product affordability. Our customers continued to support our efforts across our core supermarket and LiquorShop businesses in South Africa, spending an additional R26.0 billion more than last year with us. This equated to a 1.4% increase in market share, extending our period of uninterrupted South African market share gains to 52 months.In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South African store base, our market leading sales growth would have delivered hi

Source - Sharenet
5 Sep 2023
5Sep

SANTAM LIMITED — Fulfilment of Conditions Precedent to the Disposal of Santam's Interest in San JV and Special Dividend

5 September 2023 R302.00 Fulfilment of Conditions Precedent to the Disposal of Santam's Interest in San JV and Special Dividend SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 LEI: 37890092DC55C7D94B35 JSE Share Code: SNT & ISIN: ZAE000093779 A2X Share Code: SNT NSX Share Code: SNM Bond company code: BISAN ("Santam" or the "Company" or the "Group") FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE DISPOSAL OF SANTAM'S 10% INTEREST IN SAN JV RF PROPRIETARY LIMITED ("SAN JV") AND DECLARATION OF A SPECIAL CASH DIVIDEND 1. INTRODUCTION Shareholders of Santam ("Shareholders") are referred to the announcement released on the Stock Exchange News Service ("SENS") of the JSE Limited on 04 May 2022 in which Santam advised that it had entered into an agreement with Allianz Europe BV ("Allianz"), in terms of which Santam will dispose of its 10% interest in SAN JV to Allianz (the "Transaction"). The Board of Directors of Santam ("Board") is pleased to advise Shareholders that all the conditions precedent to the Transaction have now been fulfilled and the Transaction has become unconditional, and has been implemented according to its terms, with a legal effective date of 04 September 2023 ("Effective Date"). Disposal proceeds of EUR 126.4 million (c. R2.6 billion) in relation to the Transaction were received on the Effective Date. 2. DECLARATION OF A SPECIAL CASH DIVIDEND In addition to the cash dividend declared with the release of the interim results for the six months ended 30 June 2023 on SENS on 31 August 2023, the Board assessed the financial position of the Company following the finalisation of the Transaction. To this end, the Board intends to distribute R2 billion of the gross proceeds of the Transaction to Shareholders. The distribution will be implemented by way of a special cash dividend ("Special Cash Dividend"), subject to the approval by the Financial Surveillance Department of the South African Reserve Bank. The Sp

Source - Moneyweb
5 Sep 2023
5Sep

SANLAM LIMITED - Update In Relation To The Creation Of A Pan-African Joint Venture Between Sanlam And Allianz SE

Update In Relation To The Creation Of A Pan-African Joint Venture Between Sanlam And Allianz SE Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 ("Sanlam") Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) Registration number 1998/021121/06 Bond issuer code: BISLI ("Sanlam Life") UPDATE IN RELATION TO THE CREATION OF A PAN-AFRICAN JOINT VENTURE BETWEEN SANLAM AND ALLIANZ SE Shareholders are referred to the announcement dated 4 May 2022 made on the Stock Exchange News Service of the JSE Limited, in which it was advised that Sanlam and Allianz SE ("Allianz"), a global integrated financial services group with its holding company listed on the Frankfurt Stock Exchange, and certain of their associated entities had entered into definitive agreements, in respect of a long-term strategic joint venture arrangement regarding their operations on the African continent, outside of South Africa (the "Transaction"). As part of the Transaction, Sanlam and Allianz will contribute their respective African operations into a newly incorporated joint venture company ("JVCo"), creating a leading Pan-African financial services group with an extensive footprint across the African continent. In line with Sanlam's stated strategy to become a leading Pan-African financial services group by driving operational excellence in core markets and selective expansion into high priority countries, the Transaction will enable Sanlam to enhance its capabilities in existing markets and expand its footprint and market leading positions in certain key jurisdictions on the African continent. The Transaction was subject to certain suspensive conditions and the board of directors of Sanlam is pleased to advise shareholders that all the suspensive conditions to the Transaction have now been satisfied and the Transaction has become unconditional, and will be im

Source - Sharenet
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen this year, mining, agriculture, tourism and basic infrastructure, while at the same time alert to the pressure in discretionary spend and heightened competition," she said. Bidvest's second six months improved on an already strong first

Source - Cape Times
5 Sep 2023
5Sep

August Local Commentary: The JSE follows global equity markets lower

By: Peter Little, Fund Management The South African (SA) stock market followed global equity markets lower (FTSE/JSE Capped SWIX Index -4.8% MoM), leaving local equities only slightly positive YTD (+2.8% YTD). Mining stocks were the biggest drag on the JSE in August (-9% MoM) as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch (-20% MoM) as the major platinum miners all reported disappointing results characterised by weak volumes and elevated costs. Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were amongst the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand +0.8% MoM, Investec +3.2% MoM, Standard Bank +1.2% MoM and Sanlam +3.6% MoM). Local education companies were also a rare bright spot after releasing strong results with solid double-digit earnings growth (Stadio +20% MoM, Curro +16% MoM and ADvTECH +11% MoM). SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print) as inflation slowed towards the mid-point of the SA Reserve Bank (SARB) range, reaching the lowest level in two years. Despite slowing domestic inflation, concerns around the prospects of continued global central bank tightening dominated local yield fluctuations. As US 10-year rates hit a 16-year high mid-month, SA 10-year government bond yields pushed above 12% p.a. before settling at 11.7% p.a. at month end. While all major currencies (except for the Turkish lira) were weaker against the US dollar in Au

Source - Anchor
5 Sep 2023
5Sep

SHOPRITE HOLDINGS LIMITED — Group results for the 52 weeks ended 2 July 2023

5 September 2023 R262.16 Group results for the 52 weeks ended 2 July 2023 SHOPRITE HOLDINGS LIMITED (Reg. No. 1936/007721/06) (ISIN: ZAE000012084) (JSE Share code: SHP) (A2X Share code: SHP) (NSX Share code: SRH) (LuSE Share code: SHOPRITE) (‘the Group') Group results for the 52 weeks ended 2 July 2023 Pieter Engelbrecht, Chief Executive Officer: 2023 was extraordinary as the Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings, and still managed to increase profits and dividends, despite the prohibitive cost to the business owing to unprecedented levels of load-shedding. Sales growth of 17.8% in our core Supermarkets RSA business demonstrates our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segmentation approach. Checkers and Checkers Hyper's 18.0% sales growth can be attributed to superb delivery on the value and range our customers have come to know, trust, and expect from us. Checkers Sixty60 increased sales by 81.5%, underscoring our omnichannel customer growth. Shoprite and Usave's commitment to low prices and affordability delivered sales growth of 15.6% with second half sales including the successful integration of 92 Massmart stores into our operations. Our Shoprite and Usave customer, core to our business, is battling high costs of living and spurring us on to continually improve product affordability. Our customers continued to support our efforts across our core supermarket and LiquorShop businesses in South Africa, spending an additional R26.0 billion more than last year with us. This equated to a 1.4% increase in market share, extending our period of uninterrupted South African market share gains to 52 months. In the context of the country's power challenges we are pleased to report growth in headline earnings and dividends per share. It is disappointing, however, that if not for the R1.3 billion expense incurred to power generators across our South Afric

Source - Moneyweb
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen this year, mining, agriculture, tourism and basic infrastructure, while at the same time alert to the pressure in discretionary spend and heightened competition," she said. Bidvest's second six months improved on an already strong first

Source - The Star Online
5 Sep 2023
5Sep

SANLAM LIMITED — Update In Relation To The Creation Of A Pan-African Joint Venture Between Sanlam And Allianz SE

5 September 2023 R68.38 Update In Relation To The Creation Of A Pan-African Joint Venture Between Sanlam And Allianz SE Sanlam Limited (Incorporated in the Republic of South Africa) Registration number 1959/001562/06 JSE share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 (‘Sanlam') Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) Registration number 1998/021121/06 Bond issuer code: BISLI ("Sanlam Life") UPDATE IN RELATION TO THE CREATION OF A PAN-AFRICAN JOINT VENTURE BETWEEN SANLAM AND ALLIANZ SE Shareholders are referred to the announcement dated 4 May 2022 made on the Stock Exchange News Service of the JSE Limited, in which it was advised that Sanlam and Allianz SE ("Allianz"), a global integrated financial services group with its holding company listed on the Frankfurt Stock Exchange, and certain of their associated entities had entered into definitive agreements, in respect of a long-term strategic joint venture arrangement regarding their operations on the African continent, outside of South Africa (the "Transaction"). As part of the Transaction, Sanlam and Allianz will contribute their respective African operations into a newly incorporated joint venture company ("JVCo"), creating a leading Pan-African financial services group with an extensive footprint across the African continent. In line with Sanlam's stated strategy to become a leading Pan-African financial services group by driving operational excellence in core markets and selective expansion into high priority countries, the Transaction will enable Sanlam to enhance its capabilities in existing markets and expand its footprint and market leading positions in certain key jurisdictions on the African continent. The Transaction was subject to certain suspensive conditions and the board of directors of Sanlam is pleased to advise shareholders that all the suspensive conditions to the Transaction have now been satisfied and the Transaction has become un

Source - Moneyweb
5 Sep 2023
5Sep

SYGEMF ETF Boost: 800K New Securities for Emerging Markets

Sygnia Itrix MSCI Emerging Markets 50 ETF (SYGEMF) issues 800,000 additional securities to enhance market accessibility. Total securities in circulation increase to 121,267,101, reflecting growing investor interest in emerging markets. South African investors now have a more accessible avenue to tap into the potential of emerging market investments. The Sygnia Itrix MSCI Emerging Markets 50 ETF (JSE Code: SYGEMF) has made a significant move in the South African investment landscape with the issuance of an additional 800,000 securities. The announcement, made on September 5, 2023, is expected to have a notable impact on the ETF's presence on the Johannesburg Stock Exchange (JSE). Table: Key Details Additional Securities for Growth One of South Africa's prominent exchange-traded funds, SYGEMF, has taken a bold step to expand its market presence by issuing 800,000 additional securities at an issue price of approximately ZAR 15.79 per security. This move is set to boost the liquidity and accessibility of the ETF for investors, while also reflecting the increasing demand for emerging market investments. With the issuance of these new securities, the total number of SYGEMF securities in circulation will increase to 121,267,101, marking a significant milestone for the ETF. This expansion underscores SYGEMF's commitment to providing South African investors with opportunities to access emerging market assets efficiently. The Emerging Markets Advantage Emerging markets have been a focal point for many investors seeking growth and diversification beyond traditional markets. These markets, characterized by their rapid economic development and dynamic business environments, offer significant potential for returns. The MSCI Emerging Markets 50 Index, which SYGEMF tracks, includes 50 of the largest and most liquid stocks from emerging market countries, providing investors with exposure to some of the most promising companies in these regions. By issuing additional securities, SYGEMF is not only expanding

Source - Rateweb
5 Sep 2023
5Sep

Bidvest gears up for rich pipeline of acquisitions

Bidvest, the services, trading and distribution group that delivered a strong financial performance in the year to June 30, had an "exciting" acquisition pipeline, CEO Mpumi Madisa said yesterday. The Bidvest Group (UK) plc upsized and restructured its multi-currency funding facility and as at June 30 there was an offshore merger and acquisition war chest of 560 million euros (R11.37 billion). "It is the richest pipeline of acquisitions we have had in a long time." Madisa said in an interview. She said the acquisitions, some of which were likely to be announced at the half year stage, were likely to involve small to medium size businesses, and vary between the R200m to R3.5 billion enterprise value range. "Corporate action remains an integral part of our growth strategy. We are participating in processes, both locally and offshore, which are in varying phases of completion," she said. Acquisitions in the past year included A2, a complementary forklift hire business, Autosure, an underwriter of insurance and value-added products into the motor retail industry, and Sahicasa, a Spanish-based pest and hygiene services business. More on this Growthpoint is optimising offshore portfolio due to high interest rates Ombudsman for Banking Services says Nedbank and Capitec had the biggest increase of complaints Bidvest shares surge after sound first-half dividend Bidvest Australia acquired BIC effective July 7, 2022, as part of the group's international growth strategy. Madisa said that in spite of the strong results for the 2023 financial year, and although she was optimistic about group prospects, she anticipated that the strong earnings growth trajectory of the past three years would normalise in 2024. "We will find the pockets of opportunity while protecting our base, not in isolation, or at the expense of, but in collaboration with our employees, social partners and broader business…we are expecting robust activity in key sectors like renewable energy, albeit not at the frenetic pace seen

Source - Independent Online (IOL)
5 Sep 2023
5Sep

South Africa business activity grows in Aug for first time in six months — PMI

South African private sector activity grew for the first time in six months in August as improved demand led to firms boosting output, a survey showed on Tuesday. The S&P Global South Africa Purchasing Managers' Index (PMI) rose to 51.0 in August from 48.2 in July. A reading above 50 shows growth. Overall business costs rose at the slowest rate since January, leading to a slower increase in firms' output charges, the survey showed. "The August South Africa PMI pointed to an encouraging turnaround in the private sector economy... as companies reported an increase in output... and demand conditions were broadly steady," said David Owen, economist at S&P Global Market Intelligence. However, Owen warned that domestic factors such as rolling power cuts by state power utility Eskom, the weakness in the local rand currency, and supply disruptions continued to be hindering factors for growth. "August's upturn does little to turn the tide after a dismal performance in 2023 so far. Progress on these issues would certainly prove beneficial to South African companies in the latter part of this year," he said.

Source - Engineering News
5 Sep 2023
5Sep

August Local Commentary: The JSE follows global equity markets lower

By: Peter Little, Fund Management The South African (SA) stock market followed global equity markets lower (FTSE/JSE Capped SWIX Index-4.8% MoM), leaving local equities only slightly positive YTD (+2.8% YTD). Mining stocks were the biggest drag on the JSE in August (-9% MoM) as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch (-20% MoM) as the major platinum miners all reported disappointing results characterised by weak volumes and elevated costs. Investment conglomerates Naspers and Prosus (-8.2% MoM in aggregate) also weighed heavily on the local bourse, as their largest underlying investment, Chinese tech conglomerate Tencent, fell 7.3% MoM in Hong Kong dollar terms. British American Tobacco (+4.9% MoM) and AB InBev (+5.5% MoM) were amongst the biggest positive contributors to the JSE's performance in August, thanks in large part to the currency tailwind (the rand fell 5.4% MoM against the US dollar). Despite the poor month for stocks, some of the local blue-chip financial counters eked out a positive performance in August (FirstRand +0.8% MoM, Investec +3.2% MoM, Standard Bank +1.2% MoM and Sanlam +3.6% MoM). Local education companies were also a rare bright spot after releasing strong results with solid double-digit earnings growth (Stadio +20% MoM, Curro +16% MoM and ADvTECH +11% MoM). SA inflation data showed price growth slowing faster than anticipated to 4.7% YoY in July (relative to expectations for a 4.9% YoY print) as inflation slowed towards the mid-point of the SA Reserve Bank (SARB) range, reaching the lowest level in two years. Despite slowing domestic inflation, concerns around the prospects of continued global central bank tightening dominated local yield fluctuations. As US 10-year rates hit a 16-year high mid-month, SA 10-year government bond yields pushed above 12% p.a. before settling at 11.7% p.a. at month end. While all major currencies (except for the Turkish lira) were weaker against the US dollar in Au

Source - Anchor
5 Sep 2023
5Sep

S.African grocery retailer Shoprite reports 10% rise in full-year profit

South Africa's biggest grocery retailer Shoprite Holdings SHPJ.J on Tuesday reported a 9.6% rise in annual profit.The retailer, which has more than 3,300 stores, said it had made headline earnings per share from continuing operations - a profit measure - of 1,166.2 cents in the year ended July 2, from 1,063.9 cents a year earlier.

Source - Nasdaq
5 Sep 2023
5Sep

Fraud accused doctor ‘too old for trial'

An 85-year-old doctor, who is charged with issuing a fake death certificate to assist a Durban man's girlfriend to fraudulently claim R6.5m in life cover, says he is too old to stand trial. News24 reports that Dr Eric van der Veen is one of four people charged with fraud in the Durban Regional Court, in a case involving an illegal claim from Old Mutual. Van der Veen denies any wrongdoing and has approached the KZN DPP, Elaine Zungu, to have his name removed from the list of accused. His lawyer, Advocate Paddy Prior, said: ‘It is not in the interest of justice for my client to remain an accused in this matter, especially given his advanced age. He had nothing to do with the fraudulent claim.' Hawks spokesperson Simphiwe Mhlongo said Emmanuel Ponan (34) had taken out a R6.5m policy in February 2020, and then faked his own death. Three months later, his 46-year-old girlfriend, Merlen Munusamy, allegedly submitted a fraudulent claim as the beneficiary. News24 reports that the insurance company opened an investigation, after which law enforcement institutions got involved. ‘It was discovered that the supposed departed person was alive, and a case of fraud was reported at Berea police station. The case docket was allocated to the Hawks members for intensive investigation.' Van der Veen, Ponan and Munusamy face charges, along with Sifiso Gabela, a funeral parlour director. Gabela is alleged to have asked Van der Veen to certify a dead body. ‘The suspect (Van der Veen) claimed that he saw a dead body and certified it as a dead person,' said Mhlongo. The Department of Home Affairs then issued a death certificate. The matter was adjourned to 23 October, pending Zungu's decision.

Source - South African Lawyer
5 Sep 2023
5Sep

What the R2.7 million jackpot winners have in common

Ithuba National Lottery celebrated two winners who've claimed their R2.7 million jackpots this past week. Here's what you should know? Two South Africans who recently bagged R2.7 million jackpots this past week have revealed how they plan to spend their millions. MEET THE R2.7 MILLION WINNERS The Citizen reports that the two South Africans who recently claimed their jackpot of R2.7 million each, struck gold on Saturday, 26 August. The first winner, who is a 71-year-old resident of Hermanus in the Western Cape says he wishes to buy a new car, while the second winner, who is a 38-year-old from Johannesburg aspires to further his education and improve his family's quality of life. The second winner adds that he manually selected his numbers via the Capitec app and chose the numbers after six weeks of deliberation. The jackpot winners who choose to remain anonymous reveal they played with less than R5 each. The latest millionaires were announced three days after a 55-year-old man won R26 million in the Ithuba National Lottery on Wednesday, 30 August. PENSIONARE SCOOPS NEARLY R50 MILLION National Lottery Ithuba also announced that a 70-year-old pensioner won nearly R50 million on 8 August in a PowerBall draw. The senior citizen who clinched a remarkable R49 934 523 says he plans to take care of his children and grandchildren. "My three children and four grandchildren will now have the opportunity to live in comfort, free from financial concerns." "It's a dream come true, knowing they will be well taken care of."

Source - The South African
5 Sep 2023
5Sep

Standard Bank hosts 9th Annual Group-wide Hackathon

Standard Bank Group will host its 9th annual Kuunda Disrupt Hackathon. This dynamic two-day event is geared towards harnessing the creative power of its people to tackle client pain points. Standard Bank Group Jörg Fischer These solutions will harness cutting-edge technology while aligning with Standard Bank's digital strategies and core values. "As the event enters its 9th iteration, it underscores the bank's steadfast dedication to nurturing innovation to solve real client challenges creating solutions that are not only technically brilliant but also socially relevant and impactful", says Jörg Fischer, Group Chief Information Officer of the Standard Bank Group. The event further emphasises the importance of innovation and collaboration in devising client-centric solutions. Citing research from the international organisation Hackearth , it is evident that over 80% of Fortune 100 companies have embraced hackathons as a strategic cornerstone for fostering innovation. Notably, more than half of these hackathons have evolved into recurring events. Adapting to the crisis of the Covid-19 pandemic, the Standard Bank Group demonstrated agility by transitioning its 2020 and 2021 Group Hackathons into virtual formats. In 2022, a successful hybrid model was adopted. In a notable move, this year's hackathon is set to return as a full-fledged in-person event. With a legacy spanning 161 years of serving clients and championing economic development across Africa, the Standard Bank Group is poised to leverage this rich heritage. The institution maintains an unswerving commitment to generating novel solutions and forging fresh partnerships to enhance client experiences. The current edition of the hackathon had a record breaking 274 ideas submitted from across Africa. From these, the top 42 teams consisting of 229 hackers have been selected to participate in the Hackathon. During the initial judging phase, these teams will present their client-focused solutions to an experienced panel of judges, wh

Source - FAnews
5 Sep 2023
5Sep

Markus Jooste a no-show at R20m insider trading challenge

Former Steinhoff CEO Markus Jooste, who faces a warrant of arrest in Germany for failing to appear for his fraud trial, did not attend proceedingsin Pretoria on Tuesday for his challenge against a reduced R20 million fine for insider trading. Shortly before proceedings began, Stephan Haynes, a member of Jooste's legal team from law firm from DKVG, confirmed to News24 that Jooste would not be in attendance. His absence was confirmed once proceedings kicked off at 09:00. Jooste, who resigned from Steinhoff in late 2017 when the first signs of a major accounting scandal came to light, was fined R162 million in October 2020 by the Financial Sector Conduct Authority for insider trading. He was found guilty of sending an SMS to four friends, warning them to get rid of their Steinhoff stock immediately. In December, the Financial Sector Conduct Tribunal reduced the fine by 90% to R20 million, ruling that Jooste did not disclose "precise" inside information to his friends. It still upheld the ruling that Jooste had encouraged his friends to sell their shares, meaning he had engaged in insider trading. In July, the Higher Regional Court of Oldenburg in Germany rejected Jooste's challenge against his arrest warrant. News24 previously reported that authorities were working on a request to extradite Jooste from South Africa. In August the same court handed Steinhoff's former European finance chief, Dirk Schreiber, a three-and-a-half year jail sentence, making him the first person to be imprisoned over the accounting scandal that led to the near-collapse of the retailer.

Source - News24
5 Sep 2023
5Sep

South Africa: SA Food Producers RCL, AVI and Sea Harvest Hit By Rolling Blackouts and Surging Operating Costs

Monday was 'food day' on the JSE as the three producers released results that could have been so much better if they weren't forced to hike prices to offset the cost of keeping the lights on. The South African Sugar Association's levy, input costs and rolling power cuts have made doing business expensive in South Africa, with RCL on Monday reporting a 46% plunge in annual profits; AVI - whose food products include Five Roses, Baumann's and Provita - posting a moderate profit; and Sea Harvest registering a hit by cost pressures. To offset operational pressures, producers were forced to hike prices. RCL Foods has increased group revenue by 17.3% to R37.8-billion; AVI bumped up revenue by 7.8% to R14.91-billion; and Sea Harvest by 10% to R1.57-billion. The producer of Ouma Rusks, Selati Sugar, Rainbow and Yum Yum peanut butter says the sugar industry's special levy has "materially" hurt its profits, with rolling blackouts affecting all of RCL's operations. Rolling blackouts cost the company R158.3-million (pretax) in FY 2023 and affected its service levels, particularly in its pet food division. Despite the decline in annual profits, RCL's revenue was up 17.3% on last year, mainly due to higher pricing to offset rising input costs. Earnings before interest, taxes, depreciation and amortisation (Ebitda) from continuing operations declined by 24.5%, mainly due to the decline in Rainbow Chicken. It says its key grocery brands are growing, despite a... Read the full story on Daily Maverick

Source - Allafrica
5 Sep 2023
5Sep

Exceptional performance in demanding conditions

Double-digit growth sees sales reaching R215 billionGroup sale of merchandise increased by 16.9% to R215.0 billionSupermarkets RSA sale of merchandise increased by 17.8% to R173.6 billionDiluted headline earnings per share (DHEPS) increased by 9.7% to 1 159.4 cents (restated* 2022: 1 056.9 cents)Adjusted headline earnings per share** (adjusted HEPS) increased by 3.8% to 1 161.2 cents (restated* 2022: 1 118.6 cents)Full year dividend per share (DPS) increased by 10.5% to 663 cents (2022: 600 cents). This is a result of the interim DPS increasing by 6.4% to 248 cents (2022: 233 cents) and final DPS increasing by 13.1% to 415 cents (2022: 367 cents)The Group opened a net number of 340 stores during the past 12 months94 stores were acquired from Massmart Holdings Ltd ("Massmart") of which 92 stores were integrated into our Shoprite, Usave and Shoprite LiquorShop businesses during our second half period (awaiting approval of two liquor licenses)The Group created 8 131 new jobs including 4 480 jobs retained from the Massmart acquisition* Restated for the classification of the Group's DRC operations as discontinued operations in accordance with IFRS 5: Non-current Assets Held for Sale and Discontinued Operations.** The adjusted HEPS constitutes pro forma financial information in terms of the JSE Limited Listings Requirements and for a full appreciation of the pro forma financial information please refer to pages 09 to 10.VIEW THE COMPLETE RESULTSPieter Engelbrecht, Chief Executive OfficerIn many aspects our 2023 year was extraordinary. The Group gained record levels of market share, saved customers over R13.5 billion in Xtra Savings and still managed to increase profits and dividends, despite the prohibitive cost to the business as a result of unprecedented levels of load-shedding.Sales growth of 17.8% in our core Supermarkets RSA business is evidence that we continue to derive the benefits of our multi-year transformation strategy underpinned by our Smarter Shoprite and core supermarkets segment

Source - Shoprite Holdings
5 Sep 2023
5Sep

Oil prices continued to rise

rose to around $89 a barrel at 23h00 on Monday, rising for the seventh session in a row and circling the highest levels in more than nine months, supported by hopes that OPEC+ members would extend steps to maintain a tight supply. After Beijing allowed main cities to lower payments for homeowners and pushed lenders to lower rates on current mortgages, the climbed by 2.51% on Monday, hovering at more than a 3-week high. Meanwhile, Morgan Stanley economists predicted that China may take steps to relax its fiscal policies and address its high level of domestic debt. The rose 0.70%, benefitting from expectations that the US Federal Reserve (Fed) could stop raising rates in response to indications that the US economy may be slowing. US markets were closed on Monday due to the Labour Day public holiday. With heavyweight Naspers (JO: ) (+2%), industrials (+1.1%), resource-related sectors (+0.6%), and financials (+0.6%) as major contributors, the local bourse increased by around 0.80% on Monday. Investors will today keep a close eye on this morning's Q2 GDP numbers. Eskom announced that additional blackout stages are required to replenish emergency generation reserves taking the country to Stage 6 from 05h00 today till further notice. This caused the to weaken to above R19/USD on Monday night. As optimism about China's property support measures waned, major European stocks were unable to hold onto early gains on Monday, with the dropping 0.10% and the pan-European finishing flat after reaching a three-week high in morning trade. In the meantime, traders are increasingly betting that the Fed could stop raising its interest rates, while the European Central Bank (ECB) is widely expected to keep borrowing prices steady this month.

Source - Investing
5 Sep 2023
5Sep

S.African grocery retailer Shoprite reports 10% rise in full-year profit

The retailer, which has more than 3,300 stores, said it had made headline earnings per share from continuing operations - a profit measure - of 1,166.2 cents in the year ended July 2. South Africa's biggest grocery retailer Shoprite Holdings on Tuesday reported a 9.6% rise in annual profit.The retailer, which has more than 3,300 stores, said it had made headline earnings per share from continuing operations - a profit measure - of 1,166.2 cents in the year ended July 2, from 1,063.9 cents a year earlier. (Reporting by Tannur Anders, Editing by Louise Heavens)

Source - Zawya
5 Sep 2023
4Sep

Honorary Doctorate Awarded To Vodacom Group CEO, Shameel Joosub

Vodacom Group CEO, Shameel Joosub, was presented with an Honorary Doctorate of Philosophy in Management Sciences by the Central University of Technology at its annual Chancellor's Doctorandi Dinner on Friday night. In its citation at the official ceremony, the Bloemfontein, Free State, University said: "Shameel's business acumen and astute business administration skills have not only positioned the Vodacom Group ahead of its competitors, but also allowed it to stay clear of economic challenges facing many established enterprises." The University added that Shameel had been a critical figure in Vodacom's transformation since 2012 and that he is "committed to driving change in the telecommunications industry and leveraging Vodacom's capabilities to impact communities positively." In his acceptance speech, Shameel said he was accepting "this honorary doctorate not just on behalf of myself, but on behalf of the entire Vodacom family" and that his "journey to this point would not have been possible without the immense support of my family, loved ones, friends, colleagues and teams I have worked with over the last 34 years." He also paid a special thank you "to those who saw potential in a young Shameel and for providing me with the opportunities to grow my career." "It is our purpose to connect for a better future which is our guiding star in what we do. It transcends mere profit, it's about creating meaningful connections, enabling progress and enriching lives," added Shameel. According to the University, Shameel's skills and knowledge will "benefit and enhance CUT's potential to get closer to its 2030 vision of becoming a leading African university of technology, shaping the future through innovation." Shameel also holds a Bachelor of Accounting Science (honours) from Unisa, an MBA from Southern Queensland University and completed an Advanced Management Programme at Harvard University.

Source - TechFinancials
4 Sep 2023
4Sep

Navigating Intellectual Property Rights for business success

In South African businesses' rapidly evolving and highly competitive landscape, innovation has driven growth and success. Intellectual property (IP) has emerged as a cornerstone of prosperity for entrepreneurs and businesses. This surge in creativity and innovation has highlighted the critical need for businesses to safeguard their IP rights. This article will explore the significance of IP rights for businesses and entrepreneurs operating in South Africa, delving into key aspects of trademarks, patents, copyrights, and trade secrets. Additionally, we will discuss the process of registering and enforcing these rights to prevent infringement and maintain a competitive advantage in the market. Understanding the different types of IP protection and implementing strategies to safeguard these assets are essential for entrepreneurs seeking to foster innovation and gain a competitive edge in the market. Understanding Intellectual Property Rights Intellectual property refers to creations of the mind, such as inventions, designs, artistic works, and brand names, which are protected by law through patents, copyrights, trademarks, and trade secrets. These exclusive rights allow businesses and creators to control their innovations and prevent others from using or exploiting them without permission. Trademarks: Building Brand Identity A trademark is a recognizable sign, design, or expression that distinguishes the products or services of one business from others. It helps businesses build brand identity and customer trust. Registering a trademark with the Companies and Intellectual Property Commission (CIPC) in South Africa provides legal protection against unauthorized use of the mark and helps avoid confusion in the market. Trademark laws, such as the South African Trade Marks Act 1, govern the registration and enforcement of trademarks. A strong trademark protects your brand and becomes a valuable asset that differentiates your business from competitors. Patents: Fostering Innovation Patents protect

Source - Polity
4 Sep 2023
4Sep

RCL FOODS LIMITED - Group financial results for the year ended June 2023

Group financial results for the year ended June 2023 RCL FOODS LIMITED (Incorporated in the Republic of South Africa) ISIN: ZAE000179438 Share Code: RCL ("RCL FOODS" or "the Company" or "the Group") GROUP FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 2023 - Revenue up 17.3% to R 37,8 billion - Earnings before depreciation, amortisation and impairment (EBITDA) down 24.5% to R 1 711,5 million - Underlying* EBITDA down 11.0% to R 1 973,6 million - Total headline earnings per share (HEPS) down 42.4% to 68.3 cents - HEPS from continuing operations down 45.7% to 60.6 cents - Underlying* HEPS from continuing operations down 20.2% to 84.5 cents - Total earnings per share (EPS) down 39.2% to 69.3 cents - Total dividend per share declared for the 2023 financial year: Nil (2022: 45.0 cents per share) The Vector Logistics segment has been classified as a discontinued operation at financial year end. Continuing operations refer to the remaining operations excluding the Vector Logistics segment. RCL FOODS has weathered a tremendously difficult 12 months, delivering a solid underlying performance in our core Value-Added Business (underlying EBITDA up 10.8%) with the overall Group result negatively impacted by the continued unrecovered cost pressure in Rainbow. Whilst agricultural commodity input costs remain the biggest contributor to margin pressure for RCL FOODS, load-shedding added direct costs to continuing operations of R158,3 million (pre-tax) for the current year and also impacted service levels, especially in our Pet Food operations. Despite the negative impact of the special levy raised by the South African Sugar Association, the Sugar business unit delivered a strong result, driven by a combination of improved throughput; increased local sales; and continued favourable export pricing. The Baking business unit result was largely in line with the 2022 financial year, despite lower volumes overall and compressed margins in the Bread, Buns & Rolls operating unit. In the

Source - Sharenet
4 Sep 2023
4Sep

Angolan Government Reaffirms Improvement in Business Environment

Luanda - President João Lourenço on Saturday said his government has done everything in terms of policies to create a good business environment to attract foreign direct private investment and encourage banks and the private business sector to do their part. "The results are still timid, we need greater boldness, for entrepreneurs to accept taking the risk inherent in any business", said João Lourenço at the meeting with the Economic and Social Council, an advisory body to the president. According to the president, the government is giving full support to family farming and as a result, much of what is being consumed comes from family farming in practically every municipality of the country. "We also want to see an increase in food production by small and medium-sized enterprises. We encourage all those who are seriously involved in grain production, corn, beans, soy, rice, sorghum and wheat, in the production of poultry and eggs, goats and pigs, cattle in order to achieve food self-sufficiency," Joao Lourenço underscored. He went on to disclose that the government has opened up funding lines to promote the production of grains, meat and fish and other seafood products, an opportunity that should be seized by Angola's private business sector. The president said the country is making a great effort to increase water and energy supply for the population and companies and to promote national industry. He announced that thousands of kilometers of lines will be built to transport the energy produced in the lower Kwanza basin by the Capanda, Laúca and Caculo Cabaça hydroelectric dams when they are completed, in order to supply the whole country with energy. João Lourenço spoke of the need to diversify the economy, considerably increase the production of goods and services and diversify and increase the sources of foreign currency collection to face the current and worrying situation. "We cannot con

Source - Allafrica
4 Sep 2023
4Sep

AFRICAN RAINBOW MINERALS LIMITED - Condensed Reviewed Results for the financial year ended 30 June 2023 and final Cash Divid

Condensed Reviewed Results for the financial year ended 30 June 2023 and final Cash Dividend Declaration African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration number 1933/004580/06) JSE Share code: ARI ISIN: ZAE000054045 ("ARM" or the "Company") CONDENSED REVIEWED RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (F2023) AND FINAL CASH DIVIDEND DECLARATION This short form announcement is the responsibility of the board of directors of ARM (the "Board") who acknowledge their responsibility to ensure the integrity of the condensed results. The details contained in this announcement are only a summary of the information in the full announcement and do not contain full details of the company's financial performance and position or other relevant information about the business for the financial year under review. Any investment decisions by investors and/or shareholders should therefore be based on the full announcement published on the Company's website at www.arm.co.za and which is available on the following link: https://senspdf.jse.co.za/documents/2023/jse/isse/ARIM/FY2023.pdf The full announcement is also available for inspection free of charge during business hours (excluding weekends and public holidays) from Monday, 04 September 2023 at the registered office of ARM at ARM House, 29 Impala Road, Chislehurston, Johannesburg. In addition, copies of the full announcement may be requested by emailing the Company's investor relations department on ir.admin@arm.co.za Salient features Financial: - Headline earnings decreased by 21% to R8 981 million or R45.81 per share (F2022: R11 338 million or R57.87 per share). - A final dividend of R12.00 per share is declared (F2022: R20.00 per share). - We maintained a robust financial position, with net cash of R9 779 million at 30 June 2023 (30 June 2022: R11 175 million). Safety and Health: - Regrettably, Two Rivers Mine had a fatality when a contractor employee was injured and lat

Source - Sharenet
4 Sep 2023
4Sep

Peter Moyo loses battle against Old Mutual after Constitutional Court dismisses case

Old Mutual has announced that the four-year legal battle with its former CEO Peter Moyo has ended following the Constitutional Court dismissing his case. This comes after the Constitutional Court dismissed Moyo's application to appeal against a High Court decision made in 2022 which dismissed the former CEO's claim of R250 million in damages against the company. The spat between Old Mutual and Moyo started in May 2019 when he was suspended for an alleged conflict of interest. Old Mutual said the situation started because the former CEO violated the terms of his employment contract by allegedly placing his private financial interests ahead of the company. "In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. More on this Former Old Mutual CEO's leave to appeal is dismissed by High Court Old Mutual once again wins court case against former chief executive Peter Moyo Old Mutual dispute with fired Chief Executive drags on as Moyo adds evidence "Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual," the group said. The group said it engaged Moyo for months about the matter, with no resolution, then fired him after three weeks. Moyo successfully challenged this decision in the High Court. The group prevented Moyo back to work and fired him the second time. Moyo and Old Mutual then went back and forth in court over the dismissal and its legality, with the former CEO ultimately seeking R250 million in damages from the group. Moyo then approached the Supreme Court of Appeal (SCA) in November 2022, where the case was again dismissed. According to the group, the Supreme Court of Appeal's decision follows a string of recent rulings all making it clear t

Source - Cape Argus
4 Sep 2023
4Sep

THE BIDVEST GROUP LIMITED - Audited Financial Results, Dividend Declaration for the year ended 30 June 2023 and Appointment

Release Date: Audited Financial Results, Dividend Declaration for the year ended 30 June 2023 and Appointment of Director The Bidvest Group Limited Bidvestco Limited (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 1946/021180/06) (Registration No. 1966/011512/06) Share code: BVT Company code: BIBIDV ISIN ZAE000117321 LEI: 3789004678BDF4374378 ("Bidvest" or "the Company" or "the Group") ("Bidvestco" or the "Issuer") SHORT FORM ANNOUNCEMENT: AUDITED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2023 AND APPOINTMENT OF NON-EXECUTIVE DIRECTOR TO THE BOARD SALIENT FEATURES - R114.9 billion revenue, +15.0% - R11.4 billion trading profit, +17.6% - R12.2 billion cash generated by operations - ROFE 38.3% - Basic EPS 1 757.3 cents, +17.8% - HEPS 1 794.8 cents, +24.5% - Normalised HEPS 1 884.7 cents, +17.7% - Final dividend of 439 cents, + 20.6% Introduction Bidvest's second six-month period improved on an already impressive interim performance, delivering a commendable result for the 2023 financial year. The second half's trading profit growth accelerated to 21.0%. Cash generated from operations for the last six months totalled R10.4 billion, which is a third higher year-on-year, as capital discipline remained a core focus. The Group delivered excellent organic growth led by exponential demand in renewable energy products as well as travel and tourism services. The recovery in Financial Services exceeded expectations. Services South Africa breached the billion rand mark and Freight delivered trading profit exceeding R2.0 billion, double its contribution a mere three years ago. Financial overview Seven divisions reported double-digit trading profit growth, off already high bases. This is commendable considering the weak and volatile macro backdrop. Margin management was a key focus area during FY2023, given unprecedented and persistent inflation, particularly in our internationa

Source - Sharenet
4 Sep 2023
4Sep

AYO's Legal Battle: Banks Win, Business Resilience Prevails

AYO Technology Solutions' legal complaint against banks alleging anticompetitive behavior was set aside by the Competition Appeal Court. AYO assured shareholders that it doesn't bank with the concerned banks, and its subsidiaries have operational accounts. The ruling establishes legal precedents, underscores regulatory importance, and highlights AYO's resilience in a changing business landscape. AYO Technology Solutions has recently provided a comprehensive update on a significant legal development that has been closely monitored by both the business community and shareholders. The matter in question involves a complaint filed by AYO, alongside 35 other entities, against certain banks, alleging potential contraventions of South Africa's Competition Act. The Background In December 2021, AYO, in conjunction with several other companies, lodged a formal complaint with the Competition Commission, South Africa's regulatory body responsible for ensuring fair competition. The complaint alleged that several banks had engaged in conduct that could be in violation of key sections of the Competition Act, specifically sections 4, 5, and 8. The essence of the complaint revolved around suspicions that the banks had acted in a manner detrimental to fair competition, potentially limiting the scope for innovation and market growth in the financial sector. This move was a significant step, raising questions about the practices of major financial institutions and their impact on the broader economic landscape. Interim Relief and Subsequent Developments Fast forward to September 16, 2022, and a pivotal moment arrived when the Competition Tribunal granted interim relief in favor of the Applicants, which included AYO. This interim order was designed to remain in effect for a period of six months from that date or until the Competition Commission concluded its investigation. An extension was later granted, pushing the end date to mid-September 2023. However, it was not long before the banks targeted in the compl

Source - Rateweb
4 Sep 2023
4Sep

Peter Moyo loses battle against Old Mutual after Constitutional Court dismisses case

The spat between Old Mutual and Moyo started in May 2019 when he was suspended for an alleged conflict of interest. Old Mutual said the situation started because the former CEO violated the terms of his employment contract by allegedly placing his private financial interests ahead of the company. "In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. "Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual," the group said. The group said it engaged Moyo for months about the matter, with no resolution, then fired him after three weeks. Moyo successfully challenged this decision in the High Court. The group prevented Moyo back to work and fired him the second time. Moyo and Old Mutual then went back and forth in court over the dismissal and its legality, with the former CEO ultimately seeking R250 million in damages from the group. Moyo then approached the Supreme Court of Appeal (SCA) in November 2022, where the case was again dismissed. According to the group, the Supreme Court of Appeal's decision follows a string of recent rulings all making it clear that Old Mutual did not act unlawfully in connection with the termination of Mr Moyo's employment in June 2019. Old Mutual said this decision followed a ruling in July by the Gauteng Local Division of the High Court, which had dismissed with costs an application for leave to appeal by Moyo relating to the January 31, finding in favour of Old Mutual, dismissing Moyo's R250m damages case. "The January decision in favour of Old Mutual held that even on Moyo's evidence, he had failed to establish any basis on which it could be held that Old Mutual had acted unlawfully in connection with the termination o

Source - Cape Times
4 Sep 2023
4Sep

RCL FOODS: Challenges and Disposals in 2023

RCL FOODS reports 17.3% revenue growth but faces challenges like rising costs and load-shedding, impacting its financial performance. The disposal of Vector Logistics was completed in August 2023, and no dividends were declared to preserve cash. PricewaterhouseCoopers issued an unqualified audit opinion for RCL FOODS' consolidated financial statements for the year ended June 2023. RCL FOODS Limited, a prominent player in South Africa's food industry, has unveiled its financial results for the year ended June 2023. While the company posted a 17.3% increase in revenue, the year was marked by a series of challenges, including rising agricultural commodity input costs and load-shedding, which significantly impacted its financial performance. Here are the key takeaways from RCL FOODS' 2023 financial results: Challenges and Impact on Operations Despite the growth in revenue, RCL FOODS faced a slew of challenges that impacted its financial performance. The company cited rising agricultural commodity input costs as a significant contributor to margin pressure. Additionally, load-shedding in South Africa added direct costs of R158.3 million (pre-tax) during the year and disrupted service levels, especially in the Pet Food operations. Segment Performance The company's business segments had mixed results. While the Sugar business unit delivered a strong performance due to improved throughput, increased local sales, and favorable export pricing, other segments faced challenges. The Baking business unit's results remained largely in line with the previous year, despite lower volumes and compressed margins in the Bread, Buns & Rolls operating unit. The Groceries business unit, particularly the Pet Food production, was heavily impacted by load-shedding, reducing production by up to 50% from November 2022 to April 2023. However, the Rainbow business unit faced severe challenges, including high feed costs, failing municipal infrastructure, and load-shedding, resulting in a staggering 74.9% decline in un

Source - Rateweb
4 Sep 2023
4Sep

AVI LIMITED - Results for the year ended 30 June 2023 and Final Dividend

Results for the year ended 30 June 2023 and Final Dividend AVI LIMITED Registration number: 1944/017201/06 JSE and A2X share code: AVI ISIN: ZAE000049433 ("AVI" or "the Group" or "the Company") RESULTS FOR THE YEAR ENDED 30 JUNE 2023, AND FINAL DIVIDEND Key statistics and features % change Revenue 7,8 Gross profit 9,1 Operating profit 6,9 Headline earnings 4,4 Headline earnings per share 4,3 Earnings per share 4,8 - Challenging macroeconomic environment - Increased levels of load-shedding disrupted operations o Direct operating cost of R58,5 million o Significant indirect costs - I&J's profitability impacted by higher fuel prices, poor catch-rates, load-shedding costs and lockdown affected abalone sales mix in the first semester - Group revenue increased by 7,8% - Price increases in all categories to offset the weaker Rand and rising raw material costs - Stable gross margins despite cost pressures - Operating profit in the second semester improved by 14,5% - Operating profit for the year increased by 6,9% - Operating profit for the year, excluding I&J, increased by 12,7% - R9,4 million benefit from lower corporate tax rate - Headline earnings per share up 4,3% to 553,6 cents - Strong cash generation supported by reduction in working capital through second half - Final dividend of 310 cents per share, ordinary dividend up 4,3% This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement. Any investment decision should be based on the full announcement. The full announcement can be found - On the JSE's website at https://senspdf.jse.co.za/documents/2023/jse/isse/AVI/AVIF23.pdf - On the Company's website at https://www.avi.co.za/investor/results-and-presentations/current-year Copies of the full announcement may also be requested at the Company's registered office and offices of our sponsor, at no charge, during office hours. Report of the independent auditors The summarised consolidate

Source - Sharenet
4 Sep 2023
4Sep

Despite e-focus, Brics has no effect on stock markets

The 15th Brics summit, which was hosted in South Africa, was met with a decreased market index, moving from 3,816.83 on the 21 August to 3,792.01 on 22 August, which also happened to be the actual starting day of the Brics summit. (Delwyn Verasamy/M&G) Much of the enthusiasm for a new financial order might well be misaligned

Source - Mail & Guardian
4 Sep 2023
4Sep

PROSUS N.V - Finalisation Announcement in respect of the Prosus Capitalisation Issue

Finalisation Announcement in respect of the Prosus Capitalisation Issue Prosus N.V. (Incorporated in the Netherlands) (Legal Entity Identifier: 635400Z5LQ5F9OLVT688) AEX and JSE Share Code: PRX ISIN: NL0013654783 (Prosus) FINALISATION ANNOUNCEMENT IN RESPECT OF THE PROSUS CAPITALISATION ISSUE Capitalised terms not defined in this announcement shall have the meaning given to such terms in the circular posted to shareholders of Prosus (Shareholders) together with the notice convening the 2023 annual general meeting of Shareholders on Wednesday, 12 July 2023 (the Circular). 1. INTRODUCTION Shareholders are referred to the declaration announcement published by Prosus on SENS on Friday, 25 August 2023 (the Declaration Announcement), advising, inter alia, that the Prosus Board intends to proceed with the Prosus Capitalisation Issue in connection with the removal of the Cross-Holding Structure pursuant to the Proposed Transaction, the implementation of which was subject to fulfilment of the remaining condition precedent outlined in the Declaration Announcement. The Prosus Board is pleased to advise Shareholders that the Proposed Transaction is now unconditional insofar as it relates to Prosus. The purpose of this announcement is to provide Shareholders with finalisation information on the implementation and settlement of the Prosus Capitalisation Issue in accordance with the JSE Listings Requirements. Shareholders are advised to read the Circular (available on Prosus's website www.prosus.com), in conjunction with the Declaration Announcement and this finalisation announcement, which contains the terms and conditions of the Proposed Transaction, with care and in full. 2. ENTITLEMENT RATIO As outlined in the Declaration Announcement, the Entitlement Ratio is determined on the basis of the principles set out in paragraph 4.5 of the Circular titled "Key parameters of the Proposed Transaction (calculated/estimated as at 30 June 2023)", but is based on the stable Naspers and Pro

Source - Sharenet
4 Sep 2023
4Sep

BHP GROUP LIMITED - Court Ratifies Samarco's Judicial Reorganisation Plan

Court Ratifies Samarco's Judicial Reorganisation Plan BHP Group Limited BHP Group Limited ABN 49 004 028 077 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000 Share code: BHG ISIN: AU000000BHP4 Exchange release 4 September 2023 Court Ratifies Samarco's Judicial Reorganisation Plan On 1 September 2023, the Second Business Court of Belo Horizonte, State of Minas Gerais, Brazil ratified the Judicial Reorganisation Plan of Samarco Mineração S.A. — Em Recuperação Judicial (Samarco) as part of the ongoing Samarco Judicial Reorganisation proceedings. Samarco is owned 50% by BHP Billiton Brasil Ltda (BHP Brasil) and 50% by Vale S.A (Vale) and filed for Judicial Reorganisation in April 2021 after multiple enforcement actions by certain financial creditors which threatened Samarco's operations. The Judicial Reorganisation is an insolvency proceeding in Brazil and Samarco's operations have continued during the Judicial Reorganisation proceeding. Following the court ratification, the next steps will include Samarco entering into definitive debt restructure agreements with its creditors to implement the debt restructure. The restructure of Samarco's debt, including payments to employees and suppliers and the issue of new unsecured debt to Samarco's financial creditors, is expected to be completed in the first half of FY2024. The court's ratification of Samarco's Judicial Reorganisation Plan follows support of the plan by a majority of Samarco's financial creditors in July 2023 as required under Brazilian bankruptcy law. The Judicial Reorganisation Plan contains the terms of the debt restructure plan and under these terms, Samarco's existing financial debt will be exchanged for up to US$3.7 billion of long-term unsecured debt. The new long-term debt will remain non-recourse to Samarco's shareholders, BHP Brasil and Vale. This outcome will enable Samarco to restructure its financial debts and establish a stable financial positi

Source - Sharenet
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841-R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87-R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60- 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. More on this Words on Wealth: Will your drawdown strategy let you down? Ruan Jooste's Rants and Cents: Behavioural finance seeks to explain the money mindsets Europe's biggest oil company quietly shelves a radical plan to shrink its carbon footprint Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 2022, and in fact should contribute to a lower inflation rate for September. If the high level of the price diesel, however, continues till January, the base effe

Source - Independent Online (IOL)
4 Sep 2023
4Sep

Patrice Motsepe's African Rainbow Minerals profits fall, cuts dividend

- 4 September 2023 African Rainbow Minerals (ARM) reported a significant profit drop for the 2023 financial year due to lower production and weaker commodity prices. ARM released its results for the year ended 30 June 2023 today, which showed a significant performance decline. ARM's revenue decreased from R18.41 billion in 2022 to R16.10 billion in 2023. Profit for the year also declined significantly, falling from R14.36 billion to R9.32 billion — an over 30% decrease. The company's headline earnings decreased by 21% to R8.98 billion or R45.81 per share, compared to R11.34 billion or R57.87 per share in FY 2022. ARM said its iron ore business was affected by lower export sales and weaker prices, partly due to the rand weakening against the US dollar. Lower output and softer prices also impacted the company's earnings from its platinum group metals division. The company said logistics challenges negatively impacted iron ore, manganese ore and thermal coal volumes. It also said unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance. However, the company said its financial position remained robust, with net cash of R9.78 billion on 30 June 2023 (30 June 2022: R11.18 billion). ARM declared a final dividend of R12.00 per share for the period, a decrease from the R20 it paid shareholders in FY2022.

Source - Daily Investor
4 Sep 2023
4Sep

African Rainbow Minerals full-year profit falls on lower output and prices

Diversified miner African Rainbow Minerals (ARM) reported on Monday a 21% decline in annual profit, attributed to lower production and weaker commodity prices. ARM's headline earnings per share (HEPS) — the common profit measure in South Africa — was R48.51 ($2.59) in the full year to June 30, compared with R57.87 the previous year. ARM said its iron ore business was affected by lower export sales and weaker prices. Lower output and softer prices also hit the company's earnings from its platinum group metals (PGM) division. ADVERTISEMENT CONTINUE READING BELOW The company declared a dividend of R12 per share, down from R20 rand share last year. Read the Sens here. Source: moneyweb.co.za

Source - South Africa Finance News
4 Sep 2023
4Sep

Load-shedding costs Remgro-owned RCL Foods R158 million

- 4 September 2023 RCL Foods saw a significant decline in earnings in the 2023 financial year as inflation, load-shedding, and a sugar levy weighed on its operations. The Remgro-owned food manufacturer released its results for the year ended June 2023 today. "RCL Foods has weathered a tremendously difficult 12 months, delivering a solid underlying performance in our core Value-Added Business with the overall group result negatively impacted by the continued unrecovered cost pressure in Rainbow," the company said. RCL Foods' revenue for the period was up 17.3% to R37.8 billion compared to FY 2022, mainly due to higher pricing necessitated by rising input costs. However, its EBITDA was down 24.5% to R1.71 billion, while underlying EBITDA — which excludes material once-offs and accounting adjustments — decreased by 11.0% to R1.97 billion. The company's total headline earnings per share (HEPS) were down 42.4% to 68.3 cents, while HEPS from continuing operations declined by 45.7% to 60.6 cents. Total earnings per share also decreased by 39.2% to 69.3 cents. The main contributors to this earnings decline were Chicken producer Rainbow (R312.3 million) and the fair value revaluation of the minority shareholding in The LIVEKINDLY Collective (R127.4 million). "Within the Rainbow business unit, higher revenue driven by higher volumes and prices was insufficient to offset the severe impacts of high feed costs, failing municipal infrastructure and load-shedding, resulting in a 74.9% decline in underlying EBITDA." Whilst agricultural commodity input costs remained the most significant contributor to margin pressure for RCL Foods, load-shedding added direct costs to continuing operations. CL Foods said load-shedding cost the company R158.3 million (pre-tax) in FY 2023 and impacted service levels, especially in its Pet Food operations. RCL Foods' sugar business delivered a strong result with EBITDA growth of R62.5 million (7.6% increase) even after the impact of the sugar industry special levy of R2

Source - Daily Investor
4 Sep 2023
4Sep

African Rainbow Minerals full-year profit falls on lower output and prices

The company declared a dividend of R12 per share, down from R20 rand share last year. By Nelson Banya, Reuters 4 Sep 2023 Diversified miner African Rainbow Minerals (ARM) reported on Monday a 21% decline in annual profit, attributed to rail logistics problems, lower production and weaker commodity prices. ARM's headline earnings per share (HEPS) — the common profit measure in South Africa — was R48.51 in the full year to June 30, compared with R57.87 the previous year. The miner said its iron ore, manganese ore and thermal coal volumes were negatively impacted by logistics challenges blamed on South Africa's state-owned freight rail operator Transnet, which is struggling with locomotive shortages, cable theft and vandalism. ADVERTISEMENT CONTINUE READING BELOW ARM' s iron ore business was affected by lower export sales and weaker prices. Lower output and softer prices also hit the company's earnings from its platinum group metals (PGM) division. Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs, ARM said. The company declared a dividend of R12 per share, down from R20 per share last year. Read the Sens here COMMENTS

Source - Moneyweb
4 Sep 2023
4Sep

Another Glencore veteran departs as trader Popovic retires

Glencore co-head of zinc and copper trading Nick Popovic is retiring after more than 30 years, the latest departure among the generation of leaders that took the commodity giant into its 2011 initial public offering (IPO). Popovic, 53, has been at Glencore since 1992 and helped build its sprawling zinc business in Kazakhstan. His departure was announced in an internal memo by CEO Gary Nagle Glencore has experienced a sweeping changing of the guard in recent years, anchored by the departure of longstanding chief executive Ivan Glasenberg, who handed over to Nagle in 2021. One of the world's biggest commodity merchants and miners, the company vies with rival Trafigura Group as the top metals trader. In 2012, Glencore disclosed that Popovic owned a 1.35% stake in the company, worth more than $500-million, making him the eighth-largest shareholder among the top employees - a group that reaped an enormous windfall at the time of the IPO. Popovic's fellow co-head, Jyothish George , will become head of copper trading, according to the memo from Nagle. Inigo Segura and George Tourkolias will be appointed as co-heads of zinc trading, with Segura focusing on concentrates and Tourkolias on metals. Popovic will continue in his role as non-executive chairman of Glencore's Kazzinc unit. Nearly all the the generation of executives that led the company to its 2011 flotation have now left - with CFO Steven Kalmin a notable exception - and have largely been replaced in their roles by internal promotions.

Source - Mining Weekly
4 Sep 2023
4Sep

THE BIDVEST GROUP LIMITED - Audited Financial Results, Dividend Declaration for the year ended 30 June 2023 and Appointment

Release Date: Audited Financial Results, Dividend Declaration for the year ended 30 June 2023 and Appointment of Director The Bidvest Group Limited Bidvestco Limited (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 1946/021180/06) (Registration No. 1966/011512/06) Share code: BVT Company code: BIBIDV ISIN ZAE000117321 LEI: 3789004678BDF4374378 ("Bidvest" or "the Company" or "the Group") ("Bidvestco" or the "Issuer") SHORT FORM ANNOUNCEMENT: AUDITED FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 30 JUNE 2023 AND APPOINTMENT OF NON-EXECUTIVE DIRECTOR TO THE BOARD SALIENT FEATURES - R114.9 billion revenue, +15.0% - R11.4 billion trading profit, +17.6% - R12.2 billion cash generated by operations - ROFE 38.3% - Basic EPS 1 757.3 cents, +17.8% - HEPS 1 794.8 cents, +24.5% - Normalised HEPS 1 884.7 cents, +17.7% - Final dividend of 439 cents, + 20.6% Introduction Bidvest's second six-month period improved on an already impressive interim performance, delivering a commendable result for the 2023 financial year. The second half's trading profit growth accelerated to 21.0%. Cash generated from operations for the last six months totalled R10.4 billion, which is a third higher year-on-year, as capital discipline remained a core focus. The Group delivered excellent organic growth led by exponential demand in renewable energy products as well as travel and tourism services. The recovery in Financial Services exceeded expectations. Services South Africa breached the billion rand mark and Freight delivered trading profit exceeding R2.0 billion, double its contribution a mere three years ago. Financial overview Seven divisions reported double-digit trading profit growth, off already high bases. This is commendable considering the weak and volatile macro backdrop. Margin management was a key focus area during FY2023, given unprecedented and persistent inflation, particularly in our internationa

Source - Sharenet
4 Sep 2023
4Sep

Latest claims statistics — a reality check for men

Dr Adil Khan | Senior Medical Officer | Old Mutual | mail me |Statistics South Africa (StatsSA) confirm that women live considerably longer than men, on average. The general consensus is that the combination of men's lifestyle choices and their reluctance to seek medical advice is a major contribution to their relatively high incidence of serious health issues at a young age. As a society we need to address men's vulnerability and explore ways to improve and lengthen men's lives. According to Tenet Health, an American healthcare association, although men may be perceived as the physically stronger gender because they are generally bigger and more muscular than women, when it comes to health, it's the other way around. Men are more likely to develop chronic health conditions at a younger age than women. Biological and lifestyle factors There are multiple causes, involving both biological and lifestyle factors. These include smoking, alcohol and substance abuse, stress, hormones, metabolism, genes, lack of exercise, unhealthy diet, and lack of regular checkups. According to StatsSA, men die six years earlier than women, on average. We paid out R7,3 billion in underwritten personal risk cover claims across the group's South African operations in 2022, and of the 56% of underwritten claims paid to men, the top claim categories were for cancer and cardiovascular disorders. It's a fact worth sharing that the prognosis and outcome of these diseases is significantly better when diagnosed and treated at an early stage. To improve men's health and narrow the gender health gap, there needs to be greater awareness of the importance of responsible lifestyle choices and regular medical check-ups. Fostering a more tolerant and understanding culture is the first step to helping men not only live longer, but live better. To boost men's health, we need to change our thinking on what constitutes masculinity. By encouraging open conversations, we can start to break down the stigma attached to men asking for h

Source - BBrief
4 Sep 2023
4Sep

US vs China … how the tables have turned

Analysis of the Pan African update and Fortress's results. 4 Sep 2023 You can also listen to this podcast on iono.fm here Independent analyst Karl Gevers on the Pan African trading update and his preferred gold stock … or is he staying away? Fortress's Steven Brown on the Reit's results as vacancies hit 3.7% but it still can't pay dividends. Old Mutual Wealth's Izak Odendaal on the curious nature of a strong US and weak China. Guests on today's show: Karl Gevers: Independent analyst Steven Brown: CEO, Fortress Izak Odendaal: Investment strategist, Old Mutual Wealth AUTHOR PROFILE COMMENTS

Source - Moneyweb
4 Sep 2023
4Sep

Brazil Court Greenlights Samarco Debt Revival

4 September 2023 Court Ratifies Samarco's Plan : The Second Business Court in Brazil approves Samarco's Judicial Reorganisation Plan, boosting its stability. Debt Restructuring for Samarco : The plan converts existing financial debt into unsecured debt, expected to be completed by H1 2024. Environmental Commitments Remain : The Renova Foundation's work continues unaffected, with funding responsibilities shared between Samarco, BHP Brasil, and Vale. In a significant development for Samarco Mineração S.A., a company with strong ties to South African resources giant BHP Group Limited, the Second Business Court of Belo Horizonte, State of Minas Gerais, Brazil, ratified the Judicial Reorganisation Plan on September 1, 2023. This pivotal decision marks a crucial milestone in Samarco's ongoing efforts to secure its financial stability while remaining steadfast in its commitment to environmental and socio-economic remediation. Background Samarco, jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A (Vale), filed for Judicial Reorganisation in April 2021 in response to mounting pressure from certain financial creditors. The Judicial Reorganisation, a legal process in Brazil akin to insolvency proceedings, allowed Samarco to continue its operations while addressing its financial challenges. The Court's Decision The recent ratification by the Second Business Court signifies a vote of confidence in Samarco's Judicial Reorganisation Plan. This plan outlines a path towards restructuring Samarco's debt and securing its financial future. The court's decision follows the support garnered from a majority of Samarco's financial creditors in July 2023, aligning with Brazilian bankruptcy law requirements. Debt Restructuring and Stability One of the key aspects of the Judicial Reorganisation Plan is the restructuring of Samarco's debt. Under this plan, the company's existing financial debt will be converted into long-term unsecured debt, amounting to up to US$3.7 billion. Notably, this

Source - Rateweb
4 Sep 2023
4Sep

Another Glencore veteran departs as trader Popovic retires

Glencore co-head of zinc and copper trading Nick Popovic is retiring after more than 30 years, the latest departure among the generation of leaders that took the commodity giant into its 2011 initial public offering (IPO). Popovic, 53, has been at Glencore since 1992 and helped build its sprawling zinc business in Kazakhstan. His departure was announced in an internal memo by CEO Gary Nagle Glencore has experienced a sweeping changing of the guard in recent years, anchored by the departure of longstanding chief executive Ivan Glasenberg, who handed over to Nagle in 2021. One of the world's biggest commodity merchants and miners, the company vies with rival Trafigura Group as the top metals trader. In 2012, Glencore disclosed that Popovic owned a 1.35% stake in the company, worth more than $500-million, making him the eighth-largest shareholder among the top employees - a group that reaped an enormous windfall at the time of the IPO. Popovic's fellow co-head, Jyothish George , will become head of copper trading, according to the memo from Nagle. Inigo Segura and George Tourkolias will be appointed as co-heads of zinc trading, with Segura focusing on concentrates and Tourkolias on metals. Popovic will continue in his role as non-executive chairman of Glencore's Kazzinc unit. Nearly all the the generation of executives that led the company to its 2011 flotation have now left - with CFO Steven Kalmin a notable exception - and have largely been replaced in their roles by internal promotions.

Source - Engineering News
4 Sep 2023
4Sep

EU imposes new rules on content moderation, user privacy

The world's biggest tech companies face unprecedented legal scrutiny under the EU's sweeping Digital Services Act. Paul Booth. A RM's IPO filing, Francisco Partners' agreement to acquire IBM's The Weather Company and Silver Lake's acquisition of Software AG dominated the technology sector last month. Key local news Canada's Vela Software Group acquired GreatSoft, a South African provider of practice management solutions to accountancy firms. Blue Label Telecoms has agreed to acquire control of Cell C, taking its shareholding beyond 50%. MasterCard will buy a minority stake in MTN Group's fintech division, based on a cash and debt-free enterprise valuation of approximately $5.2 billion. India-based Redington, a technology solution provider, is expanding to the South African market, offering more than 15 global brands and opening support offices in Durban, Cape Town, Port Elizabeth and Johannesburg. Reunert's shares are to be traded on A2X as a secondary listing. SA's Competition Commission has found that Google's dominance in internet search in SA "distorts platform competition" in favour of large market players and has recommended several remedies to counter this. SA's Competition Commission has ordered e-tailer Takealot.com to separate its retail division from its marketplace operations to avoid anti-competitive practices against the sellers listed on its platform. The further investment by Cape Town-based venture capital firm HAVAÍC in RapidDeploy, a cloud-native platform for public safety. The appointments of new CEOs, MDs, etc at the Department of Communications and Digital Technologies and Ricoh South Africa. Key African news Airtel Africa's Ugandan subsidiary, Airtel Uganda, will soon be floated on the Ugandan Securities Exchange (USE) exchange. The Competition Commission has recommended the prohibiting of the proposed move by Vodacom to merge with Maziv, a newly created company that owns fibre network operators Vumatel and Dark Fibre Africa. African Infrastructure Investment Ma

Source - IT Web
4 Sep 2023
4Sep

GIBS publishes anti-corruption guide for companies

The Centre for Business Ethics at the Gordon Institute of Business Science (GIBS), in partnership with Business Leadership South Africa (BLSA), has published an "Anti-corruption working guide for South African companies". The Centre describes the publication as the first attempt to craft guidelines that will assist South Africa's business sector to counter the epidemic of corruption and crime, which has given companies such as EOH a "starring role" in the Zondo Commission of Inquiry into State Capture and thrust firms such as Steinhoff and Tongaat Hulett into the headlines. It acknowledged the public's cynicism about anti-corruption discussions and declarations, which do not seem to deliver enough practical change. "Many people are understandably dismissive of what they regard as ‘meaningless talk shops' […] Only action that produces tangible results can help to turn the tide and lift South Africa's gloomy national mood. If this is to be achieved, however, the focus of anti-corruption conversations must shift from the ‘why' to the ‘what', and even more importantly, to the ‘how'. This working guide, drawing on extensive engagements with business and civil society leaders, is our contribution to providing the ‘how'." The guide cites the results of a study that found that companies with dedicated anti-corruption programmes and strong ethical guidelines suffer up to 50% fewer incidents of corruption than those without such programmes. The guide draws heavily on the international standard IOS 37001, which is designed to assist companies establish, implement, maintain, and run an anti-bribery compliance programme. It proposes 38 central principles that can be incorporated into an anti-corruption policy, which companies can adopt to tackle corruption within their ranks and within the wider business environment. Unless business acts collectively, however, the adoption of such anti-corruption policies will result in only pockets of individualised success, the publication says. The 44-p

Source - Moonstone
4 Sep 2023
4Sep

Liberia: First-Time Voters Want Peaceful Liberia

A group of first-time voters has charged political actors in Gardnerville as well as national political leaders to ensure that Liberia remains peaceful during and after the elections. The group called Gardnerville First-Time Voters, held a program on Saturday, 2 September 2023, urging political actors not to use the youth to instigate violence against one another. Instead, the young people called on political actors to use them to propagate messages of peace and stability. The gathering brought together approximately one thousand first-time voters from across the district. Included in the program were recreational activities. The first-timer voters chanted, "I was 16 years I promised Weah that when I reach 18-years, I will vote for him." The gathering of first-time voters demonstrated a high level of political civility within the district. Supporters of the opposition Unity Party, Alternative National Congress, and the ruling Coalition for Democratic Change all assembled under one banner to chant "Peace First, Peace Last." Ms. Peggy Soumawolo, chairperson of the Montserrado County Electoral District #13 First-Time Voters, gave the overview of the program. Ms. Soumawolo stated that a signing of the peace accord signifies the common purpose of bringing an end to political violence in the country and setting out the code of conduct for political actors within the district and the nation at large. Ms. Soumawolo charged participants in the political process in Liberia including political parties, organizations, and government officials to Close Sign up for free AllAfrica Newsletters Get the latest in African news delivered straight to your inbox Top Headlines Liberia Governance Submit By submitting above, you agree to our privacy policy Success! Almost finished... We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. Error! Error! There was a problem processing your submission. Please try again later. condemn

Source - Allafrica
4 Sep 2023
4Sep

AFRICAN RAINBOW MINERALS LIMITED - Condensed Reviewed Results for the financial year ended 30 June 2023 and final Cash Divid

Condensed Reviewed Results for the financial year ended 30 June 2023 and final Cash Dividend Declaration African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration number 1933/004580/06) JSE Share code: ARI ISIN: ZAE000054045 ("ARM" or the "Company") CONDENSED REVIEWED RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023 (F2023) AND FINAL CASH DIVIDEND DECLARATION This short form announcement is the responsibility of the board of directors of ARM (the "Board") who acknowledge their responsibility to ensure the integrity of the condensed results. The details contained in this announcement are only a summary of the information in the full announcement and do not contain full details of the company's financial performance and position or other relevant information about the business for the financial year under review. Any investment decisions by investors and/or shareholders should therefore be based on the full announcement published on the Company's website at www.arm.co.za and which is available on the following link: https://senspdf.jse.co.za/documents/2023/jse/isse/ARIM/FY2023.pdf The full announcement is also available for inspection free of charge during business hours (excluding weekends and public holidays) from Monday, 04 September 2023 at the registered office of ARM at ARM House, 29 Impala Road, Chislehurston, Johannesburg. In addition, copies of the full announcement may be requested by emailing the Company's investor relations department on ir.admin@arm.co.za Salient features Financial: - Headline earnings decreased by 21% to R8 981 million or R45.81 per share (F2022: R11 338 million or R57.87 per share). - A final dividend of R12.00 per share is declared (F2022: R20.00 per share). - We maintained a robust financial position, with net cash of R9 779 million at 30 June 2023 (30 June 2022: R11 175 million). Safety and Health: - Regrettably, Two Rivers Mine had a fatality when a contractor employee was injured and lat

Source - Sharenet
4 Sep 2023
4Sep

Diamond prices are in free fall in one key corner of the market

Industry leader De Beers insists the current weakness is a natural downswing in demand. One of the world's most popular types of rough diamonds has plunged into a pricing free fall, as an increasing number of Americans choose engagement rings made from lab-grown stones instead. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in the US have experienced far sharper price drops than the rest of the market. ADVERTISEMENT CONTINUE READING BELOW The reason, according to industry insiders, is soaring demand for lab-grown stones. The synthetic diamond industry has paid special attention to this category, where consumers are especially price sensitive, and the efforts are now paying off in the world's biggest diamond buyer. The shift doesn't mean engagement rings are about to go on deep discount - the impact is limited to the rough-diamond market, an opaque world of miners, merchants and tradespeople that is several steps removed from the price tags in a jewelry store. However, the scale and speed of the pricing collapse of one of the diamond industry's most important products has left the market reeling. Now, the question is whether the plunging demand for natural diamonds in this category represents a permanent change, and - crucially - if the inroads made by lab-grown gems will eventually spread to the more expensive diamonds that are typically dominated by Asian buying. Industry leader De Beers insists the current weakness is a natural downswing in demand, after stuck-at-home shoppers sent prices soaring during the pandemic, with cheaper engagement rings having been particularly vulnerable. The company concedes that there has been some penetration into the category from synthetic stones, but doesn't see it as a structural shift. "There has been a little bit of cannibal

Source - Moneyweb
4 Sep 2023
4Sep

SUPER GROUP LIMITED — Dealing by the Super Group Limited Share Incentive Scheme

4 September 2023 Dealing by the Super Group Limited Share Incentive Scheme Super Group Limited (Incorporated in the Republic of South Africa) (Registration number: 1943/016107/06) Share code: SPG ISIN: ZAE000161832 Legal Entity Identifier: 378900A8FDADE26AD654 Debt company code: BISGL ("Super Group") DEALING BY THE SUPER GROUP LIMITED SHARE INCENTIVE SCHEME In compliance with paragraph 3.92 of the JSE Listings Requirements (the "Requirements"), the following information is disclosed:- Group share-based incentive plan: Super Group Limited Deferred Share Plan Company : Super Group Transaction date : 30 August 2023 Number of shares : 1 317 307 Class of shares : Super Group ordinary shares Total value of transaction : R46 632 667.80 Volume weighted average price per share : R35.40 Nature of transaction : On market acquisition of Super Group ordinary shares to satisfy the Super Group Deferred Share Plan's obligation toward its participants for awards made. Nature of interests : Indirect beneficial Clearances : Clearance has been received in accordance with paragraph 3.92 of the Requirements Group share-based incentive plan : Super Group Limited Share Incentive Scheme Company : Super Group Transaction date : 30 August 2023 Number of shares : 1 317 307 Class of shares : Super Group ordinary shares Total value of transaction : R46 632 667.80 Volume weighted average price per share : R35.40 Nature of transaction : On market disposal of Super Group ordinary shares Johannesburg 04 September 2023 Sponsor: Investec Bank Limited Debt Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 04-09-2023 11:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employee

Source - Moneyweb
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

MARKETS ON MONDAY: South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats, writes economist Chris Harmse. The prospects for fuel prices at the beginning of October do not look good. Fle picture: Motshwari Mofokeng, African News Agency (ANA) SOUTH African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841 to R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87 to R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60 to 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 20

Source - DFA
4 Sep 2023
4Sep

NASPERS LIMITED — Finalisation Announcement in respect of the Naspers Capitalisation Issue and Naspers Share Consolidation

4 September 2023 Finalisation Announcement in respect of the Naspers Capitalisation Issue and Naspers Share Consolidation NASPERS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1925/001431/06) JSE share code: NPN ISIN: ZAE000015889 (Naspers) FINALISATION ANNOUNCEMENT IN RESPECT OF THE NASPERS CAPITALISATION ISSUE AND NASPERS SHARE CONSOLIDATION Capitalised terms not defined in this announcement shall have the meaning given to such terms in the circular posted to shareholders of Naspers (Shareholders) together with the notice convening the 2023 annual general meeting of Shareholders on Wednesday, 26 July 2023 (Circular). 1. INTRODUCTION Shareholders are referred to the declaration announcement published by Naspers on SENS on Friday, 25 August 2023 (the Declaration Announcement), advising, inter alia, that the Naspers Board intends to proceed with the Naspers Capitalisation Issue and the Naspers Share Consolidation in connection with the removal of the Cross-Holding Structure pursuant to the Proposed Transaction, the implementation of which was subject to certain conditions precedent outlined in the Declaration Announcement. The Naspers Board is pleased to advise Shareholders that the Proposed Transaction is now unconditional insofar as it relates to Naspers. The purpose of this announcement is to provide Shareholders with finalisation information on the implementation of the Naspers Capitalisation Issue and the Naspers Share Consolidation in accordance with the JSE Listings Requirements. Shareholders are advised to read the Circular (available on Naspers's website www.naspers.com), in conjunction with the Declaration Announcement and this finalisation announcement, which contains the terms and conditions of the Proposed Transaction, with care and in full. 2. SHARE CAPITAL IMPACT OF THE NASPERS CAPITALISATION ISSUE AND THE NASPERS SHARE CONSOLIDATION As outlined in the Declaration Announcement, the Naspers Share Consolidation will be im

Source - Moneyweb
4 Sep 2023
4Sep

The importance of the right funding and support to grow your business

- For small and medium enterprises (SMEs), securing capital is a crucial step towards growth and success. However, navigating the world of funding can be challenging, with a wide selection of sources to consider, each with its own benefits and risks. While business loans or mainstream finance options from a bank or other financial institution are typically the most secure approach, there are other, less traditional, sources of funding that an SME can consider. While exploring funding options like these may seem like a good approach for your business, it's important to understand the potential risks and challenges associated with each of them. For example, you may want to start a business with your personal savings. While this approach enables you to retain full ownership and potentially reap all the profits, if your savings aren't sufficient, you could end up in a situation where you have used all your money and have to look for alternative sources of funding anyway. Some SME owners also look to their personal credit cards for ready and flexible access to finance. But if you withdraw money from a credit card, you immediately start incurring interest, and the rates on credit cards can be very high, so the money you borrow is expensive. Borrowing from friends and family is also an option, and one that can strengthen your bonds if your business succeeds. However, it could also destroy your relationships if the business fails, or if those contacts don't immediately see the financial benefits they expect. Another fast-growing business funding approach is crowdfunding.If you have a unique business idea, a crowdfunding platform may work to attract financial backers. Just be aware that crowdfunding requires a lot of time and effort, and you will need to offer incentives if you want people to give you their money. While none of these funding options is necessarily wrong for your business, there is a far more secure way of accessing the funding your business needs to start or grow - and that's by pa

Source - Wordpress
4 Sep 2023
4Sep

Bidvest reports trading profit growth in all divisions, increases dividend by 20%

JSE-listed services, trading and distribution company Bidvest Group has reported double-digit trading profit growth from each of its seven divisions for the financial year ended June 30. The company's performance was led by exponential demand in renewable energy products, as well as travel and tourism services. Bidvest posted a 17.6% year-on-year increase in groupwide trading profit to R11.4-billion, as well as a 17.7% increase in normalised headline earnings per share (HEPS) to R18.84. Normalised HEPS excludes acquisition costs and amortisation of acquired customer contracts and is the measurement used by management to assess the underlying business performance. The company was able to declare a final dividend of R4.39, a 20.6% year-on-year increase, bringing the total dividend for the year to R8.76. This compares with a total dividend of R7.44 for the prior financial year. Bidvest's profit for the year amounted to R6.3-billion, which is just under 17% higher than the R5.4-billion posted for the prior year. CEO Mpumi Madisa says the double-digit trading profit growth reported by Bidvest's seven divisions came off already high bases. It is also commendable considering the weak and volatile macroeconomic backdrop, she adds. She notes that the company keenly focused on margin management in the year under review, given unprecedented and persistent inflation in the group's international geographies, as well as record wage inflation and high costs of doing business in South Africa owing to loadshedding and unreliable rail services. The group's trading profit margin improved by 22 basis points to 10%, despite a slight contraction in gross margin by 100 basis points to 29% as operating expenses were well controlled. Notably, Bidvest reports the recovery in its Financial Services division exceeded expectations, while the Services South Africa division breached the billion rand trading profit mark, with trading profit growing by 21.4% year-on-year to R1.1-billion. The Financial Services division in

Source - Engineering News
4 Sep 2023
4Sep

BUSINESS ROUNDUP: SEC shuts down Stockmatch Investments; 110 bank employees sacked in one year for N81.69bn fraud cases

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up. Here are the Headlines: MTN Foundation has spent over N25bn to impact Nigerian communities -Odunayo Dangote Sugar, Tantalizer, others lift Nigeria's capital market with N535.3bn gain 110 emoloyees of Nigerian banks sacked in one year for N81.69bn fraud cases -Report SEC shuts down Stockmatch Investments Ardova's Olu Adeosun resigns, replaced by Moshood Olajide Summary: MTN Foundation's Executive Secretary, Odunayo Sanya, has restated the foundation's commitment to meaningful and sustainable social investment in Nigeria. She reeled out the foundation's key achievements, including value of finances invested, scale of projects launched and number of communities impacted. Odunayo revealed that the foundation had spent over 25 billion Naira on a variety of initiatives since its inception in 2004. By Ridwan Adelaja. Full story at Ripple Nigeria

Source - Blogspot
4 Sep 2023
4Sep

STANDARD BANK GROUP LIMITED - Prescribed Officer's dealings in securities

Release Date: Code(s): SBK Prescribed Officer's dealings in securities STANDARD BANK GROUP LIMITED Registration number 1969/017128/06 Incorporated in the Republic of South Africa Website: www.standardbank.com/reporting SHARE CODES JSE and A2X share code: SBK ISIN: ZAE000109815 NSX share code: SNB ("Standard Bank Group") PRESCRIBED OFFICER'S DEALINGS IN SECURITIES In compliance with sections 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Director Mr. L L Bam Name of company Standard Bank Group Limited Nature of Interest Direct Beneficial Date of Transaction 2023-08-31 Nature of Transaction On-market purchase of 500 ordinary shares in Standard Bank Group Limited Purchase Price R194.3232 Transaction Value R97,161.60 Clearance received Yes Johannesburg 4 September 2023 JSE sponsor The Standard Bank of South Africa Limited Namibian sponsor Simonis Storm Securities (Proprietary) Limited Date: 04-09-2023 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. Share This Story

Source - Sharenet
4 Sep 2023
4Sep

Renewable energy product demand boosts Bidvest profits

Company declares a final dividend of 439 cents per share, translating to a total dividend for the year of 876 cents. 4 Sep 2023 Giant industrial group Bidvest posted a double-digit jump in full-year earnings boosted by robust sales of renewable energy products during the reporting period and improved demand for travel and tourism services, the company said on Monday. Headline earnings per share (Heps), a key profit measure for South African corporates, shot up more than 24.5% to 1 794.8 cents per share, from 1 442.0 cents per share in the previous comparative period, Bidvest said in its financial results for the year ended 30 June. ADVERTISEMENT CONTINUE READING BELOW "The group delivered excellent organic growth led by exponential demand in renewable energy products as well as travel and tourism services," the company said. It added that the recovery in its financial services unit also exceeded expectations. Read/Listen: Bidvest rides the renewable energy wave Bidvest shares surge on strong half-year results Bidvest CEO Mpumi Madisa said despite a weak and volatile macro backdrop, seven of the group's divisions reported double-digit trading profit growth, already off high bases. She said the company expects robust activity to continue in key sectors such as renewable energy, although not at the same pace as in its 2023 financial year. Madisa added that the group will remain alert to pressure in discretionary spending and heightened competition. "At Bidvest, we are standing tall with many other corporates, voicing our commitment and support to remove obstacles hindering growth in South Africa. Our optimism for Bidvest's ongoing growth remains intact. Our entrenched discipline in cash generation and margin management positions our businesses favourably, and the group's acquisition pipeline is exciting and readily executable," Madisa said. Trading profit rose 17.6% to R11.4 billion, while group revenue increased 15% to R114.9 billion. Group revenue was also boosted by recent acquisitio

Source - Moneyweb
4 Sep 2023
4Sep

"Amahle and Mfana Ka Gogo Unite in Sweet Harmony with ‘Ithembalami'"

"Amahle and Mfana Ka Gogo Unite in Sweet Harmony with ‘Ithembalami'" LISTEN TO THE SONG HERE South African music scene is a treasure trove of talent, and among its shining stars is Amahle, a singer and songwriter hailing from Hammarsdale. Amahle is ready to captivate your senses with her scintillating voice and mesmerizing cadence, and she's teamed up with the talented and authentic Mfana Ka Gogo to release "Ithembalami," a love song that celebrates African love in all its glory. "Ithembalami" is more than just a song; it's a dreamy, reaffirming, and celebratory ode to love. As a feature, Mfana Ka Gogo adds depth to the song with his heartfelt message of reaffirmation and a heartfelt plea to tie the knot with the love of his life. Amahle, with her soothing voice, effortlessly embodies the supportive partner, standing by her beloved through thick and thin. The song carries a celebratory cadence and poetic lyricism, with Amahle singing, "Ngvuleleni indlela nom'yeni wami," a phrase that encapsulates the essence of forging a path with a loved one. The chorus of the song sees both artists join forces in a duet, emphasizing their triumph in finding true love once more. Amahle shares the inspiration behind "Ithembalami," saying, "The song is a triumphant love story, narrated through a catchy afrobeat, melody, and rhythm to have you dancing and singing along. The song solidifies Amahle's position in the storytelling, African romance, and afro-beat genre, as she has immersed herself deeply within the song." "Ithembalami" is a testament to the power of music to convey emotions and tell stories that resonate with the human experience. In this case, it celebrates the beauty of African love and the joy of finding a soulmate. With its infectious melodies and heartfelt lyrics, the song has the power to transport listeners to a world of love, joy, and celebration. To connect with Amahle and stay updated on her musical journey, you can follow her on Instagram (@Amahle_zulu_princess), Facebook (@Amahle)

Source - Wordpress
4 Sep 2023
4Sep

Peter Moyo loses battle against Old Mutual after Constitutional Court dismisses case

Old Mutual has announced that the four-year legal battle with its former CEO Peter Moyo has ended following the Constitutional Court dismissing his case. This comes after the Constitutional Court dismissed Moyo's application to appeal against a High Court decision made in 2022 which dismissed the former CEO's claim of R250 million in damages against the company. The spat between Old Mutual and Moyo started in May 2019 when he was suspended for an alleged conflict of interest. Old Mutual said the situation started because the former CEO violated the terms of his employment contract by allegedly placing his private financial interests ahead of the company. "In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. "Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual," the group said. The group said it engaged Moyo for months about the matter, with no resolution, then fired him after three weeks. Moyo successfully challenged this decision in the High Court. The group prevented Moyo back to work and fired him the second time. Moyo and Old Mutual then went back and forth in court over the dismissal and its legality, with the former CEO ultimately seeking R250 million in damages from the group. Moyo then approached the Supreme Court of Appeal (SCA) in November 2022, where the case was again dismissed. According to the group, the Supreme Court of Appeal's decision follows a string of recent rulings all making it clear that Old Mutual did not act unlawfully in connection with the termination of Mr Moyo's employment in June 2019. Old Mutual said this decision followed a ruling in July by the Gauteng Local Division of the High Court, which had dismissed with

Source - Sunday Independent
4 Sep 2023
4Sep

This AA-rated PM loves buying companies investors have ‘left for dead'

PSG Asset Management's head of equities, Justin Floor, believes investment success entails two key considerations. ‘I have worked out that the most successful investing involves two things. The one that you have the most control over is the price. Your condition on entry is probably your single biggest predictor of success,' Citywire AA-rated Floor told Citywire during an interview.The second aspect Floor identified is that almost all the great winners he has picked had filled investors with great concern. ‘They had disappointed the market, and the rearview mirror looked horrible — that was the common denominator. I love buying companies that have been left for dead,' he added. Floor is the lead manager of the PSG Balanced fund. In addition, he is a co-manager of the PSG Global Equity fund and PSG Global Flexible fund and these two funds' respective feeder funds, the PSG Global Equity feeder fund and the PSG Global Flexible feeder fund.He said his personal style injects a bit of a creative element. ‘I bring creativity and tend to be optimistic,' Floor (pictured below) said. ‘I'm one of the guys who would get quite excited when you have a market crash. I probably have a slightly higher risk tolerance than the average actuary. I try and balance that realism and perspective,' he added. Floor believes the debate about growth versus value is a false dichotomy. ‘Value exists where growth and quality are underappreciated,' he said. One of his biggest lessons has been about the importance of balance sheets. He believes a strong balance sheet is the biggest driver for a company to avoid becoming a severe value trap. ‘For a simple reason: a strong balance sheet gives you time. ‘The other big one is a management team. If the people in charge are untrustworthy and we have no faith in them, then it's quite hard to make a case for why that's an interesting proposition.' He said keeping an eye on company balance sheets and management could result in investors avoiding about 80% of

Source - City Wire
4 Sep 2023
4Sep

Why business does not take creative advertising seriously

The difficulties can be overcome if the The blockages can be overcome; here are some major aspects that need to be addressed The blockages can be overcome; here are some major aspects that need to be addressed Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. In the dynamic world of advertising, creativity is essential, but it often faces a significant challenge: gaining the recognition it deserves in the corporate landscape. There are five key reasons for this. Creative advertising teams are n ot regarded as business partners This is one of the primary obstacles. The question I've been pondering lately, "Do CEOs see us?, echoes this concern. CEOs and top-level executives may not fully recognise the value creatives can bring to the table. We're in advertising, we are masters of positioning brands - so why are we not doing that for ourselves from a business point of view? 2. Creative advertising is unable to show real return In the corporate landscape, results matter. If creative teams cannot demonstrate a tangible return on investment, their contribution to the bottom line can also be doubted. Advertising and marketing budgets are often the first to evaporate. Why? We need to explore ways to bridge this gap by linking creative efforts to measurable outcomes and showcasing real returns. 3. Agencies get too stuck on creative ideas While creativity is at the core of advertising, becoming too fixated on creative ideas without considering broader business objectives can diminish our credibility. Our creative endeavours need to be aligned with overarching business goals to regain a sense of strategic relevance. Regular quarterly meetings with business and segment leads will ensure creatives understand the client's business strategy. 4. Creatives' decision-making is not data driven Effective communication is the cornerstone of successful collaboration In today's data-driven marketing

Source - Business Live
4 Sep 2023
4Sep

AVI and RCL Foods see increased load shedding costs

With RCL opting to withhold its dividend for the year to ‘preserve cash'. 4 Sep 2023 Increased load shedding this year has upped operating challenges for food producers AVI and RCL Foods, with both stomaching additional direct costs, over and above other higher input costs the firms have to contend with. The two JSE-listed groups released their financial results for the year ended 30 June on Monday, highlighting the impact of the country's insufficient power supply on operations. ADVERTISEMENT CONTINUE READING BELOW Read: Food producers warn of higher prices as infrastructure crumbles For chicken producer RCL Foods, load shedding-related costs were the second largest contributor to margin pressure after agricultural commodity input costs. Power cuts saw RCL parting with R158.3 million in direct costs to continuing operations, accounting for diesel costs, generator hire, and additional labour requirements needed for FY 2023. AVI — the owner of the Five Roses tea, Baker's biscuits and I&J brands — said that load shedding cost its business R58 million for the year ended June 2023. The group told investors that although it has invested in backup power to shield its business, it continues to see material costs in maintaining these backup power solutions. "Load shedding provided an additional challenge, with high levels of load reduction negatively affecting our manufacturing, distribution and retail operations," AVI added. Higher revenues Price interventions have assisted AVI and RCL Foods in increasing group revenues, despite both companies reporting challenging trading environments. Group revenue surged 17.3% to R37.8 billion for RCL Foods, while AVI recorded a 7.8% increase on last year, to R14.91 billion. However, gains in revenue were not fully realised for both firms as various challenges arose. For RCL Foods, revenue growth propped up by higher prices were offset by higher costs across the business. Further, the group reported pressure from consumers who are struggling with wea

Source - Moneyweb
4 Sep 2023
4Sep

Question NW1880 to the Minister of Small Business Development

Share this page: 31 August 2023 - NW1880 Luthuli, Mr BN to ask the Minister of Small Business Development What other steps has her department taken to ensure that the most remote rural areas and secluded persons are aware of and able to benefit from the services offered by her department, when her department hosts outreach programmes that are aimed at showcasing and giving information regarding the services that it offers available to a wider audience as these outreach programmes are rarely held in the specified areas, and that means that persons who need the services are still unable to access them despite Government trying to do so by reaching out once or twice a year? Reply: The Department of Small Business Development and its agencies, Small Enterprise Development Agency (Seda) and Small Enterprise Finance Agency ( sefa ), from time to time participate in Municipal LED Forums organised by the Municipalities in various Provinces across the Country. This includes Business Forums, Imbizos, Summits / Conferences, Community Outreach Programmes as well as Road Shows. The DSBD uses these platforms to share information regarding the services that are available to SMMEs and Co-operatives. The Department also utilises Seda and s efa offices across the country to share information regarding the services of the Department and its agencies. Furthermore, and in line with the District Development Model (DDM), the Department had in the past financial year assigned senior and middle managers, from Acting Deputy Directors-General to Deputy Directors to all districts and provinces to act as both the provincial and district champions wherein they ensure continuous engagement with districts and municipalities to expose and enable SMMEs to access the services and programmes of the Department. The Department has taken this further by bringing in personnel, additional to the establishment, to link with the districts directly to take forward the work of DDM.

Source - Parliamentary Monitoring Group
4 Sep 2023
4Sep

MAS Real Estate retail assets benefit from strong European growth

With a primary listing on the JSE, and secondary listing on A2X Markets, MAS owns retail assets in Romania, Bulgaria and Poland MAS Real Estate, the owner of shopping centres in Central and Eastern Europe (CEE), expects to generate sustainable long-term shareholder returns due to real GDP and consumption growth in Romania and other CEE countries. For six months ended June, like-for-like footfall and retail sales increased exceeding pre-pandemic levels due to demand for retail space at its malls... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
4 Sep 2023
4Sep

World-Class Research for the African Business Leader

As a leading African business school, GIBS produces research that is designed to help African business leaders understand the evolving African business environment. In every edition of Acumen magazine, we feature some of the research coming out of GIBS. This way you have a guide to what is being produced and how it can be applied to your business. Research Papers Antecedents and enablers of supply chain value creation: An analysis of trust and competencies Yusuf Kiwala, Johan Olivier & Ismail Kintu Professor Johan Olivier shared his insights into the research with Acumen . He says, "The objective of this study was to better understand how small and medium enterprises (SMEs) create value in local supply chains. He explained that, more specifically, the study focused on two initiators of value creation: entrepreneurial competences and supply chain trust. KEY TAKEAWAYS The value local SMEs create for their customers depends on the level of trust in their supply chain relationships, which include suppliers and customers. The valued benefits local firms enjoy from suppliers depend on the level of trust in B2B supplier relationships. Face-to-face interactions with high performers helps build trust, which circumvents replication in how supply chain partners combine resources. The qualities driving trust in customer relationships are quite different from those driving trust in supplier relationships, suggesting that SME owner-managers behave differently in relation to customers and suppliers. The results revealed that high levels of trust increase the value suppliers attach to the owner-managers' competences, while mistrust erodes it. By contrast, the level of trust does not alter the value customers attach to SME owner-managers' competences. Practical business application Olivier explains that the study results demonstrate that investors contemplating investing in promoting SMEs through local procurement should consider the impact of trust and competences in improving supply chain perform

Source - Acumen magazine
4 Sep 2023
4Sep

Balancing Your Business — Managing Budgets and Team Performance

"In the business world, the rearview mirror is always clearer than the windshield. - Warren Buffett. Seems less motivating than most quotes we like to share, right? Read it again. We can't always tell what the future holds, but we can most certainly use what we have learned in the past to help us set goals and objectives. Whether it's your budget or your team - Plan. Measure. Monitor. Achieve long-term goals, break the cycle of debt and take charge of your financial well-being with our course Budgeting and Managing Budgets. Learning how to set budgets and manage those budgets effectively is a crucial step to business success. Our course breathes life into a subject most of us prefer to avoid. An insightful article written by Catherine Cote of HBS Online, states: "A budget is a financial roadmap for the upcoming period; if all goes according to plan, it shows how much should be earned and spent on specific items. Yet, the business world is anything but predictable. Circumstances outside your control can impact your revenue or cause priorities to change at a moment's notice. A budget gives you a plan; maintaining an agile mindset enables you to pivot that plan and help lead your organisation through turbulent times. In today's economic environment, it is those organisations that have clear goals and objectives, and then hold themselves accountable for achieving these objectives, that set themselves apart. Ongoing monitoring and conducting regular Performance Reviews are critical to this success. Our course, Performance Management , is built to assist all personnel who are required to manage individual and team performance. "A good performance management system helps employees to understand the goals of the company and what they are expected to do to achieve these goals. This means they understand how their contributions affect the overall growth of the business. Performance management typically creates an ongoing interaction and an atmosphere of encouragement, support, and trust. It also ass

Source - The Skills Portal
4 Sep 2023
4Sep

Question NW2507 to the Minister of Small Business Development

Share this page: 31 August 2023 - NW2507 Mathulelwa, Ms B to ask the Minister of Small Business Development In light of how small businesses and/or co-operatives are struggling to access funding from her department, what total number of businesses did she develop in her hometown since the start of her term of office? Reply: My Hometown is Mthatha, in the King Sabata Dalindyebo Municipality, since the 1 st August 2 21 I have been advised that; The Small Enterprise Finance Agency ( sefa ) funded 5901 Small Micro and Medium Enterprises (SMMEs) in King Sabata Dalindyebo Municipality (KSD) to the value of R79.5 million. This financial support helped create and sustain 4963 jobs. In terms of developmental impact, sefa 's disbursements to businesses owned by black entrepreneurs were R79.5 million, women-owned businesses received disbursements to the value of R28.5 million, the youth owned businesses received R19.5 million in disbursements and those based in the rural areas received R49.5 million over the same period. And this covers small business in both Mqanduli and Mthatha my hometown. The Small Enterprise Development Agency (Seda) service delivery is geared on a provincial focus with District Municipalities as it's networks for reach and access of services. From 2021 when I was appointed as the Minister of the Department of Small Business Development (DSBD) to date, Seda Eastern Cape (EC) supported 8516 SMMEs and Co-operatives of which 1706 are residents of OR Tambo District Municipality. These numbers pertain to non-financial support provided to SMMEs and Co-operatives by Seda EC and exclude support provided by various other ecosystem stakeholders. Seda's impact is not only based in the Minister's hometown but rather regional. For the 2023 financial year in the Eastern Cape, the Seda Technology Programme currently supports fourteen (14) Incubators in the Eastern Cape. Twenty-seven (27) clients were funded through the Technology Transfer Assistance Programme at a total cost of R14 296 665.00.

Source - Parliamentary Monitoring Group
4 Sep 2023
4Sep

NASPERS LIMITED - Finalisation Announcement in respect of the Naspers Capitalisation Issue and Naspers Share Consolidation

Finalisation Announcement in respect of the Naspers Capitalisation Issue and Naspers Share Consolidation NASPERS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1925/001431/06) JSE share code: NPN ISIN: ZAE000015889 (Naspers) FINALISATION ANNOUNCEMENT IN RESPECT OF THE NASPERS CAPITALISATION ISSUE AND NASPERS SHARE CONSOLIDATION Capitalised terms not defined in this announcement shall have the meaning given to such terms in the circular posted to shareholders of Naspers (Shareholders) together with the notice convening the 2023 annual general meeting of Shareholders on Wednesday, 26 July 2023 (Circular). 1. INTRODUCTION Shareholders are referred to the declaration announcement published by Naspers on SENS on Friday, 25 August 2023 (the Declaration Announcement), advising, inter alia, that the Naspers Board intends to proceed with the Naspers Capitalisation Issue and the Naspers Share Consolidation in connection with the removal of the Cross-Holding Structure pursuant to the Proposed Transaction, the implementation of which was subject to certain conditions precedent outlined in the Declaration Announcement. The Naspers Board is pleased to advise Shareholders that the Proposed Transaction is now unconditional insofar as it relates to Naspers. The purpose of this announcement is to provide Shareholders with finalisation information on the implementation of the Naspers Capitalisation Issue and the Naspers Share Consolidation in accordance with the JSE Listings Requirements. Shareholders are advised to read the Circular (available on Naspers's website www.naspers.com), in conjunction with the Declaration Announcement and this finalisation announcement, which contains the terms and conditions of the Proposed Transaction, with care and in full. 2. SHARE CAPITAL IMPACT OF THE NASPERS CAPITALISATION ISSUE AND THE NASPERS SHARE CONSOLIDATION As outlined in the Declaration Announcement, the Naspers Share Consolidation will be implemented contempo

Source - Sharenet
4 Sep 2023
4Sep

PROSUS N.V. — Finalisation Announcement in respect of the Prosus Capitalisation Issue

4 September 2023 R1,345.75 Finalisation Announcement in respect of the Prosus Capitalisation Issue Prosus N.V. (Incorporated in the Netherlands) (Legal Entity Identifier: 635400Z5LQ5F9OLVT688) AEX and JSE Share Code: PRX ISIN: NL0013654783 (Prosus) FINALISATION ANNOUNCEMENT IN RESPECT OF THE PROSUS CAPITALISATION ISSUE Capitalised terms not defined in this announcement shall have the meaning given to such terms in the circular posted to shareholders of Prosus (Shareholders) together with the notice convening the 2023 annual general meeting of Shareholders on Wednesday, 12 July 2023 (the Circular). 1. INTRODUCTION Shareholders are referred to the declaration announcement published by Prosus on SENS on Friday, 25 August 2023 (the Declaration Announcement), advising, inter alia, that the Prosus Board intends to proceed with the Prosus Capitalisation Issue in connection with the removal of the Cross-Holding Structure pursuant to the Proposed Transaction, the implementation of which was subject to fulfilment of the remaining condition precedent outlined in the Declaration Announcement. The Prosus Board is pleased to advise Shareholders that the Proposed Transaction is now unconditional insofar as it relates to Prosus. The purpose of this announcement is to provide Shareholders with finalisation information on the implementation and settlement of the Prosus Capitalisation Issue in accordance with the JSE Listings Requirements. Shareholders are advised to read the Circular (available on Prosus's website www.prosus.com), in conjunction with the Declaration Announcement and this finalisation announcement, which contains the terms and conditions of the Proposed Transaction, with care and in full. 2. ENTITLEMENT RATIO As outlined in the Declaration Announcement, the Entitlement Ratio is determined on the basis of the principles set out in paragraph 4.5 of the Circular titled "Key parameters of the Proposed Transaction (calculated/estimated as at 30 June 2023)", but is based

Source - Moneyweb
4 Sep 2023
4Sep

How to Build a Business that Corporates Want to Work With

Globally, small and medium enterprises (SMEs) wrestle with the daunting task of getting their products and services in front of the decision-makers in large companies. Even when they succeed, a series of roadblocks can derail potential opportunities causing them to miss out on transformative contracts. To help develop SMEs, Kyle Ballard, Head of the Durban Chemicals Cluster (DCC) Accelerator, shares what is known as the ‘6Cs Framework'. He says that this powerful tool can help SMEs transform into businesses that corporates are eager to work with. "Many SMEs miss out on opportunities to become future suppliers to leading customers in their supply chain as they don't comply with the specific requirements of large, industrial corporates, Ballard explains. "The 6Cs Framework has been developed as a roadmap that SMEs can use to bridge the gap that exists between being identified as a high-potential supplier and the actual placement of coveted purchase orders. Ballard encourages SMEs that want to approach large enterprises to evaluate their readiness by assessing their alignment with customers' requirements against these six factors: 1. Commitment : The linchpin of any successful relationship, commitment means going the extra mile to deliver goods or services as stipulated in contractual agreements. Demonstrating proactive dedication to meeting customer requirements is essential to unlocking commercial opportunities. 2. Capability : SMEs need to demonstrate their capacity to fully satisfy customer requirements. Conveying expertise in the processes, equipment, skills and raw materials required for delivering the desired outcomes helps to establish trust with customers. 3. Competitiveness : The ability to meet industry benchmarks related to price, quality, reliability, flexibility, logistics and innovation strengthens the SME's position. Understanding your niche positioning and unique value proposition gives your business a competitive edge. 4. Compliance : The foundation of trust and re

Source - Wordpress
4 Sep 2023
4Sep

TikTok Video of Young Woman's Wig Business Goes Viral, Inspiring Entrepreneurs To Follow Their Dreams

A young entrepreneur has turned her passion for wigs into a flourishing small-time business In a TikTok video, she shares her inspiring journey that showcases the art of her business Through her engaging video, she provides a glimpse into her creative process, captivating a growing audience eager to witness her success A young woman showcases on TikTok how she turned her passion into a thriving small-time wig business. Woman's wig showcase Marwinnie Mavuso is redefining entrepreneurship with every strand of hair she touches. On her TikTok page, she showed what she does daily. Through her captivating posts, she showcases the artistry behind wig-making, giving viewers a glimpse into her daily life as a budding entrepreneur. The young woman found her niche in the world of wigs. She handcrafts or buys each wig , which she handles carefully, infusing creativity into every strand. From choosing the finest materials to crafting unique styles, she is turning heads in the beauty industry. Watch the video below: Video sparks entrepreneurial passion The young woman's small-time wig business proves that passion and determination can lead to success. Her story reminds us that dreams can be transformed into reality with determination and dedication. Netizens were impressed by her hustle and the type of wigs she had available. People flocked to the comment section to share their views: @kile_dl said: "How much are your weaves.? @Nqobile Ngwanya commented: "Hi..may you please help with how you order online?" @Sibusisiwe Dlamini praised: "My students looked amazing. Thank you so much." @Siphesihle Gamedze shared: "Beautiful work, sis." @SAZ posted: "You are so inspiring." @Shot said: "This is content we want to see to motivate us." @McGee761 shared: "Glueless akho." @Sibile said: "This is beautiful work sis." Man installs wig for girlfriend In similar stories, Briefly News reported about a South African man who impressed many women after confidently installing his girlfriend's new lace frontal wig A now-vi

Source - Briefly
4 Sep 2023
4Sep

China shares rally, G20 summit looms - what's moving markets

Investing.com -- Chinese shares jump as traders bet that recent U.S. unemployment figures may convince officials at the Federal Reserve to keep interest rates steady this month, while markets awaited more possible stimulus measures from Beijing. Elsewhere, international leaders prepare to attend the G20 summit in India later this week, although the gathering will not feature Chinese President Xi Jinping. 1. Chinese stocks surge Shares in China rallied on Monday, buoyed by a slow drip of stimulus measures by Beijing and U.S. labor market figures which bolstered predictions that the Federal Reserve will not raise interest rates at its next policy meeting. The and indices both jumped by more than 1% each in a day of relatively thin trading stemming from the U.S. end-of-summer holiday. Hong Kong's , meanwhile, climbed by more than 2%, fueled by news that Country Garden Holdings had received approval from its bondholders to extend some debt deadlines. The stock rose by over 15%, making it one of the top performers on the Hang Seng, as hopes grew that the embattled property developer would be able to avert a possible default. Monday's stock market gains were also underpinned by Friday's U.S. jobs data which showed that the unemployment rate ticked higher while wage growth cooled. Markets are betting the Fed will keep interest rates on hold at their meeting later this month -- a potential relief for Asian shares that have been battered by elevated rates over the past year. 2. Oil prices choppy Oil prices held near three-week highs in choppy trading amid optimism that top crude producers will agree to further output cuts that could keep global supplies tight. Russia has said that it will outline more reductions in supply this week. The statement added to speculation that Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will also extend a one million barrel per day cut into October. Bets that the Fed will not hike rat

Source - Investing
4 Sep 2023
4Sep

ARM's FY2023 Earnings Drop, Dividend Declared

4 September 2023 Financial Performance : ARM reports a 21% decrease in headline earnings for FY2023, influenced by currency fluctuations and operational challenges. Safety and Environmental Commitment : Despite challenges, ARM emphasizes improved safety performance and progress toward decarbonization and tailings management. Dividend Declaration : ARM declares a final dividend of R12.00 per share for FY2023, subject to withholding tax, payable on October 9, 2023. African Rainbow Minerals Limited (ARM), a prominent mining company based in South Africa, has released its condensed reviewed results for the financial year ended June 30, 2023 (FY2023). The results indicate a 21% decrease in headline earnings compared to the previous year, along with details of a final cash dividend declaration. Financial Performance In FY2023, ARM reported headline earnings of R8,981 million or R45.81 per share, down from R11,338 million or R57.87 per share in FY2022. This significant decrease is attributed to various factors, including market conditions and operational challenges. One notable factor affecting earnings was the weakening of the South African rand against the US dollar. The average realized rand weakened by 17%, impacting the company's financial performance. The closing exchange rate at the end of June 2023 was R18.90/US$, compared to R16.38/US$ in the same period in 2022. ARM's Ferrous division saw a 17% decrease in headline earnings to R5,528 million, driven by a 34% decrease in the manganese division and an 11% decrease in the iron ore division. Lower earnings in the iron ore division were primarily due to reduced iron ore prices and export volumes, partly offset by the weaker rand. In the Platinum division, headline earnings decreased by 52% to R1,465 million. Two Rivers Mine, part of the Platinum division, experienced negative mark-to-market adjustments and a 24% increase in unit cash costs. Challenges with ore grade persisted at the mine. Safety and Health ARM reported improved safety per

Source - Rateweb
4 Sep 2023
4Sep

BHP GROUP LIMITED — Court Ratifies Samarco's Judicial Reorganisation Plan

4 September 2023 Court Ratifies Samarco's Judicial Reorganisation Plan BHP Group Limited BHP Group Limited ABN 49 004 028 077 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000 Share code: BHG ISIN: AU000000BHP4 Exchange release 4 September 2023 Court Ratifies Samarco's Judicial Reorganisation Plan On 1 September 2023, the Second Business Court of Belo Horizonte, State of Minas Gerais, Brazil ratified the Judicial Reorganisation Plan of Samarco Mineração S.A. — Em Recuperação Judicial (Samarco) as part of the ongoing Samarco Judicial Reorganisation proceedings. Samarco is owned 50% by BHP Billiton Brasil Ltda (BHP Brasil) and 50% by Vale S.A (Vale) and filed for Judicial Reorganisation in April 2021 after multiple enforcement actions by certain financial creditors which threatened Samarco's operations. The Judicial Reorganisation is an insolvency proceeding in Brazil and Samarco's operations have continued during the Judicial Reorganisation proceeding. Following the court ratification, the next steps will include Samarco entering into definitive debt restructure agreements with its creditors to implement the debt restructure. The restructure of Samarco's debt, including payments to employees and suppliers and the issue of new unsecured debt to Samarco's financial creditors, is expected to be completed in the first half of FY2024. The court's ratification of Samarco's Judicial Reorganisation Plan follows support of the plan by a majority of Samarco's financial creditors in July 2023 as required under Brazilian bankruptcy law. The Judicial Reorganisation Plan contains the terms of the debt restructure plan and under these terms, Samarco's existing financial debt will be exchanged for up to US$3.7 billion of long-term unsecured debt. The new long-term debt will remain non-recourse to Samarco's shareholders, BHP Brasil and Vale. This outcome will enable Samarco to restructure its financial debts and establish a stable

Source - Moneyweb
4 Sep 2023
4Sep

Honorary Doctorate Awarded To Vodacom Group CEO, Shameel Joosub

Vodacom Group CEO, Shameel Joosub, was presented with an Honorary Doctorate of Philosophy in Management Sciences by the Central University of Technology at its annual Chancellor's Doctorandi Dinner on Friday night. In its citation at the official ceremony, the Bloemfontein, Free State, University said: "Shameel's business acumen and astute business administration skills have not only positioned the Vodacom Group ahead of its competitors, but also allowed it to stay clear of economic challenges facing many established enterprises." The University added that Shameel had been a critical figure in Vodacom's transformation since 2012 and that he is "committed to driving change in the telecommunications industry and leveraging Vodacom's capabilities to impact communities positively." In his acceptance speech, Shameel said he was accepting "this honorary doctorate not just on behalf of myself, but on behalf of the entire Vodacom family" and that his "journey to this point would not have been possible without the immense support of my family, loved ones, friends, colleagues and teams I have worked with over the last 34 years." He also paid a special thank you "to those who saw potential in a young Shameel and for providing me with the opportunities to grow my career." "It is our purpose to connect for a better future which is our guiding star in what we do. It transcends mere profit, it's about creating meaningful connections, enabling progress and enriching lives," added Shameel. According to the University, Shameel's skills and knowledge will "benefit and enhance CUT's potential to get closer to its 2030 vision of becoming a leading African university of technology, shaping the future through innovation." Shameel also holds a Bachelor of Accounting Science (honours) from Unisa, an MBA from Southern Queensland University and completed an Advanced Management Programme at Harvard University. The post Honorary Doctorate Awarded To Vodacom Group CEO, Shameel Joosub appeared first on TechFinancials

Source - Investing
4 Sep 2023
4Sep

Finding Your Perfect Dreamcatcher in Cape Town

/ By September 4, 2023 Are you on the hunt for that enchanting dreamcatcher to adorn your space with positive vibes? Look no further!Cape Town offers a kaleidoscope of options to help you discover your ideal dreamcatcher. Whether you're drawn to local craftsmanship, online convenience, or the allure of boutique stores, this guide has you covered. In a city known for its rich cultural diversity and artistic flair, Cape Town boasts an array of venues where dreamcatchers are waiting to find their new home. Delve into local artisan shops , explore vibrant craft markets, or dive into the world of online shopping. With choices as diverse as the city itself, you're sure to find the dreamcatcher that resonates with your unique style and spirit. Curious about the best places to buy dreamcatchers in Cape Town? From hidden gems crafted by skilled artisans to the convenience of online platforms, this article will take you on a journey through the options available. Get ready to delve into the local art scene, uncover the stories behind each creation, and gain insights into making an informed and meaningful purchase. As you read on, you'll discover the intricate details that make each dreamcatcher special and learn how to choose the perfect one for your tastes. Whether you're a seasoned dreamcatcher enthusiast or a newcomer to the world of these beautiful creations, let's embark on a quest to find the dreamcatcher that will bring both charm and positivity to your life. Exploring the Dreamcatcher Market in Cape Town In the heart of Cape Town's vibrant and culturally rich landscape lies a captivating world of dreamcatchers waiting to be explored. Embarking on a quest for these enchanting creations opens up a realm of options that speak to the diverse tastes and preferences of dreamcatcher enthusiasts. From the authenticity of local artisan shops to the convenience of online platforms, Cape Town offers a dreamcatcher market that caters to every seeker's desire. Local Artisan Shops : Nestled within the c

Source - Greater Good
4 Sep 2023
4Sep

Stories of Wills, Loss, and Legacy

Here are a few stories illustrating the far-reaching impact of a comprehensive will. 1. A Lesson from Tony's Untimely Passing Tony was a 25-year-old computer expert building a financially secure future. His motive was to have a financially secure life as he had seen what his mother went through (lots of hard work and stress) to provide for herself and her three sons after the boys' father walked out on them when they were little. One rainy evening Tony lost control of his BMW and died. There was no valid will and the estate, which was worth several million rands, had to be divided between his mother and estranged father. The father had no qualms about taking half of his son's estate even though he was living in another country and had very little contact with him over the last 10 years. Had Tony crafted a will bequeathing his assets solely to his mother, the situation would have been vastly different. Instead, Tony's mother had to share his assets with the father who left them when Tony was 8 years old. This scenario illustrates how wills empower individuals to explicitly nominate beneficiaries and the assets they are entitled to. 2. The Perils of Outdated Wills: A Farmer's Tale A cautionary tale of a farmer's outdated will highlights the consequences of failing to update your will as circumstances change. The farmer had intended for his trusted farm manager to purchase his farm at a pre-determined price when the farmer passed away, with the proceeds benefiting the farmer's family. Unfortunately, he had never updated his will over the course of 30 years and didn't account for the vast appreciation of the land. This led to the sale of the property at a very outdated valuation. The value of the land had grown exponentially (in the region of 100 times), but due to the outdated will, the family was left with a fraction of the property's true worth. Despite their efforts in court, the outdated will prevailed, leaving the family in financial distress rather than with an inheritance of millions

Source - Mybroadband
4 Sep 2023
4Sep

All the 2023 New Generation Awards finalists!

"There were many stand-out campaign submissions this year that performed high above the radar and many initiatives from some of SA's best-lovedbrands that we South Africans have become accustomed to during the past 12 months," says founder Stephen Paxton. "Many new agencies and corporates entered this year showcasing fresh and exciting work that truly grasps the concept of digital innovation and community engagement." "A big thank you to our esteemed judges for their insights and hard graft over the past three weeks, who each marked on average 75 submissions, with the entries and categories equally split among the 21-strong judging panel, each marked by a minimum of four judges." CORPORATE AWARD CATEGORIES:Best Revenue Generating Marketing Campaign or EventAbsa Group LimitedAbsa Load Shedding SolutionsBonitas Medical FundAdclick AfricaBonitas Price Freeze CampaignHertex HausShift ONE DigitalHome Décor Google SearchKFCPlaymakers Sponsorship, Ogilvy, Mind Share, Hearts and ScienceKFC Fryhard Fans Fuelled by KFC DeliveryMultiChoiceiProspectFIFA World Cup Data-Driven CampaignNando's SAVMLY&RNando's Bright SidesNedbankLevergyYouthXParamount8909The Monetisation ProjectROAR AFRICA2StoriesROAR AFRICA sales mailer nurturingSteve MaddenFlume Digital Marketing and PRBonang Holiday LaunchStimorolSaatchi & SaatchiStimorol Flow.LabVodacomVMLY&RUnlock Your SummerWoolworthsFlume Digital Marketing and PRWoolworths Easter 2023Best Social Media Reach from an Event / ActivationAB InBev AfricaCoronaCorona Sunsets Festival World TourDStvDuma CollectiveBig Brother TitansICCLevergyICC Women's T20 World Cup 2023JamesonRAPT CreativeJameson Distillery on Tour (JHB)Johannesburg Film FestivalDuma CollectiveJohannesburg Film FestivalNedbankLevergy2023 Nedbank CupNelson Mandela FoundationFlow Communications20th Nelson Mandela Annual LectureRobertsonsThe Hardy Boys — a Wunderman Thompson CompanyFamous for FlavourSuperSportPlaymakers Sponsorship & FuturePlaySounds of the World CupSuperSportLevergySuperSport 2023 FI

Source - South Africa Finance News
4 Sep 2023
4Sep

Webber Wentzel's business crimes offering and expertise bolstered with a new team

Lionel van Tonder and his team of experts Inge Swanepoel, Danniel Kruger, and Aaqilah Zahra Nagdee join Webber Wentzel's Dispute Resolution Practice, to grow its business crimes offering and expertise. This team will establish, build, and consolidate Webber Wentzel's business crimes expertise, as well as package and market the offering to its clients. As a partner, Lionel will play a pivotal role in advising clients on risk mitigation strategies, conducting internal investigations, and navigating the intricate legal landscape surrounding business crimes. Lionel has extensive experience in financial crime and compliance, forensic data and analytics, fraud risk management, digital forensics and eDiscovery, investigations, training and awareness. He also has extensive litigation and prosecution experience and has been involved in various high-profile matters allowing him to bring a global perspective to a broad client base. Prior to joining Webber Wentzel, Lionel was at PwC for 25 years in its Forensic Services Department. Lionel also spent three years in Germany as a partner in PwC's Forensic Services Practice where he led multi-national teams performing forensic investigations spread over multiple territories. Lionel also worked for the Department of Justice as a Public Prosecutor, acting Magistrate, State Advocate and Senior State Advocate for 10 years. In addition, Lionel has also served in the Office for Serious Economic Offences as a Senior State Advocate where he investigated economic crime. Inge assumes the role of consultant and has experience in forensic-based investigations, enhanced due diligence, and third-party compliance reviews in both public and private sectors. Danniel, the Senior Forensics Manager specialises in forensic investigations and data analytics, with experience in fraud prevention and detection activities, integrity due diligence, and the curatorship of pension funds. Aaqilah, a senior associate in the team is a forensic professional with over 10 years of diversif

Source - Polity
4 Sep 2023
4Sep

AYO's Legal Battle: Banks Win, Business Resilience Prevails

AYO Technology Solutions' legal complaint against banks alleging anticompetitive behavior was set aside by the Competition Appeal Court. AYO assured shareholders that it doesn't bank with the concerned banks, and its subsidiaries have operational accounts. The ruling establishes legal precedents, underscores regulatory importance, and highlights AYO's resilience in a changing business landscape. AYO Technology Solutions has recently provided a comprehensive update on a significant legal development that has been closely monitored by both the business community and shareholders. The matter in question involves a complaint filed by AYO, alongside 35 other entities, against certain banks, alleging potential contraventions of South Africa's Competition Act. The Background In December 2021, AYO, in conjunction with several other companies, lodged a formal complaint with the Competition Commission, South Africa's regulatory body responsible for ensuring fair competition. The complaint alleged that several banks had engaged in conduct that could be in violation of key sections of the Competition Act, specifically sections 4, 5, and 8. The essence of the complaint revolved around suspicions that the banks had acted in a manner detrimental to fair competition, potentially limiting the scope for innovation and market growth in the financial sector. This move was a significant step, raising questions about the practices of major financial institutions and their impact on the broader economic landscape. Interim Relief and Subsequent Developments Fast forward to September 16, 2022, and a pivotal moment arrived when the Competition Tribunal granted interim relief in favor of the Applicants, which included AYO. This interim order was designed to remain in effect for a period of six months from that date or until the Competition Commission concluded its investigation. An extension was later granted, pushing the end date to mid-September 2023. However, it was not long before the banks targeted in the com

Source - Rateweb
4 Sep 2023
4Sep

#FiveThingsYouNeedToKnow: Comrades Marathon 2024 will be up run

Former Zimbabwe captain Heath Streak has passed away from colon and liver cancer and much more...Five Things You Need To Know As You Wake Up: Comrades Marathon entries openCanvaGood morning, KZN.Here are five things you need to know as you wake up this Monday morning...Read more: #FiveThingsYouNeedToKnow: Recovery underway as Joburg fire claims many livesvia GIPHY1. The Information Regulator has issued an enforcement notice to Dis-Chem Pharmacies Ltd after hackers retrieved millions of customers' personal data.Read more: Dis-Chem withdraws memo on hiring of whitesDis-Chem sticks to moratorium on hiring of whites.Dis-Chem sticks to moratorium on hiring of whites. Image: Gallo Images/Misha Jordaan2. Authorities are investigating a death at the Burning Man festival in the Nevada desert as thousands of people remain trapped after heavy rains inundated the area.Read more: Cottonlands scrap collector kidnapped, beaten to death3. It is confirmed! Next year's Comrades Marathon will be an Up Run.Read more: Comrades Marathon Association ‘proud' of Sunday's raceReally sad news of the passing away of Zimbabwe's legendary cricketer #HeathStreak.Image: X/ Yuvraj Singh4. Former Zimbabwe captain Heath Streak has died of colon and liver cancer at the age of 49.Read more: 'Baby AB' Brevis steps onto international stageANC president Cyril RamaphosaTwitter: @myanc5. President Cyril Ramaphosa says the biggest regret of his term in office was not anticipating the rampant corruption resulting from procuring COVID-19 personal protective equipment.

Source - East Coast Radio
4 Sep 2023
4Sep

Food producer AVI's full-year profit rises 4% amid rising costs

While the company increased prices to counteract a weaker rand and raw materials, the move came at a cost to volumes Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Food producer AVI reported modest growth in profits in the year ended June after battling cost pressures, compounded by the effects of load-shedding. While AVI increased selling prices across most product categories to head off the effect of a weaker rand and increased prices of raw materials, the move came at a cost to volumes in certain instances because embattled consumers could not absorb it. Competition is also intense in the grocery market, where mushrooming private labels are providing cheaper alternatives to branded products. Bake rs biscuits and Five Roses tea are some of the brands within AVI's portfolio. AVI competes with Tiger Brands, Pioneer Foods and many other private labels. Its fashion brands include Spitz and Kurt Geiger that target middle to high-end consumers. Its headline earnings per share rose 4.3% to R5.54 during the reporting period compared with the same period a year ago. Group revenue was up 7% to R15bn after it increased prices to offset cost pressures. "Significant inflation, rising interest rates and continued load-shedding all constrained consumer demand for the financial year," CEO Simon Crutchley said in a statement on Monday. "Some categories required price increases in the second semester to protect margins with cost increases partially mitigated by ongoing currency and raw material hedging." AVI also owns seafood company I&J, the profitability of which was affected by higher fuel prices, poor catch rates, and load-shedding costs. Lockdown affected abalone sales in the first half of the financial year. The company said load-shedding affected its manufacturing, distribution and retail operations. The direct cost of load-shedding was R58m during the review period. A final divide

Source - Business Live
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841-R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87-R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60- 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 2022, and in fact should contribute to a lower inflation rate for September. If the high level of the price diesel, however, continues till January, the base effect would then be far less and the effect on the inflation rate will lead to an upward pressure in the inflation rate. In the US the job market added 187 000 new jobs in August and 17 000 more than the 170 000 that was expected. Despite this higher em

Source - Cape Times
4 Sep 2023
4Sep

Business as usual after Baywest sold to consortium

A consortium of equity buyers will be the new owners of the Baywest Mall, closing the deal with a R1.3bn offer. The mall was part of a portfolio of assets owned by the Rebosis Property Fund which had to go into business rescue after falling into financial distress... This article is reserved for HeraldLIVE subscribers. A subscription gives you full digital access to all our content. Already subscribed? Simply sign in below. Already registered on DispatchLIVE, BusinessLIVE, TimesLIVE or SowetanLIVE? Sign in with the same details.

Source - Herald LIVE
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841-R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87-R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60- 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 2022, and in fact should contribute to a lower inflation rate for September. If the high level of the price diesel, however, continues till January, the base effect would then be far less and the effect on the inflation rate will lead to an upward pressure in the inflation rate. In the US the job market added 187 000 new jobs in August and 17 000 more than the 170 000 that was expected. Despite this higher em

Source - The Star Online
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841-R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87-R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60- 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. More on this Words on Wealth: Will your drawdown strategy let you down? Ruan Jooste's Rants and Cents: Behavioural finance seeks to explain the money mindsets Europe's biggest oil company quietly shelves a radical plan to shrink its carbon footprint Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 2022, and in fact should contribute to a lower inflation rate for September. If the high level of the price diesel, however, continues till January, the base effe

Source - Cape Argus
4 Sep 2023
4Sep

Stocks buoyed by China stimulus, Fed outlook hopes: Markets wrap

Spot gold rose 0.3% to $1 944.95 an ounce. By Tassia Sipahutar, Bloomberg 4 Sep 2023 Stocks in Asia advanced as traders bet that China's latest property stimulus measures will aid the economy and data suggested that US interest rates may be approaching a peak. Hong Kong benchmark indexes outperformed the region as investors resumed trading after a closure on Friday. Real estate stocks extended their advance, with a Chinese property shares gauge rising above 7% on stimulus measures taken to bolster the sector. Other major indexes also gained, while US markets are shut Monday for the Labour Day holiday. ADVERTISEMENT CONTINUE READING BELOW Futures for European equities rose and those for the US steadied after the S&P 500 Index had its best week since June last week. West Texas Intermediate crude oil steadied after hitting the highest level since November on expectations that supply cuts by OPEC+ leaders will tighten the market. Brent remained near $90 a barrel. The Chinese government last week said it will allow the nation's largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages. The nationwide minimum down payment will be uniformly set at 20% for first-time buyers and 30% for second-time purchasers. Beijing and Shanghai followed through by lowering mortgage requirements for some homebuyers, while home transactions in China's biggest cities soared over the weekend. The recent measures have the potentials to "help restore homebuyers' sentiment, moderately alleviate household interest payment pressure and pave the way for 4Q sales pick-up beyond seasonality, according to Yi Wang, an analyst at Goldman Sachs Group. Sentiment was further propped up by news that distressed Chinese builder Country Garden Holdings Co won approval from creditors over the weekend to extend a maturing yuan bond. Its shares jumped. However, the developer has just days to avoid default on some dollar bonds. The dollar edged lower after gaining Friday again

Source - Moneyweb
4 Sep 2023
4Sep

Peter Moyo loses battle against Old Mutual after Constitutional Court dismisses case

The spat between Old Mutual and Moyo started in May 2019 when he was suspended for an alleged conflict of interest. Old Mutual said the situation started because the former CEO violated the terms of his employment contract by allegedly placing his private financial interests ahead of the company. "In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. "Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual," the group said. The group said it engaged Moyo for months about the matter, with no resolution, then fired him after three weeks. Moyo successfully challenged this decision in the High Court. The group prevented Moyo back to work and fired him the second time. Moyo and Old Mutual then went back and forth in court over the dismissal and its legality, with the former CEO ultimately seeking R250 million in damages from the group. Moyo then approached the Supreme Court of Appeal (SCA) in November 2022, where the case was again dismissed. According to the group, the Supreme Court of Appeal's decision follows a string of recent rulings all making it clear that Old Mutual did not act unlawfully in connection with the termination of Mr Moyo's employment in June 2019. Old Mutual said this decision followed a ruling in July by the Gauteng Local Division of the High Court, which had dismissed with costs an application for leave to appeal by Moyo relating to the January 31, finding in favour of Old Mutual, dismissing Moyo's R250m damages case. "The January decision in favour of Old Mutual held that even on Moyo's evidence, he had failed to establish any basis on which it could be held that Old Mutual had acted unlawfully in connection with the termination o

Source - The Star Online
4 Sep 2023
4Sep

Bidvest earnings boosted by ‘exponential' renewable energy demand

- 4 September 2023 Bidvest reported a significant increase in earnings for the 2023 financial year and upped its dividend by over 20%, as the company benefitted from increased demand for renewable energy products. Bidvest released its results for the year ended 30 June 2023 today, which revealed strong results. The company revenue increased by 15% from R99.93 billion in 2022 to R114.91 billion. It made a trading profit of R11.4 billion, up 17.6% from the previous year. The company's basic earnings per share increased by 17.8% to 1,757.3 cents, while headline earnings per share grew by 24.5% to 1,794.8 cents. "Bidvest's second six-month period improved on an already impressive interim performance, delivering a commendable result for the 2023 financial year," the company said. "The second half's trading profit growth accelerated to 21.0%. Cash generated from operations for the last six months totalled R10.4 billion, which is a third higher year-on-year, as capital discipline remained a core focus." The company said it delivered organic growth led by exponential demand for renewable energy products and travel and tourism services. The company's Services South Africa divisions breached the R 1 billion mark in 2023, and its Freight division delivered trading profit exceeding R2.0 billion, double its contribution from three years ago. Seven of the company's divisions reported double-digit trading profit growth off already high bases. "Margin management was a key focus area during FY2023, given unprecedented and persistent inflation, particularly in our international geographies, together with record wage inflation and the additional cost of doing business caused by load-shedding and unreliable rail services in South Africa," Bidvest said. The company's net asset value per share grew from R83.46 in the prior period to R97.07 as at 30 June 2023. Bidvest declared a final dividend of 439 cents, up 20.6% from last year.

Source - Daily Investor
4 Sep 2023
4Sep

Equity markets suffered in August: Rand and higher oil prices pose a serious threat

South African equity prices performed poorly during August. Although most indices on the JSE recovered somewhat last week, stocks remain under pressure, on further inflation concerns and rising interest rate threats. The rand also performed poorly last month. Against the US dollar the currency lost 104 cents from R17.841-R18.88 to the dollar, depreciating by 106 cents against the UK pound from R22.87-R23.93 to the pound and deteriorated with 68 cents to the euro from R19.60- 20.28 to the euro. On the JSE, share indices lost heavily last month as the all share index traded down by 4.36%, Resources lost 7.44% (RES 20 index), financials shredded 1.4%, while the industrial board traded down by 5.09%. On the capital market, the All-Bond Index (ALBI) gained a marginal 0.14%. The strong increase in the oil price over the last month to $86.80 (R1636) per barrel on Friday, as well as the weaker rand, had led to a large under recovery in the petrol and diesel prices. The price for 95 petrol, therefore, is expected to increase by R1.65 and that of diesel by R2.85 per litre on Wednesday. Given the steady increase in the oil price the last week, and a rand that tends to move to levels higher than R19.00 to the dollar, prospects for fuel prices at the beginning of October also do not look good. The effect of the sharp increase in the diesel price may not have a big effect on the inflation rate of September. Even with the sharp increase, the pump price for diesel will increase to R23.06 cent per litre in Gauteng. This is still 90 cents per litre lower than the R23.96 that motorists paid in September 2022, and in fact should contribute to a lower inflation rate for September. If the high level of the price diesel, however, continues till January, the base effect would then be far less and the effect on the inflation rate will lead to an upward pressure in the inflation rate. In the US the job market added 187 000 new jobs in August and 17 000 more than the 170 000 that was expected. Despite this higher em

Source - Sunday Independent
4 Sep 2023
4Sep

Asia stocks rise on China and Fed outlook hopes: markets wrap

Asian stocks rose as traders bet that China's latest property stimulus measures will aid the economy and data suggested that US interest rates may be approaching a peak. Hong Kong benchmark indexes outperformed the region as investors resumed trading after a closure on Friday. Property stocks extended their advance, with China's property shares gauge rising above 5% on stimulus measures taken to bolster the sector. Other major indexes also gained, putting a regional equity benchmark on track for its highest close since mid-August. Futures for US equities steadied after the S&P 500 Index had its best week since June last week. Expectations that supply cuts by OPEC+ leaders will tighten the market sent West Texas Intermediate crude to its eighth consecutive day of advance and heading for the highest close since November. Brent also rose, moving toward $90. US markets are shut on Monday for the Labor Day holiday. The Chinese government last week said it will allow the nation's largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages. The nationwide minimum down payment will be uniformly set at 20% for first-time buyers and 30% for second-time purchasers. Beijing and Shanghai followed through by lowering mortgage requirements for some homebuyers, while home transactions in China's biggest cities soared over the weekend. The recent measures have the potential to "help restore homebuyers' sentiment, moderately alleviate household interest payment pressure and pave the way for 4Q sales pick-up beyond seasonality, according to Yi Wang, an analyst at Goldman Sachs Group. Sentiment was further propped up by news that distressed Chinese builder Country Garden won approval from creditors over the weekend to extend a maturing yuan bond. Its shares jumped. However, the developer has just days to avoid default on some dollar bonds. The dollar ticked lower after gaining on Friday against major peers. There is no trading of cash Treasuries due

Source - Daily Maverick
4 Sep 2023
4Sep

PEPKOR HOLDINGS LIMITED - Disclosure of Disposal of Securities

Release Date: Code(s): PPH Disclosure of Disposal of Securities PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2017/221869/06) Share Code: PPH ISIN: ZAE000259479 LEI: 3789006D677C34F69875 ("Pepkor" or the "Company") DISCLOSURE OF DISPOSAL OF SECURITIES Shareholders are advised that on 1 September 2023, Coronation Asset Management (Pty) Limited ("Coronation"), on behalf of its clients, reduced its beneficial interest in the issued ordinary share capital of the Company, such that the total beneficial interest held by Coronation on behalf of its clients amounted to 4.99% of the Company's issued ordinary share capital. The Company has file the required notice with the Takeover Regulation Panel, per section 122(3)(a) of the Companies Act, 2008. The board of directors accepts responsibility for the information contained in this announcement, and to the best of their knowledge and belief, that information is true, and this announcement does not omit anything likely to affect the importance of the information included. Parow 4 September 2023 Equity Sponsor Investec Bank Limited Date: 04-09-2023 02:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. Share This Story

Source - Sharenet
4 Sep 2023
4Sep

PEPKOR HOLDINGS LIMITED — Disclosure of Disposal of Securities

4 September 2023 Disclosure of Disposal of Securities PEPKOR HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2017/221869/06) Share Code: PPH ISIN: ZAE000259479 LEI: 3789006D677C34F69875 ("Pepkor" or the "Company") DISCLOSURE OF DISPOSAL OF SECURITIES Shareholders are advised that on 1 September 2023, Coronation Asset Management (Pty) Limited ("Coronation"), on behalf of its clients, reduced its beneficial interest in the issued ordinary share capital of the Company, such that the total beneficial interest held by Coronation on behalf of its clients amounted to 4.99% of the Company's issued ordinary share capital. The Company has file the required notice with the Takeover Regulation Panel, per section 122(3)(a) of the Companies Act, 2008. The board of directors accepts responsibility for the information contained in this announcement, and to the best of their knowledge and belief, that information is true, and this announcement does not omit anything likely to affect the importance of the information included. Parow 4 September 2023 Equity Sponsor Investec Bank Limited Date: 04-09-2023 02:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
4 Sep 2023
4Sep

Why the right funding is important to support to grow your business

Securing capital is a crucial step towards growth and success for small and medium enterprises (SMEs). However, navigating the world of funding can be challenging, with a wide selection of sources to consider, each with its own benefits and risks. Monique Chinnah | image supplied While business loans or mainstream finance options from a bank or other financial institution are typically the most secure approach, there are other, less traditional, sources of funding that an SME can consider. While exploring funding options like these may seem like a good approach for your business, it's important to understand the potential risks and challenges associated with each of them. For example, you may want to start a business with your personal savings. While this approach enables you to retain full ownership and potentially reap all the profits, if your savings aren't sufficient, you could end up in a situation where you have used all your money and have to look for alternative sources of funding anyway. Some SME owners also look to their personal credit cards for ready and flexible access to finance. But if you withdraw money from a credit card, you immediately start incurring interest, and the rates on credit cards can be very high, so the money you borrow is expensive. Borrowing from friends and family is also an option, and one that can strengthen your bonds if your business succeeds. However, it could also destroy your relationships if the business fails, or if those contacts don’t immediately see the financial benefits they expect. Another fast-growing business funding approach is crowdfunding. If you have a unique business idea, a crowdfunding platform may work to attract financial backers. Just be aware that crowdfunding requires a lot of time and effort, and you will need to offer incentives if you want people to give you their money. While none of these funding options is necessarily wrong for your business, there is a far more secure way of accessing the funding your business

Source - Bizcommunity
4 Sep 2023
4Sep

Couple Caught Chilling at Capitec Atm Oblivious of Long Queue in Hilarious TikTok Video: "ATM and Chill"

A video of a couple caught chilling at Capitec ATM, unaware of the long queue behind them has gone viral South Africans reacted to the post with hilarious comments, perplexed by the couple's obliviousness Capitec Bank has the highest number of ATM-related complaints, but the logic behind long lines remains a mystery Whether it be in town or a shopping mall , almost every South African has come across the unbelievably snaking long lines often found at Capitec ATMs. A video of a couple chilling comfortably together at a Capitec ATM has Mzansi netizens busting with laughter. The footage posted on TikTok by @sediii_ww shows the lovebirds sitting and chatting at the ATM as the woman withdraws money from the machine. It is only after a while that they realise that there is a growing queue behind them as the woman gets up from her seat in shock and they quickly walk away. Logic behind Captice's long lines remains a mystery Capitec Bank has the highest number of ATM-related complaints, according to the latest figures from the Ombudsman for Banking Services (OBS). According to consumer journalist Wendy Knowler, speaking to CapeTalk , Capitec Bank's ATMs are always crowded. "This is puzzling because ATMs are the most time-consuming, expensive, and unsafe way for Capitec customers to withdraw money. Customers can withdraw money at the tills of Shoprite, Checkers, Pick n Pay, or Boxer for a flat fee of R1.60 after shopping, which is much faster, cheaper, and safer." Following up with Capitec, Knowler discovered the bank itself would like the current ATM trend to change. South Africans react to the video with hilarious comments The post left many netizens laughing out loud as they responded with jokes and banter. Other people were perplexed by how the couple did not notice the line and why those waiting in the line didn't say anything. Mjiyakho_Swela2 responded: "Yazi futhi ." Mshedisi senzo manyosi said: "Izinja mandoda nzengemu." zanele hlahla responded: " umjolo ka 2023." Envelope reacted

Source - Briefly
4 Sep 2023
4Sep

Patrice Motsepe's ARM feels squeeze of softer commodity markets

Total iron ore sales volumes fell 12% to 14.2-million tonnes, but manganese ore sales volumes rose 9% to 4.3-million tonnes African Rainbow Minerals (ARM), the diversified miner founded by Patrice Motsepe, on Monday joined its peers in reporting lower profits because of weaker commodity prices. Its headline earnings dropped 20% to R8.9bn in the year ended June year on year, as average iron ore, coal and platinum group metals prices fell, reflecting the slowdown in the global activity... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
4 Sep 2023
4Sep

Search launched following a business burglary in Bloemfontein

The police in Mangaung Metro have launched a search for about eight suspects who committed a business robbery at the Loch Logan Waterfront in Bloemfontein. According to police spokesperson, Thabo Covane, reports suggest that a group of about eight male suspects entered the mall on Sunday, 3 September, at around 18:00, and headed to the retail store (Woolworths). "They then smashed the store windows using hammers, stormed in and robbed the store of expensive perfumes, sunglasses and clothing. The group is alleged to have then split into two, with one group running towards the Kings Way exit and the other heading towards the storm water drainage tunnel on the west side of the mall, said Covane. He further said the group which headed towards the tunnel, ran into a woman and attempted to rob her of her belongings. "An off-duty member of the Department of Correctional Services witnessed the robbery and tried to intervene. One of the assailants pulled a firearm, took aim at the official and the shot that went off hit him slightly on the forehead. The group ran away and disappeared in the stormwater drainage tunnel, Covane explained. He added that at the Kings Way exit, the other group held a security officer hostage. "The member of the Correctional Services was robbed of a firearm with ammunition, he said. "SAPS members patrolling along Kings Way noticed the commotion and stopped to investigate. The robbers opened fire on the police vehicle and the 41-year-old constable of the Mangaung Metro District Operational Command Centre (Crime Combating Unit) was hit on his right hip by the bullet. He then tried to drive away for safety but became unconscious. According to Covane, the suspects fled the scene in different directions on foot and motor vehicles. "Both wounded officials were rushed to the hospital for medical treatment. A team of experts was summoned to process the scene. Dockets of business burglary, attempted murder, and robbery of a firearm were then opened at the Park Road Police Station.

Source - Bloemfontein Courant
4 Sep 2023
4Sep

STANDARD BANK GROUP LIMITED — Prescribed Officer's dealings in securities

4 September 2023 Prescribed Officer's dealings in securities STANDARD BANK GROUP LIMITED Registration number 1969/017128/06 Incorporated in the Republic of South Africa Website: www.standardbank.com/reporting SHARE CODES JSE and A2X share code: SBK ISIN: ZAE000109815 NSX share code: SNB ("Standard Bank Group") PRESCRIBED OFFICER'S DEALINGS IN SECURITIES In compliance with sections 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: Director Mr. L L Bam Name of company Standard Bank Group Limited Nature of Interest Direct Beneficial Date of Transaction 2023-08-31 Nature of Transaction On-market purchase of 500 ordinary shares in Standard Bank Group Limited Purchase Price R194.3232 Transaction Value R97,161.60 Clearance received Yes Johannesburg 4 September 2023 JSE sponsor The Standard Bank of South Africa Limited Namibian sponsor Simonis Storm Securities (Proprietary) Limited Date: 04-09-2023 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source - Moneyweb
4 Sep 2023
4Sep

#FiveThingsYouNeedToKnow: Comrades Marathon 2024 will be up run

Former Zimbabwe captain Heath Streak has passed away from colon and liver cancer and much more... Good morning, KZN. Here are five things you need to know as you wake up this Monday morning... The Information Regulator has issued an enforcement notice to Dis-Chem Pharmacies Ltd after hackers retrieved millions of customers' personal data. Authorities are investigating a death at the Burning Man festival in the Nevada desert as thousands of people remain trapped after heavy rains inundated the area. It is confirmed! Next year's Comrades Marathon will be an Up Run Former Zimbabwe captain Heath Streak has died of colon and liver cancer at the age of 49. President Cyril Ramaphosa says the biggest regret of his term in office was not anticipating the rampant corruption resulting from procuring COVID-19 personal protective equipment. Follow us on social media: Main image attribution: X/ @ComradesRace Recommended for You

Source - East Coast Radio
4 Sep 2023
4Sep

Patrice Motsepe's ARM feels squeeze of softer commodity markets

Total iron ore sales volumes fell 12% to 14.2-million tonnes, but manganese ore sales volumes rose 9% to 4.3-million tonnes African Rainbow Minerals (ARM), the diversified miner founded by Patrice Motsepe, on Monday joined its peers in reporting lower profits because of weaker commodity prices. Its headline earnings dropped 20% to R8.9bn in the year ended June year on year, as average iron ore, coal and platinum group metals prices fell, reflecting the slowdown in the global activity... Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Source - Business Live
4 Sep 2023
4Sep

Anti-transformation behaviour in corporate SA is not limited to white capital

By Mxolisi Hoboyi In 2005, I joined the mining industry pushing a shovel underground as a general worker.My career grew organically through the years, including me being a shop steward responsible for making sure our rights as mineworkers were protected. Never in my wildest dreams did I imagine that the progression of this career would see me years later as the chairman of mining company Arnot Opco. A coal mine based in Mpumalanga province which supplies coal through a historic supply agreement to one of Eskom's power stations. I became chairman of the mine as part of my partner's and my 50% ownership of Arnot Opco. We lost our jobs at Exxaro in 2015 after the company was forced to retrench workers at its Arnot Mine operations because Eskom had come to a painful decision to disinvest in cost-plus mines. With families to feed, eight of us (former employees) decided to combine our pensions with the dream of taking over Exxaro's Arnot mine operations. Our acquisition of the mine was a step towards the big transformation agenda in South Africa, which aims to see the de-racialisation of ownership patterns in the mining industry. April 2019, Arnot Opco is born More on this Hawks nab illegal miners in Limpopo Concerns over possible coal mining near Rietvlei Nature Reserve Coal miners forced to save for a rainy day by insurance snub "Exxaro officially hands over Arnot mine to former employees". This was one of many news headlines at the time, which greeted a transaction described as embodying the spirit of empowerment in corporate South Africa. Exxaro, one of South Africa's largest mining houses, had finalised the transfer of Arnot Mine to Arnot Opco, a company owned by former employees, the surrounding communities, and Wescoal (now known as Salungano). This was the deal whose character and spirit finally resembled what the country had been yearning for, real Broad-based Black Economic Empowerment (BBBEE). "This partnership is the first of its kind in South Africa as mineworkers will own 50%

Source - Cape Argus
4 Sep 2023
4Sep

Waterberg platinum group metals project, South Africa — update

Name of the Project Waterberg platinum group metals (PGMs) project Location About 85 km north of Mokopane, in Limpopo, South Africa Project Owner/s Waterberg Joint Venture (JV) Resources , or Waterberg JV Co, a JV between Platinum Group Metals, or PTM (37.05%); Impala Platinum Holdings, or Implats (15%); HJ Platinum Metals (21.95%) comprising Japan Oil, Gas and Metals National Corporation, or Jogmec (12.195%) and Hanwa Co (9.755%); and black economic-empowerment partner Mnombo Wethu Consultants (26%). As a result of PTM's 49.90% ownership in Mnombo, the company has an effective interest in the Waterberg JV of 50.02%. Project Description The 2019 definitive feasibility study (DFS) mine plan envisages production of 4.8-million tonnes of ore a year and 420 000 platinum , palladium, rhodium and gold ounces a year in concentrate. The mine will initially access the orebody using two sets of twin decline tunnels, with fully mechanised longhole stoping methods and paste backfill used for mining . Paste backfill allows for a high mining extraction ratio, as mining can be completed next to backfilled stopes without leaving internal pillars. Maintaining safety and reliability are key mine design criteria. As a result of the scale of the orebody, bulk mining on 20 m to 40 m sublevels using large underground equipment , and conveyors for ore and waste transport , will provide high efficiency Potential Job Creation The project will create about 1 100 new highly skilled jobs. Net Present Value/Internal Rate of Return The project has an after-tax net present value, at an 8% discount rate, of $982-million and an internal rate of return of 20.7%. This is based on the 2019 DFS prices of palladium — $1 546, platinum — $980, gold — $1 548 and rhodium — $5 036 ($/R:15). Capital Expenditure Capital expenditure is estimated at $874-million, including $87-million in contingencies. Peak project funding is estimated at $617-million, based on 2019 commodity prices and costs. Latest Developments Whil

Source - Mining Weekly
4 Sep 2023
4Sep

Stories of Wills, Loss, and Legacy

It's easy to dismiss the idea that a last will and testament could genuinely ease the emotional toll of losing someone dear, but real-life stories underscore the significance of this legal document. Capital Legacy Losing a loved one is a heartache that no one can truly prepare for. By making wills more accessible and offering free will drafting services 365 days a year, Capital Legacy aims to prevent the heartbreak that can arise from situations where a loved one's final wishes are not properly documented. Here are a few stories illustrating the far-reaching impact of a comprehensive will. 1. A Lesson from Tony's Untimely Passing Tony was a 25-year-old computer expert building a financially secure future. His motive was to have a financially secure life as he had seen what his mother went through (lots of hard work and stress) to provide for herself and her three sons after the boys' father walked out on them when they were little. One rainy evening Tony lost control of his BMW and died. There was no valid will and the estate, which was worth several million rands, had to be divided between his mother and estranged father. The father had no qualms about taking half of his son's estate even though he was living in another country and had very little contact with him over the last 10 years. Had Tony crafted a will bequeathing his assets solely to his mother, the situation would have been vastly different. Instead, Tony's mother had to share his assets with the father who left them when Tony was 8 years old. This scenario illustrates how wills empower individuals to explicitly nominate beneficiaries and the assets they are entitled to. 2. The Perils of Outdated Wills: A Farmer's Tale A cautionary tale of a farmer's outdated will highlights the consequences of failing to update your will as circumstances change. The farmer had intended for his trusted farm manager to purchase his farm at a pre-determined price when the farmer passed away, with the proceeds benefiting the farmer's family. Un

Source - FAnews
4 Sep 2023
4Sep

Asian stocks rally on easing rate hike fears, China stimulus hopes

Investing.com-- Most Asian stocks rose sharply on Monday as mixed U.S. employment data cemented expectations that the Federal Reserve will keep rates on hold, while markets awaited more stimulus measures from China. Regional stocks tracked a strong lead-in from Wall Street on Friday, after mixed and data showed more cooling in the jobs market, which gives the Fed less headroom to keep raising interest rates. This fed expectations that the central bank will keep and potentially the remainder of the year. While U.S. rates are likely to remain higher for longer, the prospect of no more rate increases points to some relief for Asian markets, which were battered by rising rates over the past year. Chinese stocks lead gains on property market relief, stimulus hopes Chinese markets were the best performers in Asia on Monday, with the and indexes rising over 1% each. Hong Kong's index surged 1.8%, buoyed chiefly by property stocks as Country Garden Holdings (HK: ) earned bondholder approval to extend some debt deadlines, averting a potential default. The stock jumped nearly 10% and was the top performer on the Hang Seng. Heavyweight technology stocks were also supported by the prospect of no more U.S. rate hikes, while and gas stocks surged tracking strong crude prices. Focus is now on any more measures from Beijing to shore up economic growth, particularly more supportive measures for the property market after China increased local dollar liquidity and loosened some mortgage rules last week. Markets were also awaiting Chinese this week, after data from last week showed some improvement in the world's second-largest economy. Optimism over China fueled gains in other Asian markets, with Japan's up 0.4%, while the broader added 0.6%. South Korea's added 0.1%, while futures for India's index pointed to a mildly positive open. Australian stocks rise with RBA pause on tap Australia's index rose 0.4% on Monday, with focus turning to a meeting on Tuesday. The central bank is widely expected to keep rat

Source - Investing
4 Sep 2023
4Sep

International Organisation for Standardisation's warning to suspend Pakistan's membership worries business community ANI 04

Islamabad [Pakistan], September 4 (ANI): The International Organisation for Standardisation's (ISO) warning to suspend Pakistan's membership has caused tensions among the business community as it will impact the image of goods and products originating from the nation, Dawn reported. Earlier, ISO warned the Pakistan Quality Standards Control Authority (PSQCA) that their membership would be suspended if the annual subscription pending since 2022 was not cleared. Reacting to the warning sent by ISO, Vice President and in-charge of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) capital office Aminullah Beg said such slackness by the authorities had to be taken as a serious crime. He said the main problem in Pakistan was that the bureaucracy had become too strong and they were not held accountable for any misdoing or callous performance, as per Dawn. The ISO had told the government through the Permanent Mission of Pakistan to the United Nations Office and other international organisations in Geneva that the subscription fee for the year 2022 remains unpaid, leading to the suspension of PSQCA membership, he said. The ISO had said that in case of suspension, the PSQCA will not have voting rights, and other facilities including access to free publications and documents from the organisation. The warning comes following a series of reminders sent by the ISO, and the international body has also outlined the cumbersome process for membership restoration in case of suspension. Established under the PSQCA Act 1996 to provide one-window services for Standardisation and Conformity Assessment, the authority is the local agency of ISO in Pakistan to enforce and implement quality and environmental management systems including the ISO:9001-2000 and ISO:14000 and assist local industries in obtaining certifications for these systems, reported Dawn. Stakeholders have criticised the state of affairs in the PSQCA claiming that it was not just any department but it was like a rating agency for

Source - South Africa News
4 Sep 2023
4Sep

Asian markets rise as US jobs data ease rate pressure on Fed

Asian stocks rose Monday on hopes the Federal Reserve has come to the end of its interest rate hiking cycle following a positive US jobs report. Confidence has been buoyed recently by a string of reports pointing to a softening of the labour market and signs the economy is slowing, indicating the central bank's monetary tightening is kicking in. Adding to the upbeat mood was hope that China will continue to unveil measures to boost its stuttering economy and beleaguered property sector. While the 187,000 new jobs in August was more than forecast, the figures for the previous two months were revised significantly lower, while wage growth cooled. The readings suggested the economy was not in danger of tipping into recession while at the same time slowing enough to justify not lifting borrowing costs any further -- a so-called "Goldilocks" scenario. "Fed chair (Jerome) Powell, or President (Joe) Biden for that matter, probably couldn't have scripted a better August employment report if they'd tried," said Ray Attrill at National Australian Bank. "The Goldilocks metaphor is much used and abused in economic and financial circles, but in relation to the various 'soft landing' signals emanating from the report, on this occasion it does seem entirely appropriate. "The upshot of Friday's report is that the market-implied chances of a Fed rate hike of 20 September have reduced to about seven percent from 12 percent beforehand." After a broadly positive day on Wall Street, Asia enjoyed a healthy start to the week. Hong Kong jumped almost two percent as investors played catch-up with Friday's regional advance after being closed because of a typhoon. Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Manila and Jakarta were also in the green. Investors are also keeping an eye on China, hoping for more measures to stimulate the economy after a number of announcements last week, including reducing mortgage down-payments and tax incentives. "While these individual easing measures may not appear substantia

Source - Briefly
4 Sep 2023
4Sep

Why Business Studies are Important for a Successful Future Laying the Foundation Learning in a Supportive Environment Prepar

In the always changing landscape of the modern world, entrepreneurship has become a driving force of progress and innovation. With the rise of tech startups, digital marketing, and the gig economy, the opportunities for aspiring entrepreneurs to make their mark are ever expanding. At the heart of all this lies one essential subject: Business Studies. In this article, we will explore some of the key reasons why business studies are crucial for future entrepreneurs and the potential they hold for driving success. We will delve into the foundations that business education provides, how it introduces students to the world of business in a learning environment, and how it prepares them for the challenges they will face in the modern business world. Business studies serve as the foundation upon which entrepreneurs can build their careers. It provides students with an understanding of the principles, theories, and practices that underpin successful business operations. From finance and marketing to human resources and supply chain management, business education instils in students the knowledge and skills they need to navigate the complexities of running a business. Business studies expose students to real-life examples and case studies, providing valuable information on how businesses have succeeded - or failed - in the past. These insights can prove invaluable when future entrepreneurs set out to establish their own businesses. One of the most significant benefits of business studies lies in the structured, educational environment it offers. Students are afforded the opportunity to gain a solid foundation in crucial concepts while receiving guidance from experienced educators. This allows aspiring entrepreneurs to ask questions, take risks, and experiment in a safe and supportive environment. In addition, being part of a business school or program connects students with a network of fellow students, alumni, and professionals. These connections can lead to mentorship opportunities, collaboration

Source - Parenting Hub
4 Sep 2023
4Sep

EXXARO RESOURCES LIMITED - Exxaro Governance Roadshow 2023

Release Date: Code(s): EXX05 EXX PDF: Exxaro Governance Roadshow 2023 EXXARO RESOURCES LIMITED Incorporated in the Republic of South Africa (Registration Number: 2000/011076/06) JSE share code: EXX ISIN: ZAE000084992 ADR code: EXXAY Bond Code: EXX05 ISIN No: ZAG000160334 ("Exxaro" or the "Company") EXXARO GOVERNANCE ROADSHOW 2023 A presentation has been posted for reference on the Exxaro website (www.exxaro.com) in relation to the Governance Roadshow 2023 (4 — 6) September 2023) by Exxaro's Chairman of the Board, Mr Geoffrey Qhena, Chairman of the Remuneration Committee, Ms Phumla Mnganga, and Chairman of the Risk and Business Resilience Committee, Mr Peet Snyders. AT Ndoni Group Company Secretary Pretoria Enquiries: Ms Ling-Ling Mothapo Tel: + 27 12 307 4590 Email: Ling-Ling.Mothapo@exxaro.com 4 September 2023 Lead Sponsor to Exxaro Resources Limited Absa Corporate and Investment Bank, a division of Absa Bank Limited Joint Equity Sponsor to Exxaro Resources Limited Tamela Holdings Proprietary Limited Date: 04-09-2023 07:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. Share This Story

Source - Sharenet
4 Sep 2023