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The management of data quality is a common struggle across companies and industries. Prioritising fraud prevention and having insight into data can have a ripple effect on the economy. Everything is hyper-personalised by tracking people’s engagements, clicks, and movements. Insights into this invaluable data can enable rapid instant information with various benefits. To explore …
Forklift hire, a practical solution for businesses in South Africa that require material handling equipment on a temporary or project-specific basis, offers flexibility and cost efficiency. Hiring a forklift instead of purchasing can be a strategic choice for many businesses, particularly in a dynamic economic environment like South Africa’s. Benefits of Forklift Hire …
What is a cryptocurrency investment licence, and why is it needed? The Fintech legal sector has seen an increase of activity in recent years spurred on by the disruptive nature of blockchain technology, distributed ledgers, smart contracts and the use of artificial intelligence and data analytics. Regulators recognise the potential of the Fintech innovations and …
In the dynamic world of real estate, accurate property valuations play a crucial role in making informed decisions. At Eris Property Group, our dedicated Property Valuations division brings together a team of experienced professionals committed to delivering comprehensive valuation services. With a strong reputation for integrity and independence, we go above and beyond to provide …
New Ombud Council chairperson appointed
National Treasury has announced the appointment of Eileen Meyer as the new chairperson of the Ombud Council for a period of four years.
Meyer is reprising her role after she was appointed as interim chairperson for some 18 months in a term stretching from May 2021 to November 2022.
“Meyer is an Independent Public Management Consultant. She focuses on Strategic Leadership, Institutional Building and Capacity Development, Financial Management, Governance and Change Management. She holds a Master of Arts in Sociology (Major), Psychology and Political Science degree from the University of Hannover (Germany).
“[She] was instrumental in establishing the office of the Ombud Council and performing functions as an interim Chief Ombud,” the department said.
Meyer joins Advocate Dikeledi Chabedi, Adam Horowitz, Emmanuel Lekgau and Charmaine Soobramoney, who were reappointed as members of the Ombud Council Board of Directors.
The Commissioner of the Financial Sector Conduct Authority, Unathi Kamlana, serves as an ex officio member of the Board of Directors.
The department explained that the ombud has oversight powers on the following statutory and industry ombuds:
“The Ombud Council is responsible for recognising industry schemes, set enhanced governance and accountability requirements, and harmonise and strengthening standards of practice for each ombud scheme through rule-making and enforcement powers, to develop a uniform and consistent framework for external dispute resolution mechanisms across the financial services sector.
“The Ombud Council is the regulator of ombuds schemes within the financial sector, and its objective is to, in line with the Twin Peaks model of financial regulation objectives of treating customers fairly, assist in ensuring that financial customers have access to, and are able to use affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services and services provided by financial infrastructures,” the department said. – SAnews.gov.za
NeoB
Tue, 11/28/2023 - 09:39
Three years after the landmark Concourt ruling, very little has changed with their access to compensation
24 November 2023: Ombudsman honours best banks at resolving complaints The Ombudsman for Banking Services (OBS), Reana Steyn, has shown her appreciation to banks that have best co-operated with her office in resolving customers’ complaints. At the OBS Annual Banking Awards ceremony in Johannesburg on 24 November, Steyn, recognised those banks and their staff that …
President Ramaphosa opens Dr Pixley Ka Isaka Seme Memorial Hospital
The opening of the Dr Pixley Ka Isaka Seme Memorial Hospital is a reflection of government’s commitment to advancing the call of the Freedom Charter.
The Charter calls for free medical care and hospitalisation to be provided for all and for the health of women and children to be prioritised.
President Cyril Ramaphosa said this at the official opening of the Dr Pixley Ka Isaka Seme Memorial Hospital in Kwa-Mashu, KwaZulu-Natal, on Friday.
“This facility has been built in response to the growing pressing healthcare needs of the approximately 1.5 million residents of Kwa-Mashu, Inanda, Ntuzuma and the surrounding communities in northern Durban.
“It will relieve pressure on the Mahatma Gandhi Memorial Hospital and Addington Hospital, and will cater for inpatients at a regional level, with referrals from surrounding district level facilities,” he said.
The President highlighted that data from the Census 2022 points not just to a growing population, but confirms that the vast majority of South Africans rely on the public sector to meet their healthcare needs.
Another report published this month by Statistics South Africa (Stats SA) furthermore points to the growing healthcare burden of non-communicable diseases such as cardiovascular diseases, diabetes, chronic lower respiratory diseases, cancers and others.
“With more people living with non-communicable diseases, it is essential that healthcare systems respond accordingly at a primary healthcare level, particularly with regards to regular screening to ensure timely diagnosis and treatment. This facility will play a critical role in this regard,” he said.
He added that it is pleasing to note that the hospital has an active primary healthcare outreach programme that is bringing much-needed healthcare services closer to the people.
Services
The commissioning of the hospital was implemented in a phased approach from August 2021. First radiology was commissioned, followed by optometry and dermatology, and the migration of Internal Medicine from Mahatma Gandhi Memorial Hospital.
In January this year, the Emergency Department commenced with providing services. Currently all emergency cases in the north of eThekwini are taken directly from the scene, from primary healthcare centers, community healthcare centers and district hospitals.
The facility offers an impressive range of services including critical care, dental, physiotherapy, occupational therapy, psychological services, dietetics, audiology, social work and many more.
The hospital also has a strong academic and research component and is one of the centers for postgraduate medical training, as well as providing rotation for final year medical students from the University of KwaZulu-Natal.
This hospital is also the first government hospital in the province to adopt an insourced model in components such as security, cleaning, laundry and food services.
With respect to human resources, out of the approved hospital establishment of 1 513, a total of 1 383 posts have already been filled as of end September 2023. The construction of the facility itself supported job creation and small business development.
The President said he had no doubt that the hospital will improve the health outcomes of all the communities it serves.
“We have no doubt that the people of this community and of this province know that we are [a] government that prioritises the needs of all, but especially of society’s most vulnerable.”
President Ramaphosa further said he was honoured to be present at the official opening of the hospital and that there can be no more befitting a name for this facility than that of the great Dr. Pixley Ka Isaka Seme.
He lauded him as a man who was the moving spirit behind the formation of the African National Congress, the oldest liberation movement in the African continent.
“He was a committed Pan-Africanist and a humanist, who famously spoke of a brighter day rising upon Africa; and of an Africa whose sons and daughters who would one day walk in the light of progress, freedom and equality.
Healthcare for all
President Ramaphosa added that the hospital stands as a testament to government’s commitment to ensure that the right to life, the right to quality healthcare, and the right to equality will never be qualified, or determined on the basis of where you live, or how much or little you have.
As the country will mark 30 years of democracy next year, the President said it will be a time to reflect on how far we have come in realising the aspirations of the Freedom Charter, the Constitution with its Bill of Rights, and the National Development Plan.
“That we are a country that is able to provide quality healthcare services, free, to the population can certainly be counted as amongst our greatest achievements.
“That we are moving ahead with the introduction of National Health Insurance that will further democratise access to healthcare services, is something of which we can be proud,” the President said. – SAnews.gov.za
DikelediM
Fri, 11/24/2023 - 14:21
Nxesi denies allegations of corruption in R5 billion UIF jobs deal
Employment and Labour Minister Thulas Nxesi is set to file court papers to set aside the controversial R5-billion Unemployment Insurance Fund (UIF) jobs deal with Thuja Holdings.
Nxesi briefed the media on Thursday following allegations of his involvement in the UIF jobs deal saga with Mthunzi Mdwaba's Thuja Holdings.
The allegations were made by Mthunzi Mdwaba, the CEO of Thuja Holdings, and former Chair of Productivity SA, in relation to a R5 billion agreement that was concluded in December 2022 between his company and the UIF.
He accused Nxesi and other high-ranking government officials of trying to solicit a bribe from him. The Minister said that the agreement was signed without the knowledge of the executive authority or of National Treasury.
“Today, I signed my affidavit in support of various orders, chief amongst being the setting aside of the agreement. I have brought this application on an urgent basis. In that affidavit I challenge Mdwaba to present his evidence in support of his allegations that I have demanded any payment of a corrupt fee in relation to the agreement.
“If he cannot produce that evidence, I have asked the court for an interdict to stop him from promoting his campaign of false and unsupported lies.
“In simple terms, I have taken the decision to have the agreement concluded by the UIF with Mdwaba set aside, because it was concluded in breach of section 54(2) of the PFMA [Public Finance Management Act],” he said.
The Minister further denied allegations by Mdwaba that he and other Ministers tried to solicit a R500-million bribe in the UIF jobs deal.
“Mr Mdwaba’s allegations of seeking bribes against myself, and others, are false and unsupported by any actual evidence. Let me be clear: I categorically deny these recent allegations of corruption…you must ask why Mdwaba waited nearly a year to come up with these allegations…Mdwaba will now have to prove these allegations in a court of law.”
The Minister also questioned the legality of the Thuja Capital deal stating that the real issue is “whether the deal is legal and valid, and [whether] due processes were followed in terms of the law.”
“This is an issue to be settled by the court. Mdwaba’s 10% bribe allegation will also be placed on record and subjected to the scrutiny of the court.”
LAP Programmes
The Minister said that as preparations to file papers in court continues, further allegations have been made, apparently by an anonymous individual seeking immunity for past crimes committed.
The allegation is that the former Director-General of the department, Thobile Lamati and the Minister colluded in illegally siphoning off R3 billion from Labour Activation Programmes (LAP) 11 programmes.
“On the last issue of R3 billion, I am happy that this will be investigated by law enforcement agencies to establish the processes followed and the roles of all parties concerned. To this end, I have instructed all staff members to fully cooperate with state agencies investigating the matter,” said the Minister.
Nxesi has also mandated the Department of Employment and Labour (including the UIF and LAP), through the Acting DG Dr Alec Moemi , to strengthen internal business processes including risk management, financial controls and consequence management, as well as to increase capacity in project and programme management, governance, and digitalisation to improve effectiveness and efficiencies among others.
He said the UIF and Compensation Fund organisational architecture has been comprehensively reviewed exactly to achieve these objectives. – SAnews.gov.za
DikelediM
Thu, 11/23/2023 - 14:42
The impact of crime on South Africa's economic prospects is high and broad-based, according to a World Bank report released today. The report aims to contribute to a better understanding of the impact of crime on South Africa's economic growth.
The research is intended to support the government in the design and implementation of policies to combat and mitigate the costs of crime on the economy and society. This aligns with the government's objectives to initiate reforms aimed at enhancing the fight against crime, as outlined by South Africa's President Cyril Ramaphosa, in the 2023 State of the Nation Address.
The fourteenth edition of the South Africa Economic Update, entitled Safety First: The Economic Cost of Crime in South Africa estimates that crime costs the economy at least 10 percent of Gross Domestic Product (GDP) annually, in terms of stolen property; protection costs – encompassing security and insurance; and missed economic opportunities. The report investigates the economic impact of high crime rates on households, businesses, and the public sector, focusing on economically motivated crimes. The study is informed by official statistics from South Africa, and as well as data recognized in international sources.
"With this new edition of the Economic Update, the World Bank aims to contribute to the policy debate and support the government's action to reduce the incidence of crime, by quantifying its economic impact. This comes at a time when South Africa needs to address structural constraints that have locked the economy in a low growth-low employment trajectory,” says Marie Francoise Marie-Nelly, World Bank Country Director for South Africa, Eswatini, Botswana, Lesotho, and Namibia.
The prevalence of crime in South Africa remains a pressing concern, particularly due to high rates of violent offenses. With a consistent ranking among the top five countries globally for homicide rates, addressing this issue is crucial. Domestic organized crime is also increasing, including theft of key infrastructure networks.
The economy is on a low growth–low employment trajectory, with persistent poverty. Real growth in the gross domestic product (GDP) has been trending downward since the global financial crisis (2008–09), and GDP per capita has contracted on average since 2015. Socioeconomic outcomes have been weak, with high unemployment, poverty, and inequality. Structural constraints, especially the deepening electricity crisis and the transport bottlenecks, have exacerbated these problems. Medium-term prospects are weak, with real GDP growth estimated at 0.7 percent in 2023 and projected to average 1.5 percent annually over 2024-2026. Unemployment and poverty are projected to remain elevated. In this context, confronting the problem of crime and its socioeconomic costs is critical.
Government has put fighting crime at the forefront of its policy priorities. This study underscores the need for multi-faceted actions. Addressing crime is complex and requires long-term efforts, but past experiences in South Africa and abroad suggest that targeted, well-designed, and implemented policies can be prioritized for effective crime reduction over the short and medium term. Such policies and measures include law enforcement measures, regulatory reforms, and targeted violence prevention interventions. These are consistent with the government's current priorities. The report also highlights that sustainably reducing crime requires addressing root causes linked to socioeconomic challenges, including poverty and unemployment.
Distributed by APO Group on behalf of The World Bank Group.
From November 14 to 17, 2023, the National Department of Health (NDOH), the National Department of Planning Monitoring and Evaluation (DPME), Health Systems Trust and the World Health Organization (WHO) hosted the first-ever South African Primary Health Care (SAPHC) Conference in East London. The theme for this monumental event was, “Towards Universal Health Coverage, Strengthening Primary Health Care: A whole of Government, whole of Society Approach ” aimed to reinvigorate the nation's commitment to the Primary Health Care (PHC) approach, emphasizing its significance in achieving Universal Health Coverage (UHC) within the framework of the National Health Insurance (NHI) dispensation.
The roots of this conference are traced back to WHO's 2008 World Health Report, which reaffirmed the vision of PHC as a set of values and principles guiding the development of health systems. South Africa's journey toward PHC principles evolved over the past 30 years, transforming the health system from fragmentation to integration, marked by notable achievements such as increased access to PHC services and the endorsement of the NHI Policy in 2017.
Dr Matshidiso Moeti, the Regional Director for WHO Africa, in her remarks stressed the importance and significance of this conference by stating that, “Universal Health Coverage sits at the heart of achieving Health for All, and Primary Health Care is the vehicle we need to accelerate progress and succeed. The Primary Health Care approach enables us to comprehensively meet the health needs of the population from health promotion and disease prevention to treatment, rehabilitation, and if needed palliative care, and as close as feasible to people's everyday environment, regardless of their financial situation.
Dr. Owen Kaluwa, WHO South Africa's Country Representative, stated that, “Primary Health Care is a comprehensive approach that provides accessible, affordable, and equitable health care services. It focuses on community-based health services, prevention, health promotion, and addressing social determinants of health. Primary Health Care is essential for driving improvements in health care services and outcomes, making it the foundation of Universal Health Coverage and a resilient health system.”
Over 450 participants attended the conference, drawing delegates from government, non-governmental and community-based organizations, civil society, academia, research institutions, the private sector, organized labor, and the complementary/alternative healing sector.
Comprising informative and interactive plenary and breakaway sessions, the conference featured international speakers sharing successful PHC implementation experiences. It provided a platform for showcasing successes at the provincial, district, and sub-district levels and encouraged input from other sectors on collaborative approaches.
The conference included tracks covering various aspects such as UHC and NHI, integration of priority programs into PHC, human resources for health, technology, and innovation, and addressing social determinants of health.
As South Africa hosted this historic conference, it marked a significant step toward building a better future for all citizens through the promotion and enhancement of Primary Health Care.
Distributed by APO Group on behalf of World Health Organization (WHO) - South Africa.
COX YEATS ADDS TO ANNUAL AWARDS HAUL WITH BEST LAWYERS® WIN FOR 2024 The legal profession’s oldest and most respected peer-review title, Best Lawyers® has announced the winners in the 15th Edition of Best Lawyers® in South Africa for 2024. A total of 15 Cox Yeats lawyers were recognised in their areas of speciality on …
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MultiChoice Group (MCG, or the group) (www.MultiChoice.com), Africa's leading entertainment company, executed well on its operational objectives during the six months ended 30 September 2023 (1H FY24).
Building on its track record of investing in technology to be ahead of the curve, and to accommodate shifts in consumer video consumption trends to support future growth, the group continued to transition strategically with an increased investment in Showmax, ahead of an exciting re-launch in the second half of this financial year.
“We remain focused on developing our leading entertainment platform that caters for consumer needs across sub-Saharan Africa, on leveraging our footprint to build a differentiated ecosystem and on developing additional revenue streams,” says Calvo Mawela, Chief Executive Officer.
The overall excitement around three world cups, culminating in the Springboks emerging victorious as back-to-back Rugby World Cup champions, supported subscriber activity. A highlight of the interim period was the South African Premium customer base, which grew 5%, a positive trend for the first time in many years.
Although profitability came under pressure due to ongoing power interruptions, cost of living pressures and sharp depreciation in local currencies against the US dollar, the impact was mitigated by a change in focus towards subscriber retention, an improved customer mix, as well as ongoing pricing and cost saving disciplines to protect the resilience of the business. As a result, the group maintained a positive trading profit margin of 3% in the Rest of Africa (a ZAR2.2bn organic improvement YoY) and delivered a 31% trading margin in South Africa.
Salient points for the 1H FY24 period included:
The group continued to deliver compelling local content and enable its audiences to access internationally renowned entertainment shows. Playing a vital role in supporting and developing the continent's wider video entertainment industry, it has increased its spending on local content by 16% YoY, taking its local content library to almost 80,000 hours. Going forward, the group plans to enhance the monetisation of each hour of content produced by leveraging both its linear and streaming platforms.
Several new titles were launched to maintain strong momentum in leading local language programming. In addition to the successful debut of Shaka iLembe on Mzansi Magic; Gqeberha: The Empire replaced The Queen in its time slot; and Umkhoka: The Curse continued to grow in viewership and social media engagement during the period. M-Net launched the higher-end series 1802: Love Defies Time on 1Magic. kykNET introduced a new medical procedural drama, Hartklop, and a new cooking reality show, Kokkedoor: Vuur & Vlam, both of which commanded strong audience share. Big Brother Naija entered its eighth season, delivering record advertising revenues in local currency.
Following on from the success of the FIFA World Cup in FY23, SuperSport yet again demonstrated its ability to deliver an exceptional sport offering, successfully broadcasting three World Cup events in the period — the FIFA Women's World Cup, the Netball World Cup and the Rugby World Cup — followed by the Cricket World Cup, which aired post period-end.
As part of its broader “Here for Her” campaign, SuperSport provided a world-first all-female broadcasting crew to produce the Netball World Cup in Cape Town, which was shortlisted at the Sports Business Awards for “Best Sporting Event of 2023”.
Beyond World Cup coverage, SuperSport's broadcast of the Comrades Marathon in June 2023 was the biggest production in SuperSport's history. The group continued telling the best of local sport stories and is proud of its latest documentary series, Pulse of a Nation, which documents the history of football in South Africa. SuperSport also secured several rights in its portfolio to provide viewers with a wide variety of choice.
MultiChoice also remains committed to making school sport accessible to all levels of society through its SuperSport Schools platform, which grew its user base by 69% over the last six months, providing a valuable stage for identifying the next generation of South Africa's sporting stars.
Operational performance review
South Africa
The challenging consumer environment persisted into 1H FY24. Loadshedding remained the most immediate challenge in terms of subscriber activity, with the number of active days per subscriber declining by 5% due to a significant increase in both frequency and intensity of loadshedding, especially in Q1 of the reporting period. Premium and Compact bases showed improved stability compared to the latter part of FY23.
The group reported a 5% decline in 90-day active customers to 8.6m (3% of which can be attributed to the decision to end the short-term campaigns implemented in the prior year to support customers during loadshedding), with active customers amounting to 7.8m. More stable trends in the mid- and upper segments of the customer base, along with inflation-linked average price increases of around 4%, helped limit the decline in monthly average revenue per user (ARPU) to 2%.
Various initiatives were implemented to protect the economics of the segment and to help offset macro and consumer challenges weighing on the performance of the business into the second half, a period which is typically affected by the seasonally higher cost of the football content rights and festive season promotional activity. Key amongst these was the reduction in decoder subsidies through increased device pricing in our linear business and the relaunch of DStv Stream, which has more than tripled its subscribers since March 2023, albeit off a low base. Encouragingly, over 90% of DStv Stream subscribers added in the period are new subscribers to DStv, who find the connected product without hardware installation more appealing. The pricing and value proposition of the DStv Business Play packages were also recalibrated which led to a 37% increase in month-on-month revenues for this segment in September 2023.
Revenues declined by 3% to ZAR16.5bn, impacted by a 4% decline in subscription revenues and a reduction in decoder revenues due to the shift in strategy, offset by 31% growth in insurance premiums and a doubling of DStv Internet revenues. The segment delivered a trading margin of 31%, with Showmax now reported as a separate trading segment. In absolute terms, the lower revenues and negative operating leverage resulted in trading profit trending 17% lower to ZAR5.2bn, impacted by the ongoing investment in local content and sport, partially offset by cost saving initiatives and reduced decoder subsidies.
Rest of Africa (RoA)
After adding 1.4m new subscribers in FY23, subscriber growth in the Rest of Africa was more subdued in 1H FY24. This was due to the impact of inflationary pressures in key markets like Nigeria, and similar trends to previous periods which followed a FIFA World Cup or northern hemisphere football off-season. A total of 0.1m subscribers were added to end the period at 13.0m 90-day active subscribers. The active subscriber base was broadly stable at 8.9m subscribers and subscription revenues grew 14% organically.
Revenue of ZAR10.5bn was flat (+13% organic) with a weaker ZAR against the USD on conversion, offsetting the impact of weaker local currencies relative to the USD. The RoA segment delivered a trading profit of ZAR330m (+ZAR2.2bn YoY on an organic basis) which was underpinned by specific cost interventions around decoder subsidies and content costs.
Weaker currencies remained a significant impediment to improvements in profitability, with average first half exchanges falling sharply against the USD. The sharp fall of the naira resulted in a large proportion of the previously recognised losses incurred on cash remittances now being recorded in trading profit. The net effect of these forex movements was a negative ZAR1.6bn impact on the segment's trading profit for the period.
Showmax
The Showmax partnership with Comcast (owners of NBCUniversal, Sky and Peacock) was concluded on 4 April 2023 and significant progress has been made in preparing for launch later in this financial year. This service, which is set to benefit from rising connectivity and smart device uptake that enhances accessibility and scalability, will enable MultiChoice to double its customer base and deliver an additional USD1bn revenue in the medium term.
Showmax (now reported separately from the South African segment) saw its active subscriber base increase by 13% YoY, resulting in revenues growing 46% (+45% organic) to ZAR0.6bn. As the group continues to support the existing business and invest behind the new platform, operating costs increased in the short term, resulting in trading losses increasing by ZAR0.5bn to ZAR0.8bn.
Technology segment
Irdeto's external business delivered 17% topline growth (+4% organic) due to the weaker ZAR against the USD, market share gains in its core media security business and the provision of its managed services. Irdeto's connected industries initiatives continue to build momentum, most notably in the Keystone product line where Irdeto secured additional customer wins in the construction equipment space.
Trading profit was affected by once-off restructuring activities in the core media security business as the business adapts to the changing media landscape, and increased by a modest 1% on an organic basis.
On a standalone basis, Irdeto generated revenues of USD98m (ZAR1.8bn), down 7%. Trading profit of USD15m (ZAR0.3bn) was lower than the prior period as a result of the non-recurring benefit from elevated FIFA World Cup orders in the prior year, as well as the restructuring costs.
KingMakers
KingMakers continued to deliver strong underlying operating momentum despite the impact of the weaker naira and challenging macro environment in Nigeria. The business delivered organic revenue growth of 22%, led by strong growth in its online sportsbook which saw active users increase 17% and its revenue contribution grow by 40% YoY. The weaker naira resulted in reported revenues increasing only 2% to USD95m (ZAR1.8bn). KingMakers reported USD10m in EBITDA and narrowed its loss after tax to USD8.6m (ZAR0.2bn) for the first six months to June 2023.
The core development focus for KingMakers was preparations for the soft launch of SuperSportBet in South Africa on 9 November this year. The expertise of the KingMakers team combined with the strength of the SuperSportBet brand and exclusive partnerships uniquely positions the group to leverage the opportunity for future revenue and gain market share in this large and growing addressable market.
KingMakers is focused on optimising the profitability of its agency business and growing its higher-margin online business that, together with the opportunity presented by the new South African business, will support its path to sustainable profitability.
The product and market expansion plans are fully funded with KingMakers having USD134m (ZAR2.5bn) of cash at period end (being June 2023).
Moment (Fintech)
The Moment joint venture made significant progress in integrating with group core payments infrastructure and remains on track to commercialise its local services in 2H FY24.
In addition, Moment prioritised payment service integrations for the Showmax business to support the streaming platform's launch in 2H FY24. The platform is set to deliver returns equal to the initial investment within a 20-month timeframe and will become increasingly important to the success of the group's ecosystem in future, providing simplicity to customer payment options, more integrated rewards platforms and B2B revenue opportunities.
Future Prospects
“MultiChoice has a compelling growth strategy in place, which is partly driven by the opportunity to capture sustainable long-term growth through our targeted investment in streaming and partly by the need to absorb increased external economic pressure on the business and its consumers in the short-term. Our priority is to navigate both sets of demands to ensure the group operates sustainably through the current economic cycle and long into the future, while delivering attractive shareholder returns.” says Mawela.
The focus remains on driving further efficiencies in operating expenditure, as well as working capital and capex decisions, to ensure consistent and optimal returns on all capital deployed. At the same time, the group continues to seek ways to support or improve the economics of the business through pricing decisions, optimising customer mix and content monetisation, as well as calibrating decoder subsidies according to the macro-economic backdrop.
The group is also carefully investing behind nascent or future business lines, taking into account the strategic importance and prospects of success.
“The second half of FY24 will be an important period in our journey to expand our ecosystem beyond Africa's leading linear pay-TV operator into a broader ecosystem of interactive entertainment and consumer services to enable us to double our customer base to 50 million over the next five years. The relaunch of Showmax, combined with KingMakers' entry into the South African market with SuperSportBet, and Moment's platform launch are all important milestones as we accelerate growth and drive additional scale, creating a ‘world of more' for customers and additional value for shareholders.” Mawela concluded.
Distributed by APO Group on behalf of MultiChoice Group.
The concept of a bank for the people by the people sounds like a noble idea. In a country with a history where the majority of its citizens were excluded from the mainstream economy and continue having limited access to economic opportunities and banking services, the realization of this concept is paramount. Building an inclusive …
Health convenes primary health care conference
The Department of Health will this week convene the South African Primary Health Care (SAPHC) conference in East London, in the Eastern Cape.
The conference, which will take place from 15 to 16 November 2023, will reflect on and review the country’s journey towards the ideals of primary health care (PHC) over the last 30 years of democracy.
According to the department, the platform is also expected to discuss the pivotal role of the PHC in achieving Universal Health Coverage (UHC) in South Africa by 2030.
PHC, the department said, is the most inclusive, equitable, cost-effective and efficient approach accessible to most individuals and families in the community to enhance their physical and mental health, as well as social wellbeing, hence almost 86% of the population depends on PHC in South Africa.
The two-day conference will be attended by almost 350 delegates representing all nine provinces, stakeholders in the sectors, and representatives from local and international organisations including the World Health Organisation (WHO).
This year’s theme will focus on the role of strong PHC in South Africa’s pursuit of UHC coverage through National Health Insurance (NHI).
The delegates will also draw lessons from international experiences such as Thailand, Vietnam, Cuba and Mauritius in the implementation of the PHC approach and delivery of services, particularly from countries in the global south with socio-economic conditions that are comparable to South Africa.
Health Minister, Dr Joe Phaahla, will deliver the keynote address.
There will also be contributions from the Deputy Minister, Dr Sibongiseni Dhlomo, provincial Health MECs and WHO Regional Director for Africa, Dr Matshidiso Moeti.
“Primary Health Care plays a crucial role in achieving Sustainable Development Goal 3, which relates to health to ensure healthy lives and promote well-being for people of all ages,” the department added. – SAnews.gov.za
Gabisile
Tue, 11/14/2023 - 10:06
Metal Mining and Allied Workers Unions of South Africa (MMAWUSA) holds inaugural press briefing
The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is working on the establishment of a $1-billion African Film Fund to be launched in 2024 to support the continent's film industry, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, at Afreximbank, announced in Cairo today.
Addressing the opening of the 2023 CANEX Summit held as part of the third Intra-African Trade Fair (IATF2023), Mrs. Awani said that the fund would oversee film financing, co-finance with large studios, finance African filmmakers and finance producers and directors of film projects across the continent.
She noted that during CANEX WKND 2022, the Bank had increased the financing it was making available to the creative sector from US$500 million to US$1 billion and that the Bank currently had a pipeline of over US$600 million in film, music, visual arts, fashion, and sports deal.
“The very first film we financed recently premiered at the Toronto Film Festival,” Mrs. Awani said, adding, “The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.”
Acknowledging that the film and audiovisual industries in Africa accounted for US$5 billion of the continent's GDP and employed an estimated five million people, with the potential to create over 20 million jobs and generate US$20 billion in revenues annually, Mrs. Awani noted that the sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.
The sector was also confronted with infrastructure and technology gaps, lack of capacity and shortage of skilled professionals and limited market access and international exposure, as a result of which African creative and cultural products often struggle to gain exposure and access to international markets.
Earlier, Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted how the creativity of Africans had influenced various aspects of modern life, including music, fashion, art, design, social consciousness, business, sports, film and TV. He said that the exploitation of black creativity by the West had had lasting effects and that, despite admiration of black excellence, Africa still faced branding challenges due to external perception fuelled by the traditional media's depiction of poverty, famine, civil wars and migration on the continent.
Mr. Kodjoe said that the world craved culturally specific global content and that Africa was a key player in meeting that demand. With the continent's young population and high connectivity, studios, networks, promoters and brands were investing in solutions to reach diverse audiences. Films and TV shows with diversity performed better than others by 30 per cent and Afrobeats was taking over global airwaves. By 2030, Africa was projected to produce up to 10 per cent of global creative goods export worth roughly $200 billion or four per cent of Africa's GDP.
Also speaking, H.E. Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, said that the creative sector in Africa was rapidly growing and making a significant contribution to the inclusive growth and sustainable development of African economies.
“I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want - revenue from intra-African trade as well as revenue from the rest of the world.”
Ambassador Muchanga urged African nations to convert their vast potential into plans and projects that yield tangible results, stressing the need to also invest in protecting international property rights.
CANEX is an Afreximbank initiative to support Africa and the African Diaspora's creative and cultural industries by providing financing and non-financing instruments to boost growth. The seven-day CANEX Summit is intended to further develop conversations and provide additional business-to-business and business-to-government opportunities. It includes a fashion show featuring a range of bold and exciting designs from across Africa and the Diaspora and a CANEX Music Factory, hosted by renowned South African producer Oskido, which will provide songwriters and beat makers with the opportunity to record their work.
Creative Africa Nexus (CANEX) programme set up by Afreximbank seeks to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financing and non-financing instruments and interventions aimed at supporting trade and investment in Africa's creative sector.
IATF2023, Africa's largest trade and investment fair opened on 9th November and will run till 15th November 2023.
Distributed by APO Group on behalf of Afreximbank.
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About the Intra-African Trade Fair:
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent's transformation through industrialisation and export development.
For more information, please visit www.IntrAfricanTradeFair.com
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank's total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, please visit: www.Afreximbank.com
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COVID-19 social grant extended until 2025
Government has extended the COVID-19 Social Relief of Distress Grant (SRD Grant) until March 2025 while it considers social security policy reforms and a funding model.
The grant was introduced to support low-income individuals affected by the lockdowns during the COVID-19 pandemic.
Delivering the Medium Term Budget Policy Statement (MTBPS) to Parliament on Wednesday, Minister of Finance Enoch Godongwana said R34 billion has been allocated to extend the grant by another year.
“Over the medium term, a provisional allocation is retained while a comprehensive review of the entire social grant system is finalised. The 2023 Budget indicated that the COVID-19 Social Relief of Distress grant was only funded until March 2024.
“Government proposes that the fiscal framework make provision for funding for the grant for 2024/25. Beyond this, a comprehensive review of the entire social grant system by the Department of Social Development and the National Treasury is required,” Godongwana said.
Over the 2024 medium-term expenditure framework (MTEF) period, 61% of consolidated non-interest spending goes to the social wage — combined public spending on health, education, housing, social protection, transport, employment and local amenities.
“Of this amount, R945.9 billion will be spent on social protection transfers, including the old age grant, the child support grant, the disability grant and the COVID-19 social relief of distress grant. South Africa’s social protection expenditure programme, measured as a percentage of gross domestic product (GDP), is one of the largest among developing countries,” he said.
The 2019 MTBPS noted that by 2040/41, social assistance beneficiaries – excluding the temporary COVID-19 social relief of distress grant – were projected to increase to 22.5 million, necessitating spending on social grants amounting to 3 % of GDP annually.
“This is in line with current grants spending, excluding the temporary grant. If that or a similar type of new grant is made permanent, beneficiaries are projected to expand from 27.3 million in 2023/24 to 40.4 million in 2040/41, which will cost 3.8 % of GDP in 2040/41 and require a corresponding permanent source of funding, such as additional revenue measures,” he said.
Education
Although additional funding has been provided to implement the 2023 public-service wage agreement, provincial education departments are constrained in hiring additional teachers.
The Minister warned that this could lead to larger class sizes and higher learner-teacher ratios, possibly resulting in weaker educational outcomes.
“To mitigate this, the sector will improve the approach to allocating teachers to schools, ensure that learner and teacher support materials are used cost-effectively, manage infrastructure projects more tightly and focus on plans to catch up on lost teaching time,” Godongwana said.
Institutions in the post-school education and training sector, including the National Student Financial Aid Scheme, will need to bring their student enrolment and bursary allocations in line with their budgets.
Planned infrastructure spending will be brought in line with institutions’ ability to spend.
Continued health services
The Minister said the health sector is aiming to maintain service delivery amid budgetary constraints.
“While additional funding is provided to cover wage increases, baseline reductions are being implemented as part of fiscal consolidation. To minimise negative effects, the sector will need to improve efficiency in areas such as overtime payments, medical supplies and security services, and to delay infrastructure projects.”
The South African Law Reform Commission is finalising a report on legal reform to manage medico-legal claims, which constitute a significant financial risk.
“To address funding fragmentation for oncology services, allocations will be shifted from the national health insurance grant to the national tertiary services grant.
“A single grant is also proposed to consolidate the existing personal and non-personal services components of the national health insurance indirect grant. Funding is also redirected towards the Office of Health Standards Compliance to strengthen the Health Ombud,” the Minister said. –SAnews.gov.za
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Wed, 11/01/2023 - 14:07