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IN THE TRUE SPIRIT OF COMRADES
Mike Cowling training for his 42nd Comrades Marathon.

On June 9, Prof Mike Cowling will come under starter’s orders for his 42nd Comrades Marathon with the children of Selby Msimang Primary School in Edendale on his mind. Cowling has been running for the Community Chest, one of six official Comrades charities, and two years ago, raised R50 000 towards the construction of two classrooms at the school, an Early Childhood Development Centre, supported by the chest. Cowling aims to raise R42 000 towards the nourishment and education of 6 000 children. To contribute, click on the following link.
See below: Comrades substitution process gets underway

   
   
GETTING TO GRIPS WITH THE CCMA
Trainer Nic Nortje (second right, back) with the group.

The new CCMA rules, effective January 1 this year, comprised part of the training session conducted by veteran trainer Nic Nortje of NKR at the Pietermaritzburg Chamber of Business recently. The course also dealt with CCMA processes and equipped delegates to represent stakeholders at the CCMA/ Bargaining Council for both conciliation and arbitration.

   
   
 
     
  Today in History  
     
 

1980: Robert Mugabe becomes Zimbabwe's first prime minister after a landslide victory.

The small Baltic nation of Estonia in 2007 went where other countries feared to tread by allowing its citizens to vote in a parliamentary election through the world wide web.

 
     
  News worth knowing  
     
 

NEW CAR SALES HIT THE SKIDS AS EXPORTS SOAR

New-car sales plunged deeper into the red in February as low business and consumer confidence, high fuel prices, a weak economy, and political uncertainty ahead of the May elections kept buyers away. Figures released on Friday showed that last month’s sales were 13.3% lower than February 2018 — down from 31 139 to 27 000. Combined sales for the first two months of 2019, at 56 015, were 12.1% down on last year’s 63 691. Sales of vans, bakkies and trucks fared better. However, exports were significantly better, at 22.5% higher than February 2018, rising from 27 529 to 33 731. For the first two months combined, exports were 24.8% stronger, up from 41 658 to 51 981. (BDLive)

 
 

TREASURY HOLDING THUMBS ON MOODY’S

The Treasury is hopeful that Moody’s Investors Service will not downgrade SA’s sovereign credit rating to junk status when it announces its decision at the end of the month. A downgrade to sub-investment grade would automatically mean SA being removed from the Citigroup World Government Bond Index. This would force asset managers to sell SA bonds worth billions of Rand. Moody’s was the only major ratings agency not to downgrade SA sovereign debt to junk status in 2017. It is currently rated at Baa3, the lowest investment grade. S&P and Fitch have already downgraded SA to junk status. A Moody’s downgrade would also weigh on growth, with the Treasury factoring in a contraction of 1.2% for 2019, as opposed to a growth forecast of 1.5%, should a downgrade take place, said Duncan Pieterse, acting director-general of economic policy. (BDLive)

 
 

RENEWABLE ENERGY NOW CHEAPER THAN COAL

South Africa has reached a point where electricity generated from new wind and solar power plants is 200% cheaper than electricity generated by Eskom's Medupi and Kusile coal powered plants. This is according to Jesse Burton from UCT’s Energy Research Centre, who told delegates at a symposium on a just transition away from coal that the two coal plants still under construction had bankrupted Eskom and put all those who depended on the utility at risk. “The debt trap caused by Medupi and Kusile has led to a crisis at Eskom. Tariff increases have closed other mines and factories all over the country. In this context, South Africa needs a just transition that protects fossil fuel workers from a disorderly transition away from coal,” she said. Burton, who organised the symposium in Cape Town on Wednesday with several international partners, said the country needed a new development pathway in which labour intensive sectors could grow and build a more resilient economy and inclusive society. “Eskom, the coal sector, and environmental and social justice have become one of the most important themes in South Africa today.” There was consensus among delegates that the global demand for coal was shrinking, and that demand was likely to decline further in the 2020s. This was the result of several factors, particularly the rapid drop in the global price of wind and solar power, which made coal power uncompetitive. (Fin24)

 
 

GLENCORE A STEP CLOSER TO CHEVRON ACQUISITION

The Competition Commission has recommended that the Competition Tribunal conditionally approve Glencore’s proposed acquisition of the Chevron SA assets. On Friday, the commission said the proposed transaction raised public-interest concerns and although it had recommended it be approved, the deal should be subject to a number of conditions. These include no retrenchments at Chevron SA, Chevron SA’s head office remains in the country, the business is operated substantially on a stand-alone basis, and that Chevron’s decisions be taken in SA and, where practical, be implemented using local skills and expertise. (BDLive)

 
 

HYPROP MAY LEND A HELPING HAND TO EDCON TO HELP ITSELF

Blue-chip mall owner Hyprop Investments says it might take a stake in Edcon to support the struggling group, which is southern Africa’s biggest non-food retailer. Hyprop has a strong interest in Edcon’s survival, given that the owner of Edgars, Jet and CNA occupied 66 781m² of space in Hyprop’s malls at the end of December, or 9.2% of its gross lettable area. Edcon needs about R3 billion to survive for the next three years, CEO Grant Pattison told journalists in February. Hyprop has been working with Edcon to reduce the retailer’s space requirements. The companies had agreed that 7 563m² would be vacated in the short term, Hyprop said. Hyprop had also agreed to support Edcon as part of the retailer’s proposed restructuring. (BDLive)

 
 

MTN SHARES TEST FRESH LOWS

MTN’s shares dipped below the R80 mark on Friday — for the first time since November — after the group’s profit guidance for the year ended December 2018 fell short of expectations. The stock was down 4.7% at R79.62 on Friday morning, its worst level in more than five months. After the market’s close on Thursday, the mobile operator said headline earnings per share (HEPS) in 2018 would be between 80% and 90% higher than in 2017, or between 328c and 346c. Analysts had expected a higher increase, given that the numbers were coming off a low base. The group’s full results are due on March 7. (BDLive)

 
 

DISTELL TOASTS DOUBLE-DIGIT GROWTH

Distell Group, which makes Nederburg wines and Klipdrift brandies, reported a double-digit increase in earnings for the six months to December, even as sales volumes fell in SA. Headline earnings rose 12.1% to R1.3 billion as revenues climbed 7.3% to R14.4 billion. The company lifted its interim dividend by 5.5% to 174c a share. In SA, comparable revenues increased 7.8%, despite a 2.1% decline in sales volumes as declining disposable income weighed on peak-season trading, the company said. The group’s other African markets recorded comparable revenue growth of 21.1%. Sales volumes from outside Africa declined by 6.5%, mainly because of adverse trading conditions in Europe and North America, where the group has curtailed sales of lower-margin wines. But comparable revenues increased 3.7%. (BDLive)

 
 

NICKEL OPERATION HAMSTRINGS ARM

African Rainbow Minerals (ARM) reported a slip in interim profit because of a hefty impairment against its struggling Nkomati Nickel mine, which needs a cash injection, as shareholders were again kept waiting for a definitive dividend policy. The diversified empowerment mining company kept its investors and analysts in the dark about a clear dividend policy and ratio, with executive chair and billionaire Patrice Motsepe dodging the question of when such a policy would be unveiled despite saying it was a topic of board discussion. ARM reported a post-tax profit of R1.496 billion for the six months to end-December against a profit of R1.89 billion a year earlier. Included in the numbers is an impairment of R1.166 billion against the unprofitable Nkomati mine. Nkomati is shared by ARM and Russian nickel and palladium miner Norilsk Nickel, which has, for years, wanted to sell its stake in the operation. It tried unsuccessfully to conclude a deal with Botswana’s state-owned BCL. ARM declared an interim dividend of 400c per share compared to a 250c interim payment a year earlier. (BDLive)

 
 

ALCOHOL RANKINGS POINTS TO DISTURBING TREND

It’s no cause for pride that SA sits near the top of the chart as a nation of drinkers. This ranking is according to the 2018 global status report on alcohol and health published by the World Health Organisation (WHO). While only a third (31%) of adults report consuming alcohol in the past year, those who do drink tend to drink heavily. According to the latest available statistics, the average drinker in SA consumed 30 lites of pure alcohol in 2016. That level of consumption per drinker places the country in the sixth position globally — up from 11th place in 2010. (BDLive)

 
 

MORE NEWS, NOTICES AND APPEALS
 

COMRADES SUBSTITUTION PROCESS GETS UNDERWAY

The 2019 Comrades Marathon substitution process is underway and ends on Monday, April 15. The process allows for a runner who has not entered, to substitute an entrant who has withdrawn or intends to withdraw from the this year’s race. Substitutions can only take effect on a like for like basis, meaning SA runners can only substitute for SA entrants, Rest of Africa (ROA) for other ROA runners and International runners for International entrants. Prospective substitutes are encouraged to do their applications online. Alternatively, they may send their completed applications via email to sub@comrades.com or hand deliver them to Comrades House in Pietermaritzburg. Completed applications must reach the CMA office by April 15. The cost of the substitution application is R300. The substitution application forms can be downloaded from www.comrades.com.

 
     
  Advertorial  
     
   
 

NEED A VENUE WITH A DIFFERENCE,
THEN VICTORIA COUNTRY CLUB IS IDEAL FOR YOU.


 

The club has a 100% backup generator to ensure your event is not interrupted.

•    Corporate Golf Days 
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Our friendly professional staff will put you at ease and tailor your event to ensure it is truly unforgettable. 


Contact our Events Manager for further information - Tel: 033 347 1942 OR email: pro@victoria.co.za

 
     
  QUOTE  
     
 
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Oh the things you can find, if you don’t stay behind!

Dr Seuss

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