Tshwane Mayor, Stevens Mokgalapa, says they are working with the Human Rights Commission (SAHRC) to resolve issues surrounding the quality of water in the municipality.
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A senior police officer who commanded the police raids on traders of counterfeit goods in the Joburg CBD earlier in August is expected to testify in the Johannesburg Magistrates court on Monday.
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Opponents of a new law in Missouri restricting most abortions after eight weeks of pregnancy will ask a federal judge on Monday to stop the law from taking effect this week.
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British chef, Jamie Oliver admitted he was "very naive" and "hadn’t known what he was doing" as he made a tearful trip to his failed Fifteen restaurant for a TV documentary.
The chef, 44, was visiting his pet project where he employed young people from disadvantaged backgrounds for the first time since it closed in May.
In a Channel 4 documentary, Oliver broke down as he surveyed the non-profit London establishment, which shut when his restaurant empire collapsed.
There was rotting food on the kitchen hobs as the sad chef admitted he was "not a businessman" and "very naive". He said: "I was very good at running one restaurant. I opened lots of big restaurants, but people like little restaurants.
"We had these big cathedrals we couldn’t fill. The truth is I didn’t know what I was doing."
It’s 20 years since Jamie Oliver burst on to TV, knocking up a meal for his friends and Jamie Oliver: The Naked Chef Bares All charted his career on Wednesday.
Speaking to presenter Davina McCall, Oliver compared the Fifteen premises in Hoxton to a bombsite as an administrator said they will try to sell its contents, including the tables and chairs.
Oliver said he took the closure of that particular restaurant especially badly.
He spent all his £650 000 (about R12.2-million) earnings from The Naked Chef cookbook on it in 2002.
Oliver, who has children Poppy, 17, Daisy, 16, Petal, 10, Buddy, eight and River, three, with his wife Juliette, said: "It’s like a film where a bomb had gone off and everyone’s just left."
Struggling to speak, he added: "It’s tough. I’ve been so stressed. It’s gone. Over there on the pillar was two plaques from students who died. The staff got paid up until the date and I made sure of it. It is without question the most painful regret to tell staff who you care about and who worked hard for you, that they don’t have a job anymore."
Around 1 000 jobs were lost when KPMG administrators closed 22 of Oliver’s 25 restaurants in May.
Earlier in the programme Oliver explained to his shocked staff that the business was closing, despite trying to stay afloat by pumping £25 million of his own money in.
Oliver delivered the news in the HQ of his restaurant empire as his business went under.
Standing in front of his staff, the father-of-five said: "Morning guys. It’s a really tough one. For many months now I’ve been walking around and you’ve said ‘hey, Jamie, you all right?’ And I’ve said, ‘yeah, I’m all right!’ And the truth is no, I’m not f****** all right.
"I’m utterly devastated. Financially, I used everything I could. I used every card, every trick, every contact. We got cocky. We thought everything we did would work. I made massive mistakes and I’ll never make them again."
The Jamie Oliver Restaurant Group included 22 Jamie’s Italian outlets, plus London restaurants Fifteen and Barbecoa, and Jamie’s Diner at Gatwick Airport. Fifteen Cornwall survives.
The Heart Foundation now recommends full-fat milk, cheese and yoghurt or reduced-fat options as part of its updated dietary advice released last week.
This moves away from earlier advice that recommended only reduced-fat dairy when it comes to heart health.
So, what’s behind the latest change? And what does this mean for people with high blood pressure or existing heart disease?
What’s new if you’re healthy?
For healthy Australians, the Heart Foundation now recommends unflavoured full-fat milk, yoghurt and cheese, as well as the reduced-fat options previously recommended.
The change comes after reviewing research from systematic reviews and meta-analyses published since 2009. These pooled results come from mostly long-term observational studies.
This is where researchers assess people’s dietary patterns and follow them for many years to look at health differences between people who eat and drink a lot of dairy products and those who consume small amounts.
Researchers run these studies because it is not practical or ethical to put people on experimental diets for 20 or more years and wait to see who gets heart disease.
So when results of the recent studies were grouped together, the Heart Foundation reported no consistent relationship between full-fat or reduced-fat milk, cheese and yoghurt consumption and the risk of heart disease. The risk was neither increased nor decreased.
Put simply, for people who do not have any risk factors for heart disease, including those in the healthy weight range, choosing reduced-fat or low-fat options for milk, yoghurt and cheese does not confer extra health benefits or risks compared to choosing the higher fat options, as part of a varied healthy eating pattern.
Before you think about having a dairy binge, the review noted the studies on full-fat milk, yoghurt and cheese can’t be extrapolated to butter, cream, ice cream and dairy-based desserts.
This is why the Heart Foundation still doesn’t recommend those other full-fat dairy options, even if you’re currently healthy.
What about people with heart disease?
However, for people with heart disease, high blood pressure or some other conditions, the advice is different.
The review found dairy fat in butter seems to raise LDL or “bad” cholesterol levels more than full-fat milk, cheese and yogurt. And for people with raised LDL cholesterol there is a bigger increase in LDL after consuming fat from dairy products.
So, for people with high blood cholesterol or existing heart disease, the Heart Foundation recommends unflavoured reduced-fat milk, yoghurt and cheese to help lower their total risk of heart disease, which is consistent with previous recommendations.
Unflavoured, reduced-fat versions are lower in total kilojoules than the full-fat options. So, this will also help lower total energy intakes, a key strategy for managing weight.
How does this compare with other advice?
The 2013 National Health and Medical Research Council’s Dietary Guidelines for Australians recommends a variety of healthy foods from the key healthy food groups to achieve a range of measures of good health and well-being, not just heart health.
Based on evidence until 2009, the guidelines generally recommend people aged over two years mostly consume reduced-fat versions of milk, yoghurt, cheese and/or their alternatives, recognising most Australians are overweight or obese.
This advice still holds for people with heart disease. However, the new Heart Foundation advice for healthy people means less emphasis is now on using reduced-fat versions, in light of more recent evidence.
The Australian Dietary Guidelines have a further recommendation to limit eating and drinking foods containing saturated fat. The guidelines recommend replacing high-fat foods which contain mainly saturated fats such as butter and cream, with foods which contain mainly polyunsaturated and monounsaturated fats such as oils, spreads, avocado, nut butters and nut pastes.
This advice is still consistent with the Heart Foundation recommendations.
What’s the take home message?
See your GP for a heart health check. If you do not have heart disease and prefer full-fat milk, cheese and yoghurt then choose them, or a mix of full and reduced-fat versions.
If you have heart disease or are trying to manage your weight then choose mostly reduced-fat versions.
Focus on making healthy choices across all food groups. If you need personalised advice, ask your GP to refer you to an accredited practising dietitian.
Clare Collins, Professor in Nutrition and Dietetics, University of Newcastle
This article is republished from The Conversation under a Creative Commons license. Read the original article.
DURBAN – Momentum Metropolitan Holdings, previously known as MMI Holdings, expects its annual basic headline earnings per share (Heps) to increase by at least 85 percent, supported by good underwriting results.
“The results from the comparative period were negatively impacted by large negative basis changes and investment variances across the South African retail businesses and the rest of Africa. However, the strong growth in 2019 was also underpinned by a resilient operational performance in most business units, supported by efficiency improvements and good underwriting results,” the group said.
However, the group said this underlying growth was partly offset by an increase in the group’s share of losses, in line with business plans, on new initiatives such as its health insurance joint venture in India.
The group said in a trading statement on Friday that, for the year to the end of June, it expected its Heps to increase by between 65 and 85percent, to be between 154cents and 172c a share, up from last year’s Heps of 93c.
Its basic earnings per share (Eps) was also expected to grow by the same margins as the Heps, up by between 65 and 85 percent, to between 146c and 163c, up from 88c compared with last year.
Basic Eps, basic Heps and diluted normalised headline earnings per share were expected to grow strongly on the comparative period.
Diluted normalised headline earnings per share was expected to increase by between 45 and 65percent, to between 182c and 207c, up from last year’s 126c.
The group said the diluted normalised headline earnings had been adjusted for the standard JSE definition of headline earnings for the impact of treasury shares, the amortisation of intangible assets arising from business combinations and black economic empowerment costs.
“Momentum Metropolitan is of the opinion that these adjustments present a more realistic picture of the underlying performance of the group and remove distortions that might arise from elimination of treasury shares,” the group said.
The group will release its results on September 4.
CAPE TOWN – If there’s one thing that must have been particularly disappointing for John Dobson about Western Province’s Currie Cup defeat to the Free State Cheetahs, it’s the way they let a commanding lead go.
During the first half, Province looked good as they built a healthy numerical gap in Bloemfontein on Saturday. At one stage they were 19-0 up, and by halftime the 26-12 scoreline still favoured the 2018 finalists.
But they let it slip in the second half, and the hosts scored six tries in total to WP’s three to secure a 38-33 win and claim top spot on the standings.
After having lost three of their five matches heading into the game, WP needed the win to progress to the semi-finals. Even if they had lost the game, a bonus point and a loss for the Sharks would have been enough. But the Sharks beat the Blue Bulls to book their last-four spot and end WP’s season prematurely.
As a result, the Golden Lions will host Griquas in Johannesburg in the first semi-final this weekend, while the Cheetahs will take on the Sharks in Bloemfontein.
Full-time in Bloemfontein where DHL WP have gone down 38-33 in a nailbiting finish. They pushed hard for the winning try at the end, but the Toyota Free State Cheetahs hold out. #CHEvWP
— WP RUGBY (@WP_RUGBY) August 24, 2019
After the game, Dobson said the Cheetahs had the upper hand in the collisions, while WP’s own exit play let them down.
“We couldn’t get our hands on the ball. It’s disappointing to be 19 points clear and to lose such a vital game,” Dobson said. “Credit to the Cheetahs, I think they dominated us physically. They deserved the win, they deserved to come back.
“Our exits were a problem, and the evolution of our kicking game is a challenge at the union. I also think we need to get our mauling culture stronger, or like it used to be.”
While Dobson was disappointed in the result, he added that it hasn’t been all bad in 2019: “Today equalled our biggest margin of defeat. We haven’t lost a game by more than five points. Every game has gone down to the wire, so I don’t think we must throw everything out.”
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WP skipper and lock Chris van Zyl described the result in the Free State as a career low: “It’s close to a career low point at the moment,” Van Zyl said.
“As good as that first half was, I think we weren’t clinical with our exits, and that kept them in the game. There were two exits that gave them two tries and had we been more effective there they would have gone into halftime questioning themselves.”
Harare — After protests brought Zimbabwe’s capital to a standstill earlier this month, Harare has returned to its normal bustle and Tedius Marara is back to his daily business: selling cash at a busy market.
With inflation soaring and cash in short supply, many Zimbabweans transfer funds using their mobile phones and pay a premium to get currency. Marara is one of many cash vendors doing a roaring trade.
People huddle around his wooden stall, one eye on their mobile phone screens and another on a small counter brimming with coins.
"These are my banks nowadays," said Mishy Tshuma, a customer referring to her mobile phone and the makeshift stall. To get cash, she has to pay Marara on a transfer by her phone and pay a hefty premium.
And in a country where cash is king, she has little choice but to pay the extra amount.
Tshuma said she has to transfer 135 Zimbabwe dollars from her bank through her phone to get $100 Zimbabwe dollars in cash, and that is for coins. For notes, the premium jumps to 40%.
Like many things that are in short supply in Zimbabwe, such as electricity, water and gas, cash is scarce and the country’s economic problems are blamed for rising tensions.
The shortage of currency notes and coins shouldn’t be much of a problem in a country ranked by a World Bank 2018 report as having one of the highest numbers of people in sub-Saharan Africa using cellphone transfers, what is called mobile money. More than 80% of all transactions in the country are conducted through mobile money, according to the Reserve Bank of Zimbabwe, the country’s central bank.
The World Bank says increased use of mobile money is a welcome sign of a greater proportion of the population engaged in the banking sector. Yet, in Zimbabwe it is more a matter of the difficulty and the cost for ordinary folk of getting ready access to cash.
Many retailers and service providers demand payments in cash only. Others, including street vendors, charge a higher price for goods paid for using mobile money or bank cards. Those able to pay in cash get sizeable discounts of up to 50%.
With many factories closed or operating only for a few hours due to widespread power cuts that last up to 19 hours a day, Zimbabwe imports most of its goods. Businesses need cash to buy foreign currency from the illegal black market to restock, said Harare-based economist John Robertson.
Many Zimbabweans travel by bus or freight trucks to neighboring South Africa to buy essential items such as cooking oil, rice, toilet paper and toothpaste and they need cash to buy South African rand on the black market.
"Cash will continue to have a much higher value than money sitting in the bank," said Robertson.
The frantic hunt for cash often turns into begging. At the long lines to buy gasoline or diesel and in supermarkets, women, men and children move from person to person asking for cash. "Can I use my phone to pay for your goods, if you pay me cash?" they plead.
Enterprising people are cashing in on the shortage to sell cash at a premium to desperate people.
Some people still wait in long lines outside their banks in the faint hope of being allowed to withdraw a bit of cash. But many have long given up because banks are usually unable to dispense cash, even to their own account holders.
Cash vendors become their only option, despite the steep fees that they charge.
"Paying extra to cash out is allowing someone to steal your money. Say no to 30% or 40% extra," says an advertisement by Econet, a telecommunication firm that handles the bulk of the country’s mobile money transactions.
Cash vendors said they are recording booming business in spite of such warnings by telecoms firms and the police.
"It’s not easy getting this cash. I also fork out money to get it so my customers have to pay more if I am to make any profit," said Marara, between serving a stream of clients at a busy market. He said he can sell up to 2 000 Zimbabwe dollars for a 40% profit on a good day. He buys the cash from public transport taxis operators, fruit vendors and supermarkets.
"They charge me (premiums of) between 15% and 20%," said Marara.
The cash shortages are just one of many problems facing the once prosperous country, where inflation peaked at a decade high of 175% last month before the finance minister suspended the country’s inflation reports.
The continuing price increases of gas, school fees, food items and government services mean Zimbabwe "will still have a high rate of inflation" even if it is not announced officially, said economist Robertson.
"It is puzzling that the finance minister can suspend publication of inflation statistics, is it adult viewing?" joked Robertson. "I reckon inflation was way above 200% in July and it’s on its way to 300%," he said.
For many, such as Harare resident Tshuma, who lose a large part of their wages to cash vendors, they are learning to do with less.
"These (cash) vendors are killing us," she said. "After paying for the cash we can’t buy what we need because we can’t afford it."
JOHANNESBURG – Retailers and wholesalers on the JSE have been clobbered since their respective 2018 financial results.
My analysis of the top 10 stocks in that sector: Woolies, Truworths, Shoprite, Pick n Pay, Foschini, Mr Price, Massmart, Clicks, Pepkor and Spar indicate that around R153 billion or 28 percent were wiped off their total market capitalisation since their 2018 reporting periods.
The food retailers, Pick * Pay, Shoprite and Spar were collectively the worst performers with 35 percent down since their 2018 financial year-ends, while the market capitalisation of specialist clothing retailers, Truworths, Woolies, Mr Price, Pepkor and Foschini are down by 25 percent in aggregate. In the severe economic and trading circumstances some companies stand out though.
Massmart, due to report this week, has already lost more than 60 percent since the end of the company’s 2018 financial year. Since 2011 Massmart’s return on capital employed at best was in line with the food and clothing sectors, but the company was mostly an underachiever. The company simply never made an effort to increase shareholder wealth at a faster rate than the borrowings.
In a very tough trading environment the general retailer’s margins are under huge pressure. The company advised shareholders recently that a headline loss of more than R500 million can be expected for the first half of the company’s financial year on a comparable reporting basis to the audited 2018 financial results, and therefore before adjusting for IFRS 16 where long-term leases are capitalised to the balance sheet.
With losses incurred before interest and tax and given the company’s total borrowings to shareholders’ interest probably running at 90 percent plus, the group is in an unenviable liquidity squeeze. Net interest charges are likely to amount to more than R350m in the first half of the year and with total borrowings of more than R4.5 billion. Yes, their failure to plough back profits over time came back to haunt them.
It seems that my “debt death cross” where total borrowings exceed shareholders’ funds and return on capital employed falling short of lending rates for Massmart is in sight. In my opinion Massmart faces a forced sale of assets and close-down of loss making operations and, unfortunately, retrenching employees. A turnaround strategy will not take place overnight – the company’s financiers will need to be convinced to reschedule the borrowings. Sounds familiar, does it not?
There are some good performers too! Health and wellness retailer Clicks’ market capitalisation is down by less than 2 percent. And for good reason too. The company has virtually no debt, yes, ungeared, while the return on capital employed is nearly double that of the food and clothing retailers’ aggregate return on capital employed (Roce). The outstanding financial performance of the company has been richly rewarded by the market as over the past 9 years the company’s market capitalisation ranged between 10 and 12 times shareholders’ interest. It is currently trading in line with the average ratio of 11.3 times.
There are some opportunities too!
Mr Price’s market capitalisation is down by more than 45 percent since the end of the company’s 2018 financial year-end. Although its total borrowings are rising steadily it is almost negligible with the total borrowings to shareholders’ interest sitting at less than 2 percent. Mr Price’s return on capital employed matches that of Clicks and is also nearly double that of the food and clothing retailers’ aggregate Roce. The company’s market rating is quite volatile though. Currently the company’s market capitalisation is 4.7 times shareholders’ interest and is at the lower end of the range over the past ten years of between a low of 4.7 (2010) and 13 (2015).
The retail sector in general may have reached value levels again. The market capitalisation to recent shareholders’ interest ratios of Spar, Foschini, Pick n Pay, Shoprite, and Truworths are at the lowest levels since 2009. The difference between 10 years ago and now is that the retailers’ borrowings were less than R6bn, but since then increased ten-fold to more than R56bn as the total borrowings to shareholders’ interest grew to 60 percent from 23 percent in 2009. The higher geared retailers are thus more vulnerable to external shocks than those with little or no debt.
The one that stands out like a sore thumb is, yes, you waited for it, Pepkor! Due to the Steinhoff/Tekkie Town saga Pepkor’s market capitalisation is slightly less than the company’s shareholders’ interest – according to Pepkor’s latest available financials. The company’s return on capital employed is still a marginal 9.4 percent – similar or just below lending rates. Pepkor’s total borrowings is about a third of the company’s shareholders’ interest.
The weighted market capitalisation to shareholders’ interest ratio of the clothing retailers is about 3.4 and if the ratio is applied to Pepkor’s shareholders’ interest it amounts to a possible market capitalisation of the group of nearly R190bn. Could come in handy for Steinhoff and its ill-fated shareholders. Another factor that will become increasingly important in the positioning of the retailers is how consumer behaviour will evolve and impact of online transactions on the industry, but I think the industry is planning accordingly.
In my heydays there was a blue chip counter called Wooltru. The company was unbundled into Woolworths and Truworths and both went their own ways. Both made similar mistakes by venturing offshore and are dearly paying the price for their actions.
The down draft of the domestic and global economic tornadoes are likely to cause serious headwinds to persist in the retail industry and may drive retail stocks further down.
At the time of writing the author held no direct financial interest in any of the shares mentioned in the article.
Ryk de Klerk is an analyst-at-large. Contact firstname.lastname@example.org. His views expressed above are his own. You should consult your broker and/or investment adviser for advice.
The Gauteng Enterprise Propeller (GEP) has written off R38 million it loaned to small businesses due to non-repayment challenges.
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British Prime Minister Boris Johnson on Sunday said he and President Donald Trump were “gung-ho” about a post-Brexit trade deal but cautioned the United States would be tough negotiators and that he would not rush talks.
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BARCELONA – An Antoine Griezmann double allowed Barcelona to return to winning ways with an emphatic 5-2 La Liga win over Real Betis on Sunday.
After the champions were surprisingly beaten 1-0 by Athletic Bilbao in their opening match of the season last week, they rebounded in style on Sunday as strikes from Carles Perez, Jordi Alba and Arturo Vidal completed a memorable day for the Catalans as they marked defender Gerard Pique’s 500th appearance for the club.
Barca, who were without injured forward Lionel Messi, started on the back foot and fell behind when Nabil Fekir netted with a sublime angled strike in the 15th minute.
Griezmann, who joined Barca last month from rivals Atletico Madrid, scored four minutes before halftime to level the scores.
The French World Cup winner’s maiden goal for the club proved to be the catalyst that the Spanish champions needed as they went on to score four more unanswered goals in 27 second-half minutes.
Griezmann curled in from the edge of the box five minutes after the restart, while Perez made it 3-1 after 56 minutes before Alba struck on the hour from close range.
Substitute Vidal then finished off a wonderful team move 13 minutes from the end, before Loren netted a stunning consolation strike from 25 metres for the visitors following an errant pass from Griezmann two minute later.
Coach Ernesto Valverde was able to bring on academy player Ansu Fati, who at 16 years and 298 days is the second-youngest player in Barcelona’s history, late on.
The Catalans have three points from two La Liga games, while Real Betis have lost both of them games this season.
LEEDS – England captain Joe Root praised “freak” Ben Stokes for one of the greatest of all match-winning test innings and believes the all-rounder’s epic has helped instil fresh belief in his side that they can now go on to regain the Ashes.
Stokes plundered eight sixes in his astounding innings that fashioned a wholly unlikely one-wicket win for England, bringing the five-match series level at one-all, with everything to play for in the final two tests.
Stokes produced all manner of gloriously improbable shots, from a reverse sweep for six to a flick over wicketkeeper Tim Paine’s head for another maximum, with Root struggling to comprehend just how he had worked his wonders.
“It was ridiculous, wasn’t it?” Root said, with a smile. “Ben Stokes is a freak, he’s incredible.
“After Stokes got to 60, 70 he looked like he wasn’t going to get out. To win a game on your own from there is just amazing. He does have recent experience of doing it. Just incredible to watch unfold.
“He’s the ultimate team man, will do everything for every single player – that’s why he’s a brilliant vice-captain. He drags people with him, so much respect in the dressing room. He stood up, that’s exactly what you want from your leaders.”
Having bowled England out for 67 in their first innings – their 12th lowest test innings total ever – Australia looked sure to take a 2-0 lead in the series which would have ensured they retained the Ashes.
“The win gives us a huge amount of belief in this series,” Root added. “We always feel we should never give up. It is important to have faith and belief in each other.
“Hopefully now we can ride that into Old Trafford (the venue for the next test), and play like the second innings and not the first.
“It was an incredible game of cricket, an incredible atmosphere and test cricket is alive and kicking. This Ashes is alive and kicking.”
Nissan Motor Co’s premium brand Infiniti said it has named Taisuke Nakamura as its new design chief, replacing Karim Habib who resigned from the post.
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Tottenham Hotspur fell to a surprise 1-0 defeat at home to Newcastle United in the Premier League on Sunday with Brazilian Joelinton grabbing the winner.
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Algeria’s culture minister has resigned, following the deaths of five young music fans in a stampede at a packed concert by a popular rapper.
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