In this episode of the BizNews Briefing – two days of sham appeals hearings shows Joburg Metro is systematically overvaluing homes to extract unfairly high rates from residents; and Magnus Heystek addresses a claim that high profile figures appearing in deep fake ads should do more to stop the public being scammed. Plus all the key business news of the day…..
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Summarized transcript of the Briefing:
Alec Hogg (00:23.123)
Alec Hogg opens the show, focusing on local news, particularly Johannesburg’s escalating rates and property valuations. The episode also covers topics like deep fake ads and financial market updates.
Johannesburg Property Valuation Hearings
Alec Hogg (00:39.192)
The top story revolves around Johannesburg Metro’s property valuation process. The city has been increasing property values, leading to higher rates and taxes. However, residents argue these valuations are inflated beyond actual market prices. Hogg highlights that despite residents’ appeals over two days, the hearings appear to be dismissive of these objections.
Charles Boles and Rene Kilner, who attended the hearings, share that unlike previous valuation cycles conducted by external evaluators, this time internal evaluators with questionable experience were used. The city seems to ignore residents’ concerns, likely to extract more money amid financial struggles.
Market Updates
Alec Hogg (02:05.646)
The JSE Top 40 index experienced volatility with resources under pressure, while industrials and financials saw slight gains. The Rand weakened against the US dollar, reflecting global currency trends. Hogg notes Bitcoin’s fluctuation around the $91,000 mark.
Major Moves
- Telkom surged 6.5% following a trading update.
- MTN shares fell by over 3% due to disappointing revenue, particularly in Nigeria.
- Sasol hit a new 12-month low, down 3.3%.
- Harmony Gold dropped over 5% following leadership changes, with Peter Steenkamp stepping down as CEO.
Deep Fake Ads
Alec Hogg (06:41.986)
Magnus Heystek addresses a viewer’s complaint regarding deep fake ads featuring prominent figures like Elon Musk, Johann Rupert, and Nicky Oppenheimer. The community member believes these public figures should do more to protect the public, possibly compensating for financial losses incurred by victims. Heystek, however, emphasizes the principle of “caveat emptor” (buyer beware).
Political and Corporate Insights
Alec Hogg (22:43.884)
A by-election in Polokwane saw the Democratic Alliance (DA) winning with an increased majority of 69%, up from 49%, while the EFF did not field candidates, likely due to internal challenges.
Telkom’s Defined Benefit Fund
Telkom’s strong performance on the JSE is partly attributed to better-than-expected earnings. Notably, the company contributed R450 million to its defined benefit retirement fund to manage future liabilities.
Popcru Interview
Chris Steyn interviewed the head of Popcru (the union representing police and prison officials) to gauge the progress of Freedom Front Plus leader Pieter Groenewald, now overseeing the prison ministry.
Upcoming Premiere
Alec Hogg (27:58.886)
This evening’s premier is an interview with Stafford Masie, a deep dive into Bitcoin aimed at those unfamiliar or skeptical about the digital currency.
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