Latest news with #R74
The Citizen
3 days ago
- Business
- The Citizen
PIC stuffs more funds into Daybreak Foods, after chicken catastrophe
NSPCA and business rescue professionals are working together to achieve what those responsible – and being paid – failed to do. It took a public outcry and the killing of thousands of starving chickens to get people to act against years of poor management at Daybreak Foods, the large poultry producer owned by the Public Investment Corporation (PIC). Complaints to the National Council of SPCAs (NSPCA) about starving chickens eating each other alive finally prompted intervention in April. The NSPCA said in a statement that it has laid criminal charges against the then directors of Daybreak Foods following the 'large-scale animal welfare disaster that has captured global attention'. 'In this catastrophic failure, that has sent shock waves throughout the world, more than one million birds were subjected to extreme neglect, resulting in widespread suffering and death. 'Following extensive on-site investigations, the NSPCA uncovered overwhelming evidence of gross negligence, systemic mismanagement, and a complete abdication of responsibility by Daybreak's leadership. These failures were not only inhumane but criminal in nature, prompting the NSPCA to take legal action. 'We will now work closely with the South African Police Service and the National Prosecuting Authority to pursue justice on behalf of the animals that suffered,' says the NSPCA. ALSO READ: Business rescue for stricken chicken producer Daybreak Foods Business rescue Since the recent problems came to light in May 2025, the PIC has appointed a new board of directors and pledged more than R200 million in additional funding. It said that it was 'deeply disturbed' by reports of culling and cannibalism among the poultry stock at Daybreak Foods' farming operations. Despite being the sole owner of Daybreak Foods, the PIC quickly distanced itself from responsibility. 'The board and management of Daybreak are responsible and accountable for the operations and finances of the company,' it said, adding that it would nevertheless continue to support Daybreak and has provided capital allocations to ensure the company's liquidity. Daybreak Foods was placed into business rescue on 20 May. The PIC has expressed its support for the business rescue process. 'The PIC is of the firm belief that the company can be rescued – and must – be rescued, and that business rescue is the best path to preserve the company's value and potential, saving approximately 3 000 jobs, and importantly, realise returns for clients and their beneficiaries on their investment. 'The PIC has already undertaken several measures to contribute towards stabilising Daybreak Foods, which includes the injection of R74 million in working capital, that is intended to address the company's immediate liquidity needs,' it said. Tebogo Maoto, senior business rescue practitioner (BRP) for Daybreak Foods, said in response to questions that the BRP welcomes the PIC's funding support, which will provide the much-needed liquidity to implement the emergency phase of company's business rescue proceedings. 'The PIC funding will be utilised for making payments for critical operational costs, including salaries whilst the business rescue plan is being developed (to be published on 22 August 2025). 'The BRP will continue to engage with the funders and shareholder to address the additional liquidity support needed for the emergency phase of the business rescue process, and to seek a strategic equity partner. 'The BRP has taken full management control of the company and is working closely with current management in the interest of all stakeholders. The PIC, as a shareholder and lender, is not involved in the company's operations. 'The BRP engages the PIC on a regular basis, providing updates on the status of the company's business rescue proceedings,' says Maoto. He says that only the hatchery and breeder operations are currently being run at Daybreak Foods, and that the proposed business rescue plan will deal with the manner in which the company's other operations will be reactivated in order for it to reach break-even and turn a profit. 'The BRP cannot comment on the PIC's future plans, save to state that it remains committed to rescuing the company,' says Maoto. ALSO READ: SPCA lays charges against Daybreak Farms' bosses NSPCA The NSPCA said it is currently closely involved with many aspects of Daybreak's chicken farms and continues to monitor the situation carefully. 'The NSPCA remains actively involved. We receive weekly reports from Daybreak Foods, which include delivery notes for feed, mortality figures, and other key welfare indicators. We verify this information through physical inspections. 'We conduct on-site inspections, with additional assistance from the local SPCAs with jurisdiction over the relevant sites, to assist with ongoing oversight. 'At present, there are no immediate welfare concerns. Operations have scaled down significantly, with only the two breeder sites in Limpopo still active. While rearing has not resumed, the limited scope of operations makes oversight more manageable at this stage,' according to a spokesman for the NSPCA. Asked if the NSPCA has insight into the purchase of food for the chickens, he says that the weekly reports provide oversight. 'However, we are aware that Daybreak is currently under significant financial strain and has a long list of creditors. While feed has been provided consistently thus far, we are unable to confirm how long this can be sustained.' Daybreak Foods currently keeps approximately 220 000 breeder birds in two farms in Limpopo, but has submitted a formal request to the NSPCA to resume breeder operations by introducing additional breeder stock. 'We are scheduled to meet with them to discuss this proposal and assess the potential welfare implications,' he added. That the NSPCA should agree to a private company expanding operation is, in this case, necessary – the pictures of neglected chickens prove this. ALSO READ: Chicken farm funded by PIC fails to reverse court order against inhumane practices Corporate spin This reality is far removed from the corporate image portrayed by Daybreak Foods. Its website speaks of 'dedication and a commitment to excellence' and describes Daybreak Foods as a prominent player in the poultry industry. 'Our journey has been marked by continuous innovation, sustainability efforts, and a focus on delivering the best to our customers. Today, Daybreak Foods stands as a testament to hard work, resilience, and a relentless pursuit of quality, proudly serving communities with products they can trust. Daybreak Foods is currently a level 8 B-BBEE contributor, and we strive to improve our score through a range of initiatives. 'Daybreak Foods is one of the largest integrated poultry producers in SA. Our core purpose is to maintain a unique position that allows us to reshape how we remain part of 'The Great South African Family' while growing the business portfolio. As we continue to grow, we are embracing our responsibility to drive positive change, solve problems, and make society a little better every day. 'Our values directly link the business activities to our responsibilities towards our stakeholders – including shareholders, management, employees, customers, the environment, society and government,' it says. In reality, it couldn't pay salaries or the monthly fee to access e-mails and related information technology services. Hopefully, the new directors appointed by the PIC will set things right. They seem to have the right credentials, including five agricultural and veterinary specialists – many with secondary business degrees – as well as two accountants from the PIC. The question remains: What is wrong in SA that things must fall apart and become a public embarrassment before efforts are made to fix it? Wouldn't it be easier to get things right the first time? This article was republished from Moneyweb. Read the original here.
TimesLIVE
4 days ago
- Automotive
- TimesLIVE
Porsche SE cuts outlook, plans bigger push into defence
Holding company Porsche SE, Volkswagen's largest shareholder, cut its full-year profit forecast on Wednesday, weighed down by the German carmaker's weak first-half performance, while reiterating its plans to invest in the defence sector. Why it's important US tariffs have dealt a heavy blow to global carmakers, forcing them to book billions of dollars in losses, issue profit warnings, slash forecasts and raise prices. Though the EU has reached a trade deal that brought US tariffs on EU-made cars down to 15% from the previously imposed 25%, some analysts remain cautious as the duty is far higher than the 2.5% rate before US President Donald Trump launched his trade offensive. German car and car parts makers are meanwhile exploring the defence sector as a potential growth avenue, as Europe ramps up military spending. Key quotes 'Against the backdrop of a changing geopolitical situation and growing security policy requirements, Porsche SE sees considerable development potential in the defence and security sector and intends to capitalise on this,' the company said in a statement. 'With regard to portfolio investments, our aim is to increase our involvement in the defence and defence-related sectors while maintaining our core focus on mobility and industrial technology,' chairperson Hans Dieter Poetsch said. By the numbers Porsche SE expects the adjusted group result after tax to land between €1.6bn (R32,860,000,000) and €3.6bn (R74,005,200,000) in 2025, compared with €2.4bn (R49,349,280,000) to €4.4bn (R90,469,676,000) anticipated earlier. It reported an adjusted net profit of €1.1bn (R22,617,419,000) for the first half of the year, down by nearly a half from last year's €2.1bn (R43,178,709,000). Context Porsche SE, controlled by the Porsche and Piech families, is highly exposed to Volkswagen's performance through its nearly 32% stake, which influences its valuation, earnings and financial guidance. It also owns 12.5% of luxury carmaker Porsche AG, with much of the rest held by the Volkswagen Group. For full-year 2024, Porsche SE had disclosed impairments of €19.9bn (R409,169,671,000) on VW and €3.4bn (R69,899,240,000) on Porsche AG.
Daily Maverick
27-06-2025
- Daily Maverick
Crime Intelligence in the dock: Corruption-accused Dumisani Khumalo and cop colleagues apply for bail
South Africa's Crime Intelligence boss Dumisani Khumalo and several other colleagues have appeared where they are meant to be putting suspects — in a courtroom dock. They face corruption and fraud charges. Crime Intelligence boss Dumisani Khumalo and six colleagues have appeared in the magistrate's court in Pretoria where they applied for bail. The police officers made their first appearance in the court on Friday, 27 June 2025. It is believed the charges the group of police officers face relate to allegedly unlawful senior appointments. Other investigations and witness safety Those reportedly in the dock with Khumalo and Lushaba, Gauteng Crime Intelligence head Josias Lekalakala were Gauteng Crime Intelligence analysis centre head Nozipho Madondo, police vetting office officials Sydney Gabela and Phindile Ncube, and technical support system manager Dineo Mokwele. Mokwele's appointment is believed to form part of the case against the group. Wearing a light greyish lavender beanie, she appeared sad and nervous as she sat in the dock. During Friday's proceedings, aired live on various media platforms, it was heard that the State would not oppose the officers' release on bail. Reasons for that included that all their addresses and employment had been confirmed and they were not viewed as flight risks. Investigations in the matter had also been finalised, however other investigations involving some of those in the dock are ongoing. Issues were discussed including the safety of witnesses in the case, given how high profile some of the accused were and the intelligence environment they worked in. 'Not guilty' and income questions During the proceedings Khumalo was sombre, cracking a slight smile when the magistrate made a funny reference relating to handing in a document. A legal representative said Khumalo planned to plead not guilty, denied the allegations against him and would disclose his defence at the trial. While standing, Khumalo confidently confirmed what had been read out. It was heard he proposed his release on bail of R1,000, but the magistrate wanted to know what his net salary was, the type of car he drove, and how much his house was worth. The magistrate said bail was not what one had in their pocket, but more about what they earned. It was heard Khumalo's net salary was R74,000. [LIVE NOW 🔴] Police Crime Intelligence head, Dumisani Khumalo, is appearing in the Pretoria Magistrate's Court following his arrest at OR Tambo international Airport. Khumalo is one of seven senior police members in court, in connection with corruption. Tune in to #eNCA #DStv403 — eNCA (@eNCA) June 27, 2025 Lawyers for the other accused also read out basic statements on their behalf, including that they would not destroy evidence. Mokwekwe's legal representative said she had been arrested on charges of fraud, corruption and misrepresentation, and (like her colleagues in the dock) could afford R1,000 bail. It emerged that the previous day, Thursday, 26 June 2025, that the Investigating Directorate Against Corruption (Idac) had arrested Khumalo and his several colleagues. The arrests mark a serious crackdown on Crime Intelligence, the South African Police Service (SAPS) division meant to be contributing to preventing and combating lawbreaking. 'Eradicating rogue cops' While Friday's court appearance marked the first time Khumalo had been in the dock, it was not the first time that Lushaba had been in that position. About two weeks ago he handed himself over to the Investigating Directorate Against Corruption over charges relating to a cover-up. (During Friday's court proceedings it was heard he had a pending case of corruption against him.) On Thursday, hours after it had emerged that Khumalo and colleagues had been detained, Parliament's police committee chairperson Ian Cameron released a statement. He said: 'The arrests should be welcomed in the context of completely eradicating rogue and criminal police officers within the service. 'The SAPS is meant to protect the people against crime. It is unacceptable to have officers called to service undermine this duty for their selfish and corrupt activities.' Repeated corruption accusations Daily Maverick has reported extensively on other controversies relating to Crime Intelligence. The arena has been rocked by persistent accusations of criminality and infighting. Khumalo became the head of Crime Intelligence in December 2022. At the time, the SAPS issued a statement saying he had 'joined the service in 1991 as a student constable' and had 'vast experience'. When National Police Commissioner Fannie Masemola announced Khumalo's appointment, he said there was a perception that 'the whole of Crime Intelligence is corrupt'. But Masemola had said this was inaccurate because there were decent officers in the unit. He had added that Khumalo, in his role as Crime Intelligence boss, would be supported, and that he was 'looking forward for (Khumalo) to rejuvenate that environment'. Khumalo and five of his colleagues were granted R10,000 bail each. The remaining accused, Crime Intelligence's chief financial officer Philani Lushaba, who has another pending case, was not granted bail on a technicality. The case was postponed to 13 August. DM
IOL News
19-06-2025
- Business
- IOL News
South Africa's small business revolution: over 200 000 entrepreneurs boost growth by R500m
With over 200 000 entrepreneurs harnessing digital tools, these businesses have collectively processed an astounding 173 million transactions, equating to a remarkable growth exceeding R500 million in just one year. Image: Supplied. In a remarkable testament to resilience and innovation, South Africa's small business sector is undergoing a transformative boom, as highlighted in Yoco's latest 2025 Exchange report. With over 200 000 entrepreneurs harnessing digital tools, these businesses have collectively processed an astounding 173 million transactions, equating to a remarkable growth exceeding R500 million in just one year. This surge underlines the crucial role of small businesses in the economy. Yoco's CEO, Katlego Maphai said, 'Small businesses are the heartbeat of our economy. What we're seeing in our data isn't just resilience, it's a transformation of how entrepreneurs operate, compete, and win.' Retail leads the way The report revealed that retail merchants, who have adapted to the changing landscape by leveraging Yoco's digital solutions, reported an impressive R74 million in revenue growth. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Gauteng is depicted as a leading region in this digital shift, boasting a 22% increase in merchants and 20% larger average basket sizes compared to the Western Cape. Notably, online sales via Yoco Gateway in Gauteng outperform those in the Western Cape by 35%, and surpass Mpumalanga by an astounding 82%. Food and beverage sector excels However, it is the Food and Beverage sector where the Western Cape shines, producing an impressive 24% more revenue than Gauteng despite having 31% fewer merchants in the area. Targeted marketing strategies, particularly weekend brunch promotions, have driven over 20% of revenue in Cape Town alone, with Fridays and Saturdays recorded to yield a 14% sales increase compared to weekdays. Beauty boom in December The Hair and Beauty sector, particularly vigorous in Johannesburg, is a standout contributor to the small business boom, with an annual revenue generation exceeding R324 million. December proves to be a critical month for this sector, witnessing a 28% increase in revenue nationwide. Furthermore, digital channels have become pivotal, with 43% of beauty product purchases now conducted online through Yoco Gateway. Digital adoption as a catalyst for growth The undeniable impact of digital tools becomes pronounced, especially in the wake of the Covid-19 pandemic, which forced many businesses to adopt digital solutions for survival. Merchants utilising Yoco's Point of Sale systems reported a 32% increase in revenue, while those in the Food and Beverage sector saw an even more substantial growth of 41%. This shift towards digital is not merely a trend; it's emerging as an essential approach to thrive in the contemporary market environment. Three pillars of small business success According to Maphai, Yoco's data highlights three fundamental pillars for success in 2025: Timing Mastery, involving an understanding of peak trading periods; a Digital First Approach, where digital capabilities become essential rather than optional; and Smart Capital Deployment, which accelerates growth through strategic financing. A ripple effect of prosperity 'These 173 million transactions represent more than commerce; they signify job creation, community building, and grassroots economic resilience,' Maphai aded. The benefits of this entrepreneurial boom extend beyond individual businesses; they enhance regional economic diversification, nurture thousands of families, and drive a necessary digital transformation.
The South African
09-06-2025
- Sport
- The South African
What rivalry? Orlando Pirates gift Kaizer Chiefs two stars!
Orlando Pirates have decided to release Paseka Mako and Thabiso Monyane after several years of service. The former has, according to SABC Sport, entered the final stages with Kaizer Chiefs, while Monyane is another player said to have been offered to Nasreddine Nabi. Jose Riverio's departure has yet to be resolved as Orlando Pirates continue to vet candidates, including former Mamelodi Sundowns managers Pisto Mosimane and Rulani Mokwena, who are both being simultaneously monitored by Egyptian giants Zamalek FC. Mokwena wants to stay clear of competing against his former mentor for a job, suggesting he be reluctant on the Buccaneers posting as well. 'I didn't hear from them (Zamalek) after I had said I heard that coach Pitso was also in the running for this position,' Mokwena told SuperSport's Africa Soccer show. 'My relationship and my respect for him would not allow me to compete for the same coaching job with coach Pitso.' 'It just wouldn't sit well with me, so I pulled out. I said I would rather they give it to Pitso.' 'Exactly what you are saying, my agent said, 'But this is a big club', and I said my respect for Pitso and what he has done for my career wouldn't allow me to do that.' Meanwhile, Orlando Pirates' chances of signing Fiston Mayele just got harder; the Congolese international is attracting lucrative bids. 'Mayele has received incredible offers, offers exceeding $3 million (R55 million) and reaching $4 million (R74 million) per season. The player is receiving $1 million per season from Pyramids, but he completely refuses to continue,' a source revealed. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
