Table of contents for 2024-10-21 in Cape Times

SOUTH Africa’s government said on Friday that it had asked Taiwan to relocate its de facto embassy out of the capital Pretoria, while Taiwan accused it of bowing to pressure from China. South Africa rejected this characterisation and said the move was standard diplomatic practice, given that it severed political and diplomatic ties with Taiwan in 1997. The Taipei Liaison Office in Pretoria will be rebranded as a trade office and moved to commercial capital Johannesburg, said South Africa’s Department of International Relations and Co-operation. “Relocating what will be rebranded as trade offices both in Taipei and in Johannesburg … will be a true reflection of the non-political and non-diplomatic nature of the relationship between the Republic of South Africa and Taiwan,” it said in a statement, adding it had…

Scatec is set to begin construction on the Mogobe battery energy storage system near Kathu Norwegian renewable energy group Scatec ASA has reached financial close on a groundbreaking R3 billion battery energy storage project in South Africa’s Northern Cape. The 103MW/412MWh facility, the first of its kind in the country, marks a milestone in South Africa’s renewable energy transition and grid stabilisation efforts, the company said on Friday. Scatec is set to begin construction on the Mogobe battery energy storage system (Bess) facility near Kathu in the Northern Cape. The project, awarded under the first bid window of the Battery Energy Storage Independent Power Producer Procurement Programme, represents a major step forward in South Africa’s energy infrastructure development. The Mogobe project has secured a 15-year power purchase agreement with the…

Why are Botswana and Namibia banning South African citrus and vegetables and why is South Africa upset by their behaviour? Answering these two questions gets us closer to understanding why protectionist policies create net economic harms, even when they appear benign. Agricultural economists Thabile Nkunjana and Sifiso Ntombela explain, [t]hese bans [of citrus and vegetables in Botswana] go against the principles of a customs union and affect the regional value chain, in which farmers and agribusinesses in South Africa have invested heavily to ensure there is sufficient supply of food in the Sacu (Southern African Customs Union) market. “Restricting trade could erode competitiveness and result in consumers in these Sacu countries paying much higher for [produce]. All Sacu countries must ensure they retain open trade practices, and the current bans…

THE trouble with retirement, especially when you had all the administrative facilities around you, is that you still act and behave as though you possess the limbs that arranged your schedule, especially reminding you constantly about the next engagement. Google Calendar goes a long way in that respect, for those who set appointments with you. But Google Calendar does not stop you from continuing to greet and talk, especially when your phone is on silent. More importantly, Google Calendar will not remind you of what was not registered in your calendar. The national dialogue has begun. If you do not believe it, my schedule last week was all about the undesirable current state of South Africa and what to do about it to pave the way for a different and…

President Cyril Ramaphosa said that the public’s faith in government can be restored through a new generation of incorruptible public servants. Ramaphosa made the comments while delivering the eulogy at former finance minister Tito Mboweni’s funeral in Limpopo on Saturday. Mboweni died earlier this month after a short illness. Ramaphosa said the former Reserve Bank governor did not live an exuberant lifestyle and this made him the perfect candidate to handle the public purse. “For Tito, when you hold public office, perceptions matter. With him at the helm, the National Treasury set itself on a collaborative course with the rest of government to restore policy and regulatory certainty.” He said Mboweni would be remembered as an economic policymaker with an enduring legacy. “As governor he could relate to people from…

A NEW duck rehoming initiative launched in Cape Town is aimed at restoring the ecological balance of local urban stormwater ponds. UrbanWild Conservation’s Duck Rehoming Project was launched earlier this month with the rescue, rehabilitation and ethical rehoming of abandoned Muscovy ducks from Peperboom Park in Vredekloof, Brackenfell. According to Ilana Engelbrecht of UrbanWild Conservation, formerly known as West Coast Bird Rescue, overpopulation of domestic ducks has become a recurring issue across stormwater ponds in the region. “Peperboom Park in Vredekloof is no exception, where the duck population has exceeded approximately 60 birds,” Engelbrecht said. She explained that the stormwater pond was drying up in Peperboom Park, which left the Muscovy ducks without access to clean water. These birds are killed in the streets or die from starvation, Engelbrecht said.…

Curtis Jones struck Liverpool's winner in a 2-1 victory over Chelsea at Anfield to keep Arne Slot's side top of the Premier League table yesterday. Mohamed Salah's 29th-minute penalty put the hosts in front against the run of play, but Chelsea levelled after the break as Nicolas Jackson was played through to score. However, Chelsea were not level for long as midfielder Jones got on the end of Salah's low cross to beat visiting keeper Robert Sanchez from close range. It was never comfortable for Liverpool against a Chelsea side who had more goal attempts, but they passed their biggest test of the Premier League season so far. Liverpool now boast 21 points from eight games, one more than second-placed Manchester City, who beat Wolverhampton Wanderers 2-1 earlier. Chelsea remained…

Legendary status in sport is usually earned over a long period via consistently high performances. Of course, in South Africa — particularly in soccer — that lofty billing is often dished out willy-nilly, with just about every retired player being called a legend. It is not so in other sports, though, and those referred to as such would have duly earned the status through many years of toiling and achieving great things. Glenrose Xaba could well have changed the status quo with her incredible full marathon debut performance of the ages at the Sanlam Cape Town Marathon yesterday. The Boxer Athletic Club athlete smashed Gerda Steyn’s national record to smithereens as she beat a stellar field teeming with highly decorated East Africans to enter her name into South African road-running…

Fortress Real Estate Investments said on Friday it had acquired an additional 13.9 million NEPI Rockcastle shares for R1.9 billion through its participation in the bookbuild of the owner of 59 shopping centres in central and eastern Europe. NEPI Rockcastle, which is listed on the JSE and in Amsterdam, announced last week that it planned a capital raise of about €300 million (R5.72bn) through an accelerated book-building process. The new NEPI Rockcastle shares to be issued pursuant to the bookbuild were placed at a price of R137.85 per NEPI Rockcastle share. JSE-listed Fortress said it would buy the additional shares to maintain at least its current shareholding in NEPI Rockcastle. Following the acquisition, Fortress would hold 121.88 million NEPI Rockcastle shares, representing 17.11% of its shares in issue. The acquisition…

As South Africa gears up for the upcoming Medium-Term Budget Policy Statement (MTBPS), the nation’s economic growth prospects and public finances are poised for a more positive outlook, bolstered by stabilising political and energy conditions. Finance Minister Enoch Godongwana will report next week on the government’s efforts to meet revenue targets and navigate mounting debt obligations, a necessary dialogue amid a landscape of renewed business and investor confidence. Godongwana has also said that cost-cutting measures were planned, and a lowering of the planned debt trajectory would be received very positively by financial markets. Citadel’s chief economist Maarten Ackerman said on Friday that the MTBPS will bring some welcome good news about economic growth thanks to improved political and energy stability. However, Ackerman warned that overspending on the public sector wage…

Africa depends on South Africa getting it right and being proactive in its development mandate. This week I had the pleasure of visiting Nairobi, Kenya, to represent South African media at the Accelerated Partnership for Renewables in Africa (Apra) forum thanks to the International Renewable Energy Agency. The moment one steps onto a plane flying to another country, the one thing that becomes invaluable is the fresh perspective you get out of travelling. Also reporting on the event were journalists representing other countries in Africa. Not only did I get to hear about other African countries’ energy journey at the energy forum, but the African journalists shared their perceptions and hopes for South Africa as well as problems in their own countries. With these dual insights it made me happy…

British American Tobacco (BAT) said Friday a court-appointed Mediator and Monitor’s compromise arrangement, which had been filed in the Ontario Superior Court of Justice, had marked an important step towards a potential settlement. In March 2019 Imperial Tobacco Canada (ITCAN), a subsidiary of BAT, obtained creditor protection under the Canadian Companies’ Creditors Arrangement Act (CCAA). Under a confidential court supervised mediation process ITCAN has been negotiating a possible settlement of all of its outstanding tobacco litigation in Canada, while continuing to run ITCAN’s business in the normal course. “This has been a complex, confidential mediation and, like our Canadian colleagues, we are hopeful of a quick conclusion to this process and securing a Canadian settlement for the benefit of all stakeholders,” a BAT spokesperson said. The claims primarily stem from…

The Proteas Women’s team dream of winning a first ICC T20 World Cup was left in tatters last night at the Dubai International Stadium. New Zealand’s White Ferns totally outclassed Laura Wolvaardt’s team by 32 runs to be crowned T20 World Cup champions for the first time. To compound the agony for the Proteas Women’s team, it was their second successive defeat in a T20 World Cup final after also losing to Australia in Cape Town less than 18 months ago. It left senior players such as Marizanne Kapp overwhelmed with emotion as the tears flowed freely after the final. New Zealand had set the Proteas a record target of 158-5 in a T20 World Cup final, but unfortunately their challenge fell away. Wolvaardt had started the chase in…

A Cape Town charity’s annual fund-raising campaign is going global with an invitation to South Africa and the rest of the world to take up its new challenge. For the past six years, The Little Optimist Trust has held a yearly boat sailing competition to raise funds for its various development projects. These include regular sailing therapy days and renovation projects at under-resourced children’s homes, schools and hospitals. But in a change to the traditional format, the charity is now expanding its fund-raising mission with the launch of The Great Optimist Challenge. The charity is inviting anyone, living anywhere, to take on a charity challenge of their choice between October 15 and December 31, 2024. Not only can participants raise money for The Little Optimist Trust, they can also include…

The Stormers are grappling with fitness concerns surrounding Damian Willemse and Warrick Gelant, as they gear up for a pivotal United Rugby Championship (URC) encounter against the Glasgow Warriors this Saturday in Stellenbosch. The upcoming clash follows their impressive victory over Munster, where the team broke a long-standing winless streak against the Irish side with a 34-19 triumph in front of almost 30 000 enthusiastic supporters. The win was a much-needed boost for the Stormers, propelling them up to 12th place on the URC points table, a significant improvement from their previous last position in 18th. However, more challenges lie ahead as they prepare to face the formidable defending champions from Scotland. Another win will secure a positive record of three wins in their first five games before the November…

“To be brutally honest, it was really disappointing that we kept our worst performance for the final.” That was Proteas’ women’s captain Laura Wolvaardt’s frank assessment of their 32-run defeat to New Zealand in last night’s ICC T20 World Cup final in Dubai. This was no choke. No meltdown. Just an old-fashioned defeat to a team that was better under in every aspect. And therein lies the disappointment for the Proteas, who had been so good against in their semi-final victory over six-time champions Australia. Each player will know that they did not best put their best foot forward on the night. Perhaps after playing in front of empty stadia for the majority of the tournament, the near sell-out crowd of 25 000 that came out to support the final…

In a significant development for the investment industry, the 29th annual Raging Bull Awards, which is set to take place on January 27 next year in Cape Town, will recognise outstanding performance across the South African collective investment universe, from actively managed unit trust funds to index-tracking exchange-traded funds (ETFs). Dubbed the Oscars of the investment world, this prestigious event will unfold at the Cape Town International Convention Centre, with the evening being hosted by Independent Media’s Personal Finance team. The awards have traditionally celebrated extraordinary performance by actively managed unit trust funds, providing a platform for fund managers to showcase their skills in selecting robust investments while prioritising risk aversion and consistency. However, as passive funds have grown in popularity, this section of the market cannot be ignored any…

Gold: The last safe haven Harmony Gold experienced a notable 16% increase this week, mirroring the broader surge in gold prices. This rally is primarily driven by ongoing gold purchases from central banks in emerging markets, combined with heightened volatility in interest rates. While recent US economic data has shown strength, weaker indicators from Europe and the UK, along with Chinese stimulus efforts, have sparked expectations of further rate cuts, boosting demand for gold. The Bank of America has even referred to gold as the “last safe haven,” positioning it as a strategic investment in the face of the U.S.’s growing debt concerns. This optimistic outlook is reflected in gold stocks. Harmony Gold was the standout performer, but Gold Fields also rose by 14%, and AngloGold saw an 11% gain,…

South African financial markets recovered last week after a volatile and uncertain previous week due to the Middle East crisis and worries on the Chinese economy. The Brent oil price came down again by more than $8 per barrel to $72.85 (R1282) per barrel on Friday evening. Gold as a haven for investors is shining as the gold price reached $2 700 per ounce for the first time on Friday and traded at the market close on $2 716 per ounce. Platinum once again trades above the $ 1000 per ounce level. These turnarounds in market sentiment contributed to the Rand moving stronger on Friday, after it reached its weakest level in more than a month on R17.76 to the dollar on Thursday. The currency ended the week stronger at…

Sibanye-Stillwater CEO Neal Froneman announced on Friday that an outbreak of bushfires has disrupted operations at the Century zinc mine in Queensland, Australia. This setback follows a successful recovery from heavy rains earlier this year, further highlighting the volatile nature of mining operations in the face of extreme weather. Zinc is extensively used in the auto and construction sectors and Sibanye-Stillwater produced 76 000 tons of the commodity last year while its Century mine has 1.7 million pounds in zinc reserves. Production at the mine has now been disrupted again after the bushfire outbreak. According to the company, the fire caused extensive loss of surface piping infrastructure, including the feed and water lines that connect the hydro mine to the processing plant and other key service lines. Nonetheless, the Sibanye-Stillwater…

The aviation industry in southern Africa finds itself at a critical juncture, with rising fuel costs identified as a significant barrier to progress. Speaking at the Airlines Association of Southern Africa (AASA) conference in the Western Cape last week, South African Airways (SAA) chairperson John Lamola made an urgent appeal for the government to tackle the challenges associated with aviation fuel sourcing, asserting that it was the largest single cost component for airlines. Lamola contended that any further price spikes could stifle the nascent economic recovery in the region, which is just beginning to regain its footing post-Covid-19. His remarks come after the South African Revenue Service (SARS) last week granted fuel importers a special one-year permission to import kerosene fuel, following an engagement with industry to avert fuel shortages…

Three people are expected to appear at the Stellenbosch Magistrate’s Court today in connection with the murder of Stellenbosch student Jesse Mitchell. Their co-accused, Rudolf Hufke, 19, appeared in court on Friday. The four are accused of murdering first-year student Mitchell in the early hours of Wednesday last week. Police spokesperson Malcolm Pojie said Mitchell was allegedly robbed and stabbed to death. “Initial reports suggest that the first-year student was robbed and stabbed on October 16 at about 3am. The victim was riding his bicycle down Borcherd Street, Stellenbosch when he was accosted, stabbed in the neck and robbed of his personal belongings. He succumbed due to a fatal stab wound to the neck. “Intricate investigation by Stellenbosch detectives in collaboration with Crime Intelligence led to the arrest of a…

Cape Town City coach Eric Tinkler used the recent international break to good effect and reaped the benefits in their 3-0 victory over Royal AM in Saturday evening's Carling Knockout clash at Athlone Stadium. After three matches last month, the Premiership came to a screeching halt for two weeks to allow players to participate in the Africa Cup of Nations qualifiers. City did not have many national team call-ups, apart from two Namibians — Prince Tjiueza and Aprocius Petrus. Tinkler revealed he utilised the break to work on various facets of the game and was pleased that the team showed improvement on Saturday. “We had the international break, and that can kill the momentum a little bit because once you start, you look to build on performances going forward,” said…