Inhoudsopgave van 2025-03-03 - Cape Times

Barloworld, a JSE-listed industrial giant, finds itself at the centre of a governance storm as the Public Investment Corporation (PIC), its second-largest shareholder with a 21.97% stake, on Friday publicly opposed a proposed takeover. The PIC announced it voted against the offer of R123.10 per share, citing concerns over corporate governance. “The PIC is concerned with corporate governance standards at Barloworld and the steps its board followed in considering the transaction in question,” the statement read, adding that it understands the strategic direction that OEM Caterpillar has taken to increasingly place the running of their dealerships into private hands. It also opposed the re-election of certain board members at the company’s annual general meeting the previous Friday. PIC said in a statement that it does not, in the ordinary course…

Efforts to tarnish the appointment of Professor John Lamola as the CEO of South African Airways (SAA) have sparked significant debate, with critics arguing that such attempts are not only unwarranted but also serve to undermine what is being described as black excellence. These concerns arise amidst allegations of political interference involving Deputy President Paul Mashatile and Minister of Transport Barbara Creecy, which some claim could detrimentally affect the airline’s leadership and its ongoing turnaround efforts. The Democratic Alliance (DA) recently threatened legal action by seeking to involve the Public Protector in the appointment, alleging undue political influence in Lamola’s rise to the executive role. Observers have pointed out that this approach risks destabilising a management team navigating a challenging landscape since SAA emerged from business rescue to achieve newfound…

Here are the facts about South Africa’s Budget: For the past 15 years or so, the government has consistently spent more than it has collected in taxes, creating what is becoming an unsustainable level of debt. There is no per capita growth (population is growing faster than gross domestic product (GDP). In the short term, taxes have to be raised. Anything else will take too long to make an immediate difference, although all the growth stuff should happen too. Let’s stop messing about and temporarily increase VAT to 17%. Serious. VAT is a very efficient tax collector and if the VAT exemptions are significant enough, which I think they are in the proposed budget that none of us have seen, then I don’t think the most vulnerable will be hit…

An instance of sewerage extending over a prolonged period in my suburb reminded me of a survey I conducted in the present-day Bojanala District of the North West Province. During my tenure in the homeland of Bophuthatswana, I diverged from the Bureau of Statistics (BopStats) and worked at what was then the Agricultural Corporation (Agricor) for two years before returning to BopStats. I had the privilege of taking a break from counting populations as the head of BopStats to engage society in their production of food and the logic of food systems across the island-like country. This was not a phenomenon new to me, for in rural Lesotho, where I was born, bred, and taught, food systems and food security were central to our village life. In that regard, I…

AECI, the JSE-listed chemicals manufacturer, on Friday announced a new R522 million Broad-Based Black Economic Empowerment (B-BBEE) transaction to strengthen the ownership credentials of its mining subsidiary, AECI Mining Limited. AECI shares rose 1.69% to close at R95 on the JSE that day. The B-BBEE transaction, a broad-based ownership scheme, involves the AECI Foundation subscribing for 73 586 835 B ordinary shares in AECI Mining at R7.10 each, totaling R522m. This gives the Foundation a 15.5% effective interest in AECI Mining, boosting its B-BBEE status to 51% black ownership as per the Codes and the 51% Historically Disadvantaged Persons ownership under the Mining Charter. The Foundation, a Public Benefit Organisation focused on community development, will finance the deal with R182.7m in cash (35%) and R339.3m in notional vendor financing (65%)…

There’s more to generational differences than just music, fashion or financial perspectives as alcohol consumption also varies widely across generations. From Baby Boomers to Generation Z, drinking habits have evolved significantly, reflecting shifts in lifestyle, societal values and even the influence of social media. Here’s a closer look at how alcohol consumption differs among the generations and what these changes mean. Baby boomers: A generation of heavy drinkers Baby boomers, born between 1946 and 1964, are known for their high rates of alcohol consumption. While younger generations are cutting back, research shows boomers have experienced the most dramatic increase in harmful alcohol abuse. Why the rise in heavy drinking? Experts suggest that many boomers use alcohol as a coping mechanism for stress, loneliness and ageing-related challenges. Unlike younger generations, who…

The inaugural graduation ceremony of the DLO Skills Initiative Solar Panel Cleaning Program took place recently at the De Aar Town Hall in the Northern Cape, marking a significant milestone in the empowerment of local youth. Over the past three months, the programme has trained 100 unemployed young people in De Aar, equipping them with essential skills in solar panel cleaning and maintenance. Designed to provide opportunities for disadvantaged community members, the training included practical sessions, workplace integration, and post-training support to facilitate successful career transitions in the renewable energy sector. In partnership with Longyuan Power Group, DLO Energy Resource Group launched the initiative to bridge the skills gap and create employment pathways in the growing green energy industry. “China Longyuan has been an exceptional partner in funding this project,…

THE DA-led provincial government has blamed affordable housing activists for spending more than R6.5 million from the public purse on litigation concerning the availability of the Tafelberg site in Sea Point for poor black and working class people. It has also emerged that the provincial government intends spending R300 000 more on yet another feasibility study to assess the site for social-services delivery and to update previous affordable housing studies. The protracted litigation emanates from the sale of the prime property to a private buyer, the Phyllis Jowell Jewish Day School, for R135m in 2015, despite activists wanting it used for affordable housing. On February 11, the Tafelberg case which concerns the obligations of the Western Cape Government to redress spatial apartheid by building affordable housing in the inner city,…

ON 26TH February 2025, Premier Alan Winde delivered his State of the Province Address. His speech started at about 6.30pm and he spoke for just over an hour. The evening included a special supper and entertaining music. The evening ended at 9pm and we all were expected to return the next morning at 8am to participate in the second day of the SOPA debate. During the SOPA debate, I asked the premier a range of questions specifically linked to topics he covered in his speech to the WC parliament. The DA members had the most time allocated as the ruling party while the opposition parties also received an allocated time to speak. The time allocated was calculated based on the proportional representation obtained during the 2024 election. The VF Plus…

The streets of the city centre were filled with music, dance and colour as the LGBTQIA+ community came together at the Cape Town Pride Parade and Mardi Gras on Saturday. The parade caps month-long festivities to promote inclusion, and celebrate the history and diversity of the LGBTQIA+ community in Cape Town. This year, the memory of slain Imam Muhsin Hendricks, who was believed to be the world’s first gay imam, was also honoured. Hendricks was killed last month in a shooting in Gqeberha. Some in attendance held placards with Hendricks's image, and others wore badges that read: "#JUSTICEFORMUHSIN". No arrests have been made in connection with the murder. Minister of Forestry, Fisheries and the Environment, Dr Dion George, who is also openly gay, spoke at the parade and shared that…

THERE is something surreal going on in the international economic and financial stability discourse, much of which converged on the Cape Town International Convention Centre over the last week for the First Meeting of the G20 Finance Ministers and Central Bank Governors under the South African Presidency for 2025. Whether in the address by host President Cyril Ramaphosa at the G20 finance ministers' and central bank governors' meeting on February 26-27, or in IMF Managing Director Kristalina Georgieva’s Statement at the conclusion of the said meeting, or in the statement by Rebeca Grynspan, Secretary-General of UN Trade and Development (UNCTAD) on the international financial architecture, or the Chair’s Summary of the Meeting, it was as if there was a collective conspiracy of silence relating to the trade, investment and tariff…

The government has reiterated that it was taking bold steps in a bid to reinvigorate the logistics sector and make it an enabler of sustainable economic prosperity. This comes as the World Bank Group asserted that by delivering high-quality and affordable infrastructure services, South Africa can reduce existing constraints on businesses and increase households’ disposable income. Transport Minister Barbara Creecy on Friday admitted that South Africa’s logistics sector has not been operating optimally, which has had negative implications for the country’s economy, despite competitive advantage as the logistics hub of the subcontinent. Creecy said the rejuvenation of the rail sector was a key objective of this administration in order to achieve the target of moving 250 million tonnes of freight on rail by 2030. “The Rail Policy introduces structural reforms…

South African investors can gain exposure to global growth trends through JSE-listed companies with international operations. One such opportunity is Bytes Technology Group, a UK-based IT services company benefiting from the accelerating shift toward digital transformation, cloud computing, cybersecurity, and artificial intelligence. What does Bytes Technology Group do? Bytes operates as a value-added reseller, acting as an intermediary between technology vendors and customers. The company primarily focuses on software, which contributes 90% of its gross profit: n including cloud-based and cybersecurity solutions.Bytes operates through two divisions: n Bytes Software Services, primarily serving the mid-market UK private sector n Phoenix Software, exclusively catering to the UK public sector Bytes maintains strategic partnerships with over 800 global technology vendors, including Microsoft, AWS, Adobe, VMware, and Check Point. Its strong relationship with Microsoft…

The news last week that US consumer spending fell in January, aggravating worries that the world's largest economy might be under pressure that can be enhanced with US tariffs against importers. Worries that US inflation may turn around quickly so that the US Federal Reserve will turn around from its current interest rate cutting cycle sooner than expected. The annual inflation rate in the US edged up to 3% in January 2025, compared to 2.9% in December 2024, and above market forecasts of 2.9%, indicating stalled progress in curbing inflation. These worries turned quickly into a sell-off of risky assets like equities on Wall Street for most of last week. Elsewhere, India's economy grew by 6.2% in October-December. Although it was lower than expected by 6.4%, it was quicker than…

Truworths International’s interim cash dividend fell by 4.5% to 317 cents after merchandise sales through its retail stores increased by only 2.5% in the 26 weeks to December 29, but the outlook has improved. Merchandise sales came to R12.1 billion. Retail sales were up 2.4% to R12.5bn. The operating margin slipped slightly to 22.5% from 24.5% at the same time a year before. Headline earnings a share fell 4.6% to 489.2 cents. The balance sheet remains healthy, with net cash at R1.2bn, versus net debt of R124m of December 31, 2023. Truworths directors said group retail sales for the first seven weeks of the second half of the 2025 financial period increased by 6.3% over the same period last year, with account and cash sales both increasing by 6.3%. Retail…

Safari Investments RSA, the JSE property REIT, has lifted its distribution by 13.3% to 34 cents per share on a 100% distribution payout ratio for the six months to December 2024, up from 30 cents paid out in the previous six months. Operating profit for the company that aims to grow a portfolio of premium retail assets through investing in convenience or small regional shopping centers and potential ancillary assets in South Africa increased by 9% to R163.44 million. Occupancy remained strong at 97.9% (2023: 97.8%) based on a vacancy factor of only 2.1% (2023: 2.2%). The group owns eight retail centers that are located in high-footfall areas and hold a dominant presence in their regions. Centers are largely underpinned by national tenants with long-term leases. Safari also owns bulk…

Nude nails have consistently reigned supreme in the world of nail art, and for good reason. This timeless trend offers a touch of understated elegance and sophistication that complements any outfit and occasion. Whether you’re attending a formal event or simply running errands, nude nails provide a polished look that never fails to impress. Versatility: Nude shades seamlessly blend with any skin tone, making them incredibly versatile. Timeless elegance: Nude nails exude a classic and refined aesthetic that never goes out of style. Complementary: They effortlessly complement any outfit, from jeans and a T-shirt to a little black dress. Low-maintenance: Nude shades can easily mask any minor chips or imperfections, making them ideal for busy lifestyles. Classic nude: Opt for a true nude shade that closely resembles your natural nail…

The Congress of South African Trade Unions (Cosatu) has weighed in on the contentious issue of the proposed value-added tax (VAT) hike, including a suggestion that Treasury start discussions with the Government Employees Pension Fund (GEPF) over a pension contribution holiday as the government scrambles to find a solution to the R60 billion shortfall in the budget. Finance Minister Enoch Godongwana is expected to provide a revised budget to Cabinet today after last month's budget was postponed as Government of National Unity (GNU) partners could not reach consensus on Godongwana's decision to increase VAT by 2%. It is understood that President Cyril Ramaphosa will propose a VAT increase of between 0.5 and 1% but the DA led by John Steenhuisen is adamant that VAT should remain at 15% and no…

The government is set to launch a R500 million spaza shop support fund within the next two weeks with the aim to boost local small businesses in need of funding. Minister for the Department of Small Business Development Stella Ndabeni-Abrahams announced the initiative yesterday in the wake of the February 28 deadline for registration of spaza shops and food handling outlets. The funding was part of the interventions by her department and the Department of Trade, Industry and Competition to assist small businesses and curb further foodborne illnesses. The registration drive, Ndabeni-Abrahams said, was to ensure compliance with all food safety standards and to rebuild a more competitive and compliant business sector in the country. Cognisant of the challenges and costs spaza shops face in becoming compliant, the minister said…

Despite a crucial win in Pretoria that boosted their chances of making the top eight of the United Rugby Championship (URC), the Stormers have made peace that a home quarter-final is out of reach. Currently in 12th place but only one point off a knockout spot, the Cape side will face two games away from home and one win could see them surge into the top eight of the competition. After the nail-biting 19-16 victory over the Bulls at Loftus Versfeld, Stormers director of rugby John Dobson said they'll target at least one more away game to win, then focus on the home stretch. They face the Scarlets and Ulster in Wales and Ireland in a couple of weeks. "After the tour, we have a nice four-game home run and…

Danny Welbeck scored deep into extra time to send Brighton & Hove Albion into the FA Cup quarter-finals with a dramatic 2-1 victory over Newcastle United on Sunday after both teams were reduced to 10 men. Newcastle's Alexander Isak and Brighton's Yankubah Minteh scored in the first half before Welbeck struck the winner in the 114th minute with an exquisite finish from a tight angle. "It was a very emotional game," Brighton manager Fabian Hurzeler told the BBC afterwards. "Lots of ups and downs. The key was we stayed together, we stayed calm, we tried to find solutions." Isak opened the scoring in the 22nd minute when he planted his penalty, awarded after Minteh fouled Tino Livramento, beyond the reach of goalkeeper Bart Verbruggen into the far corner of the…

Econometrix Report says 80 000 jobs across the value chain will be lost With ArcelorMittal South Africa (AMSA) starting work to shut down its long steel production by April, a new study suggests that a more balanced competitive environment could arise if the government abolishes its PPS (price preference system) and export tax, which have contributed to the rapid decline of steelmaking in the country. An Econometrix Report on the economic impact of tax policies on South Africa's steel sector and economy finds as much as 80 000 jobs across the value chain and 3 400 direct jobs will be lost with the closure of AMSA’s long business in April. The PPS was introduced in 2013 and mandates that scrap metal exporters sell material to local producers at discounted rates,…

As economic and political dynamics shift in 2025, the South African (SA) rand could be in for a bumpy ride, but it might not be all downhill. Looking at the major market forces at play, here are five factors that will be decisive for the rand’s performance in the coming year: 1 SA’s fiscal discipline All eyes were on the Budget that was postponed to the 12th of March. While the date has changed, the focal points will not change, and we will still be looking towards the government, to present a financial plan or budget that is supportive of growth and addresses much-needed structural reforms we need to solve problems within the local economy. As always, we will also look towards the government wage bill, state-owned entity spending and…

The National Minimum Wage (NMW) has been one of the most important poverty alleviation interventions by the government led by the ANC in the recent past. On March 1, we welcomed the NMW’s increase by inflation plus 1%, bringing it to R28.79 an hour. The NMW was one of the clarion calls of the Freedom Charter 70 years ago. This progressive demand was made during the darkest days of apartheid when workers, overwhelmingly African, Coloured, and Indian, as well as women, were paid little more than slave wages. This has been a demand that Cosatu and our predecessors campaigned for over many decades, with its legislation into law shepherded by the Federation with the active support of the ANC and now President Cyril Ramaphosa. The trend of millions of workers,…

Northam Platinum saw its earnings nearly halve in the six months ended December 31, 2024, battered by soft platinum group metals (PGM) prices. Headline earnings plummeted 49.7% to R238.24 million. Northam cut its interim dividend (tied to a 25% headline earnings policy) from R1 by 85% to 15 cents per share. Despite Northam's CEO, Paul Dunne, presenting the interims on Friday, saying the South African mining firm is poised for growth when demand rebounds, the market was spooked. Platinum counters were bludgeoned lower on the JSE at the close: Northam's shares tanked 4.28% to R96.79. Anglo American Platinum shares bled 4.73% to R562.84, while Impala Platinum shares fell 3.81% at R88.13. Sales revenue fell 3.1% to R14.5 billion from a year earlier, stung by an average PGM basket price that…

THE national health department will this week consult with NGOs affected by the termination of the United States President’s Emergency Plan for AIDS Relief (PEPFAR) grant funding on how to mitigate the impact and find a long lasting solution. Pepfar-funded HIV organisations receiving grants from the United States Agency for International Development, USAID, received letters on Thursday alerting them that their grants have been terminated. Since Pepfar’s inception in 2003, the US government has invested over $100 billion in the global HIV/AIDS response, saving over 25 million lives, preventing millions of HIV infections, and supporting several countries to achieve HIV epidemic control, all while significantly strengthening global health and economic security. Department of Health spokesperson, Foster Mohale, said: “The Department of Health will this week conduct stakeholder engagement or consultation…

Stellenbosch FC has become an open book for opposition teams and consequently has been battling to close out games on a winning note even though they were the dominant side. On Friday, Stellenbosch FC needed a stoppage-time goal by super-sub Ashley Cupido to secure the share of the spoils in a 1-all stalemate. Last week, Stelllenbosch needed a late penalty by Fawaz Basadien to snatch a 1-all draw. A few days before that, Stellenbosch scored the winner by Cupido a minute into injury time for a 3-2 win against the vastly improved TS Galaxy. Nowadays, Stellenbosch's opposition sides are armed with a two-pronged game plan. They execute a low block and apply counter-attack tactics. These tactics have unsettled Stellenbosch but striker Cupido, a comparative newcomer has kept the team's hopes…

Kaizer Chiefs’ coach Nasreddine Nabi knows that criticism is part and parcel of his job, but he’s urged the club’s fans once again to understand that Rome wasn’t built in a day. Chiefs have blown hot and cold this season. As such, they can only realistically finish in the Top 8 in the Betway Premiership and perhaps win the Nedbank Cup. In spite of lossing to rivals Mamelodi Sundowns 1-0 on Saturday, Chiefs arguably played their best football of the season against the best team in South Africa. Many will argue that Chiefs were well rested compared to the Brazilians, who had played three games in eight days, but given the latter’s squad depth, that’s debatable. Nabi focused on his team’s performance, after the match, and left Pretoria impressed. So,…

AmaZulu(1) 2 Kambindu 22, Radebe 62 Cape Town City0) 0 AmaZulu secured back-to-back wins as they brushed aside Cape Town City 2-0 at the King Zwelithini Stadium on Sunday. Usuthu jumped up as high as fifth in the Betway Premiership standings after scoring a goal in each half to claim their tenth win of the season. City’s horrid winless run extended to seven games as they suffered their sixth loss in the last seven outings. January arrival Elmo Kambindu continued his fine start to life in Durban as he opened the scoring for AmaZulu after 23 minutes of early pressure. The Namibian-born striker scored his third goal for the club as he slid in at the far post to tap home a Tshepang Moremi low cross, who had done…