Cape Times 2026-03-25

The Public Investment Corporation (PIC) is facing renewed scrutiny over its troubled investment in Daybreak Foods, with Parliament raising concerns about governance failures, weak due diligence and ongoing instability at the poultry producer. South Africa’s largest asset manager of public funds injected more than R1.7 billion into Daybreak, a vertically integrated poultry business on the brink of liquidation. During a briefing to the Standing Committee on Finance on Tuesday, PIC executives outlined the extent of challenges at Daybreak, which has been flagged by the Auditor-General for material irregularities linked to insufficient due diligence at the time of investment. This comes as assets under the PIC management have grown from R2 trillion to R3.6trln. PIC chief financial officer (CFO) Batandwa Damoyi told MPs that the Auditor-General identified 16 remedial actions relating…

South African consumer confidence showed a modest improvement in the first quarter of 2026, but economists warn that escalating global tensions could quickly reverse these gains. The FNB/BER Consumer Confidence Index (CCI) for the first quarter released on Tuesday rose slightly to -7 index points in the first quarter of 2026, up from -9 in the previous quarter. While still in negative territory, the latest reading marks the highest level since the fourth quarter of 2024. The improvement was largely driven by a rebound in sentiment among high-income households. Confidence in this group surged from -12 to -4, supported by a combination of factors including withdrawals under the Two-Pot retirement system, lower interest rates, strong stock market performance and a firmer rand. According to the index, most of the survey…

One of South Africa’s popular e-hailing platforms, Uber, has announced that it will phase out its UberX service from September 1, 2026, with notifications sent to users in Johannesburg. However, it remains unclear whether the change will be implemented in other parts of the country. UberX is a standard ride option on the platform, typically used for everyday trips in non-premium vehicles. It sits between entry-level services like Uber Go and higher-tier options such as Uber Comfort and Uber Black. According to an email sent to drivers on Tuesday which IOL has seen, the company said the move forms part of a broader update to its product structure aimed at simplifying ride categories and improving clarity for both drivers and riders. "We’re making an important update to how products…

Eskom board chairman Mteto Nyati says that Eskom was nearly destroyed by corruption and a flawed energy transition. Nyati said this in a post on X (formerly Twitter), saying that the transition failed to prioritise reliable baseload power and instead treated coal as the main problem rather than focusing on managing emissions. "The two things that nearly destroyed Eskom were corruption and a flawed energy transition. That transition dismissed the importance of reliable baseload power, and treated coal as the enemy rather than focusing on managing emissions - the real challenge of energy production," Nyati said. In the past, the power utility has for years been affected by alleged corruption, procurement irregularities and inflated contracts, alongside ongoing operational challenges, ageing infrastructure and repeated load-shedding that led to widespread power outages…

AG says expenditure was irregular, incomplete and included unresolved criminal cases Transnet has revealed a growing standoff with the Auditor-General (AG) over R42 billion in irregular expenditure linked to its controversial procurement of 1,064 locomotives, highlighting ongoing tensions over accountability and financial governance at the State-owned logistics company. Briefing Parliament’s Standing Committee on Public Accounts (Scopa) on Tuesday, Transnet CEO Michelle Phillips confirmed that the entity had taken steps to remove the R42.9bn from its books, arguing it had complied with all prescribed processes. However, the AG maintains that the expenditure remains irregular, citing incomplete processes, including unresolved criminal proceedings. Phillips explained that Transnet followed due procedure after the expenditure was not condoned by National Treasury. “We believe we have done what is required. We approached the board to approve…

South Africa’s efforts to contain the spread of Foot and Mouth Disease (FMD) received a boost this week as additional vaccine supplies were secured, while the Gauteng Division of the High Court declined to grant urgent relief sought by agricultural groups challenging government control over vaccine distribution. The Department of Agriculture on Tuesday announced that approval had been reached for millions more vaccines against FMD. However, Sakeliga, Southern African Agri Initiative (Saai), and Free State Agriculture appeared in Gauteng Division of the High court to interdict the government's obstruction of private-sector procurement and administration of FMD vaccines. Minister of Agriculture, John Steenhuisen, welcomed the swift intervention by the South African Health Products Regulatory Authority (Sahpra) to expedite the importation of six million Dollvet vaccine doses to combat FMD. “This follows…