Sommaire pour 2024-08-22 de Cape Times

Sibanye-Stillwater has struck a R1.8 billion gold prepayment arrangement and concluded a refinancing transaction for its R5.5bn rand-denominated revolving credit facility from Nedbank CIB and RMB that it has now resized to R6bn. Hard done by currently depressed platinum group metals (PGM) prices, and bracing for intense capital requirements for its lithium projects, Sibanye-Stillwater has also been roiled by a $2 billion loss (R35.6bn) in 2023. The company has had to cut capital and retrench from its South Africa operations. Sibanye-Stillwater CEO, Neal Froneman, said yesterday the gold prepayment arrangement it had secured would be helpful for the company from a strategic financing perspective. The gold prepayment is a proactive, strategic financing alternative that improves the group’s liquidity and strengthens the balance sheet, while retaining leverage to potential increases in…

Like many economic sectors in the country, the agricultural sector is not unfamiliar with the Government of National Unity (GNU) because the sector was led by the National Party minister Dr André Kraai van Niekerk between 1994 and 1996. At the core of GNU1 was to build a stable, competitive and internationally inclined agricultural economy. As a consequence, there was a radical shift in agricultural policies from strong state control towards a policy era that is characterised by the privatisation of farm credit, information and inputs; and the liberalisation of trade and the deregulation of markets. Essentially, policy reforms adopted during the first GNU aimed to minimise state interventions in agriculture and make agriculture export-oriented. There is sufficient evidence to believe that GNU1 was successful in deregulating and privatising the…

Spur Corporation, which employs more than 31 500 people in its restaurant franchise network, said yesterday that while there would likely be increased consumer confidence and spending this year, longer term economic growth was only possible through increased job creation. Group CEO Val Nichas said at the release of their results for the year to June 30 that the group’s trading outlook was likely to remain subdued in the short term, even though South Africa’s economic growth was forecast to expand. “The outlook for improved consumer confidence and spending is positive following the national elections in May, and the transition to the new government. The stable electricity supply, lower inflation, the new two-pot retirement system and expected interest rate relief are all likely to support increased consumer spending,” she…

China opened an anti-subsidy probe into dairy imports from the EU yesterday, stepping up tension with the bloc a day after Brussels published its revised tariff plan for China-made electric vehicles. The EU on Tuesday revised its proposed punitive duties on imports of Chinese EVs to 36.3% from an initial planned duty of 37.6%, but fell short of abandoning them as Beijing had called on Brussels to do. The revision drew a rebuke from China’s commerce ministry, which in response said it is “firmly opposed to and highly concerned” about the findings, and vowed to take all necessary measures to protect Chinese firms. The anti-subsidy investigation on dairy announced by China’s commerce ministry yesterday, the latest in a series of Chinese probes this year into EU agricultural goods, will focus…

Al Jazeera English correspondent Youmna El-Sayed, who is in South Africa until next month, has detailed the atrocities that continue to befall the people of Palestine since the start of the war on the Gaza Strip. Even though the current atrocities could be said to have started on October 7 when the militant Palestinian group Hamas launched an attack on Israel, El-Sayed said this was a retaliation over many years of brutality against the people of Palestine, who to this day continue to suffer at the hands of Israel’s bombardment. “I spent three months inside Palestine when scores were being evacuated with their families. I only left because I had lost my soul inside Gaza and went out because this was the only option to save my children. I…

45ml oil 30ml margarine 750g lamb knuckles 1 Knorr Brown Onion Gravy 2 onions, finely chopped 2 cloves garlic, crushed 3 carrots, peeled and sliced 5ml cumin 5ml ginger 5ml coriander 5ml paprika 5ml cinnamon 300ml red wine 450ml water 100g dried apricots Heat the oil and margarine in a large heavy-based frying pan. Place the lamb knuckles in a bowl with sachet of Knorr Brown Onion Gravy and toss to coat the knuckles well. Fry a few knuckles at a time until well browned on all sides. Set aside. In a separate pot, fry the onion, garlic and carrots in oil until tender. Add the browned lamb knuckles. Add all the Robertsons spices and allow to fry for a few minutes to release the aroma. Add the red wine…

ROB Walter had never seen Kwena Maphaka bowl “in the flesh” before the teenage fast-bowling sensation arrived in the Caribbean for the upcoming three-match T20I series against the West Indies. The Proteas’ white-ball coach was therefore more than pleased that his gut feel was indeed on point after previously only watching video highlights of the 18-year-old left-arm seamer. “Yesterday was the first time in the flesh,” Walter admitted from Trinidad yesterday ahead of tomorrow’s first T20 clash against the Windies (9pm SA time start). “But I’ve watched plenty of footage, so it was good to see what I’ve seen on TV was exactly the same in reality. “We’ve seen him bowl for the Lions and win games for them in the Super Over. He performed well at the Under-19 World…

IT is over a year since Lood de Jager last played a Test for the Springboks, but he has vowed to return to the green and gold as soon as injury permits because he can’t recall the world champions being in a healthier state. Rassie Erasmus’ Boks have returned from Australia with a full house of 10 Rugby Championship points, and now host the All Blacks on August 31 and September 7 in Johannesburg and Cape Town respectively. De Jager suffered a serious shoulder rotator cuff injury a year ago and missed out on the last World Cup, but he is hoping to return to action in January. He says he has been a frustrated bystander as the Boks grew another arm and a leg under a coaching staff boosted…

CHELSEA have signed Portugal forward Joao Felix from Atletico Madrid on a seven-year deal, the Premier League club said yesterday. Financial details were not disclosed, but English media reported that Chelsea paid around £46 million to secure the 24-year-old’s return to Stamford Bridge. Felix impressed during his six-month loan spell at Chelsea in the 2022/23 season, scoring four goals in 20 appearances. He spent the last campaign on loan at Barcelona, scoring 10 goals in 44 games. Atletico signed Felix from Benfica in 2019 for a club record fee of €126m. He scored 34 goals in 131 matches, and helped them win the La Liga title in 2021. “It’s a chance for me to find a home,” Felix told Chelsea’s website. “After two loans, Chelsea and Barca, I needed to…

The non-profit Localisation Support Fund (LSF) aims to fast-track growing jobs in the local retail-clothing, textile, footwear and leather (R-CTFL) manufacturing sector by 172% through helping companies in the industry leverage relationships, improve growth, and become more efficient through technology. Speaking at an event held at clothing manufacturer Karma Factory in Johannesburg yesterday, the executive head of the LSF, Thami Moatshe, said “South Africa used to have manufacturing, and we lost it. And that led to the sector being de-industrialised.” Between 2000 and 2008, anywhere between 10 000 and 15 000 jobs were lost a year, with many factory closures. Moatshe told Business Report that the industry currently provided employment for 121 000 people. She said the LSF also aimed to help fast-track a Department of Trade, Industry and Competition…

Consumer activity in South Africa is expected to ramp up significantly in the final three months of this year on the back of the central bank easing the cost of borrowing as the rate of inflation comes down much faster than expected. This comes as the headline inflation has cleared the path for the SA Reserve Bank (SARB) to begin its interest rates cut cycle, after four years of restrictive policy decisions. The SARB is expected to cut rates by 25 basis points to 8.00% per annum next month for the first time following a cumulative 425 basis points increase since the beginning of the hiking cycle in November 2020 as it has raised rates to a 14-year high of 8.25% per annum. Old Mutual Group chief economist, Johann Els,…

The New Development Bank (NDB) plays a pivotal role in global trade and Africa’s development, Independent Media chairman Dr Iqbal Survé said in an interview with IOL ahead of the NDB’s annual meeting in Cape Town. Dr Survé emphasised the bank’s transformative potential, particularly for Africa and South Africa. He highlighted the NDB’s creation as a response to the limitations of traditional Western-dominated financial institutions. He believes that the NDB offers a more inclusive and flexible approach to financing, better suited to the unique needs of BRICS nations and other developing countries. According to Dr Survé, this flexibility positions the NDB as a crucial tool for reshaping global trade dynamics and supporting long-term development goals. He also shared his insights on the BRICS common currency. He views this currency…

IN SOUTH Africa, woman entrepreneurs are a force to be reckoned with. While balancing their roles as mothers, community activists and partners, women are at the helm of thousands of small businesses that play an important role in fuelling the engines of the country’s gross domestic product (GDP). Their resilience and adaptability have enabled them to navigate the complexities of the business landscape, often overcoming significant barriers, such as limited access to funding and markets. Despite the challenges women face as business owners, many continue to drive innovation, create jobs and contribute to the economic empowerment of their communities. According to reports by the World Economic Forum, women constitute close to 60% of self-employment on the continent and make up at least 13% of Africa’s total GDP. On a national…

CURRO Holdings successfully focused on growing its independent education business as well as tightly managing costs, and as a result earnings before interest, taxation, depreciation and amortisation increased 10.4% to R625 million in the six months to June 30. CEO Cobus Loubser said the success of these strategies were further indicated by the 16.2% increase in headline earnings per share to 40.2 cents a share, while the operating margin had improved by 1% to 18%. “Curro’s mission is to create more opportunities for more learners. We are pleased with the improvement in key financial metrics ... These results reflect our ability to manage costs efficiently while continuing to expand our offerings,” Loubser said. Curro’s revenue rose by 8.3% to R2.59 billion driven by a 0.5% increase in the average…

THE DRDGold share price plunged 6.4% to R16.91 per share after it announced that it had to scramble around for production to attain its targets for the year to June 2024. This is a situation that brought up costs by 20% although it is now reducing legacy mining sites from 15 to five ahead of a planned intensive capital reinvestment to boost output by one ton. Production for the full year under review tanked by 5% to 160 818 ounces while gold sold was also lower by a similar margin at 160 400 ounces for the full year. A 20% upswing to about R1.2 million/kg in the average gold price received by the company boosted operating profit for the year to June by 14% to R2 billion. Resultantly, headline earnings…

They remind us the field is about more than services, it’s about creating lasting change AS WE celebrate Women’s Month in South Africa, it’s essential to spotlight the powerful contributions of African women who reshaped their societies through social work and activism. These women – such as Charlotte Makgomo-Mannya Maxeke, Winnie Madikizela-Mandela, and Aïcha Chenna – operated in what were once labelled “Third World” countries, and their work extended far beyond the conventional boundaries of social work or even the feminist movement as it was known in the West. Western feminism, particularly the First Wave Feminist Movement, primarily focused on securing legal rights, like women’s suffrage and property ownership, and was rooted in the experiences of women in Europe and the US. By the time of the Second Wave Feminist…

THE Proteas are set to face the West Indies in a three-match T20I series starting tomorrow (9pm SA time). Independent Newspapers have selected five players to keep a close eye on over the course of the series... Aiden Markram The national team skipper must be tired of the white sand, coral blue beaches and rum punch, already having spent the best part of the past three months in the Caribbean. He will certainly be looking forward to getting back to the bush and a good old South African braai when he returns home after this series. But before that, he will be keen to rekindle some batting form. Although his leadership skills were superb in guiding the Proteas to a first T20 World Cup final, his personal contribution with the…

Denis Shapovalov was among players who called out what they said are double standards in the game after world No 1 Jannik Sinner was cleared of wrongdoing despite failing two drug tests this year. The International Tennis Integrity Agency (ITIA) said on Tuesday that an independent tribunal had cleared Sinner to continue competing, and former top-10 player Shapovalov was among those quick to suggest the Italian received preferential treatment. “Can’t imagine what every other player that got banned for contaminated substances is feeling right now,” the Canadian wrote on social media. “Different rules for different players.” Sinner’s representatives told Reuters they would not respond to opinions on social media. “Jannik has been found innocent following a rigorous process and a detailed review by an independent panel,” his team added. “The…

KAIZER Chiefs sporting director Kaizer Motaung Jr is hopeful that new signing Inacio Miguel will write his own piece of history at the club after his arrival yesterday. Miguel became the fifth signing to join Chiefs for the new season after passing his medicals on Tuesday afternoon, before putting pen to paper on a three-year deal. The defender, who’s the first Angolan to sign for the club, joins Gaston Sirino, Rushwin Dortley, Fiacre Ntwari and Bongani Sam on the list of newcomers so far in the new campaign. As the team look to usher in a fresh era under new coach Nasreddine Nabi, Motaung hopes Miguel will leave a lasting impression at the Naturena-based club during his tenure. “We are happy to have a player of Inacio Miguel’s calibre join…

Blue Label Telecoms’s share price shot up 13.6% to R5.00 yesterday after the holding company of Cell C said its headline earnings per share was expected to increase by between 73% to 77% for the year to May 31. Headline earnings per share was expected to be between 72.80 and 74.48 cents a share, from 41.97 cents a share. The share price is well up from R3.33 a year ago on the same date. Core headline earnings amounted to R679 million compared with R402m at the same time last year, equating to core headline earnings of 76.08 cents per share compared with 45.55 cents per share the previous year. Excluding the positive contributions of R66m in the current year, and negative contributions of R523m in the comparative year, primarily resulting…

In recent years, the “shop local” movement has evolved from a mere consumer preference into a powerful strategy for fostering economic growth and promoting sustainable practices. By supporting local businesses, consumers invigorate their community’s economic vitality and champion environmentally responsible practices and innovative supply chain solutions. Shopping local is more than a transaction – it’s a catalyst for economic rejuvenation. When consumers choose local businesses over national chains, they contribute to a cycle of reinvestment within their community. Local businesses are more likely to spend their earnings on local suppliers, creating a ripple effect that enhances overall economic health. This local spending translates into job creation, supports other small enterprises and nurtures a robust, interconnected economic ecosystem. While the benefits of supporting local businesses are numerous, the enterprises often face…

South African small and medium-sized enterprises (SMEs) are struggling with cash flow, with 72% resorting to personal funds to stay afloat, according to the latest South African SME Tech Index released yesterday. Reabetswe Motsamai, the marketing and communications manager at MakwaIT Technologies, yesterday said these businesses were already battling existing financial burdens. Motsamai said they were now facing a perfect storm with fuel and electricity costs skyrocketing, interest rates being at a record high, and the exchange rate remaining volatile. “These forces combine to make effective cash-flow management a matter of survival for SMEs. In this challenging environment, taking control of their finances is critical for these businesses to stay afloat,” she advised. According to the index, 56% of SMEs were spending more than 5% of their budgets on information…

Sometimes, just sometimes, organisations and captains of industry proudly brandishing statements along the lines of “we support and promote our women” tend to sound like Steve Hofmeyr saying, “Some of my best friends are black”. It’s an eerie side of platforming that veers towards objectifying women in professional and entrepreneurial settings. Part of this speaks to where we are socially as people. We live in a world that compels us to live-blog and self-promote ourselves, which does have its benefits when considering the number of careers it has created. Everyone is a a content creator and everyone is an audience. The issue that may arise from this, however, is that when content runs dry (and, boy, does it run out), it leads to a gold rush-like scramble where every single…

The vibrant art scene in Amsterdam is hosting an exhibition featuring the works of South African artist Stuart Dods. Organised by the Bored Peach Club, the curated exhibition is being held at Stretch & Fold, a pop-up gallery and café in the heart of Amsterdam. The exhibition runs until the end of August and offers art enthusiasts a unique opportunity to experience Dods’s work, which is displayed on fabric against striking glass panels. Dods, born in 1995 in Hermanus, is a multifaceted artist with talents spanning painting, sculpture, music, and photography. His artistic journey began in his hometown, where the working-class life of fishermen, construction workers, and small business owners inspired his deep admiration for painting. His work was first showcased by the Rossouw Modern Art Gallery in Hermanus, which…

Young magicians have the chance to dazzle audiences with their extraordinary skills at the College of Magic’s upcoming Magicana Junior Magic Championships. A spellbinding showcase of talented youth, the championships take place on September 28 at the Homecoming Centre. The competition brings together the best and brightest young performers, ready to showcase their mastery of magic in front of a live audience. “We’re incredibly proud of the young talent that will be taking the stage at this year’s championships,” said creative director at the College of Magic, Chad Findlay. “This event is the culmination of a series of preliminary contests and will be a wonderful opportunity for these aspiring magicians to showcase their hard work and passion for the art. “It’s going to be a magical experience for participants and…

Newly elected speaker of the City of Joburg, Nobuhle Mthembu of ActionSA, has promised to “suffocate the corruption, lawlessness, mismanagement and ineptitude” that is plaguing service delivery in South Africa’s economic hub. Mthembu was elected speaker at the Connie Bapela Council Chamber in Braamfontein yesterday. In a fiery speech, the new speaker said her election marked a new era and her tenure would focus on restoring the city to its former glory, where service delivery would take centre stage. “This is an era in which we will instil a culture of accountability and transparency, and where, at every turn, we will work together to ensure that the best interests of our residents anchor our efforts.” Mthembu said it cannot be business as usual for the city not to deliver for…

The average selling price for a house in Clifton has soared to R43.9 million this year based on sales data, according to the Seeff Property Group. This is more than double the average for Camps Bay, the second most expensive suburb this year on the Atlantic Seaboard in Cape Town. Only about 20 houses and five apartments sell on average each year in this small suburb. Yet these achieve on average the highest prices in the country, said Jo Lombard, a luxury sales specialist with Seeff Atlantic Seaboard. Propstats data shows that almost R2 billion in sales were concluded here in the last five years. “Clifton benefits from a spectacular location between mountain and sea with some of the most exclusive homes in the country. It also has the best…

MAYBE it’s the curly bleached blond hair that fights to be seen under his baggy green Proteas cap. Or the elongated, almost stoned tempo of his voice. There certainly is a feeling that Tristan Stubbs would be much more at home surfing some waves with his university mates in Jeffreys Bay than chasing down balls to the boundary in the midday Caribbean heat. Having been born in Knysna, before moving to Gqeberha, Stubbs’ love for the ocean is comprehensible as he still hops onto a board whenever he’s back at his digs in the Eastern Cape – if he’s not hitting the fairways on the golf course. But Stubbs, of course, plays cricket for a living – one that rewards him handsomely, but also keeps him on the road for…

World No 1 Nelly Korda is hoping to rediscover her stunning early season form as the women’s British Open returns to the famous old course at St Andrews this week, starting today. Korda won six times in seven starts on the LPGA Tour between January and May, including her second Major at the Chevron Championship. But the American’s best finish since was a tie for 22nd at the Olympics. Korda missed the cut at both the US Open and PGA Championship, and tied for 26th at the Evian Championship in the season’s other three Majors. “I think recently what’s been happening to me is I make a mistake and then I make another mistake on top of it,” Korda said after a poor finish to her final round at the…