Sommaire pour 2025-02-12 de Cape Times

Steinhoff, which had listings both in South Africa and in Germany, had such a lack of ICT governance systems in place that data, especially financial information, could easily be manipulated or fall into the wrong hands. An exhaustive investigation into what has become South Africa’s largest corporate scandal by PwC showed that there was a lack of written documentation on the systems and processes, critical process knowledge resided with a limited number of employees, and a “high degree of manual intervention in processes” increased “the risk and actual execution of manual errors and manipulation”. Steinhoff, which folded following Deloitte confirming there were accounting irregularities in 2017, used several software systems in the accounting process, including Excel, PwC’s investigation showed. Steinhoff also made use of enterprise resources planning software, including SAP…

South Africa’s tourism sector is showing signs of resurgence as total arrivals soared to 8.92 million in 2024, marking a significant 5.1% increase from the previous year and nearly reaching pre-pandemic levels. This promising data, highlighted by the KZN Film and Tourism Authority (KZNTAFA) and the Federated Hospitality Association of South Africa (Fedhasa) on Tuesday, showcases a resilient industry determined to regain its footing. KZNTAFA said that the United Nations World Tourism Barometer, indicates that international tourism has almost reached pre-pandemic levels (99%) in 2024. “Africa saw a 7% increase in arrivals when compared to 2019 and a 12% rise in comparison to 2023.” Dr Sibusiso Ndebele, chairperson of KZNTAFA, stated that the United Nations World Tourism Barometer indicates international tourism has nearly returned to pre-pandemic rates, with Africa…

With the Africa Mining Indaba behind us, the discussions on the importance of beneficiation of critical minerals have once again remerged. As the world navigates the global action in addressing climate change, the transition away from fossil fuels as primary sources of energy generation is having a major impact on the mining industry. However, rapidly shifting to renewable energy requires a substantial amount of critical minerals. How we extract these minerals will define environmental and social impacts, but importantly, it will determine whether the energy transition is just – and not present new, but not unique challenges as in the fossilised energy economy. The resurgence and prioritisation of the debate on these minerals such as cobalt, nickel, lithium, platinum, copper, manganese, vanadium, rare earth elements, is as a result of…

Leading paper and plastics packaging and recycling business Mpact shares became available for trade on A2X Markets on Tuesday. "We are delighted to welcome Mpact to our market and look forward to offering its investors an additional platform for trading shares. A2X provides numerous benefits, including additional liquidity and reduced transaction costs," A2X CEO Kevin Brady said in a statement. Mpact is based in Southern Africa, employs over 5 000 people, and is South Africa’s biggest collector of recyclable packaging materials. Mpact’s listing, separate from its existing main listing on the JSE, brings the number of instruments available for trade on A2X to 175, representing a combined market capitalisation of about R10 trillion. Other companies listed on A2X include AngloGold Ashanti, Aspen, Exxaro, Discovery, Growthpoint, Implats, Investec, Mr Price, Naspers,…

As the deadline for replacing South African Social Security Agency (Sassa) gold cards approaches, concerns are growing over the accessibility challenges faced by rural, elderly, and disabled beneficiaries around the country. Sassa and Postbank announced that all social grant beneficiaries must replace their gold cards by February 28 or risk being unable to access their grants. Sassa said the final payments using the gold cards occurred during grant payouts between February 4 and 6. Beneficiaries who do not replace their cards in time will be unable to withdraw funds, make transactions, or check balances as they cards will be deactivated. Postbank CEO Nikki Mbengashe emphasised the urgency, saying: “We appeal to beneficiaries that have not yet switched to Postbank black cards to take the opportunity and get the new cards…

Inefficiencies in Eskom’s governance - particularly with fruitless and wasteful expenditure, criminal conduct and lack of consequence management - has been adding to the primary energy cost and consequently the tariff to the consumer. This was said by the Office of the Auditor-General of South Africa (AGSA) yesterday when it appeared before the Parliament’s Standing Portfolio Committee on Public Accounts (SCOPA) on Eskom’s financial results for the 2023/2024 financial year. The AGSA said specific deficiencies in internal control included weak controls that failed to detect, assess and prevent non-compliant procurement. This is as committee members expressed concern to have to dissect financial statements from a year ago. Committee members also insisted on the adoption of real-time audits, particularly in disbursements of the R450 billion National Treasury debt-relief package for Eskom.…

The right of access to land, together with the concomitant state obligation to foster conditions which enable citizens to gain access to land on an equitable basis, lies at the heart of the housing activists case before the Constitutional Court over the fate of the Tafelberg site. Judgment was reserved yesterday in the David and Goliath legal battle between the activist organisations and the Western Cape Government (WCG). Activists want Tafelberg Properties, in Sea Point in central Cape Town, transformed into social housing units however the WCG argued that the site is not suitable for social housing and will be used for a school again. Heard by a full bench, the Concourt battle comes after Ndifuna Ukwazi (NU) and Reclaim the City (RTC) appealed against the Supreme Court of Appeal’s…

It will be almost five years to the day that he earned his 100th cap that Frans Malherbe will feature in his 150th Stormers match against the Lions at Ellis Park on Saturday (2.30pm kick-off). On February 8, 2020, Malherbe brought up his century in a Super Rugby clash against the Bulls at Newlands, which the Capetonians won 13-0. The barrel-chested tighthead prop from Bredasdorp – who also boasts 76 Springbok Test caps and is a double World Cup winner – will hope for another victory in a milestone game at Ellis Park on Saturday. “I joined the senior team at the end of 2010. It’s difficult to sum up these 15 years, but I am very privileged for all the chances I got to stay here, keep on playing…

Manufacturing output in South Africa is expected to shrink in the fourth quarter of 2024 after production declined, albeit slower than expected, dragged lower mainly by motor vehicles and transport equipment. Data from Statistics South Africa (Stats SA) on Tuesday revealed that manufacturing production fell by 1.2% year-on-year in December 2024, following a downwardly revised 1.9% decrease in the prior month, and coming in below the expected 1.7% drop. Stats SA said the decline in manufacturing output in December was broad-based, with eight out of 10 divisions recording contractions. The overall decline was largely driven by significant drops in the basic iron and steel, non-ferrous metal products, metal products, and machinery category and the motor vehicles, parts and accessories, and other transport equipment division. Meanwhile, increases were only seen for…

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Every day, millions of engines and factories burn fossil fuels, releasing carbon dioxide – a greenhouse gas that traps heat in Earth’s atmosphere and contributes to climate change. Now imagine a clean fuel that does not pollute and produces only water as waste. That’s the promise of green hydrogen, which is made by using solar and wind power to split water into hydrogen and oxygen. Countries worldwide, including South Africa, see green hydrogen as a vital tool for tackling climate change. There are plans to use green hydrogen in South Africa for everything from producing fertiliser for farms to powering factories and heavy trucks. As governments worldwide push for green hydrogen as a clean energy solution, a critical reality is being overlooked: producing green hydrogen is only one piece…

The Transnet National Ports Authority (TNPA) has signed two key Terminal Operator Agreements that will mean 6 000 MW of Gas-to-Power in South Africa. The TNPA said that it has achieved a key milestone in the development of the South Dunes Precinct at the Port of Richards Bay through the two agreements. The first agreement for Liquefied Natural Gas (LNG) was signed with Zululand Energy Terminal, while the other agreement was signed with FFS Tank Terminals. “The agreements represent a leap forward in advancing South Africa’s energy and maritime sectors, underscoring TNPA’s strategic objectives to foster sustainable development and investment in critical infrastructure,” Transnet said. Andile Sangqu, Transnet Board chairperson, said the agreements illustrated South Africa’s commitment to economic growth and industrialisation through energy transformation. “They represent a dual achievement,…

Impala Platinum’s (Implats) production for the six months to December 2024 fell 4% to 1.8 million 6E ounces while its expects earnings for the interim period are expected to plunge despite sales volumes increasing by 5%, on the back of lower capital expenditures and expectations of a less rosy platinum group metals (PGM) outlook. Implats told Business Report last month that it expected the PGM market to remain challenging over the near term. PGM miners are battling sustained weakness in prices of the commodity, prompting many of them to institute cost rationalisation that has included retrenchments and capital expenditure cuts. Despite restructuring operations and instituting retrenchments, interim group unit costs per 6E ounce for Implats are expected to increase by 3% to R20 900 on a stock-adjusted basis. Additionally, “moderating…

uMkhonto weSizwe Party (MKP) Member of Parliament, Duduzile Zuma-Sambudla, has issued a public apology to her father, President Jacob Zuma, and the party's leadership for using profanity in a recent social media rant aimed the party's Secretary-General Floyd Shivambu. In her apology letter, Zuma-Sambudla acknowledged that her public grievances were "unfortunate" and may have undermined the party's unity, discipline, and respect, although she notably did not apologise to Shivambu. In some of her scathing tweets about Shivambu, she wrote, “You are the worst thing that has happened to the MK Party”. Zuma-Sambudla hinted in her posts that she was protecting those that had joined the MKP, prior to Shivambu’s arrival. In another post on X she wrote: “Commanders of 16 December 2023, the real co-founders of the MK… I hear…

Proteas batter Heinrich Klaasen said the Proteas will be at work before their game against Pakistan, trying to unpack some of their bowling strategies before the game on Wednesday. Klaasen arrived in Pakistan early Tuesday morning, ahead of their match against the host nation for a spot in the final of the Tri-Nations series. New Zealand ran through both (they've also played Pakistan) teams and booked an early seat to the final. Klaasen praised the young Proteas side that lost by six wickets to the Kiwis on Monday, saying they put up a brave fight against an in-form New Zealand side. In his debut ODI performance for the Proteas, Matthew Breetzke put up a staggering 150 runs and broke the world record for most runs scored on the format’s debut.…

Dricus du Plessis’ victory over Sean Strickland in Sydney on Sunday was so utterly dominant that the American even admitted in the octagon afterwards that the South African had “kicked my a** fair and square”. The 31-year-old from Pretoria seemed to be in another zone at UFC 312. I felt that he produced a much more polished performance this time around compared to the first Strickland bout in Toronto last year January, where the American – and many other MMA experts – felt that Du Plessis was fortunate to win on a split decision. There was absolutely no doubt about the result this time around in Sydney, though. Although Strickland got in a few worthy shots in the first round, Du Plessis stalked his prey for the rest of the…

Nedbank’s chief economist highlights South Africa’s economic challenges While global trends, especially in the US, will influence South Africa’s economy, the nation must focus on overcoming internal limitations to position itself for stronger growth over the next few years, Nedbank chief economist Nicky Weimar said on Tuesday. She said this a week before South Africa’s Finance Minister Enoch Godongwana delivers Budget 2025 and as banking group Nedbank opened a “bold new chapter” as it launched its mid-corporate banking offering. Weimar said for South Africa, the challenge was navigating structural constraints that limit growth potential. While progress has been made with more stable electricity supply, largely due to private sector investment in alternative energy, Eskom’s struggles remain a significant bottleneck. South Africa’s growth prospects are tied to resolving these issues, which…

It is important to understand that the concepts of risk and uncertainty are often confused. We think we live in a world of risk but in fact we live in a world of uncertainty. Risk has probabilities – flip a coin and you get a head or a tail – something will happen with certain likelihood, or it won't. Uncertainty, or unknowability, comes with unimagined outcomes, and realities where the impossible happens. And therein lies the beauty of uncertainty. Consider the case of Bitcoin, trading at $95 000 (around R1.76 million) per coin, nothing lies behind its value but the belief or conviction that it is worth at least it’s current price. Ten years ago, Bitcoin was almost unknown. Nvidia is the biggest company in the world by market capitalisation…

Eskom has again taken centre stage in local news following the unexpected return of loadshedding (over the weekend of 1-2 February) and the latest tariff hike announcement by the National Energy Regulator of South Africa (Nersa). Nersa has approved a 12.7% electricity tariff increase for Eskom—significantly lower than the hike initially requested by the struggling state-owned entity. The tariff hike is expected to place additional strain on already burdened consumers, many of whom are grappling with the rising cost of living. The new tariffs will come into effect on April 1, 2025 for Eskom’s direct customers and on July 1, 2025 for those receiving electricity through municipalities, which typically impose additional surcharges to cover distribution costs. To put the financial impact into perspective, an Eskom customer using 800 kilowatt-hours…

EFF leader Julius Malema challenged President Cyril Ramaphosa yesterday to spell out what his plans are to ensure South Africa was not bullied by the US under President Donald Trump. During his State of the Nation Address (SONA), Ramaphosa made a declaration that Pretoria would not be bullied after Trump threatened funding cuts on HIV/Aids programmes for the benefit of South Africans. On Friday, Trump issued executive orders which summarily cut the USAID funding to South Africa and he also afforded white Afrikaners priority status to seek refuge in the US as the impasse over SA’s expropriation policy escalated. Speaking during the first day of debate on the SONA, Malema agreed with Ramaphosa that South Africa should not be bullied. “You fail to tell us what you are going to…

Arne Slot said his Liverpool players are "ready for another battle" as they prepare to take on Everton in the final Merseyside derby at Goodison Park on Wednesday. The Premier League leaders have struggled to win at the home of their neighbours in recent years, with nine of the past 12 games there ending in draws. Everton, much improved under returning manager David Moyes, will be leaving their historic home at the end of this season to play in their new 52 888-capacity Bramley-Moore Dock stadium on Liverpool's waterfront. Slot, preparing for his first and last derby at Goodison, believes the emotion of the occasion on Wednesday will add to Liverpool's challenge. "It's probably going to be a fantastic atmosphere and that's never easy to play against because every single…

SA20 League Commissioner Graeme Smith said on Tuesday that the organisers of the short format tournament are working to improve the fan experience, among other things Smith was speaking to the media on the virtual conference following the climax of a third season, which saw MI Cape Town emerge as Champions. Besides the fan experience, the former Proteas captain said they are thinking about upgrading stadiums ahead of the 2027 Cricket World Cup. “When running an event of this scale, there are always things you want to improve. You are constantly thinking about your fan experience,” said Smith. “Just off the top of my head in reflection, there’s a lot of work behind the scenes that we are talking to Cricket South Africa about and jointly trying to improve or…

Proteas coach Jenny van Dyk said they were able to feed off the great energy in the camp on their challenging month-long tour, praising the leadership skills among her young squad. The returning Proteas received a warm welcome at OR Tambo International Airport on Tuesday after the month-long tour of Jamaica and England, where they recently participated in the Nations Cup. Despite a valiant effort, the Proteas narrowly lost 61-55 to hosts England in a thrilling Nations Cup final in London on Sunday. They won their three pool matches, overcoming African rivals Malawi and Uganda, and achieving a remarkable win against the fourth-ranked English team. Coach Jenny van Dyk said: “This was one of my best tours I’ve ever experienced. “It was such an exciting trio with a team…