Sommaire pour 2025-03-12 de Cape Times

Minister Enoch Godongwana’s ambition to stabilise government debt faces considerable headwinds As South Africa grapples with sluggish economic growth and an alarming rise in national debt, Finance Minister Enoch Godongwana is under increasing pressure to make a critical decision regarding the nation’s fiscal future. With a staggering R60 billion budget shortfall looming, discussions around a potential increase to the Value-Added Tax (VAT) have become the focal point of ongoing debates among policymakers and economic experts. Originally set to deliver the budget speech on February 19, Godongwana postponed the announcement, reflecting the nation’s uncertainty about the path ahead. A proposed increase in VAT from 15% to 17% has met with significant opposition, with many stakeholders outright rejecting the plan. Alternative suggestions on the table include a more modest VAT increase of…

Balancing South Africa's national budget must prioritise pro-business growth with a shift to tax policies that stimulate economic growth without sacrificing essential public services. South Africa’s government, like many others, can often be inefficient in how it allocates funds. This includes high administrative costs, duplicated programme and inefficiencies in state-owned enterprises (SOEs). These inefficiencies are prime candidates that I would target for budget cuts, with a start being reducing the number of municipalities and even provincial governments. Reduce the financial burden on taxpayers by cutting funding to loss-making state-owned enterprises like Eskom, Transnet and South African Airways - focus on privatisation or public-private partnerships (PPPs) could free up significant funds. It may seem easy to cut investment in infrastructure, but this is the last thing I would do if the…

South Africa’s Real Estate Investment Trust (REIT) sector is showing signs of resilience amid a turbulent global backdrop, posting a 1.2% recovery in February after a shaky start to the year. "This positive return outpaced the broader equity market, which remained flat at 0.0%, and the bond market, which posted a modest 0.1% gain. Despite this bounce-back, the sector has still posted a 2.5% decline year-to-date, underperforming both the equity and bond markets," the SA REIT Association said on Tuesday referring to its monthly Chart Book. The overall investment outlook for the sector remains positive for 2025, according to Ian Anderson, the head of listed property and a portfolio manager at Merchant West Investments, who is the compiler of the SA REIT Association’s monthly Chart Book, and Richard Henwood, a…

On Saturday, we marked the 50th Anniversary of International Women’s Day (IWD) as declared by the United Nations in 1975, the same year it declared International Women’s Year. IWD continues to see exponential globalised growth as a prolific, mainstream movement participated in by millions worldwide. Such diverse mainstream activity demonstrates the adaptability of IWD in addressing global, regional, and local priorities each year. Research by UN Women and the World Bank has shown that gender equality and women’s empowerment are central to economic development and environmental sustainability, which indicates that while gender equality is a fundamental human right, it is also an economic imperative for promoting equality. A Just Transition Can Deliver the Beijing Commitments This year’s IWD on March 8 was themed “Accelerate Action”, focusing on the need and…

Attacq, the JSE-listed REIT that has Waterfall City as a key development focus, lifted its interim dividend a hefty 46.7% to 44 cents a share and has revised its guidance upward for the full year. Distributable income per share (DIPS) was up 49.1% to 55 cents, and CEO Jackie van Niekerk said they had also revised upwards its distribution income per share guidance for the full year to 27% from 24%. DIPS also benefited from a full six months from its transaction with the Government Employees Pension Fund (GEPF) - the fund acquired a 30% stake in Attacq Waterfall Investment Company in October 2023 - versus only two months in the comparative period. “The period saw us continuing to execute against our Horizon 2030 strategy. Our efforts are reflected in…

The Road Accident Fund (RAF) is facing a serious crash with the escalating number of road accident claims far exceeding its ability to pay into the foreseeable future. This comes as fuel levy receipts are barely able to meet the entity’s mounting debts while an accounting standards dispute with the Auditor-General of South Africa (AGSA) currently places the liabilities at over R300 billion in the red. The AGSA’s office told Parliament’s Standing Committee on Public Accounts (Scopa) yesterday that the RAF was nearing a critical financial crisis. Responding to DA MP Allan Beesly’s question, deputy business unit leader at the AGSA, Nicholas Mokoena, and senior audit manager, Siphesihle Mlangeni, said current and long term assets of RAF were unable to cover current and long-term liabilities, according to financial statements. They…

PRESIDENT Cyril Ramaphosa once again took a swipe at lobby groups Afriforum and Solidarity, falling short of characterising their misinformation campaign against the country as treasonous, saying it was up to the law enforcement agencies to decide. “I regard that as being non-patriotic because when you are a patriot of a country, the best you do is resolve problems or issues you have in country rather than beginning to damage the sovereignty of your country by running to other countries and expecting them to take action against your own country,” Ramaphosa said. He was responding to oral questions in the National Assembly yesterday. The Hawks have already confirmed that they are investigating four dockets against the two groups following their campaign aimed at the country’s land and property rights…

Who benefits from classifying the Independent Police Investigative Directorate’s (Ipid) Phala Phala report as top secret? This should dictate Police Minister Senzo Mchunu’s reasoning behind his decision for his continued refusal to make the Ipid report public. The report is a sequel to the African Transformation Movement’s (ATM) complaint relating to the conduct or behaviour of police officers tasked with investigating the theft of undeclared US dollars concealed in a couch at President Cyril Ramaphosa’s Phala Phala farm in 2020. Part of that cash was apparently recovered from a group of Namibians, who were allegedly tortured by SAPS members despite there being no case of theft opened at any police station. There were also claims that more police resources were used to track down the suspects – some of…

Kaizer Chiefs coach Nasreddine Nabi wants his team to maintain the momentum from their impressive Nedbank Cup quarter-final win over Stellenbosch when they host Cape Town City in a crucial league match tonight at FNB Stadium at 7.30pm. Speaking to the media at Naturena on Monday, Nabi expressed the importance of keeping the same intensity in cup competitions and across the board in every game. For the Tunisian-born tactician, there is no room for complacency, and the “cup final spirit” that Amakhosi showed in their last outing must become a constant fixture in their performances going forward. “We’ve closed the chapter of the cup win and now focus on the league. This match against City is very important for us to gather as many points as possible,” he said. Chiefs…

The International Monetary Fund (IMF) has thrown its weight behind the South African government, stressing the urgent need for structural reforms and adjustments in the public sector wage bill to stimulate economic growth. This advisory comes as Finance Minister Enoch Godongwana prepares to present the 2025 Budget Review, amid tough measures to bolster the country’s fiscus as growth struggles to exceed 1% and national debt hovers unsustainably around R6 trillion. The concerns surrounding South Africa's economic situation are significant, with the government debt-to-GDP ratio projected to surpass a historic 76% in the medium term. To address this, the government has earmarked R11 billion for the fiscal year 2025/26, aimed at incentivising 30 000 civil servants to accept early retirement voluntarily as part of wider efforts to manage the bloated public…

A national budget is often dismissed as a series of promises and colossal figures recited by a country’s Minister of Finance. Yet, for many South Africans, the annual budget represents a transformative instrument that can be used to redress historical injustices, create job opportunities and secure a more equitable future. A “good budget” tackles healthcare, housing, education and infrastructure, balancing industry-specific incentives with broad-based grants. Although this year’s national budget has been marred by delays and fundamental disagreements over financing methods, its significance remains undiminished. A budget of redress for citizens South Africa’s post-apartheid journey has been defined by a mission to heal a deeply divided society. Early efforts like the Reconstruction and Development Programme invested billions of rands in housing, healthcare and education, resulting in the construction of millions…

South Africa is on the brink of a renewable energy revolution, with wind power positioned at the heart of this transformation. As the country progresses with power sector reforms and pivotal policy shifts, wind energy is no longer seen merely as an alternative; it is now integral to South Africa’s energy future. Reflecting on 2024, South Africa has made remarkable strides in transformative policy and regulatory developments. These achievements are the result of collaborative efforts that have been a hallmark of the country's electricity sector in recent years. A key driver of this transformation has been policy advocacy and industry collaboration, with the South African Wind Energy Association (Sawea) playing a central role in influencing legislative advancements. Notable among these are the Electricity Regulation Amendment Act (ERAA) and the upcoming…

Homechoice International increased topline revenue by 21% to R4.4 billion in the year to December 31 and pre-tax profit was 31.2% higher at R517 million, a standout performance considering the preponderance of single-digit performances of JSE’s large retailers and financial services groups recently. The digital payments and lending solutions and omni-channel homeware retail group’s subsidiary Weaver Fintech continued to grow well, with revenue and profit compound annual growth rates of over 30% over five years. Considering it is gaining some 100 000 new customers per month, it is likely to continue to outpace the market in the new financial year, said CEO Sean Wibberley. The price of Homechoice’s tightly held shares increased by 3.57% to R29 on the JSE Tuesday morning. Wibberley said in an online interview that while they…

Clientèle, a South African financial services group, reported a steady performance for the six months ended December 31, 2024, a period shaped by the consolidation of 1Life Insurance, acquired with regulatory approval on July 14, 2024. The group flagged tough times for customers, saying: “Currently, our market continues to experience difficult economic circumstances, negatively affecting affordability and financial resilience. As a result, Clientèle continues to experience high levels of withdrawals, suspension of debit order mandates, and disputes.” Headline earnings per share increased 3.6% to 51.25 cents from a restated 49.46c in the prior period, while earnings per share soared 217.1% to 156.85c from 49.46 cents, propelled by a once-off bargain purchase gain of R469.1 million linked to the 1Life deal. No interim dividend was declared after a R566.4 million payout…

President Cyril Ramaphosa says South Africa remains committed to work with fellow SADC countries towards an inclusive negotiated peace settlement in the conflict in the Democratic Republic of Congo (DRC). Ramaphosa yesterday provided an update on the ongoing precarious situation of South African troops stationed in the eastern DRC. Fourteen SANDF soldiers were killed in the region after clashes with Rwandan-backed M23 Rebels. “We are hoping to consolidate that and hold further movements by any of the armies that are surging forward. “There will be a meeting of SADC (Southern African Development Community) followed by East Africa Community and SADC and we are hoping we will be able to have a more durable cessation that will lead to a permanent cessation of hostilities,” he said. Ramaphosa made the statement when…

Liability has yet to be apportioned for Monday’s fiery collision when the Portuguese-flagged feeder containership (Solong) struck the anchored tanker, Stena Immaculate, off the English coast. Both vessels caught fire and, miraculously, given the intensity of the fires, all of the crews involved – except one person - were rescued. While some containers carried by Solong were highly toxic, the nature of the fire raging among the containers indicates that flammable cargo was aboard. The tanker was carrying avgas, presumably for one of the US air bases in eastern England. Understandably, fires at sea are feared greatly by seafarers. Seasoned Docklanders will recall several infernos off the South African coast, including the major fire aboard the Spanish tanker Castillo de Bellver, north-west of Dassen Island in September 1983. They…

Authorities are investigating a Gauteng horror bus crash that claimed the lives of 16 people yesterday. The accident on the R21 near the OR Tambo International Airport was reported at around 6.30am. According to the Road Traffic Management Corporation (RTMC) the crash involved a MAN passenger bus owned by the City of Ekurhuleni and a light motor vehicle. Spokesperson Simon Zwane said preliminary reports suggest that both vehicles were travelling in the third lane of the R21. "It is alleged that the LMV suddenly applied brakes after missing the offramp exit lane. "In an attempt to avoid a collision, the bus driver also braked and swerved, resulting in the bus losing control, rotating clockwise, overturning, and coming to rest in the offramp lane, facing south. Twelve people died at…

TODAY, Minister of Finance, Enoch Godongwana, is expected to table his delayed 2025 National Budget to Parliament. The next few days are crucial for the country’s near future economic dispensation and for the credibility of the Government of National Unity (GNU). No sooner would Godongwana have completed his Budget speech, his National Treasury Director-General, Dr Duncan Pieterse, supported by senior Treasury officials, were on hand to reassure investors in a mandated non-deal Global Investor Call arranged by Goldman Sachs International and Investec Bank, alongside their empowerment partners, Vunani Capital Partners and Cinga Capital, no doubt about some of the more controversial aspects of the budget – a rise or U-turn on VAT, clarifications on the Expropriation Bill – the bane of the enemy within – our Afrikaner and/or white supremacist…

The good news for Springbok fans is that mighty Eben Etzebeth could make his comeback from injury in the Sharks’ United Rugby Championship (URC) match against Zebre next Saturday in Durban, and fellow Boks Aphelele Fassi and Andre Esterhuizen are hard on his heels. The three key Boks are in Cape Town participating in the Springbok alignment camp as the URC takes a break for the Six Nations finale this week. Etzebeth, in particular, is likely to feature off the bench against Zebre on March 21 and start a week later when big guns Leinster hit the Sharks Tank. Etzebeth was concussed in the Sharks’ Champions Cup defeat of the Exeter Chiefs on December 7 and hasn’t played since. He trained ahead of the Sharks’ match against Toulouse in early…

The South African rand strengthened against the dollar on Tuesday, buoyed by rising precious metal prices and global economic jitters, as markets awaited Finance Minister Enoch Godongwana’s much-anticipated Budget Speech. As Godongwana prepares to take the podium, analysts and investors alike are watching for signals on how South Africa will balance fiscal discipline with its pressing infrastructure and growth needs. By 6 pm local time, the rand traded at R18.19 to the dollar, up 1.46% from the previous session. The local currency’s resilience was underpinned by a surge in gold prices, a key export for South Africa, amid growing unease over the US economic outlook and simmering trade tensions under President Donald Trump’s administration, according to Trading Economics. Locally, however, all eyes were on the delayed Budget presentation, now set…

Nigerian authorities are warily moving to regulate Africa's largest cryptocurrency market in long-delayed efforts to create legal certainty in a field still fraught with fraud and volatility. For years, regulators and government officials have viewed cryptocurrencies and other digital assets with suspicion despite their popularity in the country. Nigeria ranked second globally after India in 2023 and 2024 on a crypto adoption index compiled by Chainalysis, a global crypto research firm. Over the past year, a more regulated sector has slowly started to take shape, even as fraud remains a concern for police. The director-general of the country's Securities and Exchange Commission (SEC), Emomotimi Agama, confirmed to AFP in August that the regulator was pushing ahead with efforts to create clarity around the use of digital assets. That month, the…

You’d be hard pressed to find a nation whose modern character is as entwined with electricity as South Africa. Since the late 2000s, loadshedding has made power generation, grid stability, and electricity costs unwelcome yet constant visitors in our homes, conversations, and daily lives. Eskom’s temperamental service has made South Africans not only cautious, but adaptable and ready to respond to new challenges. As of this time in writing, South Africa has experienced a welcome absence of systemic power cuts. But this doesn’t mean we’ve become complacent - history has made us hyper-aware of Eskom’s every move, always ready to react at the slightest deviation. And the pattern is about to deviate again, albeit subtly, with changes to Eskom’s tariff structures for the 2025/2026 financial year. Introducing the Homeflex time-of-use…

The second day of the electronic voting (e-voting) for South Africa conference saw electoral officers from Estonia, Namibia and the Democratic Republic of Congo detail their experience of using e-voting. The conference, which concludes today, is based on research commissioned by the Commission and undertaken by the Human Sciences Research Council (HSRC), and will serve as a pivotal platform for initiating a public conversation about the possibility of introducing electronic voting in the future. The morning discussion included Estonia’s Head of State Electoral Office, Arne Koitmäe, Director of Operations at the Electoral Commission of Namibia, Zenia Klazen, and the Chief of Staff from the National Independent Electoral Commission (CENI) in the DRC, Dieudonné N. Tshiyoyo. Koitmäe said Estonia has a population of about 1.37 million people, and voting takes place…

The Warriors and Eastern Province Cricket (EPC) find themselves in hot water after being sanctioned by Cricket South Africa (CSA) earlier this week for breaching Clause 3.2.2 of the governing body's administrative conditions, which requires teams to field a minimum of three black African players in the starting XI. Not only have the Warriors missed out on Wednesday's play-off in the ongoing CSA 1-Day Cup — having been docked five points — but they also find themselves at the bottom of the overall Division 1 standings. This puts them at risk of relegation at the end of the season, in addition to facing a hefty R500 000 fine. All of this stems from their failure to report, before their 1-Day Cup fixture against the Dolphins three weeks ago, that they…

Paris Olympic finalist Prudence Sekgodiso has been in top form on the indoor circuit this year, but now she will venture outdoors in Wednesday’s opening Athletics SA Grand Prix I in Pretoria. The 23-year-old 800m star from Limpopo will compete in the 1 500m event at Pilditch Stadium on Wednesday instead of her favourite two-lap race. Sekgodiso is no slouch in the longer distance, with a personal best of 4:09.88, but considering her impressive start to 2025, she would want to lower that time on Wednesday. Caster Semenya’s 1 500m SA record of 3:59.92 may not be on Sekgodiso’s radar just yet, but she did break the national 800m record earlier this year at events in Germany and France, where she set a time of 1:59.88. On Wednesday, Sekgodiso’s main…

Trail running enthusiasts will be pleased to know that the Two Oceans Marathon will once again incorporate trail races this year after a five-year hiatus, initially caused by the Covid-19 pandemic. Toni Cavanagh, the Two Oceans Marathon chairperson, told Independent Media that they have spent the past few years working hard to restore the event to its former glory. “When we came back, our focus was to bring the race back to its former glory because, after Covid, it was a little difficult, given that businesses were less inclined to provide major sponsorships. So, we focused on the two main events — the ultra and the half marathon — and we’ve seen them grow every year.” Now that the 56km and 21.1km races are fully operational again, Cavanagh says they…

The latest quotas drama in South African cricket has reared its ugly head, with the Warriors being docked five log points and fined heavily for failing to field three black African players in a 1-Day Cup match. Now, strictly speaking, the Warriors were in breach of the “administrative conditions” that require them to field three black African players and six players of colour overall. But while they achieved the latter, they only had two black players in the team for the game against the Dolphins on February 16. The problem was that the Warriors and their coach Robin Peterson did not provide an explanation before the match to CSA, as they are required to do, as to why they didn’t field three black African players. A few other teams have…