Sommaire pour 2025-05-27 de Cape Times

The group’s pre-tax and capital items loss improved to R237 million for the 52 weeks ending March 2 Pick n Pay's turnaround is taking shape, but initial estimates predicting the retailer would reach breakeven in the 2027 financial year have proven over-optimistic. The group now forecasts this milestone will only be achieved in 2028. The group's pre-tax and capital items loss improved to R237 million for the 52 weeks ending March 2, compared to a R1.4 billion loss in 2024. This improvement was driven by a R1bn reduction in the Pick n Pay segment trading loss, supported by a 27.3% decrease in interest paid as the recapitalisation began to impact debt service costs. CEO Sean Summers, who announced on Monday that he has extended his contract until May 2028, said…

Pick n Pay on Monday said it launched a powerful new app that brings together its on-demand delivery service asap!, Smart Shopper loyalty programme, and value-added services into a single, next-generation platform. The retailer said it is its most significant digital milestone since launching asap!. "The asap! back-end and front-end technology has been completely re-platformed over the past 18 months, resulting in the new ‘Pick n Pay asap! and Smart Shopper’ app. It features enhanced performance, AI-driven functionality, and a redesigned user experience that makes it easier for customers to shop, save, and receive groceries. These improvements are expected to drive strong growth in the coming year," Pick n Pay said. The new app is in Beta until the end of September 2025, with new features and improvements being added…

“In 2011 as MD of Microsoft SA I signed one of the first Equity Equivalent deals in the ICT sector worth about R500m. The Equity Equivalent deal paved the way for more than R25 billion Microsoft has invested in SA under the leadership of Lillian Barnard. The R25 billion direct investment by Microsoft was about building of cloud data centres in SA in the process creating youth employment and buying material from local businesses. It was never about dishing that money to individuals.” wrote Mteto Nyathi on the 25 May 2025 on X. There’s a lot to learn from what Nyathi has shared on this matter in view of current debate about Starlink. The first lesson is that it is incorrect to suggest that it was impossible for Starlink to…

African Bank, which has future plans to list on the JSE, reported a 15% surge in group net profit after tax, reaching R202 million for the six months ended March 31, 2025, driven by its ambitious Excelerate strategy as it aims for a JSE listing ahead "The results reflect the growing impact of its Excelerate strategy, as the Group continues its transformation into a diversified, fully-fledged banking institution serving both personal and business customers," African Bank said. The robust results came despite the South African economy remaining under pressure due to persistent unemployment, structural inefficiencies, and an increasing burden on welfare spending by the government. "However, the easing of inflationary pressure, further aided by the South African Reserve Bank’s decision to cut and pause further interest rate reductions, has…

Six family members have perished in an inferno in Ekurhuleni, as fire consumed their shack at the Marikana informal settlement. On Monday morning, City of Ekurhuleni Disaster and Emergency Management Services spokesperson William Ntladi said only one family member survived the blaze. “The home of seven family members was destroyed by fire, all of them trapped inside while sleeping overnight, and only one escaped with critical burn wounds,” said Ntladi. Emergency services from the City of Ekurhuleni swiftly responded to the Marikana informal settlement after receiving a distress call at around 3am yesterday. When the emergency personnel arrived, a four-roomed shack was engulfed by flames. Members of the community were frantically battling the blaze. “Firefighters extinguished the blaze. However, on search, rescue, and recovery, all six were found…

THE Presidency has poured cold water on suggestions that the country would back down on its International Court of Justice (ICJ) case against Israel in another effort to ease strained relations with the US. The case, which accuses Israel of genocide in Gaza, has generated significant international interest and support and has been thrust back into the spotlight after concerns were raised by some ANC senior members that President Cyril Ramaphosa was considering doing an about turn on government’s stance on Israel, a key ally of the US government. During his recent meeting with US president Donald Trump, Ramaphosa said that the ICJ matter was not discussed. US secretary State Marco Rubio has stated Trump will be more open to restoring ties if South Africa reconsidered its stance…

Picking a list of the 'best' players in a certain league is highly subjective most of the time. At others it can seem impossible. This English Premier League season falls into the latter category as the Top 6 morphed into a Top 8 during the recently concluded campaign. Liverpool's title triumph was among a number of shocks in a campaign where there have been three winners of the three major domestic trophies: the League, FA Cup and League Cup. The rise of the likes of Nottingham Forest, Fulham, Bournemouth and FA Cup kings Crystal Palace has also coincide with the fall of giants Manchester United and Tottenham. Spurs managed to salvage some redemption in the Uefa Europa League final win over the Red Devils. United and noisy neighbours Manchester City…

Debt experts and economists believe that an interest rate cut of 25 basis points is likely when the Monetary Policy Committee (MPC) meets on Thursday. This follows Statistics South Africa announcement last week that CPI inflation edged up slightly from 2.7 % in March 2.7% to 2.8% in April Reza Ismail, the head of bonds at Prescient Investment Management, said that he believes there will be an interest rate cut on Thursday. “The observed 3-month Johannesburg Interbank Average Rate (JIBAR) of 7.45% and the 1x4 FRA (Forward Rate Agreement) at 7.26% suggest that markets are currently pricing in a modest easing bias. This reflects a forward rate expectation approximately 20 basis points below the current 3-month interbank rate, implying a probability-weighted scenario of a 25 basis point repo rate cut…

We've all been there. You're at a great restaurant, the food is exceptional, the company is sublime, but the table wobbles incessantly. Every time you reach for your drink, it rocks. Every bite of food becomes an exercise in careful coordination. The solution is simple—slide a matchbook under the short leg—but somehow no one ever does it. Instead, we spend the entire evening managing around the dysfunction, accepting the irritation as part of the experience. The global financial system suffers from the same wobbly table problem, only instead of disrupting dinner, it's costing African businesses billions and perpetuating economic exclusion on an industrial scale. The matchbook solution might finally be at hand, in the form of stablecoins. But the questions surrounding this fix demand careful scrutiny. $286 billion blind spot…

Barloworld, still the subject of a controversial takeover bid by Saudi Arabia-based Zahid Group and CEO Dominic Sewela, nearly halved its interim dividend to 120 cent a share (210 cents per share). This followed a 20.5% decline in headline earnings per share (HEPS) to 423.2 cents for the six months to March 31, with the results impacted by a weak performance in the Russia business due to the impact of sanctions in that country. Many JSE-listed companies exited their businesses in Russia after the onset of the war in Ukraine, but Barloworld opted to retain Vostochnaya Technica (VT). Excluding VT, normalised HEPS was flat at 356 cents per share. Sewela said trading conditions were broadly aligned with their expectations of stable to modest economic growth, guarded optimism, moderated by cyclicality…

If you and your partner struggle to communicate, you’re not alone. Relationships can feel like an uphill battle when arguments pile up and moments of connection become rare. Maybe it feels like there’s no way to break the cycle of misunderstandings, hurt feelings and frustration. But what if the key to saving your relationship lies in avoiding a few critical pitfalls? Love researchers John and Julie Gottman, the founders of the renowned Gottman Institute, have studied relationships for decades. Their research has identified four destructive communication habits they call the “Four Horsemen of the Apocalypse” of relationships. These behaviours – criticism, defensiveness, stonewalling and contempt – can predict divorce with over 90% accuracy if left unchecked. Understanding and addressing these behaviours could help you build a healthier, happier partnership. 1.…

The ANC provincial secretary, Reuben Madadzhe, has legitimised the Peter Mokaba Regional Elective Conference in Limpopo, despite chaotic scenes and allegations of irregularities. The conference, held in Polokwane recently, saw Polokwane mayor, John Mpe reelected unopposed as chairperson for a third term, amid violent clashes and police intervention. The conference descended into chaos on its first day, with delegates clashing and hurling chairs and tablecloths at one another in protest. Some delegates accused the Regional Task Team (RTT) of allowing "bogus" delegates into the venue, leading to verbal disputes that escalated into physical confrontations. Police intervened to restore order, and the conference continued with the election of Mpe and his slate uncontested. Madadzhe dismissed allegations of irregularities, stating that the party's regional structures followed all protocols. "We stand by…

FORMER human settlements mayco member Malusi Booi has implicated two senior City officials in what he described as a witch hunt leading to his arrest over tender collusion charges, which the National Prosecuting Authority subsequently withdrew on Friday. Booi was arrested last year, one year after his offices were raided and his electronic equipment seized. The charges against him related to alleged tender collusion linked to construction companies owned by alleged underworld figures such as Stanfield and his wife Nicole Johnson. In an exclusive interview with the Cape Times yesterday, Booi spoke of what he believed led to his arrest, his time as the mayoral committee member and his future in politics. “I do think it was (a political witch hunt), it has been confirmed on a number of platforms…

Unethical practices, poor accountability, a broken social contract with communities and the weak integration of traditional governance systems are among the challenges facing South African municipalities. This is according to a discussion document released as part of the review of the White Paper on Local Government. The Department of Cooperative Governance has commenced the process of reviewing the White Paper on Local Government, which is expected to be completed next year. The review process will examine the funding model of municipalities and could lead to the closure of municipalities that are failing to provide services. The discussion document notes that there is reasonable concern and widespread doubt about the ability of most municipalities to perform effectively. “Manipulation and methods aimed at maintaining power and/or rapid enrichment have spread, resulting in…

It has been months since the State closed its case against Rivers of Living Waters Church leader Bishop Bafana Stephen Zondo, but rather than proceeding with his defence against the 10 mostly rape charges against him, Zondo is using all the legal avenues open to him to avoid this. When it was his turn to present his defence and to decide whether to take the witness stand or not, he chose to ask for his acquittal as he argued that at this point, the State did not prove that he had a case to answer to. According to him, the evidence against him presented by the seven rape accusers was weak. Gauteng High Court, Pretoria Judge Papi Mosopa, however, in March turned down his application and said at this point,…

A 29-year-old man who posed as a US government official and swindled almost R100 000 is expected to appear in the Bloemfontein Magistrate’s Court this week. The man who was arrested by the Directorate for Priority Crimes Investigation (known as the Hawks) faces charges of fraud and money laundering. Provincial Hawks spokesperson Warrant Officer Fikiswa Matoti said the arrest follows an investigation into fraud allegations, including the swindling of R85 800 from an unsuspecting victim in December 2022. “It is alleged that the complainant was contacted via e-mail by a suspect who introduced himself as a representative of the government of the United States of America. The complainant was promised a Covid-19-related grant on condition that she deposit money into a certain bank account,” Matoti said. The suspect sent the…

The South African rand maintained its position below R18 against the US dollar on Monday, buoyed by a weakening greenback as investors reacted to US President Donald Trump’s renewed focus on trade tensions with Europe. The rand traded at R17.82 to the dollar in morning sessions, benefiting from a broader decline in the US currency, which softened after Trump threatened Europe with 50% tariffs and criticised the region on social media. By 4.30pm the rand was at R17.87 to the dollar, 0.2% up. “The dollar’s weakness stems from investors shifting away from U.S. assets amid heightened trade rhetoric,” said Bianca Botes, a director at Citadel Global. The rand, however, remained stable against other major currencies, trading at R24.11 to the pound and R20.32 to the euro. Market participants await the…

We are a nation of firsts and paradoxes. The first on the continent to industrialise and the last to align our education system with our economy. The most connected generation in our history is also the most unemployed. South Africans are not confused about what is broken. Ask a teacher, an employer, or a young job-seeker and they will all tell you the same thing: how we prepare people for work no longer works. It is not a lack of money or effort. It is the absence of a system that speaks to our economy, our people and our moment in history. The data confirms this disconnect. According to Statistics South Africa, only 7% of Grade 12 learners qualify for STEM-related degrees despite growing demand for engineers, technicians and digital…

South Africa’s Minister of Mineral and Petroleum Resources has dismissed an appeal by Springbok Solar Power Plant against Renergen’s helium extraction rights at the Virginia Gas Project, affirming the company’s legal authority to extract and commercialise helium as a by-product of natural gas. The decision, announced on Monday, ends a protracted dispute and strengthens Renergen’s position as a key player in South Africa’s helium and natural gas sector. The ruling follows a thorough review of legal and scientific arguments, resolving a contentious debate over whether helium should be classified as a mineral or a petroleum by-product under South African law. The Minister’s decision confirms that helium extraction falls within Tetra4’s existing Production Right, a subsidiary of Renergen, aligning with the Mineral and Petroleum Resources Development Act. The Minister said this…

You can sit on a board and still fall short of leadership. In the evolving architecture of corporate governance, there is often confusion between having a seat at the table and truly discharging the duties that come with it. Being a director is not ceremonial; it is a fiduciary commitment. One that demands more than occasional attendance and rubber-stamping decisions. It demands diligence, judgement, independence, and above all, accountability. Too often, we invoke the language of “oversight” or “strategy” in vague terms. But what does it actually mean to govern well? South African company law sets the standard with quiet clarity. Directors must act honestly and with the care and skill expected of someone entrusted with protecting the interests of others. They must remain free of conflicts, act in the…

THE State has been ordered to furnish former eThekwini mayor Zandile Gumede and her co-accused with the report that apparently concluded that the company appointed to investigate irregularities surrounding the R320 million Durban Solid Waste (DSW) tender, was appointed unlawfully. Gumede and her 21 co-accused are facing numerous charges including money laundering, racketeering, fraud, corruption, and contravention of the Municipal Finance Management Act and the Municipal Systems Act relating to the DSW tender. The forensic company is Integrity Forensic Solutions (IFS); it was outsourced by the City Integrity and Investigations Unit (CIIU) to investigate DSW tender irregularities. This is after the CIIU received a stack of documents anonymously alleging solid waste tender irregularities. After IFS investigated, the matter was handed over to the Hawks and arrests were…

THE provincial government says the future of the Oude Molen property remains in its control despite Heritage Western Cape’s (HWC) decision to reject the Department of Infrastructure's proposed plans for the area. The HWC recently found that the Heritage Impact Assessment (HIA) did not fully meet the requirements outlined in Section 38(3) of the National Heritage Resources Act (Act 25 of 1999). The Department of Infrastructure’s plans for the site included a mixed use and mixed income housing development. The Oude Molen Precinct forms part of the broader Two Rivers landscape, an area of significant tangible and intangible heritage value to the people of the Western Cape, HWC said. Interested parties last year expressed concern over what they said could be another “tick box exercise” as the public were given…

South Africa urged the world’s largest economies to take more decisive action against illicit financial flows depriving African countries of essential resources needed for their development. During her opening address at the G20 Development Working Group meeting in KwaZulu-Natal on Sunday, Maropene Ramokgopa, the Minister in the Presidency for Planning, Monitoring, and Evaluation, emphasised that the continent lost around $88.6 billion (over R1.58 trillion) each year due to illegal financial activities. “The issue of Illicit Financial Flows remains a critical challenge for many countries, especially on the African Continent. According to the African Union Economic Commission for Africa’s High-Level Panel on the Illicit Financial Flows, led by former President of South Africa, His Excellency, President Thabo Mbeki, the African Continent loses an estimated $88.6 billion annually due to…

THE driver of a Porsche forfeited the luxury of his sports car when he was arrested for allegedly being more than twice over the legal alcohol limit while driving on FW de Klerk Boulevard. Officers were attending to an accident between the Porsche and a minibus taxi driver in the CBD when they tested the driver for alcohol. The reading of 0.52 meant that he was more than twice the legal limit of 0.24mg/1000ml. Safety and security mayco member JP Smith said the accident could have had serious consequences with innocent passengers sustaining injuries. “This is but the latest incident involving luxury sports cars in recent months, and certainly not a good start to the week. The fact that the driver was arrested early in the morning and with an…

The Bulls should brace themselves for a hard-fought United Rugby Championship (URC) battle against Scottish side Edinburgh on Saturday (1.30pm kick-off), recent clashes between the two sides suggest. The visitors from the Scottish capital have won three of their past five meetings across the URC and Challenge Cup. Their most recent clash was an EPCR Challenge Cup quarter-final in Scotland that the South African giants lost 34-28. Jake White's team paid for a sluggish first half in that encounter, despite a brave fightback in the second half. The Pretoria outfit won their last seesaw URC clash 22-16 in September. The Scottish giants, however, got the better of the visiting South Africans with a 31-23 win at Hive Stadium in their previous URC clash. In fact, the home side has won…