Cape Times 2025-04-15

Fears of a potential collapse of the Government of National Unity appear to abate The South African rand kicked off the week with notable momentum, rebounding and strengthening below the critical R19-mark against the US dollar on Monday. The enthusiastic market response came as fears of a potential collapse of the Government of National Unity (GNU) appeared to abate, notably complemented by a temporary suspension of US tariffs that has given the currency a much-needed boost. US President Donald Trump last week authorised a 90-day pause on steep Liberation Day import tariffs for about 75 countries that trade with the US, but raised them to 145% for China. Gold also eased 0.8% fell to around $3 200 per ounce on Monday, retreating from an all-time-high as trade tensions after an…

Gold Fields’ share price fell 6.3% on the JSE Monday after it said that the Ghanaian government had instructed it to cease operations and vacate the Damang Mine lease area by April 18, 2025, on expiry of the lease. The share price was trading at R444.81 on the JSE late Monday. The decline was in spite of a strong 4.11% rise in the gold price to $3 208.71 per ounce, at the same time. A year before, Gold Fields traded at R342.47. Gold Fields said it had, in December 2023, through an indirect subsidiary, Abosso Goldfields, applied for an extension of the Damang Main Mining Lease, but the company was notified by the Minerals Commission of Ghana that the application was rejected. Gold Fields said it had engaged extensively…

A United States foreign policy expert has warned that Mcebisi Jonas could face the same treatment that former South Africa’s Ambassador to the US, Ebrahim Rassol, was subjected to as a result of his previous comments on US President Donald Trump. President Cyril Ramaphosa on Monday announced the appointment of Jonas as his Special Envoy to the US, serving as the official representative of the President and the Government of South Africa. Jonas served as one of four Presidential Investment Envoys that Ramaphosa appointed in 2018 to facilitate investment into South Africa. Ramaphosa said in this capacity, Jonas is entrusted with the responsibility to advance South Africa's diplomatic, trade and bilateral priorities. He will lead negotiations, foster strategic partnerships and engage with U.S. government officials and private-sector leaders to promote…

Eskom has moved swiftly to accelerate its drive to harness 2 Gigawatts (GW) of renewable energy by 2026 as it announced signing of a Memorandum of Understanding (MoU) with Exxaro Resources on Monday. The partnership is focused on collaboration in carbon emissions reduction, air quality and just transition. This comes on the heels of Eskom issuing a tender to establish a dedicated renewable energy business unit last week, signalling a significant shift in the utility's operational strategy. The agreement between Eskom and Exxaro focuses on a comprehensive approach to measuring, managing, and ultimately reducing Scope 1, 2, and 3 emissions. Both entities plan to potentially invest in innovative technologies that will facilitate decarbonisation efforts. Furthermore, the MoU underscores the importance of inclusive and targeted transition initiatives such as skills development,…

Nvidia, the dominant player in chips for AI models, said it will produce as much as half a trillion dollars’ worth of AI infrastructure in the US over the next four years through manufacturing partnerships. Production of Nvidia’s latest generation AI chip, known as Blackwell, has begun at Taiwan Semiconductor Manufacturing’s new plant in Phoenix. Santa-Clara, California-based Nvidia is also building supercomputer manufacturing plants in Texas with Foxconn and Wistron, and partnering with Amkor Technology and Siliconware Precision Industries for packaging and testing operations in Arizona, the company said in a statement on Monday. “Mass production” is expected to ramp up in the next 12 to 15 months. “Adding American manufacturing helps us better meet the incredible and growing demand for AI chips and supercomputers, strengthens our supply chain and…

Earlier this month, US Congressman Rodney Jackson introduced a bill that would not only demand a full review of the bilateral relationship between the United States and South Africa. It would require the US government to identify South African government officials and ANC leaders who are eligible for the imposition of economic sanctions. Within 120 days of enactment, the new bill stipulates that US President Donald Trump, in consultation with US Secretary of State Marco Rubio and US Secretary of Treasury Scott Bessent, "shall submit to the appropriate congressional committees a classified report that includes a list of senior South African government officials and ANC leaders that the President determines have engaged in corruption or human rights abuses that would be sufficient, based on credible evidence, to meet the criteria…