Cape Times的2025-07-25目录

The Government Employees Pension Fund (GEPF) has has sounded the alarm on potential reputational risks stemming from serious allegations of maladministration and financial mismanagement at the Government Pensions Administration Agency (GPAA). The GPAA is a government component which reports to the Minister of Finance and administers funds and schemes on behalf of the GEPF, the largest pension fund in Africa. It thus administers the pension affairs of approximately 1.7 million government employees and pensioners, as well as the affairs of their spouses and dependants. The GPAA has been rocked by allegations of serious financial mismanagement of pension funds amounting to more than R500 million after an audit being prepared for the financial year end flagged administration issues. An internal audit report compiled by Abacwaningi Business Solution (ABS) Audit & Advisory…

When news broke that hosting a Formula 1 Grand Prix in South Africa could cost as much as R2 billion, the headlines focused on the bill. The critics warned of wasteful spending. Parliament debated priorities. But while the accountants saw a liability, I saw something very different: 20 000 jobs waiting to be created and an economy in motion. Yes, R2 billion is a significant investment. But as Singapore discovered when it launched its Grand Prix in 2008, the right event can pay for itself many times over. According to the Singapore Tourism Board, the race generates about S$150 million (R2bn) annually in visitor spending and economic impact. Independent studies put the return on investment at three to five times every dollar spent. Apply those multipliers to South Africa, and…

Over the past two decades, the South African rand has become one of the most telling indicators of the country’s exposure to both global financial cycles and domestic structural weaknesses. For investors, executives, and wealth holders, understanding this dynamic is essential not just for economic literacy but for protecting long-term financial security. In the early 2000s, South Africa rode the wave of the global commodity super-cycle. High Chinese demand and soaring metals prices brought in foreign capital, bolstered tax revenue, and gave the illusion of macroeconomic stability. The rand strengthened, albeit temporarily, and many assumed that South Africa had entered a phase of sustainable growth. But the post-2008 world exposed the underlying vulnerabilities. While quantitative easing in the US flooded emerging markets with liquidity, South Africa’s domestic policy response was…

Anglo American saw generally lower production of its metals and minerals in the second quarter as it advances the sale of the diamond group De Beers as part of a substantial portfolio simplification strategy. The global mining group said in a production report on Thursday for the second quarter to June 30 that rough diamond production fell 36%, while copper production fell 11% during the three months due to sluggish demand. The group is restructuring its portfolio to focus on copper, as it is a key metal in the burgeoning demand for electric vehicles and renewable energy infrastructure. The group is also focused on iron ore. The changes follow an attempt by BHP to take it over last year. Anglo American directors said Thursday that the demerger of its platinum…

Tesla fell short of Wall Street’s expectations in one of the automaker’s worst quarters in years, a sign of the toll that rising competition and a backlash against CEO Elon Musk have taken on the company. Adjusted earnings were 40 cents per share, Tesla said Wednesday in a statement, just below the average analyst estimate. Revenue fell 12% to $22.5 billion (R396bn), the sharpest decline in at least a decade. Still, the report was free of new bombshells and the company said it continues to move forward with robotaxi and affordable-vehicle plans, providing a measure of relief for investors. That comes “despite a sustained uncertain macroeconomic environment resulting from shifting tariffs, unclear impacts from changes to fiscal policy and political sentiment,” Tesla said. The revenue drop was due to a…

If it were not for an early morning stop-and-search operation by the police on the R511 towards Brits, North West, the truth of what happened to a farm worker who was allegedly murdered would have probably never been discovered. The police noticed the bakkie they had stopped with two occupants inside was loaded with black garbage bags. They then saw legs sticking out from under the bags, covered with blood. It was then that they discovered the lifeless body of Dumisani Phakathi, with his head covered by plastic. Phakathi was allegedly murdered because he walked to a nearby chicken farm with a plastic container in his hand to collect water. The three men accused of assaulting and killing him earlier pleaded not guilty to murder in the Gauteng High Court,…

THE EFF expects thousands of its supporters to pack the Khayelitsha stadium tomorrow when it celebrates its 12th anniversary. The choice of Khayelitsha as the venue for the anniversary rally is significant, given the township's history of struggle and resistance. The celebrations were initially planned for Mthatha in the Eastern Cape, however the party decided not to proceed out of respect for the grieving families who are mourning their loved ones who perished during the recent devastating floods. During a press briefing yesterday, party leader Julius Malema highlighted EFF’s ongoing effort towards economic transformation and the empowerment of marginalized communities, saying Khayelitsha was a symbol of the ongoing challenges faced by many South Africans. “Khayelitsha remains physically and economically separated from the so-called 'world-class' parts of Cape Town,” said Malema.…

“THIS was more than a surgery, it was the gift of life.” After two years of living in darkness, 71-year-old Grace Julius was one of 20 patients from the Overberg region to recently receive long-awaited cataract surgery at Eerste River Hospital’s Eye Clinic, a day she describes as nothing short of a miracle. The Western Cape Department of Health and Wellness launched the newly renovated Eye Clinic at Eerste River Hospital in May and started offering cataract surgery to patients who needed this life-changing procedure. The cataract surgeries for 20 patients from vulnerable areas in Overberg were made possible through a collaborative initiative and partnership supported by the Radiance Foundation and the Rotary Club of Hermanus, with infrastructural support provided by Gift of the Givers, who funded the renovation…

Former Stormer Marvin Orie has been named in the Bulls team for their Currie Cup opener against Western Province in Cape Town on Saturday, while tough loose forward Jeandré Rudolph, formerly of the Cheetahs and Pumas, is set to make his debut. Another Cape product, Nama Xaba, will captain the Bulls. He joins Rudolph and fellow Capetonian Junior Pokomela in a powerful loose trio. An away visit to their arch-rivals is as tough as it gets for the Bulls, but assistant coach Phiwe Nomlomo says his charges are up for the challenge. “The players have trained well,” said Nomlomo. “There’s full-on excitement at the minute. “There’s a really great vibe in the team, but there will be nerves. I’m not really a nervous guy. I’ll embrace what comes, when it…

Ben O'Connor won stage 18 of the Tour de France with a world-class climb over three Alpine mountains on Thursday, as defending champion Tadej Pogacar extended his race lead. Australian O'Connor, 29, broke away solo 15km from the finish and navigated through the mist to win 1min 45sec ahead of Pogacar atop the Col de la Loze. Vingegaard crossed the line in third place, nine seconds behind the Slovenian. "It was brutal — I've never experienced anything so hard. The team did well and we had a good plan, but I couldn't take any time off Tadej," said Vingegaard. Pogacar now holds a 4min 26sec lead over the Dane in the general classification with three days remaining before the finish in Paris. Starting the day with a deficit of 4min…

Central bank says it and Ibex Group have resolved all the disputes in a “comprehensive settlement” The South African Reserve Bank’s (SARB’s) seven-year probe into now-defunct Steinhoff’s alleged breach of Exchange Control Regulations has finally been concluded with an agreement that what is now Ibex Group will no longer try to recoup a previously forfeited R6.3 billion. In a statement released on Thursday, the central bank said that it and Ibex Group had resolved all the disputes between the two parties in a “comprehensive settlement”. “Both SARB and the Ibex Group consider the settlement reasonable, proportionate and justifiable in light of the complex and competing interests,” the central bank’s statement said. “SARB and the Ibex Group consider this final settlement to be in the best interests of South Africa." SARB…

South Africa’s red meat industry is a cornerstone of the rural economy, particularly for emerging and communal livestock farmers. Yet, their aspirations - and the broader goals of inclusive growth outlined in the Agriculture and Agro-processing Master Plan (AAMP) - are persistently undermined by a recurring threat: foot and mouth disease (FMD). Recent FMD outbreaks, most notably in Limpopo, KwaZulu-Natal, and parts of the Free State, have exposed the fragility of South Africa’s disease control systems. The economic fallout is staggering. Export bans, movement restrictions, and culling have cost the country billions in trade revenue, while simultaneously crippling market access for smallholder producers. For emerging farmers, who are already navigating structural disadvantages in the meat value chain, the disruption is not just economic - it’s existential. FMD is not a…

Diversification is one of the most talked-about principles in investing, and yet one of the most poorly executed in practice. While almost everyone has heard the advice, “don’t put all your eggs in one basket”, applying it effectively to your own portfolio can be easier said than done. At its core, diversification is about reducing risk without sacrificing return. It’s one of the few free lunches in investing, but that doesn’t mean it’s as simple as owning a bit of everything and hoping for the best. It’s about owning the right mix, for the right reasons, at the right time. Decide on your risk appetite first Before you can diversify, you need to understand your personal risk profile. Are you risk-averse and inclined towards stability? Or are you in a…

Kumba Iron Ore’s operational performance continues to improve, and it has made progress on the ultra-high-dense-media separation (UHDMS) project to increase the premium proportion of production and enhance margins. This was according to Kumba’s CE Mpumi Zikalala, who said in a production report and trading statement for the six months to June 30 that total production was flat at 18.2 million tons (Mt), and there was an increase in sales on the back of improved logistics stability. “As a result, we have maintained our full-year 2025 guidance at 35 – 37 Mt for both production and sales,” she said. Headline earnings for the half-year were likely to be between R6.84 billion and R7.34bn, varying by between 4% and 3% from the previous six months ended June 30, 2024. Headline earnings…

THE convicted killer of a Lavender Hill grandmother has been sentenced to 23 years behind bars. The Daily Voice reported Charlene Josephs (Overmeyer) was kidnapped from her St Montaque Village home by three masked men at gunpoint on July 10, last year. The 57-year-old was found 40 days later behind the municipal landfill site in Muizenberg by police. Charles Williams, 51, and two others, Farried Williams, 23, and 31-year-old Jason Arendse were later arrested. And according to police, Williams was sentenced to 15 years imprisonment for murder, five years for kidnapping and three years for defeating the ends of justice by the Khayelitsha Priority Court this week. SAPS spokesperson Anelisiwe Manyana said: “The Provincial Organised Crime Investigation, Anti Kidnapping Task Team was activated for the investigation of this matter and…

Drama played out during the adoption of the Budget in the National Assembly this week when the MK Party supported the Appropriation Bill only to change its vote despite rejecting every departmental budget. The party’s chief whip Colleen Makhubele blamed the confusion on mistakenly casting their vote for the Ad Hoc Committee that was established to probe allegations made by KwaZulu-Natal police commissioner Nhlanhla Mkhwanazi during the marathon session. The unexpected vote of the official opposition unfolded soon after all the 42 schedules were agreed to. House chairperson Cedric Frolick had asked the National Assembly Secretary to read the Fifth Order, which was the next to be considered on the agenda after the schedule of vote of department. Frolick then immediately corrected himself that it was going to be the…

Eavesdropper Elliot Wolf Narrated by a full cast AUDIBLE ORIGINALS IN A thrilling concoction of espionage, technology and the struggles of parenthood, Eavesdropper emerges as a standout addition to the audio thriller genre. Masterfully crafted by the minds behind the iconic Law & Order, and narrated by a full cast, this audiobook plunges listeners into a chilling narrative about the tangled web of privacy, power, and the challenges of those who dare to listen in. Set against the chaos of a bombing in New York City, the story follows Hunter Stevens, a former Marine now ensconced in the murky world of the NSA’s latest surveillance programme, Southerly. With the core theme rooted in the high-stakes pursuit of safety and the price that comes with it, Hunter’s life is irrevocably altered…

There is no shortage of Springbok supporters considering the big question: Who will start at flyhalf for South Africa against the All Blacks in Auckland this September? Few fans have a definitive answer, and it’s doubtful whether Rassie Erasmus is entirely certain either. The fact that Erasmus must weigh up the unique strengths of Sacha Feinberg-Mngomezulu, Manie Libbok and Handré Pollard — and still not have a clear frontrunner — speaks to the Springboks’ remarkable depth as they build towards the Rugby Championship. That campaign kicks off with back-to-back clashes against the Wallabies on 16 August in Johannesburg and a week later in Cape Town. It is during those two Tests that Erasmus must settle on the half-back pairing that gives the Boks the best chance of claiming a historic…

South Africa continued to work tirelessly discussing with its counterparts in the US to keep the trade route open and having submitted the Framework Deal in May, South Africa has signed a condition precedent document with the office of the US Trade Representative, a precursor to finalisation of the negotiations, Minister of Trade, Industry and Competition Parks Tau said in his budget vote. Tau said the collective work of business, organised labour and civil society, in engaging the US Congress is also a key lever in South Africa's toolkit in its approach to ensuring the continued inclusion of South Africa in the Africa Growth and Opportunity Act and to respond to the recently proposed US-South Africa Bilateral Relations Review Act. "Our active engagements with Asia are significantly bearing fruit.…

ESKOM has been ordered to pay close to R1 billion to French nuclear contractor Framatome, after the Western Cape High Court found the utility refused to pay damages after it cancelled a contract to install steam generators at Koeberg nuclear power station. The ruling stems from a 2014 agreement Eskom originally concluded with Areva, which was later ceded to Framatome. The deal covered the design, manufacture and installation of six replacement steam generators – three for each unit at Koeberg. Framatome, which has been in operation for 60 years, was contracted to supply and install two sets of three replacement steam generators, one set to be installed in each of the reactor buildings at units 1 and 2 at Koeberg during separate planned outages of these units. These installations were…

Building financial resilience requires effective financial planning, which in turn helps you meet your financial goals. However, this also comes with the responsibility of being disciplined and being prepared to learn and unlearn what you know about finances and money management. Savings month presents the opportunity to help you understand that saving and setting financial goals is not as difficult as it seems - it just requires discipline and commitment to balance short- and long-term planning, which helps you to be in a better position to meet your goals. Saving is not just about putting away money for rainy days; it's about gaining peace of mind and flexibility to weather life's uncertainties while working toward long-term prosperity. This savings month, take the time to balance your financial planning and goals,…

Primary Health Properties (PHP), a leading investor in modern healthcare properties in the UK and Ireland, released its interim results for the six months to June 30, 2025, which showed its earnings grew amid an increase in rental income across its portfolio and after its Irish acquisition. PHP is London listed and secondary listed on the JSE. Net rental income increased by 3.1% to £78.6 million (R1.4 billion). Adjusted earnings per share increased by 2.3% to 3.54 pence, headline earnings per share decreased by 5.9% % to 3.2 pence, earnings per share increased to 4.4 pence, while dividends per share increased by 2.9% to 3.55 pence. PHP’s adjusted earnings increased by 2.2% to £47.3m in the reporting period, driven by organic rental growth from rent reviews and asset management…

Airports Company South Africa (ACSA) has announced its intention to terminate the services of Aviation Coordination Services (ACS), the third-party operator responsible for hold baggage screening at O.R. Tambo International Airport. This comes after a passenger passed through security at the airport carrying two training hand grenades in their checked baggage, which were only discovered on arrival at Bole International Airport in Ethiopia. In a statement yesterday, ACSA confirmed that it “was formally notified of the incident by Ethiopian Airlines, in line with international aviation protocols, after the items were detected during reverse baggage screening upon arrival”. “In accordance with national regulatory procedures, ACSA subsequently reported the matter to the South African Civil Aviation Authority (SACAA).” ACSA confirmed that the breach occurred in the Hold Baggage Screening (HBS) area managed…

South African rugby titan Eben Etzebeth has released his much-anticipated debut autobiography, Unlocked, offering fans a rare, unfiltered glimpse into the life, challenges and triumphs of the most-capped Springboks in history. Feared by opponents and revered by teammates, Etzebeth has long been known for his physical dominance on the pitch – a towering lock with unrelenting energy, intelligence and aggression. Now, in Unlocked, he turns the spotlight inward, reflecting on the highs and lows of his life and career, and how a determined boy from Goodwood became one of the most iconic figures in world rugby. “Over the past few months, I’ve taken time to reflect on my journey – the highs, the lows, the lessons, the people and the moments that shaped me,” he shared on Instagram. “Unlocked tells…

Springbok lock forward Vainah Ubisi has revealed that her immense desire to be part of next month’s Rugby World Cup in England was the fuel that fired her towards a comeback against the Black Ferns XV at Athlone Stadium on Saturday. Ubisi, who has not featured for the Bok Women since last year’s WXV 2 clash at the same venue after rupturing her Anterior Cruciate Ligament (ACL), was included in Performance Coach Swys de Bruin’s starting team yesterday for the historic clash. The Bulls Daisies star has spent the intermittent months down at the Stellenbosch Academy of Sport (SAS) where she underwent an intensive individual rehabilitation programme. “When I got injured last year, that’s what was in my mind. If I’m going to make it to the World Cup squad,…

Jermaine Seoposenwe owes football everything. So, as she prepares for her last Banyana Banyana appearance, she bows out with gratitude and pride. Banyana will face Ghana in the Women’s Africa Cup of Nations third-place play-off at Stade El Arbi Zaouli in Casablanca on Friday night (kick-off 6pm). The clash is set to mark Seoposenwe’s final outing with Banyana after she announced, prior to the tournament, that she would retire from international football after its conclusion. The 31-year-old will leave behind a decorated international career, having earned more than 100 caps, won the Wafcon title and played in two World Cups. Her journey with the national team endeared her to fans across the continent and the world, thanks to her silky playing style and eye for goal. Speaking at the pre-match…