Inhaltsverzeichnis für 2024-10-30 in Cape Times

Shoprite Holdings’ share price increased up to 4.2% on the JSE yesterday after it reported increased sales by 10.4% in its first quarter to end-September 2023, over the same time last year. The sales increase is strong considering sales rose by 12% in the group’s 2024 financial year to end-June to R240.7 billion, driven by their core South African supermarkets segment, while yesterday, Shoprite’s nearest rival Pick n Pay reported only a 3.7% increase in turnover in the 26 weeks to the end of August. The share price was trading at R303.13 yesterday afternoon on the JSE, which represented a 25% increase over 12 months and 61% increase over three years. In an operational update, the group said that 68 stores were opened during the first quarter. The majority of…

Minister of Finance Enoch Godongwana will today deliver the 2024 Medium- Term Budget Policy Statement (MTBPS). The MTBPS plays an important role by providing a mid-year review of fiscal performance around the targets set in the February Budget, noting any reallocations or adjustments to spending that have become necessary since the Budget was approved. The 2024 MTBPS is being presented amid a moderately improved economic outlook and the establishment of the Government of National Unity, which has pledged its commitment to prudent fiscal policy aimed at stabilising debt. Here is the 2024 MTBPS wish list of some organisations: n Board of Healthcare Funders (BHF): National government must announce two interventions to improve the affordability of private health care. 1. Permitting medical schemes to offer low-cost benefit options. Over nine million…

In the first article of this 2-part series, we explored several common reasons that agricultural loans are frequently declined, including farmers’ eagerness to start too big, lack of security and weak balance sheets, insufficient repayment ability, lack of experience and mentorship, and poor financial literacy and bookkeeping. While these issues present significant obstacles for many farmers seeking financing, there remain additional challenges that can frustrate approval chances. Gaining a well-rounded perspective of lender considerations can empower farmers to make improvements that will transform rejections into approvals. In part 2 of this series, we take a deeper look at several other factors that influence loan decisions in the agricultural sector. Poor deal packaging and incorrect information Loans are often declined due to poorly packaged deals with incorrect information about yields and…

Professor Patrick Bond, from the University of Johannesburg (UJ), has critiqued the BRICS 2024 Summit, held in Kazan, Russia, as an exercise in “hype, hope and hopelessness”. He criticised BRICS nations for producing 51% of the global emissions yet generating only 29% of global gross domestic product (GDP), under- scoring the economic imbalance that BRICS embodies. As a climate-focused economist at UJ’s Centre for Social Change, Bond anticipates a united front between BRICS and the West at the upcoming UN Climate Change Conference. What it means is that next month, when the BRICS countries go to Azerbaijan for the COP29 United Nations Framework Convention on Climate Change (UNFCCC) climate Conference, we will find that BRICS and the West are aligned. Renowned economist Richard Wolff, the author of Understanding Capitalism…

The National Union of Metalworkers of South Africa (Numsa) has taken a stand against the Labour Court’s decision to deny its urgent interdict aimed at halting disciplinary proceedings tied to alleged fraud within BMW’s medical aid offering. The union’s frustration stems from the potential termination of approximately 500 workers, a situation it claims lacks the necessary transparency and due process. In a statement yesterday, Numsa’s national spokesperson Phakamile Hlubi-Majola said the union went to the Labour Court to seek an urgent interdict on the basis that it had not been given sufficient information regarding the potential termination of about 500 workers over allegations of medical aid fraud at the company. In the middle of last month, about 300 workers at BMW’s Rosslyn plant north of Pretoria went on strike over…

“VICTIMS need justice as well,” was the message conveyed to the National Prosecuting Authority (NPA) by the family of Life Esidimeni victims and other stakeholders when they handed over a memorandum yesterday to the NPA in which they demanded that the prosecuting authority prioritise the prosecution of officials implicated in the tragedy. It has been over three months since Judge Mmonoa Teffo ruled that the deaths of Virginia Machpelah, Deborah Phehla, Frans Dekker, Charity Ratsotso, Koketso Mogoerane, Terrence Chaba, Daniel Josiah, Matlakala Motsoahae, and Lucky Maseko were unnatural. Judge Teffo found that Qedani Mahlangu and Dr Makgabo Manamela caused these deaths, which were among the 144 deaths resulting from the Life Esidimeni disaster. In marking the end of mental health awareness month, the Life Esidimeni families, joined by members of…

He may be listed as a flyhalf, but Jordan Hendrikse’s call-up yesterday in place of the injured Frans Malherbe unlocks unique possibilities for the Springboks on their November tour of the UK. The Sharks star will join his brother Jaden and the rest of the Bok group tomorrow at their training camp in Jersey after coach Rassie Erasmus explained that there is enough prop cover for Malherbe, who picked up an ankle injury on Stormers duty last weekend. “Jordan has been playing very well for the Sharks in the URC and he’s a capped Springbok, so he is familiar with our structures,” Erasmus said yesterday. “This will also serve as a great opportunity for him to get further exposure at international level and in the Springbok set-up itself. “We also…

Shareholders in Centamin have passed resolutions giving approvals for AngloGold Ashanti’s acquisition of the company for $2.5 million (around R44 million). This comes as AngloGold Ashanti last month announced that its board had approved its decision to acquire Centamin, which operates Egypt’s biggest gold mine. The Egyptian mine has produced over 5.9 million ounces of gold since production started in 2009. “Today’s transaction will add a Tier 1 asset to our portfolio,” said AngloGold Ashanti CEO, Alberto Calderon. “The transaction is free cash flow accretive in the first full year of production and net asset value accretive from day one; it will also offer additional upsides as we leverage our corporate infrastructure and our core competencies in exploration, operations and asset optimisation.” Centamin yesterday confirmed that shareholders had, at meetings…

South African farmers intend to plant 4.47 million hectares of summer grains and oilseeds in the 2024-25 season, which is narrowly up mildly by 1% from the previous season, as reported by the Crop Estimates Committee (CEC) yesterday. The intentions for white maize stand at 1.58m hectares—up by 1% year-on-year—while yellow maize is projected to decline slightly to 1.06m hectares, a reduction of 2% from the prior year. The overall maize planting intentions total 2.64m hectares, marking a minor rise of 0.2% from the previous year and aligning with the five-year average area. In a notable trend, soybean planting intentions have reached a record high of 1.2m hectares, reflecting a 0.2% increase. Sunflower seed planting intentions are set at 540 000 hectares, a 2.1% increase but still falling slightly short…

With global temperatures hitting record highs, and extreme weather events affecting people around the globe, the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), taking place in Baku, Azerbaijan, from November 11 to 22 , is an opportunity to accelerate action to tackle the climate crisis. The Baku Summit, builds on COP28 held in the United Arab Emirates (UAE) which recognized the importance of multilevel action and the role of local and subnational governments in advancing global climate action as outlined in the United Arab Emirates Consensus whose solid outcomes included the conclusion of the first global stocktake, the establishment of a dedicated fund under the UNFCCC—and the setting of targets for the Global Goal on Adaptation. While the negative impacts of greenhouse emissions…

Orion Minerals has appointed Nick Fouche as project manager to oversee the completion of a feasibility study that will allow for further upside potential from the optimisation of scheduling and design of the Prieska mine. Fouche is a prominent project manager and has been tasked with managing the completion of the Prieska Copper Zinc Mine (PCZM) feasibility study. He will also oversee project execution for Prieska. Already, an internal review of the Prieska Mine feasibility study has identified “the potential for further upside that may be realised from the optimisation of mine scheduling and design” processes, said Orion. “As a result, LMMS has commenced a further mine schedule optimisation program, which is scheduled for completion in the current quarter. Outcomes of this work will be incorporated in the final Prieska…

Dominating the news last week was the sad ending of a sport-related fairy tale, once held by many as a positive portent in the country that has such a paucity of real success stories and good role models, especially for young people. Also in the news last week was the fire at the lower cable station, reportedly related to lithium batteries. The fire temporarily closed the cableway to the disappointment of hundreds of tourists. Thought to be part of the solution to reduce carbon emissions from vehicles, those batteries may not be the anticipated magic wand, and shipping folks will recall several recent incidents where batteries allegedly may have caused serious shipboard fires. Some of those fires resulted in major damage to vehicle carriers, while some fires in containerships also…

During the BRICS summit in Kazan, a commemorative banknote showcasing the flags of participating countries was revealed. This event sparked discussions on creating alternatives to the US dollar and fostering a more independent economic system. Interestingly, this potentially history-changing milestone in BRICS countries has not grabbed headlines in South Africa as it should have. This raises questions about what is said and what is not said, especially the stance of South Africa’s top economic policy honchos, the Treasury and the Reserve Bank. The de-dollarisation debate has also not been widely received or spread to ordinary citizens. This is unsurprising, as economic policy is rarely open to discussion, let alone citizen involvement. Concerns about the US dollar’s dominance have increased due to its role in moving wealth from peripheral to core…

Mamelodi Sundowns face a test of their character tonight. Beaten 1-0 by Polokwane City at the weekend, the Brazilians are going to have to prove they have the mental fortitude to get back to winning ways. Their abilities playing-wise cannot be questioned, the slip-up at the old Peter Mokaba Stadium notwithstanding. But it is the fact that they are facing the one team that managed to beat them and thus stop them from completing an unprecedented ‘invincible’ season last campaign that tonight’s match will be more about Sundowns’ mental strength than their football capabilities. The clash with Cape Town City was always going to be a difficult one for Sundowns, who are surely still smarting from those final day blues when the Citizens spoiled their incredible season at Loftus Versfeld…

Mobile network operator was set to own between 30% and 40% of the entity Vodacom, South Africa’s second- largest mobile network operator, could well appeal a Competition Tribunal ruling prohibiting a proposed multibillion-rand merger between it, Dark Fibre Africa (DFA) and Vumatel to create what would have been South Africa’s largest fibre operator. In a statement issued yesterday, the Tribunal said its reasons for the decision would be issued later. The Tribunal’s order follows the Competition Commission’s initial recommendation in August last year that the proposed merger be prohibited. Vodacom sought to buy DFA and Vumatel from Remgro through a combination of R6 billion cash and the contribution of some transmission access fibre network infrastructure at a valuation of R4.2bn, which would have expanded Maziv into the largest fibre infrastructure…

Demand for credit by businesses and households in South Africa is expected to ramp up in the months ahead as the South African Reserve Bank (SARB) has begun its interest rates easing cycle on the back of slowing inflation. Private sector credit extension (PSCE) data from the SARB yesterday showed that private sector credit slowed to 4.6% year-on-year last month, easing from a more than one-year high of 4.9% increase in August. However, the figure was stronger than the market’s expectations of 4.0% growth, marking the 39th consecutive month of growth in private credit albeit at a softer pace. Credit uptake by corporates, which constitutes more than half of total PSCE rose by 5.7% when compared to the same period last year, just moderately below August’s elevated reading of 6.4%.…

As Finance Minister Enoch Godongwana prepares to deliver the Medium-Term Budget Policy Statement (MTBPS) today, electric vehicle (EV) infrastructure company Zero Carbon Charge (CHARGE) has urged him to prioritise measures promoting green-powered EVs to curb South Africa’s carbon emissions. This call from CHARGE adds to recent industry demands for a comprehensive EV policy framework to support South Africa’s shift to low-emission transport. According to Naamsa, EV registrations surged 55.2% year-on-year in the second quarter of 2024, with 419 units registered, up from 270 in the same period last year. Joubert Roux, CHARGE’s executive chairman, said yesterday that incentives could play a crucial role in boosting EV sales, following President Cyril Ramaphosa’s recent pledge to explore incentives for EVs. “We hope that Minister Godongwana provides more detail on these incentives in…

Top executives at DRDGold remain optimistic about the future, forecasting 2024 as a favourable year despite a notable decline in production. The gold producer is committed to a substantial R10 billion capital investment programme aimed at increasing output over the next four years. Currently, DRDGold anticipates an output of approximately five tons of gold, but aims to enhance this figure to six tons as part of its ambitious strategy. DRDGold chairman Tim Cumming, and CEO Niël Pretorius, said in the company’s annual report released this week that despite the production setback, 2024 was proving to be favourable for the company. “As an unhedged producer, we enjoyed the full benefit of the higher gold price of R1 248 679 per kilogram received over the year. This increased year-on-year revenue by…

Ingredients 2 cups canola oil 4-6 baby onions or shallots, thinly sliced 1 packet spring onions, sliced 2 bulbs garlic, peeled and cloves thinly sliced 8cm knob ginger, cut into matchsticks 1 stick cinnamon 6 star anise 4 cardamom pods 1 bay leaf 2 packets green chillies, chopped 2 packets red chillies, chopped 1 tsp ground cumin 1 cup desiccated coconut 2 tbs soy sauce 2 tbs honey or sugar 1 tbs miso paste (optional) ½ cup (50g) roasted peanuts, chopped Method Heat oil in a pot over medium heat. Deep-fry baby onions or shallots and spring onions in batches for about 8 minutes, or until golden and crispy. Set aside. Drain on kitchen paper. Fry garlic for 3-4 minutes and drain on kitchen paper. Set aside. Fry ginger for…

This crucial process will mark a significant milestone in the nation’s democratic evolution The Electoral Reform Consultation Panel (ERCP) is inviting members of the public, organisations including political parties or prospective independent candidates to make written submissions for its consideration on proposals for an electoral system for the National Assembly and provincial legislatures. The deadline is tomorrow. Reforming the electoral system is an important institutional decision with far-reaching implications for the political life of a country, anywhere in the world. South Africans have a chance in their lifetime to help design an electoral system of their own choice for the national and provincial elections of 2029. In the foreword to the International Institute for Democracy and Electoral Assistance’s IDEA Handbook (2005), international expert in elections and constitutional arrangements Carina Perelli…

There was a weekend online report suggesting that former Lions mentor Johan Ackermann could be drafted into the Stormers’ management team to provide extra support to head coach John Dobson following the 28-17 defeat to Glasgow in Stellenbosch at the weekend. The Capetonians are now in 13th place – one below fellow former champions Munster, who saw their coach Graham Rowntree surprisingly step down by “mutual agreement” yesterday – with two wins in five matches, although they have a game in hand. The Ackermann rumour has been denied by the Stormers, and rightly so. Dobson has done an exceptional job on and off the field. However, while any talk of his position being in danger is premature, the Stormers have not been at their best this season for a number…

The first block of United Rugby Championship (URC) games has ended with the South African challenge standing in good shape, though the Stormers are currently languishing in the lower reaches of the points table. This table, however, does not accurately reflect how well the SA teams are performing since they sat out the first round of the URC due to a conflict with the Currie Cup final. With a game in hand, the Bulls (sitting in third place) and the Lions (fourth) are particularly pleased with their start to the tournament. Meanwhile, the ninth-placed Sharks have showcased their strength when their Springboks are on the field. Both the Sharks and Stormers have completed their three-match overseas tours, although they did so without the services of their Springboks. Though this has…