Sommaire pour 2024-07-02 de Cape Times

SENTIMENT in the manufacturing industry in South Africa has risen to its highest in more than two years as business conditions are expected to improve significantly in the next six months. This is in spite of manufacturing activity shrinking for a second month in a row in June and remaining in contractionary territory amid subdued demand conditions. The seasonally adjusted Absa Purchasing Managers’ Index (PMI) inched up by 1.9 points to reach 45.7 points in June compared to 43.8 in May, remaining below 50 points which separates contraction from expansion. This May and June manufacturing print followed a very strong start to the second quarter of 54.0 points in April, which was also reflected in solid growth in official manufacturing production data. Absa said insufficient demand seemed to have weighed…

Labour has roundly welcomed the announcement of a Government of National Unity (GNU) by President Cyril Ramaphosa on Sunday night. The Congress of South Africa Trade Unions (Cosatu) has given approval to the surreptitious disbandment of the State-owned enterprises (SOEs) portfolio, which barely went noticed as President Cyril Ramaphosa announced that it would now report directly to the Presidency with reference to line departments on policy matters while government reviews its shareholder position in the entities. Cosatu spokesperson Matthew Parks said it had long advocated for the department’s closure as part of streamlining the government and ensuring greater coherence. “Having two or three ministers covering one entity just created chaos. The Department of Public Enterprises only supervised seven state-owned enterprises and so its continuation did not make sense,” he said,…

The EU accused Facebook owner Meta on Monday of breaching the bloc's digital rules, paving the way for potential fines worth billions of euros. The charges against the US tech titan follow a finding last week against Apple that marked the first time Brussels had levelled formal accusations under the EU's Digital Markets Act (DMA). The latest case focuses on Meta's new ad-free subscription model for Facebook and Instagram, which has sparked multiple complaints over privacy concerns. Meta's "pay or consent" system means users have to pay to avoid data collection, or agree to share their data with Facebook and Instagram to keep using the platforms for free. The European Commission said it informed Meta of its "preliminary view" that the model the company launched last year "fails to comply"…

Orion Minerals plunged nearly 10% on the JSE yesterday despite announcing that it had completed a R92.3 million capital raise to advance its South African copper and zinc operations. Trade in Orion Minerals shares on the JSE had been voluntarily suspended since last week pending announcement of the capital raise. When it resumed trading yesterday, shares in the company traded 9.09% lower at R0.20, extending its slide to 4.35% in the past week. Earlier, the company said the R92.3m capital raise would be used to accelerate infrastructure development at Okiep and to fast-track development of the Prieska Copper Zinc Mine, all located in South Africa. The company had received firm commitments for a share placement to investors comprising about 513 million shares. The shares will be issued at a price…

THE Police and Prisons Civil Rights Union (Popcru) has called on the newly appointed police minister, Senzo Mchunu, to tackle the issue of police killings. Popcru welcomed Mchunu’s appointment and urged him to prioritise transformative leadership aimed at addressing challenges within the police service. Community police forums (CPFs) in the eThekwini municipality have also welcomed Mchunu’s appointment, saying this would go a long way towards tackling crime in the country. President Cyril Ramaphosa announced the new Government of National Unity Cabinet on Sunday night. Popcru spokesperson Richard Mamabolo said they expected Mchunu to implement measures to address the issue of police killings. “Law enforcement officers have become targeted victims of the worst crime, with attacks and killings escalating in the country,” said Mamabolo. He said the increasing rate of police…

Public Protector Advocate Kholeka Gcaleka has cleared former Transnet chairperson, Popo Molefe of impropriety in a R350 000 purchase of a sponsorship package from his Charitable Foundation by Mncedisi Ndlovu & Sedumedi Attorneys (MNS Attorneys). The two were already service providers to the entity in 2019. While exonerating Transnet for not investigating the corruption allegations, Gcaleka strongly recommended that the entity set up and monitor standard operation procedures (SOP) for investigating non-executive directors in the next 120 days. In a report released on Sunday night, Gcaleka found that there could have been no material benefit in the donation to the Popo Molefe Foundation, as MSN were already receiving instructions to do work before his appointment. She also found no evidence to suggest the firm had an unfair advantage emanating from…

THE Passenger Rail Agency of South Africa (Prasa) has made steady progress in getting passenger trains back on track along the Central Line as it completed refurbishing more stations. After four years with no passenger trains, residents will soon experience limited services running from Cape Town to a number of stations, including Stock Road, Mandalay and Nolungile. About 106 of 121 stations in the region are now operational. Operations at a total of 11 stations on the Central Line corridor, which was once the busiest in the Western Cape, were suspended due to rampant vandalism and infrastructure damage attributed to the removal of security personnel, and the establishment of informal settlements on rail tracks which escalated during the Covid-19 pandemic lockdown. Prasa board members conducted oversight visits at Nolungile and…

THE Tokyo Olympics, held in 2021 in the midst of the Covid-19 pandemic, birthed a superstar in the making for South Africa, and a few years later he will carry the hopes of his country into the Paris Olympics. For many teenagers, life is a roller-coaster, and with high school life nearing an end, most would be trying to figure out what life after high school has in store for them. For Matthew Sates, all the pieces of the puzzle came together when he qualified for the Olympics while he was still a minor. Without a lot of expectations, the journey to Tokyo three years ago was a life-changing experience and one that would be more about learning and building up to the future. As he nears his second…

Carlos Alcaraz said Wimbledon’s Centre Court is “the most beautiful court that I have played on” after brushing off the cobwebs to beat Estonian qualifier Mark Lajal in the opening match of his title defence. The Spanish third seed was taken to a tiebreak in the opening set and trailed 2-0 against his unheralded opponent in the second but held his nerve to win 7-6 (7/3) 7-5 6-2. Alcaraz, still only 21, is chasing his fourth Grand Slam title and hopes to become just the sixth man after Rod Laver, Bjorn Borg, Roger Federer, Rafael Nadal and Novak Djokovic to win the French Open and Wimbledon back-to-back. “Stepping on this court, the Centre Court of Wimbledon, it is the most beautiful court that I have played on,” he said. “I…

Domestic new vehicle sales fell substantially in June by 14% to 40 072 units compared with the same month a year ago as the ongoing downward slope in the market that started last August continued. The Automotive Business Council (Naamsa) said yesterday the decline was due to the constrained economic environment in the country, amplified by weak consumer and business demand. Monthly export sales increased marginally by 3.6%, to 28 306 units in June over the same month a year ago. The motor industry association congratulated the appointment of the new Cabinet in the Government of National Unity, and said the challenge was to put narrow political differences behind and for the seventh administration to create positive momentum and bring about tangible impact in the lives of South Africans. Naamsa…

South Africans breathed a sigh of relief on Sunday night after a Cabinet was announced that was a mix of good and bad, and came a whole month after the election results. And although South Africans are well known to relish the finer details of political arguments and hold a robust debate, on the whole, the entire nation was getting fatigued waiting for the Cabinet announcement. And as per usual, media and citizens were fed up by the “normal” delay once more in waiting for the actual announcement by President Cyril Ramaphosa. The delays again tell a cautionary tale of how implementation of policy by the Government of National Unity (GNU) is going to be difficult. The joke of the day was that South Africa didn’t elect a Cabinet, it…

MINING analysts yesterday said Gwede Mantashe, newly appointed to the rejigged portfolio of Mineral and Petroleum Resources, has to work in tandem with fellow economic cluster ministers to end infrastructure bottlenecks and regulatory uncertainty negating growth in South Africa’s mining industry that is heavily bleeding jobs and capital. President Cyril Ramaphosa on Sunday opted for continuity when he re-appointed Mantashe to the mining portfolio and flipped off the Department of Energy to a fully-fledged ministry. Ramaphosa retained Enoch Godongwana as finance minister, now with two deputies. Seleho Tsatsi, investment analyst at Anchor Capital, told Business Report yesterday Mantashe would be faced by challenges that South African mining companies were experiencing. “One of the most pressing issues for the mining sector remains infrastructure, particularly the performance of Transnet,” said Tsatsi. Transnet’s…

A few months ago, I was stunned by an admission from one of the smartest people I know – a brilliant African fintech founder operating at the cutting edge of crypto innovation and advanced AI deployment. The man’s work is truly groundbreaking. Despite his impressive accomplishments, he admitted that high-functioning white-collar professionals like himself are among those most likely to be caught off guard by the widespread adoption of AI in everyday work life. Apparently, such professionals, despite their expertise are at risk of having their livelihoods eroded by less-skilled or less-experienced individuals who recognise their need to adapt and are open to using AI tools to fill in their expertise gaps. Ironically, it is often their own misplaced pride and prejudice that prevents these high achievers from embracing AI’s…

The Clicks Group said yesterday that it would sell its stake in Unicorn Pharmaceuticals following a Constitutional Court decision, in March 2023, on regulations that prohibit pharmacies from owning pharmaceutical manufacturers. South Africa’s Constitutional Court ruled in favour of the Independent Community Pharmacy Association (ICPA), which had argued that Clicks’ ownership of Unicorn violated these regulations. The sale will pave the way for Clicks to resume the opening of new pharmacies, as the Department of Health (DoH) had advised that no new retail pharmacy licence applications could be processed until the DOH director- general was satisfied that Clicks was compliant with the Constitutional Court judgment. “As part of a constructive engagement process with the director-general and the DoH, Clicks Group proposed to regularise its position by the group divesting…

The Progressive Caucus will undoubtedly remain effective despite the small number of members it now has, African Transformation Movement (ATM) leader Vuyolwethu Zungula said. Zungula was speaking to Independent Media yesterday during an interview on the future of the Progressive Caucus. “We have committed to uniting on common progressive legislative issues and ensuring we hold the executive accountable. “Our effectiveness is not only a continuation of our previous efforts in Parliament, but is now bolstered by our increased numbers. We are confident in our ability to be successful and impactful,” he said. On the question of whether he doesn’t feel betrayed by other parties that had initially thought of joining the Government of National Unity (GNU), the ATM leader said he would consider it a betrayal if those parties would…

Selection is always a contentious issue. Even more when it’s related to a “best-ever XI”, or in this case, a “team of the tournament”. The ICC announced its T20 World Cup XI after the completion of the recent tournament held in the US and Caribbean yesterday. The selection panel consisted of commentators Harsha Bhogle (India), Ian Bishop (West Indies) and Kass Naidoo (South Africa), and ICC general manager of cricket Wasim Khan (Pakistan). Players from four different nations – Afghanistan, Australia, India and West Indies – were named in the XI, with South Africa’s fast bowler Anrich Nortje nobly named 12th man. It is understandable that champions India, who became the first team to win the T20 World Cup unbeaten, would have the majority of the representation. But six players…

Following a tense few weeks last month as the Government of National Unity (GNU) seemed set to fall apart given that the ANC and DA could not agree on ministerial positions, the Cabinet announcement helped lift both the local currency and the stock market yesterday. Particularly good news for the market was the return of Enoch Godongwana as finance minister, while President Cyril Ramaphosa allocated ministerial posts to business-friendly opposition parties, which provided certainty in terms of fiscal policy. Stocks on the JSE started the week off on a solid footing with the all share index rising 1.1% to near record highs at 80 581 points, halting three consecutive sessions of decreases, before moderating at 79 995 points by 5pm. The rand strengthened to its highest in a week and…

South African Revenue Services (Sars) commissioner Edward Kieswetter has been re-elected as chairperson of the World Customs Organisation (WCO) for a second term, 2024-2025. Kieswetter was re-elected over the weekend during the 143rd/144th sessions of the WCO Council, the highest decision-making body of the organisation, which saw the participation of directors-general of customs representing the WCO’s 186 members in Brussels, Belgium. At the meeting, the WCO council examined the work carried out by the WCO Secretariat and working bodies throughout the year in line with the WCO strategic plan 2022-2025. The review covered the technical work done in various areas that related to the main strategic objectives of the organisation, such as trade facilitation, revenue collection, protection of society and organisational development. Particular attention was paid to the progress in…

The South African Communications Ministry for the first time is led by a young person in the form of Solly Malatsi. The youthful factor alone is enough to suggest that there’s change on its way for organisations such as the (1) SABC, (2) SA Post Office, and (3) State Information Technology Agency (Sita). He will face tough issues that require maturity and leadership with youthful flair. He will be faced with the challenge of taking the SABC into the future, something that requires a young leader with imagination. The SABC is a dinosaur that has remained with the same infrastructure developed during the old order. In recent years the entity has tried to introduce innovations such as the SABC Plus app, however, this is not enough to make the…

JSE-listed Kibo Energy’s UK subsidiary, Mast Energy, has lined up the acquisition of an operational 10MW power generating site in south-western England to help the company quickly generate revenue at a lower investment cost. Mast Energy has completed the second phase of the refurbishment of the power-generating sets at its Pyebridge site in the UK. It said yesterday that the Pyebridge gensets had been successfully completed, within budget and expected timelines. The energy company is focusing on the potential acquisition of the operational 10MW “flexible power generation site” in England. “The main rationale behind acquiring an existing operational site is to achieve a lower investment cost per installed MW and a shorter timeline to revenue generation compared to a new-build,” said Kibo. However, the acquisition was subject to final due…

Transformation in the agricultural sector has come under the spotlight as DA leader John Steenhuisen takes over as minister of agriculture. Steenhuisen was announced as one of the 32 ministers taking up Cabinet positions in the Government of National Unity (GNU). His appointment has been met with mixed reaction in the agricultural sector. President of the Black Association of the Wine and Spirit Industry (Bawsi), Nosey Pieterse, said there was a level of disappointment. “We anticipated that the DA would want this and I have indicated to government officials that we did not want the DA to have (this ministry). The main reason … is that the DA is against the labour law regime of the Republic of South Africa … “They have a problem with real transformation. “They want…

YESTERDAY morning, Cape Times readers were greeted by the banner headline, “Cyril expands gravy train”, as the newspaper reflected on the announcement of the country’s new Cabinet. The gravy train is a slang term often used in politics to refer to people or a group who enjoy undeserved privilege or excessive advantages with little or no effort. This has been especially true about many of the country’s previous ministers of sport and other politicians who hardly ever missed an opportunity to be present at many of the world’s leading sports events. Some politicians may have qualified their presence at world sports events by referring to Nelson Mandela’s iconic appearance at the 1995 World Cup final in Johannesburg. Mandela’s appearance at the final of the 1996 Africa Cup of Nations in…

The Proteas women displayed a lot of grind, application and determination, but India ultimately emerged triumphant as they beat South Africa by 10 wickets in the one-off Test match at the Chidambaram Stadium in Chennai yesterday. South Africa set India a target of 37 after following on, and the home side needed only 9.2 overs to maintain their perfect record in the tour. Laura Wolvaardt (122) needed seven runs to add to her overnight score of 93 to reach her maiden Test century. Having shown a lot of resistance with South Africa asked to follow on, the 25-year-old became the second South African centurion in the match after Sune Luus’ maiden ton on day three. The pairing of Wolvaardt and Luus put on a 190-run partnership, the highest in Proteas…