Sommaire pour 2025-02-27 de Cape Times

Many African countries have tax-to-GDP ratios well below 15%, a threshold commonly seen as the limit for sustainable fiscal management, but there is good potential to improve revenue mobilisation without directly raising taxes, delegates heard at the G20 Finance Minister’s meeting in Cape Town. The discussion is particularly relevant for South Africa at this time because, last week, in an unprecedented event, the South Africa government postponed the tabling of its Budget due to political opposition to a proposed 2% hike in VAT. It became clear that other sources of raising government revenue might be required. No quick-fix solutions were provided by the meeting delegates, however. Speaking at the meeting that was held in Cape Town on Wednesday, South African Revenue Services commissioner Edward Kieswetter said that much had been…

Barloworld stocks plunged by more than 5% in afternoon trade on the JSE on Wednesday following a vote against the R23 billion takeover bid by a consortium involving management of the company and Saudi Arabian company, Zahid. Barloworld CEO, Dominic Sewela, has been criticised for pushing for the takeover of the company by Zahid. The board of Barloworld approved the bid by the Zahid consortium a few weeks ago but shareholder disagreements have dogged the transaction, culminating in a no vote from shareholders on Wednesday. Shareholders in Barloworld voted against the acquisition and also rejected a motion to pay fees for independent board members at an extraordinary general meeting held on Wednesday. Sewela is enlisted as a director of Newco, which was the acquiring company, with Zahid also having shares…

BankservAfrica’s Take-home Pay Index (BTPI) has revealed that the take-home pay for approximately 4 million salary earners has gained momentum at the start of 2025. With an average monthly take-home pay soaring to R18 098 in January, up from R17 246 in December 2024 and R15 564 just a year prior, these statistics have been met with optimism by economists who view this as a significant sign of economic improvement. Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements, noted the steady upward trend in average salaries since early 2024. “Despite some monthly volatility, nominal take-home pay continues to tick higher,” he said, illustrating the resilience of South African salary earners amidst lingering economic challenges. Independent economist Elize Kruger echoed this sentiment, attributing the positive developments in take-home pay to a combination…

Juggling a taxing academic schedule and keeping constant smiles on the faces of a demanding client base is something that Luyanda Majozi, Durban University of Technology (DUT)- based student entrepreneur handles very well. With grit and determination, the 22-year-old is behind the rise of streetwear fashion label Enigmatic Cotton, a brand churning out stylish garments for a young and vibrant audience, which saw its humble beginnings at DUT through its entrepreneurial nerve centre, the innobiz DUT Centre for Entrepreneurship and Innovation. Majozi, a clothing management graduate is currently pursuing his Advanced Diploma in Apparel Technology at DUT. Majozi hails from the rural village of Gomane, in Impendle, an hour’s drive from Pietermaritzburg. It was Majozi’s idea to establish and run his own streetwear apparel brand that saw him drawn to…

Sibanye-Stillwater has decided to halt its involvement in the Rhyolite Ridge Lithium-Boron Project, electing not to proceed under its joint venture agreement with ioneer Ltd. This pivotal move was communicated to stakeholders on Wednesday confirming the board's commitment to carefully evaluate potential investments amidst a dynamic market landscape. The Rhyolite Ridge Project, which was initially announced to be part of a joint venture back in September 2021, aimed to capitalise on the growing demand for lithium and boron as critical components for battery manufacturing. However, despite commitments made during the agreement's inception, the situation has evolved considerably over the past two years. More recently, the venture faced multiple amendments as it awaited the fulfilment of various conditions precedents, including a crucial final investment decision from the Sibanye-Stillwater Board.…

The markets cheered the upbeat trading statement of Momentum Group on the back of a strong operational performance, which powered its shares 10% higher on Wednesday. At 5pm on Wednesday the share of the JSE-listed financial services giant, formerly known as Momentum Metropolitan Holdings, was at R30.60 on the JSE. In a trading statement for the six months ended December 31, 2024, the group said that headline earnings per share (heps) are set to hit 240 to 248 cents, up 50% to 55% from 159.9 cents a year ago - a gain of 80.1 to 88.1 cents. Earnings per share matches that range. Diluted normalised Heps, their adjusted go-to figure, is pegged at 241 to 249 cents - up 43% to 48% from 168 cents last time. Momentum Group said…

Stellenbosch University (SU) has confirmed that plans to rename its Wilgenhof residence will forge ahead. In a joint statement yesterday, SU and the Wilgenhof Alumni Association (WAA) announced that the impasse has been resolved as to the naming process of the residence, which has paved the way for the settlement of the matter between the parties. “This then brings an end to the litigation of the WAA against SU,” SU spokesperson Martin Viljoen said. The development follows a protracted battle between the university and WAA over the future of the residence. In January last year, a panel had been set up to investigate shocking initiation-like allegations surrounding its Wilgenhof residence. At the heart of the issue were the “disturbing items” found in two rooms at Wilgenhof during an audit of…

The Investec Cape Town Art Fair was quite something else this year; attracting the usual 30 000+ visitors over the weekend, showcasing some of the best contemporary artists and selling shiploads of art on the spot. It really was a visual feast. Overwhelming even. Trying to review it seems far too much a daunting task. Where would I even start? I could start with the amazing line-up of Cabinet/Trophy artworks from 10 galleries that greeted you as you sauntered into the main exhibition space at the CTICC. Zanele Muholi’s life-sized self-portrait bust, Brett Murray’s cocks’ sculptures, miniature versions of Norman Catherine’s surrealist forms, a very abstract Willie Bester piece and Geena Wilkinson’s hand-cast resin large lollipops to name a few made a salutary line as you walked in. From the…

In just three months from now, the FIA World Rally-Raid Championship (W2RC) will host the highly anticipated Safari Rally in South Africa, and local motorsport fans can look forward to some high-calibre entries. As the first ever W2RC event to take place on local soil, the South African Safari Rally is sponsored by Toyota Gazoo Racing, and is set to take place from May 18 to 24. It will form round three of this year's W2RC season. “We are delighted with the number and calibre of competitors that submitted their entries by the closing date of the early bird entries on 14 February,” said Archie Rutherford, CEO of the South African Safari Rally. “We’ve had a fantastic response and great interest from around the world for this new addition to…

Kaizer Chiefs’ captain Yusuf Maart says they’ll not leave any stone unturned when they visit Mamelodi Sundowns in the Betway Premiership on Saturday. Sundowns are the team to beat for the title this season. Not only are they the defending champions, but they are on top of the standings. And with Chiefs having struggled this season as they are eighth on the log with 25 points after the 18 round of matches, Sundowns are expected to beat them at home. Chiefs are heading into this clash on the back of a 4-1 loss to SuperSport United in the league, something that dampened the mood of their fans. However, Maart, speaking during an event of the team with sponsors Toyota this week, stressed that they want to use that loss as…

The 2025 Formula 1 season is finally underway as pre-season testing in Bahrain got into gear on Wednesday and will draw to a close on Friday. Teams will have three days to dial their cars in and work out any kinks before race day in Melbourne, Australia. Here are five things to know about pre-season testing It was during the time of the 2021 season that testing left Spanish shores and settled in the Middle East, in Bahrain, which now serves as a pre-season test location. The country is favoured mainly for its climate, which offers consistent weather for a sport like motor racing. Mild and dry conditions are what can be expected in Bahrain. Pre-season testing is the first time teams will get the true feel of their cars…

Economists believe that headline inflation remains well-contained despite a slight acceleration Consumer prices in South Africa are expected to remain subdued in the first half of 2025 in spite of headline inflation starting the year on the upswing. Data from Statistics South Africa (Stats SA) showed that the rate of headline consumer price inflation (CPI) rose for the third month from 3% in December 2024 to 3.2% in January 2025, the highest in four months, compared with market forecasts of 3.3%. Still, it remains well below the South African Reserve Bank's preferred midpoint target of 4.5%. The January CPI is the first to incorporate the changes to the CPI bar scale and weights that Stats SA announced last month. The data was released using the new base year 2024, replacing…

Steinhoff’s indirect move to create a subsidiary called Hemisphere to consolidate its properties was to decrease the amount that the company needed to pay in tax through frequent changes in the unit’s shareholding. This is detailed in a comprehensive PwC probe, a copy of which is in Business Report’s possession, which was instigated as the result of Steinhoff’s auditors, Deloitte, flagging accounting irregularities in 2017. Hemisphere was incorporated on June 25, 2008, as an “entity limited by liability” in the Netherlands and holds a significant portion of Steinhoff Group’s properties in Europe, a lengthy report by PwC into Steinhoff Group’s accounting manipulations noted. Between the date it was incorporated and just more than a year later, Hemisphere’s majority shareholders changed four times before Steinhoff Finance finally gained full ownership in…

Summit Africa, a black-owned impact investment manager and licensed financial services provider, has officially launched its Private Equity Fund II (SPEF II), in a bid aimed at bolstering economic growth and addressing pressing social issues. The fund has secured a $20 million (approximately R355m) anchor investment from British International Investment (BII), the UK’s development finance institution and leading impact investor. SPEF II will strategically focus its investments on small-to-mid market companies within the financial services and ICT sectors, both critical areas for promoting financial and digital inclusion, job creation, transformation, and diversity throughout South Africa and its neighbouring regions. This initiative comes at a time when the need for innovative solutions in these sectors is paramount to drive sustainable development. In addition to these sectors, the fund has identified food…

Sustainability is not just a corporate buzzword. It is a thriving economic model that is reshaping Africa’s entrepreneurial landscape. African communities have long practiced sustainability through land stewardship, water conservation, and resource-sharing traditions. Concepts like Ubuntu—“I am because we are”—reflect sustainability at a social level, while agroecological farming, rotational grazing, and rainwater harvesting showcase environmental sustainability. From informal waste reclaimers to high-tech agri-businesses, small enterprises are demonstrating that environmental responsibility and economic growth can go hand in hand. These entrepreneurs are not only tackling pressing environmental challenges but also driving job creation, community empowerment, and resource efficiency. Whether it’s turning waste into valuable products, promoting ethical sourcing, or leveraging digital innovations for sustainable agriculture, these businesses prove that Africa’s future lies in circular economies and socially conscious enterprise. However, for…

The Competition Commission has recommended the approval of Novus Holdings' proposed takeover of Mustek, a move that comes in the wake of a recent ruling from the Takeover Regulation Panel (TRP) which found that the DK Trust acted in concert with Novus in the mandatory buyout. This complicated web of corporate governance was highlighted in a detailed ruling published on Tuesday, which mandates immediate compliance with takeover regulations. This endorsement is particularly significant given the TRP's findings, which determined that the DK Trust’s irrevocable undertaking, signed on November 13, 2024, significantly facilitated Novus’s bid of R13 per share for Mustek. The Trust’s decision not to accept the offer or sell its Mustek shares until the deal concluded was deemed a "critical enabler," effectively reducing Novus's financial exposure under Regulation 111…

As the days draw closer to the menstrual cycle, many women report experiencing a range of physical and emotional changes, with mood swings often topping the list. These fluctuations can significantly impact daily life, work performance, and personal relationships. However, studies suggest that dietary choices made leading up to the period can play a pivotal role in moderating these mood swings. So, what should you eat to help tip the scales in your favour? Here’s a closer look. Understanding the connection between diet and mood Before diving into specific food recommendations, it’s crucial to understand why diet matters during this time. According to health experts, hormonal changes that occur in the lead-up to menstruation can result in decreased serotonin levels, often referred to as the “feel-good” hormone. This can lead…

The Co-Chairpersons of the Joint Standing Committee on Defence, Malusi Gigaba and Phiroane Phala, along with the Chairperson of the Portfolio Committee on Defence and Military Veterans, Dakota Legoete, have all welcomed the successful repatriation of South African soldiers injured in the eastern Democratic Republic of the Congo (DRC). The soldiers, part of a peacekeeping mission in the region, were evacuated from Goma after being ambushed by M23 rebels last month. Fourteen SANDF soldiers were killed. Gigaba and Phala expressed their hope that the injured soldiers would receive the necessary medical and psycho-social support. They had previously called for the South African National Defence Force (SANDF) and the Department of Defence and Military Veterans to prioritise the repatriation of the injured soldiers. Additionally, Phala emphasised the importance of keeping the…

WHILE an Afriforum and Solidarity delegation received a resounding welcome by some US diplomats from the President Donald Trump administration, the South African government could still not confirm nor deny securing a meeting with its US counterpart to iron out issues including its stance on land expropriation without compensation among other issues. The delegation was led by Solidarity chairperson Flip Buys and head of International Liaison Jaco Kleynhans. They reportedly handed over a memorandum to the Trump administration requesting them to “expand its recognition of Afrikaners as a cultural community and to increase assistance to include support for the establishment of cultural infrastructure that enables them to live freely, safely, and prosperously in southern Africa”. The two organisations have been leading a misinformation campaign that has gained Trump’s support,…

South Africa is facing a serious shortage of foundation phase teachers, particularly those qualified to teach in African languages. Recent data from the 2025 Reading Panel report reveals that while the country is producing enough teachers overall, the distribution across phases and languages is highly imbalanced. Secondary school teachers are being trained at nearly twice the required rate, yet foundation phase teachers – those responsible for teaching Grades R to 3 – are being produced at only half the necessary numbers. This gap is even more alarming in African languages. For some languages, institutions are producing as little as 20% of the required number of teachers, while only Tshivenda, siSwati, and isiNdebele are meeting the demand. Experts warn that this shortage has severe consequences for literacy development. Professor Nyoni Cedu…

The City says arson is suspected to be behind the fires that caused closures in some parts of the Table Mountain National Park (TMNP). Since Sunday morning, firefighters tried extinguishing the blaze, but due to a change in wind conditions and strong gusting winds on Tuesday night, the Newlands Ravine fire spread toward Tafelberg Road and Vredehoek. South African National Parks spokesperson JP Louw said: “Significant progress has been made in containing the Newlands Ravine fire as well as the Redhill fire in Table Mountain National Park. The fires have been largely contained in areas accessible to ground firefighters. “Mopping-up operations will begin in those areas where it has been contained. Firefighting teams will remain on the fire line throughout the…

It’s a big deal when BMW updates a model but it’s even more so when it’s manufactured locally and it’s the German manufacturer's best-selling car globally. We’re talking here of the X3 produced at BMW’s Group Plant Rosslyn in Pretoria. After a R4.2 billion investment towards electrification, it produced the new plug-in hybrid — and the 2.0-litre diesel version — exclusively for local consumption and international export (97%). As the first plant outside of Germany in 1973, it currently operates with an installed capacity of 77,000 units annually, employs 5,700 people, and operates three shifts, five days a week. Interestingly, every job at BMW provides five supplier jobs and an additional 50,000 jobs indirectly. There are five variations of the X3 with two spec levels and three engine options. The…

South Africa’s luxury car market faces another shake-up as Volvo, which has operated in the country for over 60 years, implements dramatic changes to its dealer network structure amid shifting consumer patterns. Volvo Cars South Africa is facing a major backlash following the announcement of a downsizing restructure process that will see it closing dealerships outside of the major urban areas. Last week, the union representing the majority of Volvo’s dealer employees, the Motor Industry Staff Association (MISA), criticised the importer over a lack of transparency surrounding the restructure, of which its members were not informed ahead of a statement being issued to the media. Further to that, numerous dealerships are accusing the importer of leaving them high and dry, while also creating uncertainty among customers outside of the major…

Former Springbok prop Steven Kitshoff expressed a willingness to give back to rugby earlier this week, and if the Stormers were wise to the 33-year-old’s words, they should rope him post haste and without reservation. “I would love to stay involved in rugby,” he said, at the time of his retirement from all levels of rugby, due to a neck injury. “The sport has given me so much,” he continued, “and now it is time for me to give a little back, whether it is youth development, mentoring or consulting or whatever form it is, I just want to stay involved as long as I can.” One suspects that Kitsie has given a few pointers here and there to the Stormers pack, regarding the set-pieces, but with the Bulls…

The Household Affordability Index revealed a mixed bag of outcomes for South African families struggling to make ends meet. Data was released on Wednesday by the Pietermaritzburg Economic Justice & Dignity Group (PMBEJD) that showed in February 2025, the average cost of the Household Food Basket was R5 313.22. While the food basket price showed a decrease of R120.48 (-2.2%), from R5 433.70 in January 2025 to R5 313.22 in February 2025, year-on-year the price had increased. Year-on-year, the average cost of the Household Food Basket increased by R35.92 (0.7%), from R5 277.30 in February 2024 to R5 313.22 in February 2025. In February, of the 44 foods tracked in the basket, 11 foods increased in price, and 32 foods decreased in price, and 1 food, oranges, remained unchanged, it…

In a promising sign for the South African hospitality sector, the tourism and hospitality industry in South Africa has hailed the 12.1% year-on-year increase in income derived from tourist accommodation for December 2024. This growth, albeit slightly less than the previously revised 12.9%, coincides with a broader year-on-year increase of 11.8% for the fourth quarter of 2024 compared to the same period in 2023. Recent data from Statistics South Africa (Stats SA) showed that the hotels category was the largest contributor to the overall increase, adding 8.1 percentage points to the 12.1% rise with its own robust growth of 13.6%. Furthermore, the “other” accommodation segment – which includes lodges, bed-and-breakfast establishments, and self-catering options – contributed an additional 3.5 percentage points. According to the Minister of Tourism, the ongoing growth…

The latest S&P Global South Africa Purchasing Managers’ Index (PMI) paints a picture of a rocky start to 2025 for South African businesses, as operating conditions slumped to their lowest levels in January since July 2021. As a business owner, putting on a brave face is not easy, but keeping your employees engaged and motivated during tough times is not just beneficial – it is essential for resilience and long-term success. Here are five practical ways to boost employee confidence in challenging circumstances: 1. Communicate Openly and Honestly Employees can sense when times are tough, and a lack of transparency results in fear, speculation, and uncertainty. Keeping your team informed about the company’s challenges, upcoming changes, and the strategy to turn things around is crucial. However, this transparency should be…

Bidcorp, the JSE-listed international food service group operating on five continents, said a strong performance in the six months to December 31 was only marred slightly by a subdued performance in mainland China. In constant currency measures, headline earnings per share (HEPS) increased by 10% to 1 267.1 cents per share, despite activity in Greater China remaining subdued by the macro environment. An interim cash dividend of 560 cents a share was declared, an increase of 6.7% on last year’s half-year payout. “We have increased our revenue by 7.1% in constant currency, and after adjusting for our relevant food-basket inflation and acquisitions, we have grown the business by around 5% in real organic terms,” Bidcorp CEO, Bernard Berson, said in a statement. He said food inflation had disappeared, although cost…

Shares in beer behemoth Anheuser-Busch InBev (AB InBev) surged 8% after it capped 2024 with a record $59.8 billion (R1.1 trillion) in revenue, a 2.7% jump from 2023. By 5pm the shares were up 8% at R1 092 on the JSE as investors welcomed the robust performance and welcomed a hefty dividend. The Board proposed a full year 2024 dividend of €1.00 (R19) per share - a 22% hike, subject to shareholder approval at the annual general meeting on April 30, 2025. Michel Doukeris, the CEO, AB InBev, said, "Beer is a passion point for consumers and a vibrant category globally. The strength of our 2024 results is a testament to the consistent execution of our strategy and the hard work and dedication of our people. We delivered Ebitda growth…

Thanks to South Africans’ unmatched sense of humour, a TikTok thread asking: “How did you know you weren’t going to get the job during your interview?” has gone viral. The responses are a mix of comedy gold and painful relatability. Let’s dive into some of the most hilarious responses shared by job seekers because if we can’t laugh about it, we’ll cry (and we’ve done enough of that already). 1. Curriculum Vitae or... Curriculum Victim? Zikhona shared how she realised her job fate was sealed when she saw her CV labelled as “Curriculum Victim” instead of Curriculum Vitae. Imagine walking into an interview and realising your CV is calling you out for living in the trenches. It’s giving: “I’m fighting for my life out here!”, vibes, and honestly,…

Financially constrained consumers in South Africa will continue forking a bit more for food and beverages at the tills as headline inflation continues to be on a steady upward swing, rising for the third consecutive month in January 2025. This comes as data from Statistics South Africa (Stats SA) on Wednesday showed that the rate of headline consumer price inflation (CPI) rose for the third month from 3% in December 2024 to 3.2% in January 2025, the highest in four months, compared with market forecasts of 3.3%. The largest single component of CPI however is food prices influenced by both domestic and international agricultural food prices. In January, food and non-alcoholic beverages inflation saw a 2.3% year-on-year outcome, from 2.5% in December, with high statistical base effects year on year…

The ANC has announced a new leadership structure for its Gauteng province, signalling a possible end to the infighting that has plagued the party in recent months. At the heart of the surprise announcement is the apparent burying of the hatchet between ANC Secretary-General Fikile Mbalula and former Gauteng chairperson Panyaza Lesufi. The two have been at odds over the party's direction in the province, but seem to have put their differences aside. During the announcement yesterday, Mbalula said he would forever defend Lesufi because he was a hard-working comrade who was retained because of his work in the province, contrary to what he had previously said about the premier. “The national leadership has confidence in Panyaza’s capabilities and his leadership, and that's why he…

AN Eastern Cape pensioner has been sentenced to 15 years behind bars for damage to essential infrastructure and theft of copper cables. Mthozami Thukwayo, 67, was sentenced by the Molteno Regional Court yesterday. Thukwayo was arrested in a joint operation by the Hawks, police, and Transnet in February 2022. Hawks spokesperson Warrant Officer Ndiphiwe Mhlakuvana said on February 21, 2022, a multi-disciplinary team responded to information about a Toyota single cab bakkie that was suspected to have been transporting copper cables around the Molteno area. “Information received resulted in police immediately conducting a stop and search roadblock to intercept the aforesaid motor vehicle. As the said vehicle approached the roadblock, it was stopped and searched. Upon searching, the joint team recovered meters of copper cables at the back of the…

With the new Transit Sport, Ford is seeking to plug a gap in the market for those seeking a panel van workhorse with a sporty visual attitude. Entering showrooms with a price tag of R932,500, it is somewhat more expensive than the regular “workhorse” version of the Transit Custom, which retails at R756,000. But for the extra outlay, owners do get a significant performance and visual upgrade for their sporty van. For starters, the Transit Custom Sport receives a higher-powered version of Ford’s 2.0-litre single-turbo diesel motor, offering 125kW and 390Nm, as opposed to the workhorse version’s 100kW and 360Nm outputs. It also trades the latter’s six-speed manual gearbox for an eight-speed automatic transmission and drivers will get to flick through five drive modes: Normal, Eco, Slippery, Tow/Haul…

Stellenbosch FC coach Steve Barker believes that they are heading in the right direction considering their targets for the remainder of their campaign. Stellies beat Magesi 2-1 at home in the Betway Premiership on Tuesday night as they climbed up to fifth on the log with 27 points. That wasn’t just their second win in three league games, but it also ensured they trail the third-place Sekhukhune United, who have played one game more, with just four points. Stellies moved closer to their targeted Top 3 finish with that hard-fought win and could take a step closer on Friday when they host Polokwane City, who lead them by three points, at Danie Craven Stadium. A win in that match could see them match Rise and Shine’s number of points,…

“There is no one anywhere in the world at any stage who is any bigger or any better than this football club.” These are the famous words of Liverpool’s legendary forward and manager Kenny Dalglish. But “King Kenny” also said: "The people who come to watch us play, who love the team and regard it as part of their lives, would never appreciate Liverpool having a huge balance in the bank. They want every asset we possess to be wearing a red shirt.” It is exactly this conundrum that Liverpool are faced with in regard to Mohamed Salah. The 32-year-old Egyptian has been tearing up the record books at Anfield since joining the Reds in September 2017. And despite his advanced age, especially for a flying winger, he is showing…