Sommaire pour 2025-03-07 de Cape Times

The Occupational Lung Disease Working Group, representing six major mining companies involved in a landmark class action settlement from 2018, has welcomed the announcement from the Tshiamiso Trust that benefit payments to former and current miners, as well as their dependents, have exceeded R2 billion. This achievement marks a critical turning point for the thousands affected by silicosis and tuberculosis (TB) linked to occupational hazards within the mining sector. The Tshiamiso Trust was instituted to implement the 2018 class action settlement, involving African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony Gold, and Sibanye-Stillwater. The Trust is charged with administering compensation to eligible mineworkers suffering from silicosis or work-related TB, as well as their dependents. The Working Group on Thursday expressed pride in seeing the settlement's terms actively…

Thousands of youth to be trained in AI skills, machine learning, and cybersecurity siphelele.dludla@inl.co.za Microsoft has unveiled a significant plan for further investment of more than R5 billion in South Africa to train thousands of unemployed youth in AI skills and AI start-ups, signalling a new chapter of technological innovation and economic progress for the nation. The global software giant has already dedicated considerable resources into supporting black-owned companies pioneering 4IR technologies and plans to train one million South Africans in AI skills, machine learning and cybersecurity by 2026. Over the past five years alone, Microsoft has invested significantly in cloud, in data centres, in agriculture and in the digital transformation of government services. Brad Smith, Vice chair and president of Microsoft, on Thursday outlined the multifaceted nature of this…

South Africa now stands at a pivotal moment - our sovereignty, economic future, and international standing hang in the balance. The choices we make today will not only define our role in the world but will shape the destiny of generations to come. A Shifting World The world is shifting. Power is shifting. Donald Trump is now the US president, and the US Senate and Congress (both houses) are now controlled by the Republican Party, commonly referred to as the Grand Old Party. South Africa, President Cyril Ramaphosa, and the ANC are caught in the storm. As global alliances realign, the question we must ask is this: will we remain sovereign in our decisions, or will we be forced into making decisions not necessarily aligned with our historic relationship with…

Although retirement marks a significant milestone, achieving a successful and financially secure retirement requires years of meticulous planning. The transition from earning an income to drawing from savings can be daunting, often leading to anxiety and uncertainty. If retirement is on the horizon, here are some key steps to help you prepare effectively: Consider a retirement trial run The lifestyle you envision for retirement may differ somewhat from reality, particularly if relocation is part of your plan, which is why a trial run is a great idea for testing your desired lifestyle before committing. For example, if you’re considering moving to a new town, spending a few months there during different seasons can provide valuable insight. While a tranquil coastal village or countryside retreat might seem idyllic, living there year-round…

Grindrod, the JSE-listed freight logistics company, saw its share price slump more than 6% on Thursday after reporting that core headline earnings fell to R1 billion last year from R1.4bn the year before due in part to border disruptions, lower commodity prices, and flooding. The impact on the group of the intermittent Lebombo/Ressano Garcia border closures in the last quarter of 2024 was 4.4 million tons per year in volume and R200 million on headline earnings. Overall performance was also impacted by lower commodity prices except for chrome, and the disruptive cyclonic flooding in the first half of the year, the group said in results released on Thursday. The final dividend was cut a hefty 55% to 17 cents a share. The share price traded at R12.07 on Thursday afternoon,…

Pretoria has cautioned Taiwan against politicising the South African government’s request that it relocate its representative office in Pretoria to Johannesburg by the end of March. This was revealed by International Relations and Cooperation Deputy Minister Alvin Botes when he was responding to oral questions in the National Assembly. Botes, who was answering questions on behalf of Minister Ronald Lamola, said the department has issued the March deadline to Taiwan to relocate their trade office in Pretoria. “The cabinet has taken a decision to ask Taipei liaison office currently located in Pretoria to relocate to Johannesburg or any other location of their choice, obviously, outside political capital of the country, keeping in line with the China policy,” he said. The South African government signed a memorandum of understanding and established…

The electrification of South Africa’s informal settlements through a United States Agency for International Development (USAID)-driven Power Africa’s five-year electrification initiative with 24 municipalities - part of an ambitious government plan for universal energy access by 2030 - is among the first projects to be shelved. This follows the US formally announcing it is cutting its Just Energy Transition (JET) partnerships with South Africa, a decision confirmed to the Presidency last week. The US has decided to withdraw from the Just Energy Transition Partnership (JETP), a coalition of 10 donor nations working to assist developing countries in transitioning from coal to cleaner energy sources, according to several sources involved in the partnership cited by Reuters. The JETP was first introduced during the United Nations (UN) climate talks in Glasgow, Scotland,…

Double World Cup winner and Springbok Mobi-Unit coach Duane Vermeulen is excited about the budding talent at No 8 for the national side ahead of the new season. But he says someone like Jasper Wiese, currently playing in Japan, should not be forgotten just because he is out of sight. The Boks will have a host of young and talented players to select as part of experimental sides when they start the season against the Barbarians (28 June), Italy (5 and 12 July) and Georgia (19 July) in a couple of months. Players like Cameron Hanekom and Mpilo Gumede at the Bulls, the Stormers’ Evan Roos, Phepsi Buthelezi at the Sharks, and the Lions’ Francke Horn have excelled for their franchises in the United Rugby Championship. Hanekom and Roos have…

The Proteas’ exit at the ICC Champions Trophy on Wednesday night was rather limp. There was no drama. No individual errors. Not even a choke. It was just a plain old-fashioned hiding handed out by the Black Caps. The Kiwis were superior in every department that mattered. Their big players stepped up. And youngsters weren’t daunted by the occasion. Not to mention their skipper Mitchell Santner playing a hugely influential role in the outcome. So, do we just accept Proteas coach Rob Walter’s anecdote that it was just "a bad day to have a bad day?” Does one defeat make this group suddenly a bad group of players? Does the baby need to be thrown out with the bath water? I feel these are simplistic questions that won’t get to…

Nasreddine Nabi is not putting all his eggs in one basket amid Kaizer Chiefs’ CAF aspirations, saying they are targeting both a top-three finish and the Nedbank Cup crown. Chiefs want to salvage their season after missing out on the MTN8 and Carling Knockout, while they are all but out of the Premiership race. They could achieve their aspirations by finishing in the top three in the Premiership or by winning the country’s premier football competition. Sure, both achievements would crown off a decent first term for Nabi at the club, but, furthermore, each holds a continental ticket via the CAF Confederation Cup next season. And so, given that Chiefs still have 10 games in the league to secure their third-place finish, it’d appear that they’d opt to secure their…

FirstRand CEO Mary Vilakazi has warned that geopolitical tensions in the form of import tariff increases in many countries, led by the US, may lead to higher global inflation and prevent interest rates from being cut further in South Africa later this year. Vilakazi was interviewed Thursday at the release of the financial services group’s financial results for the six months to December 31. Just this week the US imposed a 25% tariff on its imports from Mexico and Canada and it doubled tariffs on some Chinese goods to 20%. Vilakazi said higher tariffs have the impact of raising consumer prices, and may lead to higher global inflation this year, which might also impact prices in South Africa. “We had penciled in two interest rate cuts this year, but the…

Some €6.5 billion – or R125bn – flowed through Steinhoff's books between 2009 and 2017 when the lid was on what is South Africa’s biggest corporate scandal to date was blown. This information is contained in a PwC investigation into the company, which Business Report secured through a Promotion of Access to Information Act application. Overall, eight companies are listed in the report as having been used by Steinhoff to artificially inflate its revenue. PwC stated that this income was recorded by the now defunct company for the financial years between 2009 and 2017. Then external auditors, Deloitte, raised issues with Steinhoff’s accounting practices in 2017, which resulted in Steinhoff losing 97% of its market capitalisation between August 2017 and March 2019 as investors reacted to the news. PwC explained…

South Africa’s hedge fund industry wrapped up 2024 on a triumphant note, smashing records with a 34% surge in assets under management and double-digit net inflows for the first time ever. According to the Association for Savings and Investment South Africa (Asisa), the sector’s assets soared to R185.12 billion (excluding fund of funds) by December 2024, driven by strong investor trust and solid performance. The latest Asisa hedge fund statistics reveal that 221 hedge funds, managed by 12 companies, raked in a hefty R13.31 billion in net inflows over the year – more than double the R6.24 billion seen in 2023 and a massive leap from R4.54 billion in 2022. Hayden Reinders, convenor of the Asisa Hedge Funds Standing Committee, credits retail investors for leading the charge. “This is a…

Bidvest has successfully gained approval from the UK Competition and Markets Authority (CMA) for its acquisition of 100% of Citron, a leading provider of washroom hygiene products and services. This decision marks a pivotal moment in Bidvest's strategy to expand and enhance its offerings within key markets. Citron, headquartered in Toronto, Canada, boasts a diverse customer base across several sectors, including manufacturing, hospitality, facilities management, education, commercial, and healthcare. The company serves approximately 50 000 customer locations through its extensive network of seven branches in Canada, four in the USA, and 10 in the UK. This broad reach enables Bidvest to tap into multiple industries, further solidifying its position in the global market. Bidvest on Thursday said the strategic acquisition aligned seamlessly with its objective to expand its services in…

Sanlam, which reported another year of strong earnings growth on Thursday, is increasingly looking at deals and partnerships to grow its business. The insurance, life assurer and financial services group said its 2024 financial year results had benefited from good business growth in South Africa, other African countries and in India, with underlying market share growth over a number of years, robust growth in new business, and after investment returns increased from relatively benign markets, said CEO Paul Hanratty. “Our strategic corporate activity contributed to lifting the 2024 results, and we expect the contribution from this source to further enhance our performance in future periods,” he said. The dividend was increased by 11% to 445 cents per share for the year. He said they were optimistic about the outlook for…

The Constitutional Court yesterday heard arguments in Corruption Watch’s bid to have President Cyril Ramaphosa’s appointment of the Commission for Gender Equality (CGE) chairperson and commissioners from March 2023, declared invalid. The civil society organisation also wants the apex court to declare that Parliament, comprising of the National Assembly’s portfolio committee on women, youth and persons with disabilities, failed to comply with its constitutional obligation to facilitate reasonable public involvement before recommending persons to be appointed as members of the chapter-nine institution. Corruption Watch also asked the declaration of invalidity of the CGE commissioners be suspended for a period of 18 months to enable National Assembly speaker Thoko Didiza to reconduct the appointment process in a manner that is consistent with the Constitution. In 2023, Ramaphosa appointed chairperson Advocate Nthabiseng…

US PRESIDENT Donald Trump’s executive orders halting aid to South Africa was in retaliation to this country’s stance against Israel, in support of Palestine, says EFF leader Julius Malema. “Before invading nations, the US always fabricates human rights violations to justify interventions. Today the same tactics are being used against South Africa,” he told MPs during a debate in Parliament yesterday. After taking office, Trump signed executive orders to terminate the President’s Emergency Plan for Aid Relief (Pepfar). Trump has since offered white Afrikaners refugee status in the US as the impasse over South Africa’s expropriation policy escalated, with AfriForum spreading lies that land was being confiscated from white people. Malema said Trump was demonstrating the advanced stage of capitalism, which was imperialism. “Trump engages in transactional and manipulative relations…

Stellenbosch FC will enjoy "big energy and a good vibe" when they clash with Kaizer Chiefs in Saturday evening's Nedbank Cup quarter-final at the Nelson Mandela Bay Stadium (kick-off 6pm). Stellenbosch coach Steve Barker said his team were excited about the possibility of reaching another semi-final. The Winelands outfit has made the Nedbank Cup last four in the last two seasons but remain the only club out of the quarter-finalists yet to reach the final of the elite cup. Their opponents, Chiefs, are one of five former Nedbank Cup champions remaining in the tournament, along with Mamelodi Sundowns, Orlando Pirates, SuperSport United, and Marumo Gallants. "The players are excited for the match because it's another massive opportunity for us as a football club to try and get ourselves into yet…

Cape Town City avoided a fifth successive Betway Premiership defeat, but the 1-1 stalemate with TS Galaxy at the Athlone Stadium on Wednesday night left their coach, Muhsin Ertugral, highly frustrated. His frustration stemmed from City's dominance in the game, yet they were forced to settle for a share of the spoils. At the post-match press conference, Ertugral said: "I'm very frustrated at the moment. "I must be careful and get in line (in order) because I don't want to say something wrong. "It's always difficult after a game we dominate, especially in the first 30 minutes. The moment we scored (in the 31st minute), I asked my assistants — the coaches next to me — what we needed to do more. "Holding on to the ball is an important…

South Africans who felt the pinch of costly COVID-19 tests during the pandemic may soon have their day in court, as the Competition Tribunal has paved the way for a major case against three leading pathology labs - Ampath, Pathcare, and Lancet Laboratories - with potentially R1 billion in damages in view. "The Tribunal’s ruling means the complainants’ case against the pathologists can now proceed to the merits once the pathologists have submitted their responses, as directed by the Tribunal," the competition body stated on Thursday. The Tribunal rejected nearly all objections from the labs, accused of overcharging for PCR tests - a laboratory technique used by healthcare providers to detect infectious diseases - between March 2020 and December 2021. This decision sustains a push by medical schemes and…

Luno, a prominent South African cryptocurrency exchange operating in 40 countries, has urged the National Treasury to enact regulatory changes to classify digital assets as onshore assets when held on local licensed platforms. These reforms are seen as critical to unlocking significant economic growth and generating much-needed revenue for the country’s fiscal health. Historically, South Africa was a frontrunner in the cryptocurrency domain, but it now risks lagging behind as other countries embrace digital currencies as a recognised asset class for both institutional and individual investors. The crux of Luno’s appeal to Finance Minister Enoch Godongwana revolves around the critical need to classify digital assets as onshore assets when held on local licensed platforms, paving the way for enhanced investment opportunities. Currently, digital currencies are not designated as either offshore…

Over the four years since the COVID-19 pandemic, the world has had to contend with the biggest-ever rotation in spending between goods and services. This rotation – coupled with record levels of government stimulus – led to some of the tried-and-tested economic measures that analysts usually rely on, becoming unreliable. Earnings growth expectations and entry point valuations are critical factors for forecasting prospective equity market returns – and hence for determining a portfolio’s optimal exposure to equities. But valuation does not exist in isolation and portfolio managers must consider it alongside metrics such as inflation and interest rates. Initially, a significant increase in inflation in the years following the COVID-19 pandemic heightened expectations of a US-led global recession. Over this time Developing Market (DM) inflation as well as interest rates…

Mustek, a JSE-listed ICT distributor that is subject to a takeover offer from Novus Holdings, reported a whopping 74% steep decline in its interim earnings, amid challenging global and local economic conditions. Headline earnings per share for the six months ended December 31, 2024 plunged 74.31% to 23.47 cents from the prior year. Basic earnings per share followed a similar trend, falling 74.72% to 23.01c. No interim dividend was declared. "The group's performance remained under pressure," Mustek CEO Hein Engelbrecht said on Thursday. "This reflected the ongoing challenges posed by global and local economic conditions. These included persistent inflation, elevated interest rates, sluggish economic growth, and fluctuating consumer and investor confidence, both in South Africa and internationally.” Mustek also attributed the decline in its interims to selective deal-making. Engelbrecht also…

Transnet tabled a revised three-year wage offer to its recognised labour unions, United National Transport Union and South African Transport and Allied Workers’ Union, on Thursday. This follows a prior offer presented on Wednesday as the current wage agreement, set to expire on March 31, 2025, nears its end. The old proposal offered a three-year increase tied to inflation: Year 1 at CPI + 1% (4.5%), Year 2 at CPI + 0.5% (5%), and Year 3 at CPI + 0.5% (5%), totaling a 14.5% cumulative rise. The revised offer shifts to a fixed structure: 5.5% in Year 1, 5.5% in Year 2, and 5% in Year 3, amounting to a 16% increase over the period. Both offers include adjustments to basic salaries, 13th cheques, pension contributions, medical aid subsidies, and…

As South Africa's diplomatic relations with the US continue to deteriorate, the government has still not sent a delegation to quell the diplomatic crisis, despite President Cyril Ramaphosa announcing these plans more than a month ago. The diplomatic crisis was sparked by US President Donald Trump who has cut all aid to the country because of accusations of land confiscations aimed at white Afrikaners and South Africa's case against Israel at the International Court of Justice (ICJ). According to sources close to the government, Ramaphosa has not sent envoys yet because he fears that Trump's administration might snub his delegation. However, SA ambassador to the US Ebrahim Rasool, during a presentation, stated that the US itself was not ready to meet with SA because they had yet to establish the…

THE sudden termination of funding by the United States Agency for International Development (USAID) to several non-governmental organisations (NGOs) in the Western Cape threatens nearly 700 jobs and amounts to a loss of around R360 million in healthcare funding for the province. This was according to a joint presentation by the Western Cape Department of Health and Wellness and NGO partners this week which revealed the magnitude of the crisis. Health and Wellness MEC Mireille Wenger said the Provincial Council on AIDS and Tuberculosis (TB) convened to assess the impact of the sudden termination of funding and the provincial government’s response to safeguard healthcare for at-risk residents. The council, a partnership between civil society and the Western Cape Government, is dedicated to achieving the goal of a province free from…

Rocky, a juvenile elephant seal who was stranded on the shores of Rocky Bay in October, has been successfully released back into the ocean off the coast of Gqeberha after months of dedicated care at uShaka Sea World. His strength and the fact that he was on the beach at Rocky Bay earned him the name “Rocky”. After spending five months under the care of uShaka Sea World staff, it was difficult for them to prepare Rocky for release before watching him be hoisted onto a vessel heading for Cape Town. uShaka Sea World assistant curator of mammals and birds, Bilal Limbada, said: “Rocky was one of the most endearing seals I have had the privilege of caring for. His huge eyes and unassuming nature melted the hearts of not…

The ICC Champions Trophy has already seen England captain Jos Buttler walk the plank after his team’s exit, but former Proteas all-rounder Vernon Philander would not like to see the same happen to Temba Bavuma. Proteas ODI captain Bavuma is once again in the firing line after overseeing his team’s 50-run defeat to New Zealand in the Champions Trophy semi-final in Lahore on Wednesday. It is the second consecutive major ODI semi-final the South Africans have lost under Bavuma’s leadership, after also being defeated by Australia at the same stage of the World Cup in Kolkata 18 months ago. Philander, though, does believe the fault can be solely laid at Bavuma’s door. “I think he’s a fantastic leader,” Philander said of the Proteas’ skipper on ESPNcricinfo’s Match Day show. “I…

Following South Africa’s ICC Champions Trophy semi-final exit against New Zealand in Lahore on Wednesday, Ongama Gcwabe rates each Proteas player’s returns in the tournament... 8: Temba Bavuma. RUNS:114; 2x50s; Average: 57 The half-century that Temba Bavuma scored against Afghanistan in Karachi was his first batting milestone at an ICC event. His second came in the semi-final against New Zealand as the Proteas captain wrapped up what was by far his most successful ICC event. 8: Ryan Rickelton. RUNS:147; 1X100: AVE: 49 In his first-ever ICC event, Ryan Rickelton announced his arrival with a brilliant century against Afghanistan in Karachi. His short stay at the crease in the semi-final, though it did not amount a significant total, would have made a statement that he is one to watch for the…