Sommaire pour 2025-09-12 de Cape Times

The Industrial Development Corporation (IDC), which had anticipated a South Gauteng High Court judgement to liquidate empowerment company BT Industrial Group (BTIG) for an R136 million debt has had to hire private security to guard equipment at the company's premises amidst fears they have already begun asset stripping. The legal matter has been postponed sine die following the late filing of an application to oppose the liquidation order. This is as the matter had been set for Thursday for a final judgement by the Gauteng High Court, which had been expected to grant the IDC authority to dispose of the moveable property of the BTIG to recover the debt. The court could not confirm the order after the BTIG, through its attorneys, filed a notice to oppose, requiring…

Recovery in South Africa’s mineral productivity could help uplift the country’s GDP growth although analysts see further improvements to port and rail logistics as providing impetus to the mining sector, which raised production by 4.4% year-on-year in July. The largest positive contributors to South Africa’s year on year mining sector production growth for July included iron ore, which rebounded 12.2%, platinum group metals (PGMs), which grew 6.2% ‘other’ metallic minerals whose output was stronger by 45.8%. On a seasonally adjusted basis, South Africa’s mining production increased by 1.0% in July 2025 compared with June 2025. This followed month-on-month changes of 0.4% in June 2025 and 3.7% in May 2025, according to data from StatsSA. “Mining production (not seasonally adjusted) expanded by 4.4% y/y in July, accelerating from 2.5% (previously 2.4%)…

KZN MEC for Economic Development, Tourism and Environmental Affairs (EDTEA) Rev Musa Zondi said that tourism month presents an opportunity to reaffirm tourism’s role as a driver of growth, pride, and inclusivity. The MEC was speaking at the Tourism month launch at the Indoniyamanzi township restaurant establishment in Empangeni in Northern KZN on Thursday. Zondi said that we must recognise the power of rural tourism in shaping inclusive growth. “It is about showcasing our landscapes from the Drakensberg to the Indian Ocean, about telling our stories through heritage and film, and about ensuring that every district in this province benefits from the visitor economy.” Zondi added that they are planning the relocation of the regional airport in Richards Bay due to the growing number of flights to the region. “We…

Many South Africans struggle with debt and meeting their day-to-day living expenses. Yet despite the availability of expert help and practical solutions, they remain trapped by feelings of guilt, shame and uncertainty, which prevent them from reaching out for the support they need. A particular source of guilt is the garnishee order, correctly known as an emoluments attachment order (EAO), whereby creditors can recover unpaid debts directly from a person’s salary. According to Salem Nyati, consumer financial education specialist at Momentum Group, the stigma attached to EAOs prevents honest and hardworking people from seeking help, managing their debts and moving forward with their financial goals. “When people feel embarrassed about their debt or financial mistakes, they typically avoid reaching out for help, delay important decisions and hide their struggles from…

FirstRand increased headline earnings per share by 10% to 748.8 cents in the year to June 30 despite a further R2.7 billion provision for the motor commission legal issue in the UK. The dividend was raised 12% to 466 cents a share. Normalised net asset value per share was up 11% to 3,884.1 cents. The return on equity increased marginally to 20.2% from 20.1%. A consistent approach to new business origination and disciplined financial resources allocation resulted in a strong operational performance, in spite of macroeconomic challenges - all its large domestic businesses delivered “high-quality growth in earnings,” said Group CEO Mary Vilakazi. She said in a telephone interview this enabled the group to absorb the impact of a further pre-tax accounting provision of R2.7bn for the previously disclosed…

Deputy President Paul Mashatile said yesterday he does not have “smallanyana skeletons” to share with the country on his declaration of financial interests to Parliament. Responding during a heated question-and-answer session in the National Council of Provinces (NCOP), Mashatile said his failure to declare a gift by diamond dealer Louis Liebenberg to his wife has been brought to conclusion. “I don't know what I need to share with the country,” he said. “Everybody knows where I live. I don't have smallanyana skeletons that I have to share with anybody,” he said. He was responding to EFF MP Virgill Gericke when he stated that Mashatile's declaration of interests was somewhat confusing and sparked a lot of debate and speculation even in the media. “You have attempted to clear the air deputy…

Municipalities collectively owed water boards R25.1 billion as at June. This was discovered by Deputy President Paul Mashatile during a question-and-answer session in the National Council of Provinces yesterday. “There are instances where municipalities will dispute the debt, but we said where there are no disputes, they must pay immediately. “They must also ring fence those disputed amounts so they can be looked at and then lastly, enter into structural payment agreements for historic debt, because we know they can't pay everything immediately,” he said. Mashatile was responding to DA MP Igor Stefan Scheurkogel, who wanted to know what concrete actions will be taken to deal with the culture of impunity and ensure accountability for municipal mismanagement. Mashatile said the National Treasury has agreed to withhold Equitable Shared transfers to…

The Cape Amalgamated Taxi Association’s (Cata) first deputy chairperson became the latest casualty in the ongoing taxi conflict gripping the province. Mnikeli Mgope, 61, was shot dead on Wednesday night while sitting inside his white Toyota Fortuner at the Nyanga taxi rank. The killing comes amid renewed violence over the disputed Somerset West–Khayelitsha route between Cata and the Cape Organisation for the Democratic Taxi Association (Codeta). Although the two rival associations signed a peace agreement in June, tensions reignited soon afterwards, leaving more than 10 taxi owners and drivers dead. Mgope had been operating in the Wynberg area. Cata spokesperson Nkululeko Sityebi explained that Mgope was preparing to go when unknown men attacked him. “He was alone when he was killed. We don't know the reason he was murdered. And…

Neighbours, old friends, and book enthusiasts flocked to the Baxter Theatre last week for the launch of Anwar McKay’s debut book, The Invisible Boy from Bramble Way. This poignant memoir recounts the journey of a young boy growing up in Bonteheuwel, who often felt invisible. The intimate theatre was filled with McKay’s close friends, and family, all eager to hear from a panel of speakers, including Baxter CEO and playwright Lara Foot, sexologist and trauma specialist Dr Marlene Wasserman, his cousin Shamiela Chadwick, and his husband, Marc Lottering. Hosted by author Sara-Jayne Makwala King, who introduced the book with heartfelt words. “The journey is about a little boy who grew up in Bonteheuwel and felt invisible. He experienced a number of traumas and fought to revive himself, which he has…

Week-long fair featured 2 148 exhibitors from 132 countries and more than 112 000 delegates The curtain has fallen on the Intra-African Trade Fair 2025 (IATF 2025), and the event has officially set a new record in trade deals, promising to be a game-changer for Africa’s economic integration. Organised by the African Export-Import Bank (Afreximbank), this year's fair facilitated a significant $48.3 billion in trade and investment agreements against the target of $44bn. Algeria accounted for $11.4bn in signed deals, with another $11.6bn currently in the pipeline. This considerable figure eclipses the $43bn in deals from the previous fair held in Cairo in 2023 and the $42bn agreements made in Durban in 2021, spotlighting the event’s critical role in unlocking Africa’s economic potential. The week-long fair attracted a remarkable turnout,…

When South Africa’s Cabinet approved the nation’s bid to host a Formula 1 Grand Prix at Kyalami beginning in 2027, it marked more than a moment of motorsport nostalgia—it was a powerful statement of intent for the country’s socio-economic future. The announcement, confirmed on 5 September 2025, commits to a three-year hosting term, fully financed by the private sector, with the aim of catalysing job creation and economic growth. Relighting a Legendary Circuit Kyalami is no stranger to speed. From hosting its first Grand Prix in 1967 to welcoming the final South African races in the early 1990s, the circuit has seen legends like Niki Lauda, Alain Prost, and Jody Scheckter cross its finish line. Now, the FIA has greenlit upgrades to elevate Kyalami to Grade 1 status—without altering its…

Familial financial support – often referred to as “Black Tax” – is common among black South Africans. It teaches and expects income earners to contribute to the general good of the extended family. In seeking to understand this phenomenon better, a University of Cape Town PhD student found that black South African culture doesn’t really subscribe to the Western idea of a “nuclear family” made up only of parents and their children. Instead, family networks are much broader and inclusive, with many people regarded as mothers, fathers, brothers and sisters. “From childhood, individuals are raised with a deep sense of responsibility to contribute to the success of this larger family network. This cultural value system makes financial support not just common but expected,” Malilimalo Phaswana contends in his thesis, “Black…

Discovery produced another strong annual financial performance from its busineses and it lifted normalised headline earnings 30% to R9.78 billion. The final dividend was raised 32% to 201 cents. The share price fell by 4.16% to R216.35 on the JSE on Thursday afternoon, but the price is 40% higher than at the same time last year, indicating investors may well have foreseen the good earnings growth. In the year to June 30, normalised operating profit increased 29% to R15.21bn. Return on equity rose to 15.4% from 13.5%. There was strong growth in normalised profit from operations in both composites: Discovery South Africa delivered 22% growth and Vitality generated 70%. Group chief executive Adrian Gore said in a statement the all-round strong performance was generated in an environment of increased geo-political…

The PayInc Economic Index for August 2025 released on Thursday showed a fourth month of consecutive gains, a clear sign of economic resilience amid persistent headwinds. PayInc was formerly known as BankservAfrica before the revamp was announced last month. Shergeran Naidoo, the head of Stakeholder Engagements at PayInc, said that the index level reached 102.8 in August 2025, a growth of 1.3% on July’s level. “Year-on-year, the index is 3.7% higher, indicating that the Q2 uptick has carried into Q3 despite uncertainty and weak confidence. The better-than-expected GDP outcome for Q2 at 0.8% q/q also confirms this narrative of resilience, in line with indications from the PayInc Economic Index.” Elize Kruger, an independent economist, said that the improvement, as reflected in the PayInc Economic Index over the past few months,…

ALLEGED incessant harassment and interference with witnesses threaten the bail release of a former attorney who has made an application after his release on warning was revoked as a result of breached conditions. Siyakudumisa Mlunguza appeared in the Bellville Commercial Crimes Court yesterday where an inquiry into his behaviour was held and bail application proceedings were heard. Mlunguza faces several counts of theft of Trust Funds, which were payouts from the Road Accident Fund (RAF) for his clients. The complainants include the RAF and the Legal Practitioners Fidelity Fund. Yesterday, the court heard various instances during which Mlunguza allegedly intimidated, harassed, and interfered with State witnesses in an attempt to get charges withdrawn against him. The State canvassed their opposition to his release on bail citing that his continuous interference…

French national Théotime Massot was just 15 years old when he first learned about cystic fibrosis after discovering that a family friend’s daughter was living with the disease. Nine years later, the 24-year-old embarked on goal many would call ‘unattainable’. Over the course of 335 days, Massot cycled a staggering 20 200 kilometres through 19 countries, starting from France and finally reaching South Africa on Sunday. By Wednesday, he had arrived at Cape Agulhas/Cape Point, the southernmost tip of Africa. His goal? To raise €10 000 (R204 445) in efforts to support cystic fibrosis awareness. He is closing in on that target with less than €3000 (R61 333) left to raise. Speaking to the Cape Times yesterday, Massot said cystic fibrosis is a severe respiratory disease with a shortened life…

IT is starting to get old. Really, it is. It is understandable, given South Africa’s status in the African continent, especially when it comes to all matters football. But, honestly, all the countries grouped with Bafana Bafana in Group C of the 2026 Fifa World Cup qualifiers are seemingly spending less time polishing their game and more time thinking about the Teboho Mokoena saga and what Fifa might, should, and probably, by the look of things, will not do to sanction South Africa. All except for Zimbabwe and maybe Rwanda, so far. But take our beloved neighbours Lesotho, for instance: the walloping they received in the two qualifiers of the recent international break should make them take a hard look in the mirror and contemplate ways to develop their game.…

Energy policy experts say the South African Wholesale Electricity Market (SAWEM), which is expected to unlock new investment in power grid infrastructure should be complemented by clarifications on contracts, tariffs structure and complemented by wider reforms such as the unbundling of Eskom. South African Renewable energy and independent power producer, NOA, believes that SAWEM is a catalyst for the South African energy sector but reckons that more needs to be done for the platform to yield tangible benefits for South Africa’s wider economy. “SAWEM is part of South Africa’s (energy sector) reform journey – it enables transparency, liquidity and efficiency. But wider reforms also matter (including) Eskom unbundling, NTCSA independence, vesting contracts, capacity markets, as well as industry, regulator and public sector collaboration,” said Andrew Taylor co-founder of NOA Group.…

It’s not just death and taxes. Uncertainty and volatility have also become certainties you can count on. This has had significant implications for fund management. Sound investment strategies are increasingly about rigorous processes, identifying opportunities and recognising and learning from missteps rather than trying to get it right 100% of the time. Fund managers try to focus less on the noise and more on making the right choices – and learning from the wrong ones. As Wessel Joubert, investment analyst at OysterCatcher, which manages the Amplify SCI Equity Fund and the Amplify SCI Managed Equity Retail Hedge Fund, points out, Roger Federer won almost 80% of all the tennis matches he played, yet he won only 54% of the points. “Consistently making the right choices over the long term is…

Lesaka Technologies’ net loss improved 386% to $87.5 million (R1.6 billion) in its 2025 financial year, a transformative 12 months with big acquisitions to build out its fintech merchant and payments solutions platform. The big reduction in the Nasdaq and JSE-listed company's loss was largely due to the inclusion of a tax adjusted $49.3m non-operating, non-cash charge from a change in fair value and sale of non-core asset MobiKwik, impairment losses of $18.4m, and once-off transaction costs of $17.8m. During the year, the group acquired payments solutions provider Adumo for R1.74bn, the submetering and payments solutions company Recharge for R507m, while in June, it announced the R1.1bn acquisition of online bank, Bank Zero. The group has also exited MobiKwik for R290m. Chairman Ali Mazanderani said in an online presentation that…

THE soon-to-be published regulations will incorporate e-hailing services into the national regulatory framework, says Transport Minister Barbara Creecy. Creecy said the new regulations will require e-hailing operators to obtain operating licenses and to ensure their services are authorised and safe. “These rules establish clear standards for quality and security, support legal compliance, and aim to reduce conflict between operators while improving overall safety,” Creecy said. She was responding in the National Assembly when EFF chief whip Nontando Nolutshungu asked her about measures her department will implement to protect e-hailing drivers and foster harmony within the taxi industry following the surge in violence targeting e-hailing operators, with the recent incidents reported at Maponya Mall in Gauteng. As part of the rollout, Creecy said her department was conducting targeted workshops and public…

This was revealed by Transport Minister Barbara Creecy when she was responding to DA MP Farhat Essack during a question-and-answer session in the National Assembly. Essack enquired whether the RAF incurred any liabilities connected to former CEO Collins Letsoalo’s introduction of new eligibility for claims, which could expose the State to billions of rand in new claims. Creecy clarified that Letsoalo did not introduce new eligibility requirements for claims. “The Road Accident Fund, through a board notice, which was gazetted on May 6, 2022, introduced terms and conditions for claims to be administered for effective claims processing. “According to the RAF, this decision was at the time informed by a large number of claims that did not have the required documentation to enable the fund to assess and settle claims,…

Tensions flared at a councillors’ imbizo in Khayelitsha yesterday after Mayco Member for Finance, Siseko Mbandezi, was forced off stage by disgruntled residents. The imbizo, hosted by Ndifuna Ukwazi, the Solidarity Space, and My Vote Counts, at OR Tambo Hall, was intended as a platform for residents to question elected leaders about housing, service delivery, and accountability. However, the majority of Democratic Alliance councillors did not attend, leaving only Mbandezi and one other councillor present, both of whom left the event early. Mbandezi said he was unable to give his full input because residents “started chanting that I should leave the stage”. He told reporters that the proper process would have been to allow him to finish before engaging with residents. “You can’t chase somebody off stage, and then say…

Wicked Wanted Widows Kimberly Belle, Vanessa Lillie and Cate Holahan Performed by a full cast AUDIBLE ORIGINALS GRAB your earbuds and settle in for a thrilling nine-hour ride through the chaos of art heists, mob bosses, and the formidable loyalty of friends in Wicked Wanted Widows, from Audible Originals. The third instalment in Kimberly Belle, Vanessa Lillie, and Cate Holahan’s bestselling Young Rich Widows series, this audiobook introduces a new player – Irish art thief Grace Callahan – who firmly believes that capturing Meredith Everett holds the key to reclaiming a stolen legacy. From the start, it’s clear that things are about to get complex. Grace and her well-armed crew are ready to take justice – albeit – a very crooked version of it – into their own hands. Meanwhile,…

Stellenbosch coach Steve Barker has dismissed suggestions that Orlando Pirates’ heavy national team involvement ahead of the MTN8 final will give his side a decisive advantage. The Buccaneers are set to go into tomorrow’s clash with limited preparation time, as eight of their players were away on international duty. Sipho Chaine, Mbekezeli Mbokazi, Oswin Appollis, Sipho Mbule, Thalente Mbatha, Kamogelo Sebelebele, and Relebohile Mofokeng were all with Bafana Bafana, while Deon Hotto was representing Namibia. In contrast, Stellies only have Thabo Moloisane with the national team, meaning Barker has had almost his entire squad available for two weeks of uninterrupted training. The coach admitted that this could hand his team a slight edge, but he was quick to underline that Pirates’ quality remains the biggest factor heading into the final.…