Cape Times 2025-10-13

THERE is a fierce battle under way for control of the Public Investment Corporation (PIC), Africa’s largest asset manager, entrusted with over R3 trillion in assets. According to highly placed sources, the tension reached a climax with the organisation severely divided over the suspension of its chief investment officer (CIO), Kabelo Rikhotso, earlier this week. On one side stands the established board of directors, and on the other, a challenging faction, reportedly linked to former spokesperson Adrian Lackay, which – according to insiders – is attempting to wrest control of the PIC through covert manoeuvres. The sources alleged that the “Lackay grouping” had actively intercepted communications involving senior PIC executives and was orchestrating a campaign to remove the current board and install a new one. “They have been intercepting internal…

South Africa and other member countries of the Global Forum on Steel Excess Capacity (GFSEC) have agreed to adopt market-based principles to tackle the persistent global oversupply of steel, which continues to pressure domestic industries through a surge of cheap imports. Ministers from steel-producing countries under the GFSEC met in Gqeberha on Friday and resolved to recognise “the importance of steel supply chains and the need for them to operate based on market” principles. Mervyn Naidoo, CEO of Actom and new president of the Steel and Engineering Industries Federation of Southern Africa (SEIFSA), said last week that the steel industry in South Africa will “advocate for procurement models and investment strategies that favour localisation, skills development and long-term” sustainability. South Africa’s steel manufacturing industry remains a key manufacturing cog and…

South Africa has entered a period of lower maize prices, offering relief to consumers, livestock farmers, and poultry producers following a bumper harvest that has boosted domestic supplies, according to the Agricultural Business Chamber of South Africa (Agbiz). Agbiz chief economist, Wandile Sihlobo, said the decline in prices marks a favourable phase for households and key food-producing sectors. “Looking at South Africa’s white maize spot prices they are down by over 35% from a year ago, trading at R3 595 per ton. In the case of yellow maize, the spot price is down by over 20% from a year ago, trading around R3 450 per ton,” Sihlobo said. He said the notable drop reflects improved supply conditions in the domestic market. “We have a sizable harvest in the 2024-25 season.…

President Cyril Ramaphosa has welcomed a new €11.5 billion (about R230 billion) investment package from the European Union (EU), describing it as a major step toward building South Africa’s “economy of the future” while strengthening long-standing trade and diplomatic ties with Europe. Ramaphosa said the package “opens new possibilities for trade and investment” and marks the start of “a new era of partnership and cooperation” between South Africa and the EU. The announcement was made jointly by Ramaphosa and European Commission President, Ursula von der Leyen, on the sidelines of the Global Gateway Forum at the European Commission’s headquarters last week. Ramaphosa said the investment would support growth in several priority sectors, including green hydrogen, renewable energy, critical minerals, electric battery manufacturing, and vaccine production. The package will also fund…

Efforts to make smoke-free products more widely available could help South Africa reduce smoking-related deaths, industry players have said, as the government finalises new legislation for the tobacco sector. However, the affordability of these alternatives has become a key concern. With over 8.6 million smokers in South Africa according to the Global Action to End Smoking, the number of smoke related deaths remains elevated at about 32 000 per year based on statistics from Tobacco Control Data. Tobacco manufacturers such as Philip Morris International (PMI) believe that smoke-free alternatives will play a key role in ending smoke related deaths as consumers shift to non-combustible nicotine pouches and other alternatives. Smoke-free products are also seen helping to end drug-related problems afflicting SA and other African countries. However, organisations such as the…

The Southern Africa Agricultural Initiative (Saai) recently brought together farmers from across the globe, convening the G20 Farmers Dialogue. The discussions at the Faculty of Agricultural Sciences in Stellenbosch University aimed to forge a path towards a farmers’ declaration for the upcoming G20 Heads of State Summit in Johannesburg in November. Saai said that the event attracted delegates and digital participants from Europe, North America, Asia, and Africa, ensuring that the authentic voice of farmers was represented in global policy debates. Saai added that the dialogue focused on four central themes: family farming; digitalisation, innovation and AI; livestock and proteins; and trade and food security. Ettore Prandini, president of Coldiretti in Italy, said family farming is crucial. “Family farmers are the pillars of agriculture globally. They produce most of the…