Tabla de contenidos para 2023-10-11 en Cape Times

Cape Times|2023-10-11

IMF revises South Africa’s GDP forecast slightly higher to 0.9%

Growth for 2023 has been raised, but ongoing power crisis will be a drag in the entire region THE INTERNATIONAL Monetary Fund (IMF) has raised South Africa’s growth forecast for 2023, but warned that the ongoing power crisis in the country will be a drag on growth in the sub- Saharan Africa region. In its World Economic Outlook (WEO), the IMF said yesterday that South Africa’s gross domestic product (GDP) would inch higher to 0.9% in 2023, a 0.6 percentage point upward revision up from 0.3% previously forecast in July. This IMF growth projection is better than the South African Reserve Bank’s (SARB) forecast of 0.7%, and might give the central bank reason to be bullish at the monetary policy committee final meeting for the year next month. However,…

3 min.

Cape Times|2023-10-11

treasury extends THE date for eskom municipal debt relief support programme

THE TREASURY has extended the closing date for the Eskom Municipal Debt Relief Support Programme. In a statement it said yesterday that the closing date for the pro- gramme was set for September 30, but had now been extended to October 31 to accom- modate more municipalities into the pro- gramme. On March 31, the Treasury’s Inter- governmental Relations unit issued MFMA Circular No 124 as part of the Eskom Munici- pal Debt Relief. “The government’s debt relief package for Eskom is intended to im- prove the utility’s balance sheet and facili-tates the proposal for Eskom to write off municipal debt under strict conditions and with the guidance of the National Treasury. The primary problem the government wants to solve is Eskom’s financial and debt crisis which also requires a…

1 min.

Cape Times|2023-10-11

tom borman to step down as DIRECTOR OF orion MINERALS AFTER requirements Intensify

TOM BORMAN will step down as a director of Orion Minerals. During the past few months, Orion Minerals had undertaken a review of the board’s increasing responsibilities as it transitioned to a development stage at its copper and copper zinc mines in the Northern Cape of South Africa, its chairperson Denis Waddell said yesterday. He said: “The time demands and requirements of the board and its committees is anticipated to intensify significantly in line with the company’s rapidly growing and transitioning business. The board composition review has also taken into consideration Tom Borman’s wish to free more time to focus on his other commitments and business interests. As Tom was due for re-election at the upcoming annual general meeting, Tom has decided not to stand for re-election and will step…

Orlando Pirates coach Jose Riveiro is not reading too much into their “Cup specialists” tag as they go in search of their fourth domestic trophy in a row. Pirates successfully defended the MTN8 crown last Saturday to ensure they won the last three Cup finals in South Africa, having also bagged the Nedbank Cup last season. But now the top flight has three Cup competitions, including the Carling Knockout, which was launched yesterday. All 16 teams in the Premiership will compete in the new tournament, which will kick-off next weekend, with Pirates retaining the favourites tag. Riveiro, speaking from Hyde Park, Johannesburg, yesterday said he is focused on reaching another final, having put the past triumphs to bed. “If you want to be in the final, you’ll have to beat…

2 min.

Cape Times|2023-10-11

Forget Vitalstatistix, Boks must be Brutus and not Anticlimax

Fortis Fortuna Adiuvat or Fortune Favours the Bold was the motto of the British commando unit that wreaked havoc behind German lines during World War II and the Springboks should adopt it on Sunday night when they venture into the seething cauldron of the Stade de France. Some 80 000 frenzied Frenchmen in the stands await the Boks, while on the field they must deal with 23 of that country’s finest ever rugby players, possibly including the freakishly good Anton Dupont. The scrumhalf captain broke a cheekbone a few weeks ago but has seemingly been resurrected for the Boks. To call Dupont a talisman is an understatement. After all, his injury was raised with concern in the French Parliament and the hapless Namibian who perpetrated the blow to the most…

3 min.

Cape Times|2023-10-11

Sri Lanka unable to cramp Rizwan’s style

Mohammad Rizwan and Abdullah Shafique clubbed centuries as Pakistan chased down the highest target in World Cup history to beat Sri Lanka by six wickets in Hyderabad yesterday. The diminutive Rizwan overcame leg cramps to score a 121-ball 131 not out, while Shafique hit a 103-ball 113 as Pakistan overhauled their 345-run target in 48.2 overs. Sri Lanka’s imposing total of 344/9 was built around brilliant hundreds from Kusal Mendis and Sadeera Samarawickrama. Rizwan cracked eight boundaries and three sixes, while Shafique’s knock had 10 boundaries and three sixes as Pakistan improved on the previous highest World Cup chase of 328 by Ireland against England in 2011. Rizwan added a match-turning 176 run stand for the third wicket with Shafique and another 95 for the fourth with Saud Shakeel, who…

2 min.

Cape Times|2023-10-11

State risk insurer Sasria issues a warning that youth unemployment is a ‘ticking time bomb’

STATE risk insurer SA Special Risk Insurance Association (Sasria) has asked National Treasury for a six to eight year dividend payment hiatus to build up its reserves to at least R30 billion. The call was prompted by insurance payouts due to the historic July unrest to the tune of R31bn and the looming prospect of youth unemployment, which the entity deems imminent. Sasria CEO Mpumelelo Tyikwe said yesterday, that youth unemployment was a ticking time bomb amongst people who had the capacity to wreak immense destruction, and called for all sectors to address the challenge. “When we talk about State failure implications, it is the level of destruction that can occur and how we would be able to deal with it. There is an exceedingly high level of youth unemployment.…

3 min.

Cape Times|2023-10-11

Ramaphosa vows SA will create more jobs as Census reveals population has risen by 10.3m since 2011

President Cyril Ramaphosa has vowed that the government will implement evidence-driven policies to drive economic growth and create jobs as South Africa’s population has increased by 10.3 million since 2011. This comes as Statistics South Africa (StatsSA) yesterday released the results of its Census 2022, showing that the population of South Africa increased from 51.7m in 2011 to more than 62m in 2022; a growth rate of 1.8% in the intercensal period. This is the largest percentage change in population size since 1996. StatsSA said 50.5 million of South Africa’s population were black Africans. The median age nationally has increased by six-years, from 22-years-old in 1996 to 28-years-old in 2022. The South African population and housing census provides a mechanism for the country to take stock of the…

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Cape Times|2023-10-11

Zimbabwe miners say soft metal prices, viability constraints are weighing down their operations

THE ZIMBABWE chamber of mines says softening metals prices are weighing down the viability of the key industry – in which units of South African resource groups, such as Impala Platinum (Implats), Anglo American Platinum and Sibanye-Stillwater, among others, are major players – at a time costs have been mounting. Zimbabwe is the world’s number two producer of platinum and boasts significant reserves of other metals such as gold, lithium and chrome, and coal and diamonds, among others. Mineral exports have been pivotal in sustaining the Zimbabwean economy but the industry now says its viability is under threat. “The prices (of minerals) are coming down at a time the cost structure for the mining industry has increased, propped up by high electricity which went up by more than 40% in…

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