Inhoudsopgave van 2024-03-18 - Cape Times

MC MINING’S revenue grew 80% to $25.2 million (about R473m) for the six months to December 31, primarily due to strong sales volumes at Uitkomst and the recommencement of operations at Vele near Musina. The revenue increase at the emerging producer of thermal and coking coal came in spite of the substantial 58% decline in average API4 thermal coal prices for the six months, to $112/t from $265/t in the first half of 2023. The company’s share price increased a robust 5.26% to 200 cents on the JSE on Friday. In November 2023, a consortium of shareholders representing 64.3% of the company’s issued shares issued a takeover bid. Post-period, in February, MC MIning received a bidders statement for an off-market takeover bid by Goldway Capital, on behalf of the…

The IFP and ANC in KwaZulu-Natal are expected to engage in peace talks after a clash between supporters over the weekend raised concerns about political intolerance ahead of the upcoming general elections. An incident on stage at an event in Zululand on Saturday between ANC regional chairperson and MEC for Economic Development Siboniso Duma and Zulu traditional prime minister and senior IFP leader Thulasizwe Buthelezi is believed to have resulted in a physical altercation between IFP and ANC supporters later that same day. Duma took the microphone away from Buthelezi, who was introducing the king, when Buthelezi started to make comments about the ANC in KZN. The incident took place in full view of Zulu King Misuzulu KaZwelithini, President Cyril Ramaphosa and Premier Nomusa Dube-Ncube at an event to commemorate…

RAMADAAN, the most blessed month in the Islamic calendar, is the month of fasting, the Qur’an and a month of spiritual growth and sacrifice which gives Muslims an opportunity to spend time in solitude and worship. Ramadaan teaches Muslim’s empathy for those in the world who are less fortunate than us. One of the many beauties of Ramadaan is the period of self-reflection it encourages. Not only on the inner self but also on the less fortunate than us, the scarred and the lonely. It is a period when Muslims go out of their way to perform acts of kindness, offer extra prayers, and donate their time and resources to those in need. As Muslims across the globe begin their fast, observance and reinforcement of faith; sadly, this will, unfortunately,…

I GET consulted on a daily basis about individuals who perform virtual work on the internet for and on behalf of international companies. Many of these individuals sign contracts with the external countries confirming in the contract that the labour dispensation and jurisdiction will be that of the contracting company. These individuals live and work in South Africa for and on behalf of the employers who invariably don’t have offices or assets in South Africa. When the situation results in a dispute of some kind, many of these international companies want to terminate the contract in terms of their own laws and jurisdiction. In essence, the rule of thumb is, despite the contract, that South African labour law will rule supreme. Our South African labour law imposes many duties on…

HOME Affairs Minister Aaron Motsoaledi has warned “crocodiles” who enter South Africa clad in suits carrying briefcases with cash to bribe officials to legalise their stay in the country, that their days were numbered. This as the minister has requested the Special Investigating Unit (SIU) to investigate how a Zimbabwean national with a fraudulent residence permit got employment as a Chief Financial Officer (CFO) at a North West government entity. Motsoaledi described Kudakwashe Mpofu’s matter as a national embarrassment, during a media briefing yesterday over visa and immigration matters. According to the minister, Mpofu, who is fighting through courts not to be deported, was informed as far back as June 23 last year over the issue pertaining to his residence permit. “Kudakwashe Mpofu’s Permanent Residence Permit is fraudulent, was not…

The choices made by companies across the world will shape our future IN today’s corporate world, the integration of environmental, social and governance (ESG) factors into executive compensation plans has become a beacon of progressive strategy, illuminating the path towards sustainability and responsible governance. A recent webinar by the Global Governance and Executive Compensation Group and subsequent discussions have unveiled a compelling tapestry of how global and regional narratives are shaping the adoption of ESG measures in executive compensation, reflecting a complex mosaic of challenges and opportunities that companies face worldwide. The imperative to intertwine ESG strategies with executive incentive schemes is more than just a trend – it is a nuanced understanding of the long-term orientation of ESG goals against the backdrop of immediate business imperatives. With the global…

Trucks of flour have reached northern Gaza for distribution to areas that have had no aid in four months, Palestinian media reported yesterday, with famine looming in the enclave and truce talks between Israel and Hamas due to resume in Qatar. A convoy of 12 trucks arrived in the north on Saturday – six in Gaza City and six in the Jabalia refugee camp – carrying supplies to also be distributed to the northernmost areas of Beit Lahiya and Beit Hanoun, the media and residents said. The Hamas-linked Home Front media outlet reported that the aid was distributed by the “Popular Committees”, a group that includes leaders of powerful clans in Gaza. A Hamas source said the route was secured by Hamas security personnel. Aid agencies have warned that pockets…

US President Joe Biden’s re-election campaign raised more than $53 million (R993m) last month and has $155m cash-on-hand after pulling in the most grass roots fund-raising since the campaign’s launch. The fund-raising came just before Biden clinched the Democratic Party’s nomination this month and before he raised $10m in the 24 hours following his fiery State of the Union address. About 1.3 million donors have made nearly 3.4 million contributions, and 97% of donations have been under $200, according to a statement from Biden’s campaign, which released the figures yesterday. Biden last month attended fundraisers in Los Angeles and San Francisco. His campaign generated $1.6m in grass roots revenue in the 48 hours following the GOP primary in South Carolina. A recent Reuters/Ipsos poll showed Biden had a marginal…

NEW YORK: A recent study has found that nearly half (44.8%) of all US homes are threatened by extreme weather conditions brought on by the impacts of climate change. Roughly $22 trillion (R413 trillion) worth of residential properties are at risk of “severe or extreme damage” from flooding, high winds, wildfires, heat or poor air quality, according to a report from Realtor.com. Such impacts will have an effect on home prices, will drive up insurance costs and even destabilise the broader housing market. The report follows analysis from last year in which NPO First Street Foundation found a growing risk of wildfires makes some property in California “uninsurable”. | Sputnik…

WASHINGTON: After sitting through hours of jokes about his age at a function over the weekend, US President Joe Biden turned the tables. “The big news this week is, two candidates clinched their parties’ nomination for president. One candidate is too old, mentally unfit to be president,” Biden said. “And the other is me.” The joke landed well with most of the 650 journalists and politicos who gathered for the annual white-tie event, which features skits ribbing Republicans and Democrats. Biden lay into former president and rival Donald Trump. “The other day, a defeated-looking man came up to me and said, ‘I’m being crushed by debt. I’m completely wiped out,’” Biden said. “I said, ‘Sorry, Donald, I can’t help you.’” | IANS…

THE Warriors extended their unbeaten run to four matches as they beat the Rocks by 33 runs on the DLS Method at St George’s Park in the fifth round of the Cricket SA T20 Challenge. Warriors’ quicks Beyers Swanepoel and Anrich Nortje took the new ball and led the attack as they looked to defend 166 against the Rocks, a team that went into the fixture without a victory. Swanepoel struck twice in the first over, claiming the wickets of the Malan brothers, Janneman and Pieter. Janneman (one), looking to nullify Swanepoel’s swing, took a few steps down the wicket but did so too early, as Swanepoel spotted him in time to adapt his line and lengths. Swanepoel bowled short and wide, a strategy that led to the batter playing…

INSURANCE group Clientèle said on Friday that earnings per share were expected to decrease between 35% and 55% for the six months to December 31, 2023. Earnings a share (Eps) were expected to fall to between 26.74 cents and 41.85 cents when compared to Eps of 75.55 cents for the six-month period a year previously. Headline earnings a share (Heps) were expected to decline between 37% and 57%, resulting in a decrease of between 28.20 cents and 43.64 cents compared with 77.18 cents at the same time last year. The JSE share price fell 5.33% by late Friday afternoon to R11.36. “The group remains in a sound solvency and liquidity position and has continued to generate strong positive cash flows,” group directors said in a statement. The impact of IFRS17…

Apple agreed to pay $490 million (R9.2 billion) to settle a class-action lawsuit that alleged CEO Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. A preliminary settlement was filed on Friday with the US District Court in Oakland, California, and requires approval by US District Judge Yvonne Gonzalez Rogers. It stemmed from Apple’s unexpected announcement on January 2, 2019 that the iPhone maker would slash its quarterly revenue forecast by up to $9bn, blaming US-China trade tensions. Cook had told investors on an November 1, 2018, analyst call that although Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, “I would not put China in that category”. Apple told suppliers a few days later to curb production.…

ESKOM’S development has been synonymous with South Africa’s economic growth over the past century. It is not an accident that Vanderbijlpark was named after the founder of Eskom, Hendrik van der Bijl. He had been tasked by then prime minister Jan Smuts to establish what is today’s Eskom, and whose mandate was to roll out the electrification of the economy and society. Needless to say, governments before 1994 viewed society and the economy as being limited to the interests of the white minority. Nonetheless, Eskom grew and was the lifeline for Africa’s most industrialised economy, again one which ignored the needs of its African, coloured and Indian majority. Eskom post-1994 was transformed from serving a minority to serving the nation. Governments led by the ANC rolled out electricity to the…

The stress of money can put a real strain on relationships and a recent post on social media has sparked a heated debate about the impact of financial issues on love and partnerships. The post, shared by a user known as AskAubry on X, tells the story of a woman who decided to end her five-year relationship over a seemingly trivial incident involving a doughnut. In her post, the woman explains that she and her boyfriend both faced job layoffs in the tech industry a few years ago. While she was able to secure a new job relatively quickly, her boyfriend struggled to find employment. She offered to support him financially while he transitioned to a new career, believing it would benefit both of them in the long run. However,…

Power sector restructuring is increasingly regarded as a historical mistake, warn experts THE changes to the Electricity Regulation Act (ERA) and the push to unbundle Eskom will accelerate the entity’s death spiral and facilitate the continuation of an unsustainable financing model. This is according to the Alternative Information & Development Centre (AIDC), as concerns mount about high electricity price increases for consumers as a potential consequence of unbundling Eskom. The National Energy Regulator (Nersa) over the weekend confirmed it had approved the transfer of Eskom’s powers and duties to the National Transmission Company South Africa (NTCSA). Nersa said at its meeting held on Monday, March 11 that it consented to the “transfer of Eskom Holdings’ powers and duties related to section 34 power purchase agreements (PPAs) with independent power producers…

CHARACTER assassination is on the increase in Rainbow South Africa. Sadly, many are guilty of this heinous and sinister strategy. Lies and half-truths laced with political venom are now on graphic display as the nation enters election mode. Businessman Vivian Reddy has now become a victim of this heinous form of warfare, with baseless allegations levelled against him. Mr Reddy is a man of integrity. He is and has been over many decades a leader of absolute character whose success in his monumental achievements was based on business acumen and absolute honesty. Integrity is the reason that he has been as successful as he is. In today’s contemporary society integrity is what business strives for. Over the years, Vivian Reddy displayed honesty and fairness in all business ventures. A business…

A 12-year-old Protea Glen boy has been reunited with his family following his rescue by police after he was allegedly kidnapped, while his school transport driver has been arrested. Gauteng police spokesperson Brenda Muridili on Saturday said an investigation had led police to the driver’s home in Protea Glen, where he was arrested. “The team then proceeded to an apartment block in Kliptown that belongs to the driver’s mother, where the 12-year-old boy was found. “He has been reunited with his parents. “He has no visible injuries, but he will be taken to hospital for medical attention,” Muridili said. Last week, police said the boy's parents had reported him missing at Moroka police station at about 4pm on Wednesday, when he failed to return home from school. “Following the report,…

THE Constitutional Court’s decision to stop using the services of retired justices will go a long way in strengthening the public trust that the judiciary, especially the country’s apex court, should be enjoying. The Office of the Chief Justice has been under the spotlight since it emerged that it had asked retired justices including the controversial Zak Yacoob to help “clear the backlog” by “reading new applications and preparing a draft memorandum in respect of each new application referred to him”. Yacoob’s suitability for this role was bound to raise a lot of questions, and it did. This is because of his controversial political views, verbal attack on a journalist while he was the board chairperson of Cricket South Africa and his alleged proximity to some Cabinet ministers. That the…

The EU announced a 7.4 billion (roughly R161.4bn) funding package and an upgraded relationship with Egypt, part of a push to stem migrant flows to Europe that has been criticised by rights groups. The agreement, which lifts the EU’s relationship with Egypt to a “strategic partnership”, was announced as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade, and security while delivering grants, loans and other funding over the next three years to support Egypt’s faltering economy. The proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros of investments, according to a summary of the plan published by the EU. An additional 600 million euros would be provided in grants, including 200 million euros for managing migration…

Sana’a: A suspected attack by Yemen’s Houthi rebels saw an explosive detonate near a ship early yesterday in the Gulf of Aden, potentially marking their latest assault on shipping via the crucial waterway leading to the Red Sea. The British military’s United Kingdom Maritime Trade Operations centre said the vessel’s crew saw the blast as it passed off the coast of Aden, the port city in southern Yemen home to the country’s exiled government. “No damage to the vessel has been reported and the crew are reported safe,” it said. The Houthis have launched drone and missile attacks in the same area, disrupting energy and cargo shipments through the Gulf of Aden. | IANS…

Seoul: Medical professors are blackmailing people with mass resignations, South Korea’s Vice-Health Minister Park Min-soo said yesterday. Amid the rift between trainee doctors and the government over enrolments, professors from 16 medical schools, last week, decided to submit resignations en masse on March 25, in protest. Their decision comes after more than 90% of the country’s 13 000 trainee doctors walked off for nearly four weeks in the form of mass resignations. Park said increasing the medical school quota is non-negotiable, rejecting the professors’ demand that the government first back off from this decision. | IANS…

STELLENBOSCH FC remained on course for a second cup conquest this season after their 6-1 win over Milford FC last week, ensuring the Winelands-based side are now considered among the favourites to win the Nedbank Cup. The scoreline was the club’s biggest win in a cup competition since Stellies’ promotion into the top flight. Steve Barker, the Stellenbosch coach, revealed that his team’s objective was to control the game from the onset. “My message to the team before the match was that we must start well,” said Barker. “It is important that when you play teams from the lower tier that you impose yourself on the match from the start. You don’t give teams from the lower divisions a feeling that they have a chance of winning. “We executed well…

Transnet CEO Michelle Phillips’ debut in implementing the Rail Network Strategy allowing private companies to use its rail network by June this year has come up against twisty tunnels as insiders anticipate higher tariffs and concerns about governance and analysts predict a hard time ahead. Transnet is proposing a minimum access service fee in the strategy: 9.79 cents (gross ton per kilometre (GTK), a benchmark the industry has buckled against, as it charges for the gross rather than net weight, which consequently includes the weight of the train, increasing tonnage and significantly driving up the cost. Much debate swirls around proposed flat rates as well. “Transnet is committed to the creation of a financially viable core network, which will culminate in the successful introduction of competition in freight rail operations.…

York Timber Holdings said in a trading statement on Friday that headline earnings per share (Heps) were expected to decrease between 62% and 67% for the six months to December 31. The share price ended 3.61% lower at R1.60 on Friday. Heps were expected to be between 4.41 cents and 5.07c over the comparative period. Earnings per share (Eps) were expected to decline from 13.26c to between 5.37c and 6.04c, a decrease of between 54% and 60% compared to the six months ended December 31, 2022. The interim results are expected to be published on March 28, 2024. Core Eps – based on Eps attributable shareholders less the fair value adjustment to the biological assets, net of tax – were expected to decrease from a loss of 2.62c to a…

from page 1 company set-up process be halted, said their sentiment remained unchanged, citing several concerns. AIDC economic justice programme co-ordinator Dominic Brown said: “We remain critical of the push to create a competitive energy market and the increased liberalisation of the energy sector. The changes to the Electricity Regulation Act and the establishing of an independent transmission grid will enable the increased privatisation of the energy sector. “The unbundling of Eskom is crucial to the establishment of the national transmission company, which will be compelled to purchase electricity indiscriminately from all energy generators. This will have a direct cost through the purchase power agreements, and an indirect cost related to reduced Eskom sales volumes. Together these will accelerate the Eskom death spiral, and the continuation of an unsustainable financing…

Nearly a month after the disappearance of 6-year-old Joshlin Smith from Diazville in Saldanha Bay, another suspect has been arrested in connection with the case, this time a 32-year-old woman. “Be advised that a 32-year-old woman will appear in the Vredenburg Magistrate’s Court (on Monday) in connection with the disappearance of Joshlin Smith,” police spokesperson Malcolm Pojie said yesterday afternoon. This comes after reports of further suspects taken in for questioning surfaced late last week. “Be advised that it is normal practice that during such intricate investigations, people of interest will be taken in for questioning or will be interviewed with the aim to solve such a case. “As such, in the interest of solving this case and finding Joshlin, we cannot disclose operational detail and give a blow-by-blow account…

WATCHING the American political showdown playing out between Donald Trump and Joe Biden in the build-up to the elections is like watching two clowns in a circus throwing confetti at each other. It’s perfectly clear that it’s become a personal boxing match, with the good of the country playing second fiddle. Trump’s soft stance on Putin and his inability to see that Ukraine is Russia’s gateway to Europe and needs to be pushed back to the Russian/ Ukrainian border in the interests of the entire free world, including the US, will sink him at the polls. Biden – even at the age of 100 – would have to be a better bet than his unhinged pro-Putin adversary.…

The High Court in Johannesburg has sentenced e-hailing vehicle driver, Emmanuel Mudau, to two life imprisonment terms plus 60 years, after convicting him on four counts of rape, four of kidnapping and two counts of assault with intent to cause grievous bodily harm. The National Prosecuting Authority (NPA) in Gauteng said Mudau, 30, was registered as a driver with Bolt. “Between January and February 2022, he targeted women who requested transport from Cosmo City to various destinations, using the Bolt app,” said Gauteng NPA spokesperson, Phindi Mjonondwane. “The four complainants testified that as soon as they entered Mudau’s vehicle, he refused to take them to their intended destinations. “Instead, he took them to secluded areas where he instructed them to undress and raped them.” In two separate incidents, the besieged…

As a lecturer in the Department of History and Political Science at Nelson Mandela University, and someone deeply invested in the future of South Africa, I see a critical gap in our democracy: the under-representation and disenfranchisement of young citizens. We find ourselves at a critical juncture where the active involvement of young people has become more vital than ever before. Empowering the youth of South Africa to engage meaningfully in our democracy is extremely important as our political system undergoes a crucial transition to multipartyism. There are key barriers preventing young people from participating in civic affairs, obstacles that need to be dismantled. Historically, engagement in political processes has been monopolised by the propertied and employed, leaving many young people feeling disassociated from the spaces where decisions are made.…

President Vladimir Putin was poised to tighten his grip on power yesterday in a Russian election that is certain to deliver him a landslide victory, though thousands of opponents staged a symbolic noon protest at polling stations. Putin, who rose to power in 1999, is set to win a new six-year term that would enable him to overtake Josef Stalin and become Russia’s longest-serving leader in more than 200 years. The election comes just more than two years since Putin triggered the deadliest European conflict since World War II by ordering the invasion of Ukraine. He casts it as a “special military operation”. War has hung over the three-day election: Ukraine has repeatedly attacked oil refineries in Russia, shelled Russian regions and sought to pierce Russian borders with proxy…

Lava flows from a volcano in southwest Iceland that had lit up the night sky on Saturday slowed yesterday, while man-made barriers appeared to be successful in steering the lava away from infrastructure including a nearby fishing town. The eruption, the fourth since December, began on Saturday evening, sending fountains of molten rock soaring from a 3km-long fissure, roughly the same size and at the same place as the last eruption in February. Authorities had warned for weeks that an eruption was imminent on the Reykjanes peninsula just south of Iceland’s capital Reykjavik, as magma had been accumulating underground. Livestream video early yesterday showed lava flowing just a few hundred metres from Grindavik, a fishing town of about 4 000 residents that was evacuated during an eruption in November and…

PORT-AU-PRINCE: The attack on Haiti’s capital has devastated the country’s already fragile health care system, with more than half of Port-au-Prince’s medical facilities out of service because they have been left without medicine amid gang violence, reports said yesterday. The State University Hospital, the largest in Haiti, is closed due to a lack of donated blood and fuel for generators. Haitian doctors predict a spike in maternal and infant mortality as thousands of women are now forced to give birth at home. Haiti has faced an unprecedented increase in the activities of criminal groups, while the humanitarian situation has worsened due to a myriad natural disasters. | Sputnik…

Canberra: Authorities have warned people seeking work in Australia about an increase in worker exploitation and forced labour. The Australian Federal Police yesterday urged domestic and overseas workers who are seeking employment in Australia to be aware of being coerced, threatened or deceived into working against their will. There have been 178 reports of forced labour or worker exploitation. It identified acts of physical and psychological abuse, poor working conditions and debt bondage – when a victim is led to believe they have a large debt to their employer they must work to pay off – as signs of forced labour and exploitation. | IANS…

BAYER Leverkusen beat hosts Freiburg 3-2 yesterday to stay 10 points clear at the top of the league standings and edge ever closer to a first ever Bundesliga title. Florian Wirtz put the visitors, who are unbeaten across all competitions this season, in front after two minutes before Ritsu Doan’s clever shot in the 10th minute drew Freiburg level. The Company’s Eleven, however, went back into a deserved lead in the 40th when Adam Hlozek tapped in from close range after superb early work from Wirtz. Patrik Schick’s stunning flick, with the ball going in off the post in the 53rd minute, gave them a two-goal cushion and, despite a Yannik Keitel goal in the 79th minute and late pressure from the hosts, they hung on for a club-record 22nd…