Inhoudsopgave van 2024-03-27 - Cape Times

IN A SIGNIFICANT development for South Africa’s financial landscape, the Financial Sector Conduct Authority (FSCA) has approved Jaltech (via its subsidiary Jaltech Digital Asset Holdings) as one of the few investment product providers to receive a crypto asset service provider (CASP) licence. In a statement yesterday, Jaltech said: “The significance of this development is that it grants Jaltech the licence to offer intermediary services for its cryptocurrency investments to open doors for financial advisors, institutional and retail investors to allocate a portion of their portfolio to cryptocurrencies.” Gaurav Nair, a co-founder of Jaltech and head of fund management, said: “We are thrilled to be at the forefront of regulatory innovation in South Africa’s financial sector. “The FSCA’s decision to grant Jaltech the CASP licence reflects a recognition of the…

RENEWABLE industry experts yesterday welcomed Nordex Energy South Africa’s plans to locally manufacture wind turbine concrete tower sections in the Eastern Cape, saying it was a welcome investment boost. A total of 300 jobs will be created within the region. However, the value of the deal was not disclosed. The purpose-built manufacturing facility will be situated in Humansdorp, approximately 1½ hours from the Port of Ngqura, where the remaining turbine components will land. Operations at the manufacturing plant, responsible for producing the 120 metre high towers, are set to commence as early as May, supplying a trio of wind farms totalling an installed capacity of 336MW. David Moncasi Hortet, Nordex Energy South Africa’s head of sales for Africa, said the wind farm cluster would elevate the share of renewable…

NASDAQ-listed Powerfleet, a provider in the Artificial Intelligence of Things (AIoT) Software-as-a-Service (SaaS) sector yesterday attained a secondary listing on the Johannesburg Stock Exchange (JSE) as its merger with MiX Telematics nears completion. “This strategic move aims to harness the robust capital markets in South Africa, propelling Powerfleet’s growth and expanding its global footprint,” the company said in a statement. Powerfleet listed on the Nasdaq in 1999. As part of its expansion move it was in the final stages of completing its business transaction with MiX Telematics, a South African company specialising in fleet and mobile asset management solutions, which was announced in October last year. Steve Towe, Powerfleet’s CEO, said: “The transformative combination positions Powerfleet as a leading, global AIoT SaaS company, setting the stage for accel- erated growth…

AS THE CLIMATE emergency becomes more prevalent in South Africa’s cities, mayors have a unique opportunity to lead a just transition – one that tackles the climate crisis while protecting workers and communities and creating a just society. Cities are at the coalface of the climate emergency, witnessing the harshest impacts on workers and communities. From flooding to heatwaves, crumbling infrastructure, and strained livelihoods, these daily experiences expose the inequalities and vulnerability of millions to climate change impacts. This week, C40 Cities, the Presidential Climate Commission, and the South African Local Government Association convened representatives from South African cities, municipalities, and civil society to explore urban solutions for implementing a just transition and enhancing city resilience. Mayors are uniquely positioned to make a just transition a reality. They lead where…

THE OFFER to Ascendis Health’s shareholders by a consortium headed by its CEO Carl Neethling has been shaken as its “Independent Board“ to advise shareholders on the fairness of the transaction, was “reconstituted” following a complaint to the Takeover Regulation Panel (TRP). Ascendis’ Independent director Amaresh Chetty had voluntarily resigned from the board. Meanwhile, Chetty has launched legal action to sue its former chairperson and a shareholder, Harry Smit, for alleged defamation, for comments Smit had made about the company and its directors, on the “X” social media platform, formerly known as Twitter. Smit, who in 2022 helped lead a group of activist shareholders and won a seat on the board of the healthcare firm, said in an interview that in the first instance, he did not understand how Chetty…

SOCIAL media interactions between Unathi Nkayi and Prince Kaybee have ignited rumours of a possible romantic relationship. Fans were intrigued after Nkayi posted a video of herself riding at the back of Kaybee’s motorcycle. Nkayi tried to keep her personal life private despite rumours of a potential relationship with Kaybee. However, speculation reignited when the former Idols SA judge shared videos on Instagram of her spending time with Kaybee and his son, Miliano. These clips hinted at a bond between the two that goes beyond friendship. Nkayi has also said she had attended an event commemorating Kaybee’s latest collaboration with Aeronautica Militare, a well-known brand. “Flew down to Durban earlier this week to celebrate @princekaybee_sa and his new collaboration with @aeronauticamilitaresa,” she said, accompanied by a heartfelt message of support.…

Oil 5 (500g) uncooked chicken breasts, cubed 1 tbs chicken spice 1 tsp each salt and pepper, optional 1 cup Basmati Long Grain White Rice 2 cups store-bought tikka masala cook-in sauce ½ cup frozen peas Serving Suggestions: Fresh coriander leaves Heat a large oiled pot with a lid, on medium-high heat. Add the cubed chicken, chicken spice and salt and pepper, if using. Sauté the chicken until lightly golden brown. When browned, add the Spekko India Gate Basmati Long Grain White Rice and mix before adding 4½ cups of warm water and stirring once more. *Chef’s Tip: Leftover rice can be used instead. Add the tikka masala cook-in sauce, cover with a lid and lower the temperature. Allow the rice to simmer for 10 to 15 minutes or until…

After the highly acclaimed Chasing The Sun 2 documentary was aired on Sunday night, it seemed that Zizi Kodwa’s quest to land Rassie Erasmus as Bafana Bafana’s coach wouldn’t be a bad idea. In the wake of the Springboks’ 2023 Rugby World Cup quest in France, Sports Minister Kodwa praised the role of Bok boss Erasmus. However, anyone who has an interest in the national football team will know that even two-time World Cup-winning coach Erasmus will come up short with Bafana Bafana. The national football team coaches must deal with near-insurmountable problems. A week ago, current Bafana Bafana mentor Hugo Broos flew out to Algeria for international friendlies without the benefit of a single training session. To add insult to injury, some members of the squad were forced to…

Kaylin Swart conforms to the norm that “goalkeepers have the loneliest job in football” after her previous misfortunes, but argues that quitting was never an option. It is unusual for coaches to chop and change their starting players before the World Cup, but such are the nerves of steel of Banyana Banyana coach Desiree Ellis that she tore up the script at the global event in Australia and New Zealand last year. Swart ascended to the Banyana No 1 jersey, something that shocked their fans, as Andile Dlamini had held the fort for some time. In her defence, Ellis stressed that Dlamini wasn’t match-fit after a lengthy spell on the sidelines, while Swart offered the team more in build-up play as well. Swart earned her pay cheque for Banyana,…

Yesterday S Africa sold as much as R3.9bn of its R2037, R2040 and R2048 bonds SOUTH African fund managers were more inclined towards equities and bond bulls, Bank of America said yesterday in its Fund Manager Survey for March. The survey also indicated that local stocks were currently undervalued. On South African bonds, respondents to the Bank of America survey were confident of “bond bulls this month”, which are likely to be “supportive of above-inflation bond returns”. Yesterday South Africa sold as much as R3.9 billion of its R2037, R2040 and R2048 bonds at an auction. “Some 67% of managers say bonds are undervalued,” the survey report showed. It added that about 69% of surveyed managers were of the view that South African “equities are undervalued” with 73%…

STATISTICS South Africa (StatsSA) yesterday released a first-of-its-kind migration report for the country. The “Migration profile report for South Africa: A country profile 2023” tracked migration and emigration data. It revealed that the highest percentage of migrants coming to South Africa enter for work purposes, followed by students looking for better education and followed by refugee seekers. StatsSA said that most migrants entering the border originated from countries in the Southern African Development Community region. “Labour migration, the movement of individuals across the borders for employment purposes, is a fundamental aspect of the global economy and has profound social, economic, and political implications,” StatsSA said in a statement. The report found that migration data is dominated by the black African population group, with the migration landscape revolving around Gauteng as…

SPAR, THE RETAILER with a market capitalisation of R16.8 billion, posted an 8.8% increase in group turnover for the 24 weeks ended March 15, 2024, prior to Spar entering its financial closed period in respect of the six months ending March 31, 2024. Group turnover was negatively impacted by fluctuations in exchange rates since the group reported turnover for the 20 weeks ended February 16. The macroeconomic environment in its stores operated in South Africa, Ireland, the UK, Switzerland and Poland faced several headwinds, the retailer said. The operating environment in South Africa, which accounts for more than 60% of Spar’s revenue, continued to be challenging. While inflation is back within the South African Reserve Bank’s target range, a combination of 14-year high interest rates, muted gross domestic product…

THIS PAST WEEK major automotive industry players like BMW, Renault and VW have asked the European regulators to push back and delay their ambitious 2035 goal to phase out fuel cars in the European market. Even the US under the Environmental Protection Agency (EPA) has had to loosen their targets to phase out fuel cars due to fierce car industry lobbying efforts. All US automakers are lobbying to block the US government’s EPA new fuel economy rules, asking the government to roll back on its plans to tighten the regulations around developing fuel consumption in all new production line cars. The adoption will take time for carmakers to hammer out their EV strategies, the building of infrastructure and the transition of people adopting lower carbon emitting vehicles. Fossil fuel cars…

BARLOWORLD Group’s revenue de- clined 5.5% to R15.6 billion when compared to the five months to February 28, 2023, after a performance that reflected challenging dynamics in the markets where it operates. Earnings before interest, tax, depreciation and amortisation (Ebitda) fell a marginal 2.5% to R1.9bn. The Ebitda margin improved to 11.9% (11.5%) and the operating profit margin weakened slightly to 8.7% (8.9%). Cash generation and capital allocation remained a focus, according to an operational review yesterday. The financial results so far reflected the diverse and complex economic environments in which its customers operated. Southern African customers contended with inadequate electri- city supply, logistical bottlenecks, high inflation and high interest rates. Mongolian customers continued to benefit from a government-led expansion of transport infrastructure and robust external demand for coal…

Suleiman Hartzenberg hit the headlines after his hat-trick for the Stormers last weekend, and that could catapult him into Springbok reckoning. In fact, he was invited to the first Bok alignment camp in Cape Town a few weeks ago, so he has had a taste of the national team environment. Hartzenberg was at right wing in the 43-21 win over Edinburgh last Saturday, but is equally comfortable at outside centre. He featured in both positions for the Junior Springboks previously, so he knows what is expected at international level. Hartzenberg – who hails from Manenberg, matriculated at Bishops and has come through the UCT Varsity Cup side – harbours dreams of reaching international rugby. “It was an amazing experience, just being in that environment and seeing how everything works,” the…

Proteas Women’ captain Laura Wolvaardt is hoping to shrug off a disappointing tour of Australia when she leads her team into the T20 international series against Sri Lanka starting today at Willowmoore Park in Benoni (6pm start). Although Wolvaardt performed admirably in the T20I series, where she scored 89 runs and averaged 44.5, the skipper was dismal in the ODI format, where she managed just 7 runs and failed in both innings of the one-off Test match against the Aussies. This is unlike Wolvaardt, who has been the Proteas’ premier batter for a while. She is hoping that the glimpse of her capabilities that was on show in the recent Women’s Premier League (WPL) is a sign of more positive returns against Sri Lanka. “I didn’t have my best series…

Brazilian winger Vinicius jr broke down in tears, and said he was struggling to stay motivated and enjoy playing football due to the recurring racist abuse he is subjected to in Spain. During an emotional media conference ahead of Brazil’s friendly international against Spain last night, the Real Madrid winger said he is frustrated because fans keep getting away with hurling racist abuse at him. Last season, there were 10 such episodes against the 23-year-old reported to prosecutors by La Liga. “I just want to play football, but it’s hard to move forward … I feel less and less like playing (due to the racist abuse),” Vinicius told a media conference on Monday, at times struggling to speak through tears. “It never crossed my mind (to leave Spain) because if…

Western Province all-rounder Onke Nyaku is hoping a return to Newlands will help motivate the home team in their CSA T20 Challenge match against the Tuskers today (1.30pm start). Province have failed to win any of their last three away games, but have been virtually unbeatable at home this season. And they will now have been handed a further bonus by playing the Tuskers twice at Newlands in this competition after the Maritzburg team had their home games revoked due to an unplayable outfield. Province won with a bonus point the last time these two teams met at Newlands. “We’re coming from two tough games on the road, so it’s good to be back home,” said Nyaku. “It is a home fixture for the Tuskers. However, playing at Newlands, our…

REAL ESTATE investment trust (Reit) Vukile Property Fund says its exposure to struggling Pick n Pay is limited to 6.2% of its total rent collections. The struggling South African grocer is now restructuring its stores and turning others into its value-offering Boxer, which it said would be spun off and separately listed. This month, another Reit, Hyprop, cited the challenges Pick n Pay is facing in South Africa among the decisions that had prompted it to skip payment of a dividend. According to market analyst Simon Brown many Reits across South Africa were likely to catch a cold from the Pick n Pay and retail industry slowdown. However, Pick n Pay has previously told Business Report that it has not informed Hyprop…

THE QUESTION is more than academic, as the importance placed on business within a manifesto suggests much about how a party understands and views the economy and its ideological and policy orientation regarding the relationship between business, the State, labour and civil society. This ranges from a broadly sympathetic approach to business and its operating challenges, or conversely, accusations of its complicity in ex- ploitation, corruption and malfeasance. The treatment of business within a manifesto is also suggestive of the respective party’s current and aspirational electoral constituency and even sources of funding. One simple measure of its importance to a party is the frequency with which the term “business” or “businesses” appears in a manifesto. Analysing the 2024 election manifestos of the parties representing more than 90% of the electorate,…

THE MANDATORY localisation re- quirement, jokingly called “the 10% rule”, which is part of the Preferential Policy Framework Act (PPPFA) of 2000 is destructive to South Africa’s State-owned enterprises (SOEs). The 10% rule refers to the practice where buyers are typically unwilling to engage with suppliers unless they perceive a personal benefit equivalent to at least 10% of the deal’s value. Procurement regulations such as these were identified on page 60 of the recently published Vgbe Energy Report as a root cause of the low energy availability factor (EAF). “The main root cause for the low EAF is the dysfunctional management system of Eskom. It is characterised by inefficient processes – especially in procurement – a lack of authority and an opaque decision-making structure,” it said. The outcome of the…

MASTER Drilling Group lifted headline earnings a share by 15.1% to 267.7 cents after its global operations experienced a profitable year and bene- fited from the past 10 years of capital expenditure. A 52.8c a share dividend was declared, an increase from 47.5c in 2022. Cash from operating activities increased by 42% to $35.5 million (R659bn). The order book ended the year stable at $288.3m, with a healthy project pipeline of $535.3m. The group delivers innovative drilling technologies and mining solutions and services. CEO Danie Pretorius said the company performed resiliently in 2023, increasing revenue by 7.2% to a record of $242.8m (R4.6 billion), despite global market and economic uncertainty. “While profitability faced some pressure, we are grateful for the support of our valued clients and business…

THARISA Minerals, whose stock soared by nearly 12% on the JSE yesterday after announcing a $5 million (R95m) share buy-back scheme, believes that its shares are undervalued as a consequence of low platinum group metals (PGM) prices. In addition to its PGM operations, Tharisa also has a platinum project in Zimbabwe and believes its chrome mining operations have significantly shored up its value, but remain muzzled by subdued PGM prices. “The board believes that the company’s shares are trading at a significant discount, having been negatively impacted by the PGM commodity price environment, while not reflecting the strong co-product contribution from its chrome sales,” said Tharisa yesterday. The company is now proceeding with a scheme passed at its annual general meeting last month to undertake a “general repurchase of…

With the Easter holidays a few days away and Restaurant Week South Africa upon us, what better way to celebrate than over some delicious food from some of the country’s top restaurants, without breaking the bank? Running from March 29 until May 5, 2024, Restaurant Week South Africa brings foodies and diners a chance to eat at the best restaurants across SA for less. Restaurant Week is a worldwide culinary concept that lets you explore the best restaurants at a great price. It was established in 1992 by Tim Zagat, the co-founder of the Zagat Survey, an online platform that gathers restaurant ratings and reviews by diners. It was created as a marketing strategy for eateries and an opportunity for the public to dine at discounted prices, allowing them to…

As we immerse ourselves in the significance of Human Rights Month, the Nelson Mandela Children’s Fund echoes a resounding call to action, reverberating from every corner of our society. All South Africans must confront the harsh realities faced by the most vulnerable among us – our children. There is no room left for ignorance; our society is ailing. Recent events, such as the unsettling disappearance of Joshlin Smith, have underscored the precarious nature of our communities’ safety nets, leaving our children exposed and vulnerable. Despite the acknowledgement of gender-based violence and femicide (GBVF) by our leaders, this pervasive scourge continues to plague our nation, particularly within our most disenfranchised communities. This cannot be allowed to persist unchallenged. As ordinary South Africans, we must answer the call to safeguard the hard-earned…

Western Province Rugby is entering an exciting new era after a revamp of its leadership structure, which sees Johan le Roux appointed as the new CEO and John Dobson the new director of rugby. This is the result of decisive action taken after the conclusion of the recent equity deal, which saw the Red Disa Consortium secure a controlling shareholding last week. Le Roux – who is a major role-player in the Red Disa Consortium as head of Fynbos Ekwiteit and is the son of Capitec Bank founder Michiel – will fill the vacant position of WP Rugby CEO with immediate effect. He has already started working in earnest with Dobson and the new board to align the business with the aspirations of the team and their supporters. Le Roux…

Top seed Carlos Alcaraz dominated Gael Monfils 6-2 6-4 and fourth seed Alexander Zverev escaped a tight first set en route to a 7-6 (7/4) 6-3 win over Christopher Eubanks to reach the last 16 at the Miami Open on Monday night. Alcaraz is on a quest to capture the ‘Sunshine Double’ by adding the Miami title to his triumph at Indian Wells, and the 20-year-old was never really threatened in a match-up of two of the game’s most entertaining players. The Spaniard appeared to be cruising to the finish line when he served for the match leading 5-2, but Monfils rifled a forehand winner to break and extend the match. The comeback would prove short-lived, however, with Alcaraz deploying a textbook serve and volley on his first match point…

For all the frustration that the Bulls had to deal with against the Dragons, Friday’s massive United Rugby Championship clash against Leinster in Dublin should provide the Pretoria side with a real opportunity to play their natural game. But will going all out on attack and taking on the Leinster defence with ball in hand be the right way to go for Jake White’s team? The fact that the Bulls managed to secure their fourth bonus-point try in the 82nd minute against the Dragons in Newport last Saturday was a great relief to White and his team, as it meant that they are in second place on the URC log. They are on 45 points, four behind Leinster and one ahead of the Glasgow Warriors, so they will be gunning…