Inhoudsopgave van 2025-06-30 - Cape Times

“This year marks 40 years since the opening of the first Mr Price store, and as we celebrate this milestone, we reflect on a journey driven by a bold vision: to make fashion accessible to all South Africans,” said Mark Blair, the CEO of Mr Price, in the retailer's annual report released on Friday. Since those early days, Mr Price has grown to 3,030 stores, generated over R40 billion in revenue, achieved a market capitalisation of R65 billion, and reached an operating profit nearing R6 billion. Blair emphasized that the core principles established at the company’s inception—low-cost operations, bulk purchasing, minimal markups, and cash-based retailing—continue to underpin its business model. “These fundamentals have allowed us to consistently deliver high-quality fashion at affordable prices, fueling our growth and resilience over the…

Eskom announced on Friday that its power system has demonstrated stability, effectively managing increased electricity demand as South Africa experiences a cold snap. The utility reported that while occasional system constraints arise, strategic deployment of sufficient emergency reserves helps meet peak demands during critical morning and evening hours. Eskom’s Generation Recovery Plan is underway, aiming to restore a total of 2 450MW of generation capacity before the evening peak today, in a proactive move to enhance grid reliability. From the week of 20 to 26 June, Eskom said planned maintenance efforts have averaged 3 789MW, marking a decline in planned outages. Concurrently, the Energy Availability Factor (EAF) fluctuated between 60% and 64%, ultimately resulting in a month-to-date average of 60.61%. However, Eskom faces challenges as the Unplanned Capability Loss Factor…

The North West University Policy Uncertainty Index (PUI) for the second quarter of 2025, released last week, has indicated a slight easing, dropping to 75.9 from a record high of 78.6 in the first quarter of 2025. However, this figure still reflected a landscape fraught with economic uncertainty as it remained well below the baseline level of 50. Professor Raymond Parsons, an economist at the North West University Business School, commented on the index's modest decline, framing it as a response to both internal and external factors impacting South Africa's economy. Externally, while the global economic outlook continues to be unstable, Parsons said there has been a measure of relief on the trade front, particularly as the US administration has put a hold on most tariff hikes until July 9.…

To our Johnnies come lately albeit in their old age in the world of public measurement, I thought an orientation is necessary. I remind them of my statement when StatsSA was granted the rights to host the very first World Data Forum in 2017 which gave rise to the Cape Town Global Action Program (CTGAP). This granted South Africa a sacred responsibility of custodianship as the mother of the World Data Forum. Smirching statistics for no sound reason and out of ignorance is attracting a thunderbolt that will make the grey listing march like a clown on the Union Building Grounds. It is tempering with keg powder. In my capacity as the Statistician-General and host of this prestigious conference was nothing short of affirmation of confidence in Statistics South Africa…

South African agribusiness Crookes Brothers has announced robust headline earnings of R64.9 million for the year to March 31, marking the highest annual earnings since 2014, following strong performances from its banana and property divisions. This was despite facing a myriad of challenges, including adverse weather conditions and operational setbacks, its directors said Friday. In reflecting on this performance, the company did announce a 24% reduction in its dividend to 150 cents a share. This decrease stems from the exclusion of once-off proceeds from the sale of its deciduous division in 2024, even as headline earnings surpassed the previous year’s figures. Crookes Brothers' share price fell by 3.33% to R30.21 on Friday afternoon on the JSE. From continuing operations, revenue rose by 15% to R833.8m. A highlight was the property…

THE public has until midday today to make written submissions and indications for oral submission when the finance standing committee holds a public hearing to amend the law governing the central bank this week. The bill, a private member’s first introduced in Parliament by EFF leader Julius Malema, seeks to amend the SARB Act to make the State the sole shareholder of the shares in the bank. The Parliament programme shows that the Standing Committee on Finance will hold public hearings on the South African Reserve Bank Amendment Bill in a virtual meeting platform on Wednesday. The hearing comes after members of the public, stakeholders and stakeholders were given an opportunity to comment on the SARB amendment bill until June 30. The bill was first introduced in Parliament in August…

ANC Secretary General Fikile Mbalula has warned the DA that the ANC and its President Cyril Ramaphosa will not be bullied and disrespected by its leaders who continuously threaten to destabilise the Government of National Unity (GNU). Speaking during the 3rd day of the OR Tambo Regional Conference in the Eastern Cape yesterday, Mbalula said that the GNU was not a permanent feature but a temporary partnership among all the coalition parties. “When the Government of National Unity was formed with the ten political parties, it was not a permanent feature. So, we will not allow our President to be disrespected by his deputy ministers. Even Nelson Mandela fired his own wife. My mother Winnie Nomzamo Madikizela Mandela. Mandela took her out of the cabinet. Thabo Mbeki as…

There are some people you meet in life who leave a lasting impression—not because of their fame, but because of the spirit they carry. Louis Moholo and his wife Mpumi were such people. Gentle, principled, and full of life, they were more than musical legends. They were fellow South Africans in exile, friends of the struggle, and vessels of a sound that carried our country’s deepest hopes and truths. In January 1989, Amnesty International invited me to deliver one of the keynote addresses at a global conference of Doctors Against Torture, held at UNESCO in Paris. This was in recognition of the work I was doing at the time with detainees and political prisoners in South Africa. As part of the discussions at that conference—and in a particularly meaningful meeting…

It wasn’t easy to control his emotions when he ran onto the field and sang the national anthem in his first-ever international match for South Africa. But one thing Neethling Fouché controlled was not stumbling as he was running out at the DHL Stadium, like his prop mate Asenathi Ntlabakanye did when the Springboks faced the Barbarians on Saturday. Fouché came on as a substitute shortly after halftime in what he describes as being “a dream come true”. The Springboks beat the Baabaas 54-7 and laid the perfect foundation for the rest of the season as they head into three Tests in July, a double against Italy and one against Georgia. “You know, you watch the Springboks and dream of playing for them one day, I got to do it,”…

The main appeal of the Fifa Club World Cup so far has been the chance to see South American and African clubs – and their fans – offer a reminder that football thrives outside of Europe, too. But as the tournament moves towards the business end, Fifa’s new competition is also providing an opportunity to watch one of the game’s greatest coaches in the midst of rebuilding and recreating his dynasty. Pep Guardiola’s Manchester City have won six of the last eight Premier League titles, along with a host of cups including the 2023 Champions League. But last year they looked like an empire in decline, finishing 13 points behind Liverpool, with performances even less inspiring than the results they generated. At times, it felt like the end of the…

The companies said the acquisition will be settled through a combination of shares, and R91m cash Lesaka Technologies’ share price shot up 17.1% Friday morning after announcing it has entered into a R1.091 billion agreement to acquire 100% of South Africa's digital lender, Bank Zero Mutual Bank. The companies said Friday the acquisition will be settled through a combination of new shares—such that the shareholders of Bank Zero will own about 12% of Lesaka's shares at the time of completion of the proposed transaction—and up to R91 million in cash. "The acquisition of Bank Zero is a transformative event in Lesaka's journey, enabling us to better serve our consumers, merchants, and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform,” said Lesaka chairman Ali Mazanderani in…

In what reads like a modern-day David vs. Goliath, more than 100 000 former homeowners are taking on South Africa’s “Big Four” – Absa, Standard Bank, Nedbank and FirstRand – in a R60 billion class-action lawsuit set for February 2026. The reputations of these banks are on the line. For institutions that constantly tout putting the customer first, this legal showdown threatens to take a wrecking ball to that image - one they may struggle to recover from. It’s a major headache, and it could very well be a turning point in how banks are held to account in South Africa. This class action is not just about money. It’s about power, dignity, and justice. It’s a wake-up call to all of us that even the most powerful institutions are…

2025 sees South Africa commemorate numerous milestones in the struggle to end apartheid, including Cosatu’s 40th anniversary and the 70th anniversaries of our predecessor, the South African Congress of Trade Unions and the Freedom Charter. It is important that we celebrate these struggles and honour those who made our constitutional democracy possible. While we are proud of these milestones and how far we have come under government led by the ANC over the past 31 years of democracy, we must equally be honest over how far we still have to go, where we have erred and what needs to be done. The first call of the Freedom Charter presciently demanded that The People Shall Govern! Today South Africa is a robust democracy whose Constitution and the progressive values underpinning it…

ABSA Group said on Friday it expected earnings to grow by the mid-teens in the six months to June 30, while its return on equity would likely improve to 14.6% from 14% in the first half a year ago. Absa’s share price climbed 2.87% to R175.85 in the afternoon, well ahead of the JSE Banks Index, which was up 1.19% at the same time, and over 10% higher than the bank’s share price a year ago. The lender’s management said in a trading update that they anticipate mid-single-digit revenue growth in the first half, with higher growth in non-interest income compared to net interest income. Geographically, its South Africa business was expected to drive group earnings growth, primarily due to lower credit impairments, as net interest income growth remains muted.…

When most women imagine danger, they think of dark alleys, strangers with bad intentions, or shadowy figures lurking on the edge of society. Rarely does the mind turn to the person closest to them. Yet, according to renowned evolutionary psychologist Dr Gad Saad, the greatest threat a woman may ever face could come from the very man she loves and trusts – her husband or partner. Saad, whose work explores the evolutionary roots of human behaviour, has never shied away from asking hard questions or challenging comforting assumptions. Speaking on Steven Bartlett’s Diary of a CEO podcast, Saad delivered a sobering insight: “The most dangerous individual that a woman will ever meet in her life is her husband”. The statement, though stark, is grounded in data and evolutionary logic, not…

THE EFF will know this week if its efforts to have Trade, Industry and Competition Minister Parks Tau grilled by MPs over the appointments of prominent ANC figures to Industrial Development Corporation (IDC), will be granted. Mzwandile Masina, chairperson of a Parliamentary Portfolio Committee on Trade, Industry and Competition said he has responded to the EFF in writing, undertaking to provide a detailed answer within 48 hours after Monday, pending consultation with Parliament’s legal advisors. The EFF had asked Masina to summon Tau to explain the appointment process for Ayanda Dlodlo, Dr Nomusa Dube-Ncube, and Dr Sydney Mufamadi to the IDC board, questioning the criteria used and suggesting the appointments are politically-driven. Asked if he will grant the EFF’s request and summon Tau to appear before the committee, Masina said:…

THE installation of steel burglar gates with remote access buttons at desks in the magistrates’ offices on the first floor of the Wynberg Magistrate’s Court and wide-angle peepholes to all office doors are among the measures Justice and Constitutional Development Minister Mmamoloko Kubayi hopes will provide increased security. Kubayi also said the 43 prosecutors’ offices will receive steel security gates, remote buttons, and peepholes. “Specifications are being finalised, proceeding with the procurement procedure.” The passageway in the chief magistrate’s administration area was to be secured with burglar gates. “Public access is controlled via a bell, and loitering is prohibited,” she said. The minister further said the SAPS and the prosecution were now providing advance notice of high-profile or gang-related cases. A scanner has been loaned from the Director of Public…

Cape Town City owner John Comitis, one of the wealthiest club bosses in the PSL, is reportedly actively exploring avenues to purchase the top-flight status of another club. This comes in the wake of City’s relegation to the Motsepe Foundation Championship, following a disappointing play-off campaign. Born in Kinshasa, DRC, Comitis is a former professional player who turned out for Wits University, Jomo Cosmos, Hellenic, Cape Town Spurs, Vasco da Gama, and Korinthos FC in Greece. During a recent radio interview, Comitis reflected on the daunting challenge of fighting for promotion in the second tier. Said Comitis: “The shortest route (buying a franchise) is the best route.” The sentiment echoes Comitis’ initial entry into the PSL, when he acquired the status of Mpumalanga Black Aces and subsequently founded Cape Town…

Transnet National Ports Authority (TNPA) said on Friday that it has issued a Request for Proposals (RFP) for the appointment of a Terminal Operator to fund, design, develop, construct, operate, maintain and transfer a liquid bulk terminal at the Port of Ngqura, for a concession period of 25 years. The RFP is a ground-breaking milestone in the relocation of the tank farm from the Port of Port Elizabeth to the Port of Ngqura, in line with approved port development plans. The move comes as Transnet is implementing its Reinvent for Growth Strategy, which seeks to transform and grow the business. The new terminal will include liquid bulk storage tanks, road tanker loading gantries, pipelines and the necessary terminal operation infrastructure. The landside operation of the proposed terminal is earmarked for…

As the agricultural landscape in South Africa prepares for the 2024/2025 summer season, the Crop Estimates Committee (CEC) has revealed promising estimates that signal a potentially fruitful harvest. Released on Friday, the report highlights significant increases in expected yields for key crops such as maize, soybeans, and dry beans, despite the challenges posed by late rains across many regions. The CEC's projected commercial maize crop stands at a robust 14.644 million tons, which is an impressive 13.96% or 1.794 million tons larger than the previous year's yield. The majority of this production is expected to come from South Africa’s core maize-producing provinces: the Free State, Mpumalanga, and North West, which together are anticipated to contribute a staggering 81% of the total crop. While the overall maize estimate reflects a slight…

The sudden attack of the US on Iran nuclear facilities last week and the almost day-to-day attacks on each other between Israel and Iran, has let to a sudden strong increase in oil prices. Since the beginning of the Israel-Iran war on June 13, 2025, the brent oil price increased from $70 (R1 251) per barrel to $77 per barrel on June 20. During the same time, the exchange rate of the Rand depreciated by 30 cents from R17.77 against the dollar to R18.07/$. Although both the oil price as the value of the Rand recovered till Friday to R17.78/$ and $66.47/$, the under recovery in South Africa’s fuel prices could not be avoided. Last Wednesday the price for 95 Petrol was still 52c per liter under-recovered and that for…

RMB Holdings (RMH), an investment company that derives most of its income from property, said on Friday that it remains committed to monetising its portfolio assets in a manner that maximises value for shareholders. On Friday, the company announced it would pass the dividend for the six-month period ending March 31, 2025, compared with the 23.5 cents a share that was paid out at the same time a year before - the company does not declare regular dividends. RMH’s management said its net asset value (NAV) remained relatively stable through the period however, decreasing slightly from R919 million as at September 30, 2024, to R916m as at March 31, 2025. This marginal decline was driven by three offsetting factors: a 3.5% increase in the NAV of Atterbury Property Holdings (Atterbury),…

BASIC Education Minister Siviwe Gwarube the mismanagement was not the only factor responsible for the overall infrastructure crisis in Eastern Cape schools. She cited persistent backlogs inherited from the pre-1994 era, ongoing budget constraints and competing service delivery priorities, contractor underperformance and project implementation delays, adverse weather conditions affecting construction timelines, and disruptions by local business forums and community protests at school sites. She disclosed this when responding to MK Party MP Nompumelelo Gasa, who noted with concern that the Eastern Cape’s schools remained the worst in the country regarding billions of rand allocated to schools. Gasa asked Gwarube whether, in an effort to uncover whether corruption or incompetence was to blame, her department will commission an independent forensic audit of all infrastructure grants and Equitable Share spending there. Gwarube…

ANOTHER two cold fronts are expected to hit the province this week, bringing further icy and wet conditions. SAWS’ Cape Town forecaster Joew Malebane shared an update yesterday, stating that the warning for disruptive rain was no longer active as it was for Friday and Saturday for the City of Cape Town municipality only. Malebane said partly cloudy conditions were expected to set in from Sunday late until tomorrow. Malebane added that there will be a cold front bringing isolated to scattered showers over the Western Cape, and rain from Wednesday to Thursday, with cold to very cold conditions. “This cold front will progress eastwards thereafter, affecting the central parts of the country by Thursday. “Another cold front will approach the country on Friday evening, hence bringing moderate showers for…

Barbora Krejcikova insists she is fit for her Wimbledon title defence, despite suffering a thigh injury scare just days before the tournament. Krejcikova’s participation at the All England Club was thrown into doubt after she withdrew from the warm-up event at Eastbourne on Thursday. The 29-year-old pulled out ahead of her quarter-final clash with Varvara Gracheva, having sustained the injury during her second-round victory over Britain’s Jodie Burrage on Wednesday. However, after several days of rest, the Czech star is confident the injury will not hinder her attempt to retain the Venus Rosewater Dish. “I had to have a couple of days off where I didn’t really play any tennis, but I did some off-court work. I’ve been feeling a little bit better every day, so I’m really happy with…

Lando Norris resisted vigorous attacks from team-mate and championship leader Oscar Piastri to claim a masterful McLaren 1–2 in Sunday’s Austrian Grand Prix. In torrid heat at the Red Bull Ring, the 25-year-old Briton came home 2.695 seconds clear of the 24-year-old Australian to trim his lead in the title race by 15 points. It was Norris’s first win in Austria, his third of the season, and the seventh of his career. It also marked McLaren’s first victory in Austria since David Coulthard triumphed in 2001. The McLaren pair battled throughout to provide thrilling racing for the packed crowd and to put behind them their costly collision in Canada two weeks earlier. Charles Leclerc finished third ahead of Ferrari team-mate and seven-time champion Lewis Hamilton, their best result of the…