Table of contents for 2025-07-14 in Cape Times

S&P Global Ratings (S&P) has downgraded Transnet's credit ratings due to high debt and negative operating cash flow. It lowered the long-term local currency and foreign currency ratings from BB- to B+. The standalone credit profile was downgraded from 'b' to 'ccc+', while its national scale rating was changed from 'zaAA-/zaA-1+' to 'zaA/zaA-1'. It kept the outlook stable and said it reflects S&P's view that Transnet will not face any material payment or liquidity events given the current R51 billion government guarantee framework. S&P highlighted several issues in its rating report. "The downgrade reflects the incremental deterioration of the financial profile in the past few years that extraordinary government support could partly mitigate but will not fully offset in our view, especially as the support is principally in the form…

The Minister of Agriculture, John Steenhuisen, officially announced on Friday that South Africa will lift its import restrictions on live poultry and poultry products from Brazil, effective 4 July 2025. This decision comes in response to extensive discussions between South African veterinary authorities and their Brazilian counterparts, culminating in a resolution that addresses health concerns over Highly Pathogenic Avian Influenza (HPAI). The HPAI outbreak, first detected on 15 May 2025 in the municipality of Montenegro, Rio Grande do Sul, has since been contained. Steenhuisen confirmed that the stamping out measures, which included the depopulation and thorough disinfection of the affected premises, were executed in line with the standards set by the World Organisation for Animal Health (WOAH). “The 28-day waiting period after stamping out was observed, with the self-declaration of…

Half-a-billion rand. That’s the minimum in extra tax the South African Revenue Service (Sars) could collect if local regulators made a single regulatory change and designated cryptocurrencies as an onshore asset. If digital assets, such as Bitcoin, were formally classified as an onshore asset, it would allow local asset managers more ease in creating exchange-traded funds (ETFs) tracking its price, opening access to investments in the digital currency to both retail and institutional investors. Against the backdrop of South Africa’s sluggish economic growth, mounting debt and urgent social challenges, the increasing relevance of digital assets becomes both an investment opportunity and a potential source of tax revenue. South African founded Luno, which operates in more than 40 countries, has estimated through a conservative calculation that R540 million in tax revenue…

Public Works can and must become an enabler of state renewal and inclusive economic growth. For far too long, the Department of Public Works and Infrastructure (DPWI), has been synonymous with state capture and corruption. Ministers have come and gone and the rot has continued. Yet this portfolio with decisive interventions, can help turn South Africa into a construction site, creating jobs and unlocking badly needed economic growth. This was a vision first outlined by President Nelson Mandela and one that must be pursued by government led by President Cyril Ramaphosa and the African National Congress. A reimagining of this portfolio is all the more pressing with the economy barely averaging 1% annual growth over the past 15 years, unemployment a ticking time bomb at 43.1% and the fiscus facing…

Private equity investment firm Brait is focused on positioning its remaining big investments, which include control of Virgin Active and a shareholding UK fast fashion retailer New Look, for asset realisation or unbundling. Over the past two years, Brait, which has well-known South African businessman Christo Wiese as its main shareholder with an approximate 38% stake, has indicated at various stages an intention to realise its investments, possibly even through a listing of global wellness group Virgin Active, late in the 2026 financial year. However, the annual report released on Friday carried no further explicit plans to divest from its key investments. The report stated, however, that appropriate portfolio company board representation would be maintained to direct investment strategy, optimise growth in earnings before interest, tax, depreciation, and amortisation (EBITDA),…

Boeing has reached a settlement with a man whose family died in a 737 MAX crash in 2019, a law firm told AFP on Friday, meaning the US aviation giant will avoid a federal trial slated for Monday. Paul Njoroge, who lost his wife and three children in the Ethiopian Airlines disaster in which 157 people died, was to seek damages from Boeing in a case in Chicago. “The case has settled for a confidential amount,” said a spokesperson for Clifford Law, the firm representing Njoroge, whose mother-in-law also died in the crash. “The aviation team at Clifford Law Offices has been working round-the-clock in preparation for trial, but the mediator was able to help the parties come to an agreement on behalf of Paul Njoroge,” added Robert Clifford, a…

The Durban Chamber of Commerce and Industry NPC has expressed deep concern about the unspent grants earmarked for infrastructure upgrades, amounting to over R1 billion. It stated that with eThekwini Municipality’s ongoing service delivery challenges, this represents significant missed opportunities to create a more enabling environment for businesses to thrive. The Mercury recently reported that there have been concerns from opposition parties and a ratepayers group that close to a billion rand in grants have not been spent. While the mayor’s office expressed general concerns about under-expenditure, it stated that it intends to spend 95% of the grants. The chamber said Durban’s water and sanitation system is under severe strain, with much of its infrastructure, such as pipelines and treatment facilities, ageing and deteriorating. “The growing water demand continues to…

The first edition of the expanded Club World Cup wrapped up on Sunday night, with Fifa president Gianni Infantino already hailing it as a huge success, while the football world comes to terms with the idea that an imperfect tournament is here to stay. Infantino’s flagship competition – initially set for launch in 2021 before the pandemic intervened – was derided by many, particularly in Europe, before a ball had even been kicked. It was widely seen as an unnecessary addition to an already congested calendar, and doubts lingered over whether it could truly win over the public. Even after it got underway, former Liverpool manager Jürgen Klopp dismissed the tournament as the “worst idea ever implemented in football”. However, the past month in the US suggests such a viewpoint…

Tim Merlier won stage nine of the Tour de France in Châteauroux on Sunday, capitalising on a doomed but valiant breakaway effort from Mathieu van der Poel, who was caught in the final kilometre of a searing day of racing. There was no change in the general classification, with yellow jersey holder Tadej Pogačar maintaining his 54-second lead over Remco Evenepoel. French prospect Kévin Vauquelin remains in third. Merlier, riding for Soudal–Quick-Step, secured his second stage win of this Tour following his victory in Dunkirk on stage three. The 32-year-old Belgian was brought to the front by team leader Evenepoel in the final metres. "It's mad — we are supposed to be helping him (Evenepoel) but he's helping us," Merlier laughed post-race. "I need to make it through the mountains…

The shareholders of MAS, the JSE-listed property company that is the target of two takeover bids and shareholder concerns about board governance, on Friday voted against resolutions to sell off the company’s central and eastern retail Europe assets. MSA’s share price fell 3.2% to R22.93 on Friday on the JSE - a year ago the share price traded at R19.21. The resolutions tabled at an extraordinary general meeting (EGM), which was requested by development partner, potential bidder and shareholder PK Investments (PKI), were not passed by the requisite majority of more than 50% of the shareholder voting rights exercised, a statement to the JSE’s news service said. The first resolution would have authorised the directors to dispose of all the assets within 5 years, with the overarching aim of maximising…

The National Association of Automotive Component and Allied Manufacturers (NAACAM) has voiced serious concerns regarding the automotive sector’s negative performance, highlighted in the recent manufacturing production and sales report released by Statistics SA for May. Although the broader manufacturing landscape showed a modest increase of 0.5% compared to May 2024, the automotive segment—specifically motor vehicles, parts and accessories, and other transport equipment—recorded a stark contraction of 6.7%, contributing negatively to the overall figures with a loss of 0.6 percentage points. Stats SA indicated that this decline in the automotive sector reflects more than just temporary fluctuations, as it is compounded by a mixture of enduring challenges that have plagued the industry. Renai Moothilal, CEO of NAACAM, said that the decline in production within the automotive sector during May was attributed…

Workers unions in South Africa have raised concern about the impact of US President Donald Trump’s announcement of 30% tariff coming into effect on 1 August. The Federation of Unions of South Africa (Fedusa) said while it did not subscribe to alarmist projections of a ‘jobs bloodbath,’ it was mindful that the implications for South Africa’s export-led industries, particularly the automotive sector, could be profound if such measures were implemented. Fedusa added it was particularly attuned to the concerns raised by its affiliate, the Motor Industry Staff Association (MISA), whose members were deeply embedded in a sector that has long relied on stable and rules-based access to US markets through the African Growth and Opportunity Act (Agoa). “The proposed tariff would render South African automotive and manufactured goods significantly more…

Millions of people are leaving their home countries to permanently live in another country every year. During 2024 the number of international migrants stood at 304 million. According to the UN definition, a person is considered a migrant if they moved across an international border, changed their country of residence and is living in the receiving country for more than 12 months, regardless of the reason for their migration or the legal immigration status of the person. Four regions of the world are experiencing significant shifts in the portion of migrants as a share of their total population. In Oceania, 21.5% of the population are migrants, in Northern America it is 15.9%, in Europe 12.6%, and in Western Asia and Northern Africa 9.3%. The top destination countries for migrants…

Blue Label Telecoms said on Friday its directors will change the name of the company to Blu Label Unlimited Group, following a significant restructuring of its businesses that may eventually entail the listing of Cell C. The company announced in a notice on Friday that it is undergoing a significant restructuring that involves the separation of its telecoms and non-telecoms business units. The share price, which has risen from only R4.27 a year ago, had increased by 0.86% on Friday afternoon to R14.15. “In light of this strategic shift, the board believes it is prudent for the company's name to reflect this new direction by omitting the reference to 'telecoms.' They also noted that the adjustment of the term 'Blue' to the abbreviated form 'Blu' aligns with the recent adoption…

The Government Employees Medical Scheme (GEMS) maintains that, since the release of the Interim Section 59 Panel Investigations Report three years ago, it has taken significant steps to strengthen its Fraud, Waste, and Abuse (FWA) management framework in an effort to “eliminate any potential for disparate outcomes.” This follows damning findings against the country’s largest medical schemes, which were found to have applied discriminatory risk ratios to Black health professionals. These providers were disproportionately flagged, audited, or penalised through opaque fraud, waste, and abuse (FWA) systems. The investigation, commissioned in 2019, examined allegations of racial discrimination and procedural unfairness in the application of FWA processes by major schemes and administrators, including Discovery Health, Medscheme and Gems. Health Minister Aaron Motsoaledi received the final report from the Section 59 Investigation Panel…

THE Presidency has downplayed DA leader John Steenhuisen’s absence from the inaugural meeting of Eminent Persons for the National Dialogue on Friday saying there was “nothing much to read from it”. Steenhuisen, a member of the Inter-Ministerial Committee (IMC) appointed by Ramaphosa to prepare for the National Dialogue, had threatened to boycott the initiative over the president’s decision to fire DA member Andrew Whitfield as Trade, Industry and Competition Deputy Minister. Ramaphosa held his inaugural meeting with members of the National Dialogue Eminent Persons Group at the Union Buildings on Friday. Asked about Steenhuisen’s absence, Presidency spokesperson Vincent Magwenya said Steenhuisen was not the only member of the IMC who was absent from the meeting. “Other Ministers even left the meeting earlier. “So, I would not read too much…

The Springboks will look to give a few guys more caps in the final mid-year Test against Georgia in Nelspruit. Front rowers Boan Venter and Marnus van der Merwe will come into contention for selection, while the world champions will also release a couple of players ahead of the match for a much-needed break. All signs indicate that Erasmus will select a different side from the one that completed a 45-0 victory over Italy in the second Test on Saturday in Gqeberha. A handful of the inexperienced players who featured in the Nelson Mandela Bay Stadium could get another run to give them more caps. “Guys like Boan and Marnus might come into the mix, but we still want to ensure we have enough experience around them to show Georgia…

Iga Swiatek pleaded with the Polish media to “leave me alone”, insisting she knows what she is doing after crushing Amanda Anisimova 6-0, 6-0 to win her first Wimbledon title on Saturday. The 24-year-old was the eighth seed at the All England Club after a disappointing first half of the season, although she had shown signs of resurgence with a run to the Bad Homburg final two weeks ago. She will rise to third in the world rankings on Monday following her sixth Grand Slam triumph. Speaking at her post-match press conference, Swiatek was asked whether her dominant performance was a response to recent criticism. “For sure, in the past months, how the media – and I’ve got to say unfortunately the Polish media – have sometimes described me and…

Trump using tariffs on BRICS countries as a red herring to stifle perceived influence of China Investors in South Africa have cautioned that the US President Donald Trump was using tariffs on BRICS countries as a red herring to stifle the perceived dominance of China over the United States. Trump last week announced that he was planning to slap a 10% tariff on imports from the BRICS economic group of emerging-market nations, including Brazil, Russia, India and China, along with a 50% duty on all copper imports and a possible 200% tax on pharmaceuticals. The expanded BRICS+ now covers 43% of the world's population, 32% of the world’s land area, around 35% of global GDP and 20% of world exports. Trump explained the BRICS tariff threat was being driven by…

The Renewable Energy Statistics 2025 released by the International Renewable Energy Agency (Irena) on Friday shows that despite renewables capacity growing by over 15% in 2024, the growth gap widens across regions. Asia has kept its leading position since the past few years, accounting for 71% of new renewables capacity in 2024, followed by Europe and North America (respectively contributed 12.3% and 7.8% to the addition), leaving a huge gap with Africa, Eurasia, Central America and the Caribbean which together only accounted for 2.8% of total renewables capacity addition. Despite its massive economic and development opportunities, Africa only increased its renewables capacity by 7.2%. Commenting on the data update, Irena Director-General Francesco La Camera said, “The renewable energy boom is transforming global energy markets, driving economies and creating vast investment…

South Africa has not collapsed. It has been inverted. What once punished wrongdoing now protects it. What once honoured the honest now humiliates them. What once upheld truth now turns it into a liability. We are now living in what can only be called the age of the unpunished where accountability is an illusion and wrongdoing is a stepping stone not a stumbling block. This national inversion plays out not only in the streets or in the headlines but deep within our governance systems. The medical aid racial profiling scandal, the collapse of oversight structures and recent internal disclosures from senior police leadership have laid bare how criminal sabotage and systemic corruption have infiltrated the state from within. These are not opposition claims; they are acknowledgements from those entrusted to…

Accelerate Property Fund (APF), which has Fourways Mall Shopping Centre as its main asset, said Friday a R100 million rights offer that opens on July 14 will continue, in spite of uncertainty about the outcome of a R800m agreement with the developer of the mall. APF’s share price fell 5.56% to 51 cents on Friday, much in line with the share price of 53 cents that it traded at a year earlier. “APF remains committed to restructuring its operations with a focus on improving the Mall as APF’s largest asset. The opening of the rights offer… is an important step towards the completion of these restructuring efforts, the proceeds of which will be utilised for improvements of the Mall and working capital needs of APF,” a notice said Friday. APF’s…

Growth in oil demand is anaemic globally, with several countries in the crosshairs of US President Donald Trump tariff threats suffering drops, the International Energy Agency (IEA) said Friday. Annual growth in oil demand fell from 1.1 million barrels per day (mbd) in the first quarter of the year to just 0.5 mbd in the second, the IEA said in its monthly oil market review. Consumption in emerging markets was “particularly lacklustre”, it added. It lowered its forecast for oil-demand growth for 2025 as a whole to 0.7 mbd, “its lowest rate since 2009” apart from when the Covid pandemic shut large swathes of the global economy in 2020. “Although it may be premature to attribute this slower growth to the detrimental impact of tariffs manifesting themselves in the real…

We’ve all heard it before, romance is dead. Whether it’s uttered in frustration after a ghosting situation or casually thrown around in memes, the idea has taken hold. But if you pause the doomscrolling and take a deeper look, you’ll find romance isn’t dead, it’s just had a much-needed glow-up. Is romance really dead? Here’s why modern love is thriving in the details The phrase “romance is dead” has been tossed around for years, often as a lament for times when grand gestures like handwritten letters or surprise serenades were the norm. But take a closer look at today’s relationships, and you’ll see that romance isn’t dead, it’s simply evolved. Our lives move faster than ever, love has shifted from lavish displays to intentional, everyday acts of care that hit…

Minister of Public Works and Infrastructure, Dean Macpherson, says finalising lifestyle audits for over 400 high-risk officials is a critical part of the Department’s efforts to end corruption and restore integrity in its operations. This comes after the Special Investigating Unit (SIU) obtained a recovery order against a contractor that defrauded the Department of R67 million through corrupt tenders. The Special Tribunal granted the order against Kroucamp Plumbers, whose contracts were found to be irregularly awarded between 2015 and 2019 through falsified bidding documents, undisclosed conflicts of interest, and bribes paid to officials. “We are working with the SIU to finalise lifestyle audits for over 400 high-risk officials,” Macpherson said. “Together with law enforcement agencies, we will continue to send a clear message that corruption will not be tolerated.” He…

Love it or hate it, head coach Rassie Erasmus will continue to innovate as the Springboks look to find the smallest edge on the rugby field to take their game to the next level against opponents. On Saturday, Erasmus made the rugby world notice his ingenuity again, as the Boks conjured up two different tactical plays in the clash against Italy in Gqeberha that caught many off guard. The first was a short kick-off to generate a scrum shortly after the game started and this is the little bit of innovation that blew up on X (formerly Twitter) with pundits and couch critics tearing into the Boks for finding another way to bend rugby’s laws. While they’ve found a new reason to moan about the world champions, South African supporters…