Table of contents for 2022-07-15 in Cape Times

FINANCIAL resilience among South African households had improved consistently since 2019, but was threatened by higher interest rates, according to a key index that measures data on household wealth. The Altron FinTech Household Resilience Index (AFHRI) for the first quarter of 2022, released yesterday, showed there had been a steady improvement of South African households’ ability to repay debt since 2019. However, “although the ratio of household income to debt costs has improved considerably since 2019, a negative reading has been recorded since the fourth quarter of last year. With interest rates on the rise, this could weigh on the AFHRI for the rest of the year,” said economist Dr Roelof Botha, who compiles the index on a quarterly basis. The AFHRI is commissioned by Altron FinTech to provide more…

THE BANKSERVAfrica Economic Transactions Index (Beti) moderated in June 2022, after a strong equivalent reading the month before, which could be an early sign of further and impending strain in the economy, Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements said yesterday. The Beti for June 2022 moderated to 5.3 percent higher than a year ago, which was down significantly from the 9.4 percent increase in May 2022. Following revisions for seasonal factors, the actual index level moderated to 136.7 points in June, after an all-time high of 143 points (revised lower from 143.5 points) reached in May. Independent economist Elize Kruger said the moderation was not unexpected in light of the many headwinds in the local economy in recent weeks – from recurring load shedding…

Pan African Resources achieved record annual gold production while strengthening its balance sheet in its year to June 30. In an operational update for the period, the JSE-listed company said yesterday that gold output increased by 2 percent to 205 459 ounces compared to 201 777 ounces in the prior year. The 2023 annual production guidance was revised to 200 000 ounces, 5 percent higher than the initial guidance of 195 000 ounces. Net senior debt was lowered by 71.5 percent to $9.6 million (R165.8m) compared to the previous year’s $33.7m. Pan African Resources said it also strengthened its balance sheet, despite the payment of a record dividend, incurring significant growth and sustaining capital expenditure. Chief executive Cobus Loots said: “We are…

From page 1 how important it is for Wales — we need to get a win.” The World Cup-winner is hoping that the Cape Town Stadium pitch holds up when the two packs meet, and for good reason. The surface has proven problematic in the past due to the way it lifts. Some of the Welsh players would remember the mission that scrummaging became when the British & Irish Lions faced the Boks in the Series-decider in Cape Town last year, while the South Africans will have a much clearer memory of the issue seeing as the Stormers met the Bulls in the United Rugby Championship Grand Final at the same ground almost exactly one month ago. “We haven’t played there in three or four weeks or so, so I’m…

WHITE people will reclaim power if the ANC loses at the 2024 national and provincial polls, warned outgoing SACP general secretary Dr Blade Nzimande. The warning follows calls by certain sectors for the SACP to contest elections independently. Nzimande’s warning is contained in his political report tabled before the party’s national congress at the Birchwood Hotel and OR Tambo Conference Centre in Boksburg yesterday. His comments came after a grouping in the SACP reiterated its call for the party to usurp state power. In a carefully presented political report, he warned about the dangers of such a divorce, saying it would likely mean the end of ACP/ANC dual membership. “You are allowed to discuss contesting elections on our own… But are we going to contest elections as the SACP just…

A GUGULETHU pensioner and her daughter’s frustration continues to grow over alleged bullying tactics by Standard Bank, as the bank has still not paid back money owed. Colleen Mboso, handling the litigation on behalf of her elderly and ill mother Eunice, said they were at their wits end as the bank was not forthcoming with signing over the title deed of her mother’s Khanya Park home in Gugulethu, after the bank had confirmed the bond had been paid up. Mboso previously told Cape Times about her “13-year legal merry-go-round” with the bank, despite the financial institution at the time confirming that the matter was still before the court. But Mboso said no progress had been made. To page 2…

THE working class have had to make drastic lifestyle changes to keep abreast with a cost of living crisis, described as a “global phenomenon”. Citizens have been feeling the pinch with rising costs of groceries, fuel and transport, with some having to spend more than half of their salaries on transport to get to work. Call centre employee, Lynton Smith, said his salary only barely covered his monthly expenditure. “It’s becoming really tough to see through the month even though you try to budget. “Everything has just become too expensive and even if you try to cut down on the niceties you used to be able to enjoy, it still hardly helps in keeping head above water because everything is expensive. “I can’t think of giving up my job because…

A Duet for Home Karina Yan Glaser Loot.co.za (R343) Ages 8-12 Harper Collins JUNE Yang thinks her recent string of bad luck might never end. The 11-year-old’s dad died because of a biking accident. In the six months since then, her mom has barely spoken a word. Then, after missing work for three weeks, her mom is fired and the family are evicted from their flat. June, her 6-year-old sister, Maybelle, and her mom must find another place to live. When June arrives at the Huey House with her family, she is confused. She puts on a brave and happy face for her younger sister, but she doesn’t understand why the building has so many rules, such as a curfew and guidelines on what they can and cannot have in…

The last two years have proved yet again how perennial favourites are classics for a reason – their appeal is timeless and always relevant. Two books on this month’s Exclusive Books Recommends illustrates the unmatched appeal of classics but reimagined for the next generation of readers. Enid Blyton’s Magic Faraway Tree – a brand new story by Britain’s favourite contemporary author, Jacqueline Wilson, but based on Wilson’s favourite book as a child; and Axel Sheffler’s Mother Goose’s Nursery Rhymes – classic nursery rhymes but fresh and original from Sheffler, the Gruffalo’s magic illustrator. Batya Bricker, Exclusive Books marketing, loyalty and procurement general manager, says: “Of course, new and future classics are in the making all the time, and the EBR List features dozens of these.” Clare Pooley’s book The Authenticity…

US President Joe Biden and Israeli Prime Minister Yair Lapid signed a joint pledge yesterday to deny Iran nuclear arms, a show of unity by allies long divided over diplomacy with Tehran. The undertaking, part of a “Jerusalem Declaration” crowning Biden’s first visit to Israel as president, came a day after he told a local TV station that he was open to “last resort” use of force against Iran – an apparent move toward accommodating Israel’s calls for a “credible military threat” by world powers. “We will not allow Iran to acquire a nuclear weapon,” Biden told a news conference following the signing of the declaration. Washington and Israel have separately made veiled statements about possible preemptive war with Iran - which denies seeking nuclear arms - for years. Whether…

Sri Lanka’s President Gotabaya Rajapaksa emailed his resignation yesterday, soon after he reached Singapore, a spokesperson for the parliamentary speaker said. The resignation was being forwarded to the country’s attorney-general to consider legal implications before being formally accepted, Indunil Yapa said. Rajapaksa landed in the city-state on board a Saudia airlines flight from the Maldives, as protesters who chased him from his residence demanded he keep his promise to step down over his country’s worst-ever economic crisis. As president, Rajapaksa enjoys immunity from arrest, and he is believed to have wanted to go abroad before stepping down to avoid the possibility of being detained. In Colombo, demonstrators left several of the emblematic state buildings they had overrun in recent days, after Prime Minister Ranil Wickremesinghe instructed security forces to restore…

Tokyo: Japan will hold a state funeral for assassinated former premier Shinzo Abe later this year, Prime Minister Fumio Kishida said yesterday, following an outpouring of condolences from world leaders. Abe was shot dead in broad daylight while campaigning last week ahead of upper house elections. A private funeral was held for family and close associates this week at a Tokyo temple, but a state funeral will also take place. Abe’s long time in power, support of reconstruction after the 2011 tsunami and nuclear disaster, and “efforts towards diplomacy led by strong Japan-US relations” would be honoured at the event, Kishida said. | AFP…

BRUSSELS: Greece yesterday scored a win in its fight to protect their right to the term ‘Feta’, as Europe’s top court reprimanded Denmark for not blocking local companies from using the name for sales outside the EU. Greece claims feta as part of its cultural heritage because it has made the sheep-and-goat-milk cheese for 6 000 years. The Luxembourg-based Court of Justice of the EU (CJEU) agreed with its assertion. In the case brought by the European Commission and backed by Cyprus, Denmark argued that an export ban could be seen as an obstacle to trade. The issue is more than just national pride for Greece, which produces about 120 000 tons of feta annually. | Reuters…

ANGLO American has partnered with Japan’s Nippon Steel Corporation to accelerate the transition to lower-carbon steel-making to help drive emissions reduction. The group, which supplies coal and iron ore to steel customers around the world, said it signed a memorandum of understanding to work with Nippon Steel. Nippon Steel is engaged in steel manufacturing, engineering, chemical and materials, and system solutions. As part of this agreement, the two companies will research ways to optimise premium lump ore produced by Anglo American’s mines to decrease emissions via the traditional blast furnace steel-making process. The project will also focus on studying the use of Anglo Ameri- can’s iron ore in the more carbon-efficient direct reduction iron (DRI) steel-making method. “DRI is estimated to generate significantly lower emissions than the more prevalent steel-making…

PEPCO, the pan-European discount retailer and Steinhoff subsidiary, said its store expansion programme continued in the third quarter and it was on track to deliver on an upgraded target of 450 new stores in the 2022 financial year. Steinhoff International Holdings’ share price increased 4.03 percent to close at R2.58on the JSE yesterday – it is still a far cry from the R5.55 that it traded at on January 18, with the price having fell steadily since. The owner of the Pepco and Dealz brands in Europe and Poundland in the UK, said in a third quarter trading update that new store openings, the biggest driver of value creation in the group, had continued across all brands in the quarter to June 30, with 350 new stores added so…

ALTX-LISTED Kibo Energy, the renewable energy focused development company, has extended a power purchasing agreement (PPA) in Gauteng from 10 to 20 years. The agreement was first announced in February, 2022. It outlines the construction, commissioning, and operation of a 2.7MW plastic-to-syngas power plant to generate base-load electricity for an industrial business park developer in Gauteng. According to the company, the extended term to 20 years would improve the already compelling project highlights. It said the financials of the company would improve and that there would be an increase in projected earnings before interest, taxes, depreciation, and amortisation from R388 million to R953m of which R619m was attributable to the company. Kibo Energy said there would also be an improved Internal Rate of Return with a projected increase of…

THE EFF said it would be instituting impeachment proceedings in Parliament against President Cyril Ramaphosa. It is also calling for his immediate arrest over the Phala Phala farm scandal. The party also vowed to engage in a national shut down, calling for the arrest of Ramaphosa as well as the dismissal of Public Enterprises Minister Pravin Gordhan, Police Minister Bheki Cele and Eskom CEO Andre de Ruyter. During a media briefing at the party’s Winnie Madikizela Mandela House headquarters in Johannesburg yesterday, EFF president Julius Malema, said they were planning to approach all political parties in Parliament, including the ANC, to engage in a motion of no confidence against Ramaphosa. “Our approach is going to be different this time in that we are going to speak to all political parties…

SUSPENDED Public Protector Busisiwe Mkhwebane intends to call President Cyril Ramaphosa to testify in the parliamentary inquiry into her fitness to hold office. This was revealed by Mkhwebane’s legal representative, Advocate Dali Mpofu SC, when he addressed the inquiry before cross-examination of former SARS executive Johann van Loggerenberg yesterday. “We are going to call the president. “We are to write to him today or tomorrow to ask him, in line with the directives, if he is willing to come voluntarily. If not, we will initiate the process for him to be summoned,” Mpofu said. The announcement came a day after Ramaphosa shot down a request by UDM leader Bantu Holomisa that he should appear before the inquiry. Mpofu said the planned appearance of Ramaphosa would not be dealing with the…

AS A POSSIBLE Day Zero looms, water tanks are being installed in hospitals and clinics across drought stricken Nelson Mandela Bay to ensure that these lifesaving facilities do not run out of water. Years of persistent drought which have resulted in depleted dams in the municipal area, which is made up of Gqeberha, Kariega and Despatch. This is home to about 1.3 million people. Dam levels were at a combined capacity of 14.7% – which includes Churchill, Impofu, Kouga and Loerie dams. Usable water from this supply was only at 2.3%. The municipality’s water usage target is 230 million litres per day (MLD) to avert Day Zero, however, usage was still 17 million litres over, currently at 257 MLD. Spokesperson for the province’s Health Department, Mkhululi Ndamase said: “The…

A NUMBER of residents have raised frustrations that while they grapple with the fourth consecutive week of load shedding, their electricity bills remain the same. Eskom announced this week that load shedding would continue. Stop CoCT founder Sandra Dickson said many households were living in despair. “Basically the cost of living increased significantly overnight and it is now a question of balancing a family’s needs between food, electricity and paying bills. Those who can get credit are piling up even more debt because they are forced to make short term loans at micro lenders just to be able to put food on their table. Residents who are charging batteries report an increase in their daily electricity units consumed. “Others report an increase in usage of electricity. This added spike may…

The Blinded City Matthew Wilhelm-Solomon Loot.co.za (R229) Pan Macmillan AMID evictions, raids, killings, the drug trade and fire, inner-city Johannesburg residents seek safety and a home. A grandmother struggles to keep her granddaughter as she is torn away from her. A mother seeks healing in the wake of her son’s murder. And displaced by a city’s drive for urban regeneration, a group of blind migrants try to carve out an existence. The Blinded City recounts the history of inner-city Johannesburg from 2010 to 2019, primarily from the perspectives of the unlawful occupiers of hijacked buildings, bad buildings or dark buildings. Tens of thousands of residents, both South African and foreign national, live in these buildings in dire conditions. This book tells the story of these sites and the court cases…

ON THE evening of July 15, 2016, the “Fethullahist Terrorist Organization” (Feto) launched a bloody coup attempt against the people and the government of my country. Their aim was to establish a radical, fundamentalist regime, loyal only to their ringleader, Fetullah Gülen. As Feto-affiliated army units left their barracks to occupy key locations, such as the Bosphorus Bridge in Istanbul, and fighter jets and attack helicopters bombed strategic targets including the parliament, presidential compound, army and police headquarters, thousands of civilians took to the streets to stop this unprecedented heinous coup attempt. The plotters killed 251 innocent civilians and left thousands injured. On that night the Turkish people defended democracy with their lives. This heroic response was something the conspirators did not foresee. To understand what transpired, one has to…

Wildfires raged across tinder-dry country in Portugal, Spain, France and Croatia yesterday, burning homes and threatening livelihoods, as much of Europe baked in a heatwave that has pushed temperatures into the mid-40°Cs in some countries. In Portugal’s central Leiria district, tired firefighters battled to control blazes that have been fanned by strong winds. Footage from the area on Wednesday showed smoke darkening the sky and billowing across a highway, while flames licked around the roofs of houses in one small village. “Yesterday was a very tough day,” Portuguese Prime Minister Antonio Costa said as he attended a briefing with the national meteorological institute IPMA. “It is absolutely crucial we avoid new events because it leads to the exhaustion of firefighters and all others ... who are doing their best to…

LONDON: London’s Metropolitan Police said it had opened an investigation after multiple Olympic and world champion athlete Mo Farah told a BBC documentary that he was a victim of child trafficking. The 39-year-old said he was brought to Britain from Djibouti at the age of 9 and was forced to do housework in exchange for food. The Metropolitan Police said that no reports had yet been made directly to them. “Where offences are reported which are deemed significant public interest and there is no cause to disbelieve, then the Met can create a crime report,” the police said. | Reuters…

HONG KONG: A Catholic priest launched a three-day protest yesterday outside a Hong Kong prison, demanding the release of activists and democratic politicians held under a sweeping national security law. Milan-born missionary Franco Mella, 74, vowed to refuse food as he stood on a dam wall overlooking the Shek Pik prison on an isolated stretch of Hong Kong’s Lantau Island. Mella was among more than a dozen Christian representatives who publicly petitioned then-Hong Kong leader Carrie Lam in January to grant an amnesty to media tycoon Jimmy Lai and other political activists who are jailed or in custody. | Reuters…

LONDON: A handwritten Mozart manuscript, a flight book from the bombing of Hiroshima and a fragment from a Gutenberg Bible, as well as a cassock worn by Pope Francis, are among a range of items up for grabs in an online sale by US-based Heritage Auctions. Fifty-two lots are being offered in the Historical Platinum Session Signature Auction, described as spanning “500 years of human innovation” and covering fields such as literature, science and history. “We start with a Gutenberg Bible leaf, so 1452 about, up to material that went to the moon on Apollo 11,” said Samantha Sisler, manager of speciality collections auctions at Heritage Auctions. | Reuters…

THE MINING sector could be the Achilles heel to the expected economic recovery in South Africa this year as output remains sluggish, pressured by ongoing power cuts and a three-month strike in the gold sector. This comes as South African mining output struggled to fully recover in May, firmly remaining on a contractionary trajectory even though it fell less than expected. Data from Statistics South Africa (Stats SA) yesterday showed that mining production shrank by 7.8 percent year-on-year in May following a downwardly revised 14.8 percent slump in April. Though this production reading was better than market forecasts of a 10.8 percent plunge, it marked the fourth consecutive month of a downturn in mining activity. Stats SA’s principal survey statistician, Juan-Pierre Terblanche, said production was driven lower…

SOME YEARS ago, while the engine room of business continued to grind away, I found myself, working re- motely, enjoying a time of quiet reflection, which allowed me to take stock of certain realities. As one does in such times, grati- tude comes to the fore, not least of all for the incredible team at Business Report (BR) and Personal Finance (PF), that I have had the privilege of working with, for their dedication and quality reporting and being willing to face criticism and scepticism each time they broke a story. I also had the opportunity to reflect on some of the achievements and successes our publications have engendered, as it is so easy to lose sight of the good we have accomplished while deep in the trenches. There was,…

From page 1 “This matter is stressing me and my mother out. My mom is bed-ridden, while I am her only child who is also on disability, after I became the victim of a shooting incident and was declared medically unfit to work. “We do not understand how the bank still can’t bring the matter to finality after they themselves issued us a letter confirming that her bond has been paid up, and in fact she overpaid on her bond. “They were ordered by the court to pay back these monies. I don’t care if it’s R2. The money must be paid and the title deed, which is most important, signed over to my mother,” said Mboso. Continued efforts to get comment from Standard Bank went answered this week. According…

THE Tshwane metro has been labelled the worst performer among Gauteng municipalities by dint of accounting for the highest irregular spending of R2.7 billion for the financial year 2020/2021. The auditor-general’s (A-G’s) acting business unit leader for Gauteng, Dorothy Rampopo, this week expressed concern about the astronomical irregular expenditure of R3.82bn shared between Tshwane and the City of Joburg. The City of Tshwane, however, was flagged for incurring the larger chunk of irregular expenditure of R2.7bn, followed by Joburg’s R1.1bn. The irregularly spent R2.7bn, however, showed a decline from R2.9bn that it incurred in the 2018/2019 financial period. Despite concerns raised about its financial health, the City consecutively clinched an unqualified report with findings. Rampopo revealed the financial performance of Gauteng’s municipalities following last month’s release by the A-G of…

A PACKED Cape Town Stadium is expected tomorrow as the Springboks set out to win the Incoming Series tie-breaker in Cape Town. But they need no reminding that Wales are, too. The Boks and the Welsh Dragons are level after the hosts bagged the win in the opening Test in Pretoria, while the Welsh returned the favour in Bloemfontein last week as they went on to secure their first win in South Africa in 12 attempts. All eyes will be on Cape Town tomorrow as the two sides battle it out to emerge victorious in what has been a tight series until now. Speaking during a media engagement this week, loosehead prop Steven Kitshoff said the team was clear on one thing – getting the win was non-negotiable. “It is…

THE National Taxi Associations (NTA) have given the government 21 days to address the skyrocketing fuel prices or face a national shutdown. During a media briefing yesterday, the United Taxi Association Front (UTAF), an affiliate of the NTA, announced that taxi fares would increase in Gauteng by R10, starting today. UTAF spokesperson Sipho Nkwanyana Nkwanyana said taxi associations were left with no option but to increase fares for their members to be able to survive. “The taxi industry for decades carried the South African commuter by way of charging a small amount in terms of fares in international standards. “This we have persisted to do even under the most trying circumstances. “Fast forward to 2022, the first and second quarter, is where the trouble started to escalate out of control.…

THE Matroosfontein community in Elsies River is expected to be out in their numbers today, calling for the man accused of raping a 10-year-old girl to go back to prison. Residents and the Elsies River Community Police Forum’s GBV Committee will stage a picket outside the Goodwood Magistrate’s Court where the 54-year-old suspect will appear on a charge of rape. According to committee chairperson, Charmen Gribi, the alleged incident happened in May at the accused’s workplace. The man was arrested but is out on bail. “The incident came to light when the child’s father overheard her sharing what happened with her brother. “His bail condition includes that he must not try to make contact with the child or stay in the same area in Matroosfontein. “However this has not assisted…

Who Do We Become? John Sanei Loot.co.za (R170) Jonathan Ball “MIDLIFE” is one of those words that conjures all sorts of stereotypes that have to do with falling apart and acting out, but I was finding it a wonderful, fruitful time of my life. I was nowhere near perfect – nor am I now – but by the age of 45, I was feeling pretty confident about the choices I’d made, the things I’d learnt from my mistakes, and the way in which I had furnished my life and steered my career. Business was exciting. Travel was easy. My ideas were solid and workable. My client base was growing. My partners in business were enthusiastic. My friends and family were supportive. I had published four books and spoken to audiences…

Public protector impeachment is an exercise in dishonesty, incompetence and cowardice THE ill-fated impeachment proceedings of Public Protector Busisiwe Mkhwebane currently under way were bound to expose the racism, dishonesty and mind-numbing incompetence of the constitutional experts, lawyers, parliamentarians and ANC members who regard the defence of President Cyril Ramaphosa, rather than the Constitution, as their primary preoccupation. The cracks in the case were exposed by the very first witness, Hassen Ebrahim, who claimed he was part of the Codesa negotiations and the Constitutional Assembly that drafted the Constitution in the 1990s. The self-proclaimed expert assiduously avoided dealing with the pivotal questions underlying the charges against the public protector. The first is the allegation that Advocate Busisiwe Mkhwebane exceeded her mandate and usurped the powers of Parliament when she recommended…

Russian missiles struck Vinnytsia in central Ukraine yesterday, killing at least 20 people including three children, in what President Volodymyr Zelenskyy called “an open act of terrorism”. The noon attack on the city hundreds of kilometres from the front lines and invading Russian troops came as EU officials convened in The Hague to discuss war crimes in Ukraine. The charred remains of upturned cars surrounded by burnt debris were seen in images distributed by officials next to a business gutted by a fire with brown smoke billowing nearby. Zelenskyy, during an address at The Hague yesterday, led a moment of silence before urging European and International Criminal Court officials during an address to open a “special tribunal” into Russia’s invasion. The International Criminal Court in The Hague opened an investigation…

SAN FRANCISCO: Microsoft co-founder Bill Gates pledged to transfer an additional $20 billion of his personal wealth to his philanthropic foundation, to support causes such as reducing child deaths, managing climate change and preventing future pandemics. The funds mean the Bill and Melinda Gates Foundation, named after the billionaire and his ex-wife, will disburse $9 billion annually by 2026, up from about $6bn today. Gates said there have been several recent “huge global setbacks,” including Covid-19, the Russian invasion of Ukraine and political division in the US. Gates is the fourth-richest person in the world, with a net worth of $113bn, according to Bloomberg. Melinda French Gates is worth $10.3bn. The new resources will also support increasing food production in Africa, he said, transforming the continent from a net importer…

Brazzaville: Africa faces a growing threat from zoonotic diseases such as monkeypox, the World Health Organization said yesterday, with the continent recording a 63% rise in such outbreaks over the past decade. A WHO analysis found 1 843 “public health events”, such as disease outbreaks, in Africa between 2001 and 2022. Some 30% were outbreaks of diseases spread to humans by animals, which are known as zoonotic diseases. Ebola is included among these diseases,as well as dengue fever, anthrax, plague and monkeypox. The WHO said poor transport infrastructure once limited zoonotic infections on the continent. Africa could become a “hot spot”. | AFP…

THE message to the South African players is clear – play with more intensity and aggression. Both elements were lacking in a dreadful defeat to England in the first One-Day International on Monday, and if they are to avoid further embarrassment in Bristol today, then they need those two aspects to work well. That doesn’t mean being reckless, it is simply to show England that they won’t be allowed to dictate terms, as was the case in the first match. The Proteas were too passive, attempting to play a version of the game that was long ago made defunct. It is not the way they’ll win a trophy but thankfully in the aftermath of that defeat, it is something of which they are aware. “We need to play positive cricket,…