Table of contents for 2023-10-31 in Cape Times

SOUTH African households and corporates are expected to take fewer loans from commercial banks this year, compared to last year, as a result of cumulative interest rates, which remain at a 14-year high of 8.25% per annum. Data from the SA Reserve Bank (SARB) yesterday showed that the growth in household and private sector credit extension has faded noticeably in recent months. The SARB said private sector credit extension (PSCE) growth ticked up slightly to 4.6% year-on-year in September, up from a marginally revised 4.4% increase in August. This marked the 27th consecutive period of growth in the private sector, albeit the second-softest since February 2022, and was marginally better than the 3.5% consensus expected. The slight improvement was driven mainly by the other loans and advances category, which includes…

President Bola Tinubu’s attemps to reform the largest economy in Africa have backfired MTN NIGERIA Communications’ R2 billion foreign exchange write-down shows that the country’s swing to liberalise its economy this year so far appears to be doing the opposite of a key aim of attracting new investment. The telecoms subsidiary of locally listed MTN Group said it had taken a R2.1bn blow to earnings after it re-measured and then restated its foreign exchange losses for the six months to June 30, the results for the quarter to September 30 showed yesterday. Nigeria’s currency has tumbled to record lows against the US dollar after the new president Bola Tinubu’s attempts to reform Africa’s largest economy. Tinubu took the reins in May, pledging reforms to attract foreign investment, and he…

THE WESTERN Cape Minister of Agriculture, Dr Ivan Meyer, has welcomed the decision by the Registrar to include “Karoo Lamb/Karoo Lam” as a Geographical Indication in the South African register established under the Regulations for the Protection of Geographical Indications and Designations of Origin. The Department of Agriculture, Land Reform and Rural Development said in the Government Gazette on Friday that meat cuts from young sheep produced under free- range conditions in the Karoo would be able to claim the name Karoo Lamb. Meyer said: “Essentially, the unique ways in which Karoo Lamb is produced is recognised for its high quality and standards and will be protected. “This registration protects the reputation of Karoo Lamb and will ensure that the financial and reputational benefits return to the region,” he said.…

IN THEIR 2023 annual report, which was just released, DRDGold’s CEO, Niël Pretorius, and chairperson, Timothy Cumming, discussed South Africa as an investment jurisdiction and expressed their belief that capital investment was viable due to the country’s vibrant private sector. “We pause to reflect on South Africa as an investment jurisdiction, especially in view of the very large investments and capital commitments we plan for the near and medium term. “The picture is far from ideal, with the Fraser Institute’s 2022 mining survey placing South Africa very close to the bottom of the list of the world’s investment jurisdictions. “However, our view is that the potential of a jurisdiction from an investment perspective is not just a function of political and mining regu- latory governance,” they said. South Africa had…

Women perform between three and seven times more caregiving tasks than men in the global south. These include household domestic work and largely focus on caring for children. Hopefully, this is changing. The 2023 State of the World’s Fathers Report, themed “Centering Care in a World in Crisis”, explored the experiences and involvement in caregiving among 12 000 men and women, many of whom are parents, across 17 countries. The survey looked at who does the caregiving, how they care, for whom, and what men and women think about care. I am one of five co-authors of the report, which unveiled a remarkable appreciation for care among respondents. In an online survey, they overwhelmingly associated care with positive terms. “Love” was the most frequently mentioned word across all countries. Other…

30ml sunflower oil 1 large onion, finely chopped 30ml cake wheat flour 30ml barbecue spice 500g lean beef mince 350ml water 45ml Mrs Ball’s Chutney 125g brown mushrooms, sliced 125g frozen corn 125g frozen peas 30ml parsley, chopped TOPPING 8 potatoes, peeled and cut into quarters Sea salt Paprika 30g butter or margarine 100g mature Cheddar cheese, grated 5ml English mustard 3ml baking powder 60ml low-fat milk Preheat the oven to 200ºC. Sauté onion in oil until soft. Stir in flour, barbecue spice and beef mince. Cook over a low heat until mince changes colour. Gradually add water, chutney, mushrooms and corn, then cook for 15 – 20 minutes. Add peas and parsley and allow to heat through. Topping: Meanwhile, boil the potatoes. As soon as they’re cooked, drain and…

WHILE his life could not be saved when he died of a heart attack a few weeks ago, Oudtshoorn rugby player Sydwell Muller will save six lives with the donation of his organs. Muller was declared dead by paramedics on the field in Sedgefield, Knysna, during a rugby match. The 34-year-old, who played for the All Black Rugby Club in Oudtshoorn, is said to have collapsed and died about six minutes into the game with another local team. Muller’s funeral was held in Oudtshoorn on October 22. His older brother, Rodney Gelant, said they were surprised to learn that he had applied to have his organs donated after his death. “Two days after his death we found out he’d applied to donate his organs. When we found out it was…

A MONTH-long Vatican congress wrapped up at the weekend, with participants citing a change of culture, but with sensitive subjects left unresolved – underscoring deep internal differences within the Church. The historic General Assembly of the Synod of Bishops, which for four weeks has debated key issues confronting the modern global Catholic Church, for the first time included lay members, as Pope Francis seeks to throw open its doors to “everyone”. But the 42-page document issued on Saturday – intended as a roadmap before a final session of the assembly in October 2024 – will disappoint some who hoped for real change within the institution, whether allowing women as deacons, welcoming LGBTQ faithful or even allowing priests to marry. “In a way, it was about avoiding divisions and preparing the…

In what is turning into a miserable season for Manchester United, manager Erik ten Hag said Sunday’s 3-0 demolition by local rivals Manchester City at Old Trafford was one of the most disappointing days in his tenure with the team. Asked if Sunday was one of his worst days in the job, the downcast manager said: “Yes. Of course it is disappointing. “When you lose a derby in the way we lose is disappointing. First half we had a very good game plan and the execution was very good and then the penalty changed the moment.” City’s goal-scoring machine Erling Haaland converted a penalty in the 26th minute in his first of two goals, while Phil Foden added the visitors’ third in the 80th minute, sending disgruntled United fans to…

CONSUMERS have been given a slight boost just ahead of the festive season as the official fuel price for November will decrease, barring LP Gas. Minister of Mineral Resources and Energy Gwede Mantashe yesterday announced the fuel price adjustments for the coming month. The department said that both grades of petrol, 93 and 95 ULP and LRP will decrease by R1.78c a litre, while diesel (0.05% sulphur) will come down by 85 cents a litre, and diesel (0.005% sulphur) will decrease by 82c a litre. Illuminating paraffin will decrease by R1.30 a litre, with the only increase for the month being LP Gas retail price, which will go up by R1.49c a litre. The country’s fuel prices are adjusted monthly, informed by international and local factors. International…

ADCORP Group has initiatives under way to optimise cost structures, diversify revenue streams and enhance efficiency, boosting an already strong performance that saw earnings a share from continuing operations surge 34.4% to 33.1 cents in the six months to August 31. “By leveraging innovative solutions and data analytics, the group aims to bolster profit margins by identifying growth opportunities and implementing cost-saving measures,” CEO John Wentzel said at the release of the workforce solutions company’s results yesterday. An interim dividend of 16.1c a share (12.2c) was declared. The results reflected robust revenue growth and operational resilience in South Africa and Australia, despite tough macroeconomic conditions and external challenges faced by both economies. Wentzel said the group was resilient and on a drive to adapt and grow. “We will continue…

THE WORLD Bank said yesterday that it expected global oil prices to average $90 (R1 696) a barrel in the fourth quarter and fall to an average of $81 in 2023 as slowing growth eases demand, but warned that an escalation of the latest Middle East conflict could spike prices significantly higher. The World Bank’s latest Commodity Markets Outlook report noted that oil prices have risen only about 6% since the start of the Israel-Hamas war, while prices of agricultural commodities, most metals and other commodities “have barely budged”. The report outlines three risk scenarios based on historical episodes involving regional conflicts since the 1970s, with increasing severity and consequences. A “small disruption” scenario equivalent to the reduction in oil output seen during the Libyan civil war in 2011 of…

FEELING tired can stem from a variety of factors, whether they be physical or mental roadblocks. It could be exhaustion from sleep deprivation, muscle fatigue following intense exercise, or even the consequences of inadequate nutrition and hydration, leaving you feeling like an empty gas tank on the highway of life. Micronutrient deficiencies can also zap your energy levels to an ultimate low. To add to the mix, mental health disorders can cast a shadow over your mood, dampening your spirits and energy levels. And let’s not forget excessive stress, which can leave you questioning if time even exists to have a moment of respite. Below are reasons why your tiredness has nothing to do with sleep If you feel worn out more often than you’d predict based on your snooze…

GENEVA: Fifa announced yesterday it had imposed a three-year ban on former Spanish football chief Luis Rubiales following his forced kiss on the lips of World Cup winner Jenni Hermoso. World football’s governing body provisionally suspended Rubiales for 90 days following his unsolicited kiss during the medal ceremony after Spain won the Women’s World Cup in Sydney in August. Fifa said Rubiales would now be banned from all football activity for three years. Hermoso said the incident left her feeling “vulnerable and like the victim of an assault”, with a statement on social media describing it as “an impulsive, macho act, out of place and with no type of consent on my part”. Rubiales, who repeatedly insisted the kiss was consensual, resigned as head of the Spanish football federation in…

London: Britain’s King Charles III was heading to Kenya yesterday, his first visit as monarch to a Commonwealth nation, where he faces widespread calls for an apology for abuses committed during colonial rule. “The King and Queen (Camilla) are on their way to Kenya for a four-day visit which will take in the best of the country, from its young tech entrepreneurs and creatives to its beautiful forests and coastline,” Buckingham Palace said on X, formerly Twitter. However, much of the focus ahead of the trip has been on colonial rule, with the palace saying Charles is expected to tackle “the more painful aspects”.…

Over the last few Tests for the Springboks, flanker Pieter-Steph du Toit was building up towards the performance he delivered against the All Blacks in the Rugby World Cup final. Du Toit (31) was outstanding in Paris and possibly delivered the best final display by a Bok ever, making 28 tackles and carrying the ball tirelessly against New Zealand as South Africa claimed a famous 12-11 win in the Stade de France for a record fourth title. Nicknamed the Malmesbury Missile for the way he locks onto a potential target and just obliterates them with bone-crunching hits - Kiwi centre Jordie Barrett can attest to that - Du Toit was relentless in his defensive pursuits and plenty of the All Black players are probably still feeling an ache in their…

STOCKS on the JSE traded slightly higher and the rand started the week on a firmer foot at a two-week high yesterday as stronger commodity prices provided some support for local stocks and the currency, while the markets were awaiting major central banks’ interest rates decisions and South Africa’s mid-term budget. The JSE All Share Index rose 0.9% to 70 059 points yesterday, following three consecutive days of decreases, while the rand also strengthened 0.4% to R18.77 against the US dollar. Gold miners such as Sibanye-Stillwater led the surge in the JSE as it rose 3.5% to R24.28 per share followed by DRDGold at 2.8% higher to R16.83 per share as gold prices rallied held above $2 000 (R37 687) an ounce later in the day for…

COMMODITY trader and miner Glencore yesterday cut its nickel production guidance for this year due to mainte- nance and strikes, but reiterated its expectation that profits from its trading division would be up from $3.5 billion (R65.8bn) to $4bn (+R70bn), above its long-term guidance range. Glencore maintained its overall 2023 guidance for copper, zinc, coal and cobalt output. Its trading division includes coal, oil, liquefied natural gas and related products, as well as metals, whose profit hit a record $6.4bn in 2022, up 73% from the previous year. The London-listed miner’s long-term yearly trading guidance earnings was for between $2.2bn and $3.2bn. Glencore, which in June offered to buy Teck’s steelmaking coal business as a standalone unit, having been rebuffed twice in its $22.5bn bid to combine the…

A FLURRY of bullion buying activity by global central banks and resilience in demand for jewellery amid elevated prices for the precious metal boosted the gold industry in the third quarter 2023, the World Gold Council (WGC) said in a report released yesterday. South Africa has an influential role in the industry, despite accounting for a meagre 4% of worldwide bullion output at 110 tons in 2022. This month, the World Gold Council appointed Neal Froneman, the CEO for Sibanye-Stillwater, as its new chairperson, while Niël Pretorius, the CEO at DRDGold, was appointed as a new director. In the 2023 third quarter to end September, gold buying from central banks provided some impetus for gold. This suggests that “increasing gold allocations are becoming an accepted prudential strategy” across the…

Kyle and Lyndsey Landmann were left shocked and angry after receiving their restaurant bill with a $50 (about R950) surcharge for their children’s alleged bad behaviour. The US couple had visited Toccoa River Restaurant in Georgia with their three boys and four other families. Their review of the eatery went viral after they left a scathing review on Google, saying that they were “disappointed by the experience”. But, in owner Tim Richter’s defence, the menu stated: “Adult surcharge: For adults unable to parent $$$.” “I remember thinking, ‘No way is this real,” Lyndsey told TODAY.com, thinking it was a joke. There were 11 children altogether, ranging in age from three to eight years old. “The kids were sitting at one end of the table and they were being so good,”…

Israeli troops and tanks attacked Gaza’s main northern city from both sides yesterday, three days after they began a major ground offensive in the Palestinian enclave that has drawn more international calls for civilians to be protected. Israel’s military said it had struck more than 600 militant targets over the past few days as it expanded ground operations in the Gaza Strip, where Palestinian civilians are in dire need of fuel, food and clean water as the war enters its fourth week. The militants said they had repelled an attempted push from Israel tanks into Gaza City from the east and were fighting them on the border with Israel. “Our duty today is fight and fight,” the Islamic Jihad milliant group, fighting alongside Hamas, said in a statement, adding…

The Springboks may have edged out the All Blacks to lift their fourth Rugby World Cup crown the past weekend, but the South African rivalry against New Zealand continues tomorrow in Pune. The Proteas and Black Caps go head-to-head in another crunch Cricket World Cup tie at the Maharashtra Cricket Association Stadium. Rob Walter’s team are second on the World Cup standings, where they sit just two points above New Zealand. Both teams are seeking a victory to ensure semi-final qualification. South Africa will certainly be leaning on Walter for his expertise as the 48-year-old spent seven years coaching both the Otago Volts and Central Stags in New Zealand prior to his Proteas appointment earlier this year. In fact, Walter and his family still live in New Zealand. His insight…

World Rugby can keep their individual awards, what matters for the Springboks and South Africans is the fact that the Webb Ellis Cup will land in Mzansi this morning with a highly successful Bok team. The Boks made history on Saturday by winning the World Cup, claiming it for a fourth time in only their eighth appearance at the tournament since it’s inception in 1987. They have been more successful at the global showpiece than any other team, and much like the jeering captain Siya Kolisi and his team received from the French crowd in Paris on Saturday, they were snubbed at the World Rugby Awards as well. They’ve been the most consistent team this season even though they missed key players before and during their campaign, they still had…