Table of contents for 2024-02-07 in Cape Times

THE NATIONAL Treasury has proposed further reforms to the “two-pots” retirement system, including a requirement for seed capital, after the government identified two concerns with the current regime. The Treasury yesterday briefed the Parliament’s Standing Committee on Finance on the draft Pension Funds Amendment Bill (PFA Bill) 2024, after it was reintroduced in the National Assembly last week. The “two-pots” system seeks to divide pension contributions into two separate pots: a savings pot and a retirement pot, with the effective date being September 1, 2024. The Bill proposes that retirement fund members be allowed to allocate one-third of their contributions from the date of implementation to an accessible portion of those members’ retirement savings. This will receive a once-off capital boost from a vested component, with a minimum of…

Reason for the hikes was the rise in global fuel prices and the weakening of the rand CONSUMERS in South Africa are in for a prolonged period of rising cost of living as the price of petrol is set to rise again in March, following a hefty hike this month, as the Finance Minister hikes the general fuel levy to shore up the government’s deteriorating revenue collection. The Department of Mineral Re- sources and Energy (DMRE) yesterday announced the fuel price hike for the year, with both types of petrol rising by 75 cents per litre and diesel going up by 73c a litre. This will bring the inland price of 95 unleaded petrol to R23.24 a litre, while the coastal price will reach R22.52 a litre. The…

TOP DIAMOND producer De Beers, a unit of Anglo American, has signed three new agreements with Angola to bolster diamond processing in the country while seeking new commercial prospects, CEO Al Cook said yesterday. The agreements, including one with Angola’s State-owned diamond company Endiama, builds on exploration contracts signed in 2022 that saw De Beers return to the country for the first time since leaving in 2012. “We believe this is a real step forward in our co-operation,” Cook said during a signing ceremony on the margins of a African mining indaba in Cape Town. One agreement with Sodiam, Angola’s national diamond trading company, sought to ensure partners used the best processes for sorting and processing diamonds in Angola, leaning on expertise developed by De Beers in Botswana. Botswana and…

EMERGING new energy trading platforms are mushrooming and are set to challenge Eskom’s energy generation and supply monopoly. Last month, it was announced that renewable energy company Scatec, Standard Bank and asset management firm Stanlib had established Lyra Energy to offer a low-risk, flexible commercial proposition. This new renewable energy platform is poised to change the South African energy landscape. Pretty soon the market will be generating and supplying more than Eskom's share of energy. Trading and liberalisation of energy trading is not a new phenomena. Globally the model has been tried and tested. These firms are planning a major takeover of the energy trading business. With their combined capacity in capital, human resources and customer reach expertise they will offer an unparalleled energy service trading platform. This as South…

SHARES in fintech company Lesaka Technologies surged 15.18% on the JSE yesterday to R74.91 after the company announced the acquisition of Touchsides, a data and markets insights company, from Heineken, with a mandate retaining the global brewer’s South African unit as a client. The shares later closed 1.26% up at R68.97 on the JSE yesterday. Lesaka, with a market capitalisation of R3.7 billion, is bumping up its presence across South Africa’s informal sector. Its announcement of the acquisition of 100% of Touchsides from Heineken International further cements its strategy to increase its presence across taverns, spazas and other informal businesses. The acquisition also adds to Lesaka’s earlier acquisition of Kazang, a complementary services and payments platform for spaza shops and other small-scale to medium South African businesses. The acquisition…

Micro restaurants are intimate dining concepts often spearheaded by well-known chefs. Unlike larger restaurants, micro restaurants allow chefs to try out new recipes in a more intimate, interactive setting. They are dining establishments that operate on a much smaller scale than traditional restaurants, in size and often in menu offerings. Micro-dining restaurants accommodate a smaller number of people, ranging from approximately eight to twenty, on average. Some of these restaurants choose to have limited meal sittings in a day or a week. The benefit of such specialisation is that it allows the chefs to pour all their expertise and creativity into a few dishes, potentially elevating the quality and uniqueness of the offerings. They are, in fact, the ideal choice for candlelit dinners, among a few friends, or in any…

1 onion 4 medium carrots 650 g leftover meat, lamb 4 large potatoes 30 ml oil 400 ml gravy 15 ml butter, melted 50 g LANCEWOOD cheddar, finely grated 30 ml bread crumbs fresh thyme to garnish Preheat the oven to 200°C. Slice the onion. Peel and chop the carrots. Chop the leftover lamb into bite-sized chunks. Peel the potatoes and slice into thin slices. Mix the cheese with the breadcrumbs. Using a large ovenproof round casserole dish with a lid, heat the oil over medium heat. Add the onions and sauté until translucent. Add the carrots and cook for 3 minutes. Stir in the lamb. Add the gravy and bring to a simmer. Remove from the heat and arrange the potato slices on top, starting from the outside working…

Last year was one of the most financially difficult years that South African consumers have ever had to endure since democracy, according to the latest Fourth Quarter 2023 Debt Index, released by DebtBusters yesterday to coincide with National Debt Awareness Month. DebtBusters said high inflation and interest rates and a strained economy had combined to erode disposable incomes. Rising food, electricity and fuel prices drove inflation, with the SA Reserve Bank countering by hiking interest rates to combat it. This has led to high-interest rates, which are now 475 basis points higher than in 2020. Crippling levels of load shedding also constrained meaningful economic growth and, consequently, salary increases. Average interest rates for unsecured debt were now at an eight-year high of 25.6%. The average interest rate for a bond…

TROTT Moloto believes Hugo Broos’ Bafana Bafana will succeed where his own men failed 24 years ago by progressing to the final of the Africa Cup of Nations via victory over Nigeria this evening. Moloto, the last coach to earn South Africa a medal at the biennial continental tournament, has been impressed by the current crop of the senior national team players and is confident they will get the better of the Super Eagles in Bouake, Ivory Coast tonight (7pm kick-off). “For sure, they will,” Moloto said, without hesitation. “Hugo Broos has a very strong team that he has managed to put into a great unit. “We have a well-trained and well-prepared team. “I believe the boys will go out there and individually put up their hands and stand tall…

With the South African franchises set to return to action in the United Rugby Championship (URC) in just over a week, the next few months will be vital for players looking to impress the Springbok coaches. Back-to-back Tests against Ireland and New Zealand await, while an experimental side could feature in the one-off Test against Portugal and a possible friendly match against Wales. Here, Independent Newspapers takes a look at the players who have impressed enough so far to secure a place in the Bok squad for the international season. Today we feature the scrumhalves. It is a position the Springboks arguably have the most depth in currently. The incumbent: Faf de Klerk Before his injury and surgery, double World Cup winner Faf de Klerk had already gone head-to-head with…

The Stormers have a big midfield conundrum ahead of next weekend’s United Rugby Championship (URC) match against the Sharks in Durban. They have not been able to consistently field the same midfield combination for consecutive games this season, hamstrung by injuries to key players. With Ruhan Nel out with a long-term injury, a partner for inside centre Dan du Plessis is needed for the second half of the season. At the start of the new campaign, Du Plessis struggled with an injury, and Nel had to partner up with other players. The Stormers coaches do have utility backs Sacha Feinberg-Mngomezulu and Suleiman Hartzenberg at their disposal to fill the vacant slot at outside centre, with the latest recruit, Wandisile Simelane, also ready for action. But it’s doubtful that head…

SOUTH Africa is digging in to defend fuel levy rebates for its fishing industry, which is a sticking point in the ratification of the World Trade Organisation (WTO) Phase One agreement, Parliament heard yesterday. Briefing Parliament’s Portfolio Committee on Trade, Industry and Competition yesterday, Department of Trade Industry and Competition Deputy Director General for Trade and Ambassador to the WTO, Xolelwa Mlumbi-Peters, said South Africa allowed those fishing companies that did not use the road infrastructure to claim rebates from the fuel levy. It had confirmed through legal opinion that the support should not be construed as a subsidy. The WTO deal aims to eliminate the awarding of subsidies to fishing industries because it encourages overfishing and encroachment on territorial and unregulated waters. The WTO Agreement on Fisheries Subsidies was…

THE YEAR 2024 will be an interesting year as we go into the national and provincial general election, with barometers of various calibration as we dissect the performance appraisal of the 6th Administration under Presi- dent Cyril Ramaphosa, who is also Chairperson of the Presidential Climate Commission. This appraisal will be about the past five years, but more about the next five years. But it will not be about how we as a country and our government has over the last five years performed in responding to the global climate crisis and its devastating impacts on our growth, development, and national security. We will be lucky if it is mainstreamed as a factor in the economic development and social cohesion elements of the manifestos of the various political parties and…

THE IMPACT on nature and community are top of mind for large mining companies that are members of the International Council on Mining and Metals (ICMM). The ICCM was founded in 2001 and is responsible for roughly a third of global mining output and its presence at this year’s African Mining Indaba 2024 in Cape Town highlights its commitment to doing the right thing. In a round table discussion yesterday, ICCM CEO Rohitesh Dhawan outlined the ICMM members’ commitment to taking action to halt and reverse nature loss and reaching global decarbonisation targets. “Many see nature loving mining as an oxymoron but where our members operate we have had a positive impact on nature and the communities surrounding the mines. We live in an environment where we need to value…

MTN HAS SIGNED deals with global payments platform Mastercard and Jumo, a mobile financial services company, to boost financial inclusion across South Africa and the rest of the continent, pivoting on revamped remittance channels and easy access to mobile loans. MTN last year recorded a 37.3% increase in fintech transaction volumes to 8.3 billion transactions compared to the previous year. Transaction values also went up 61.6% to $135.2 billion (R2.55 trillion). The South African mobile company, which also operates the MoMo wallet across Africa, has now signed “definitive agreements with Mastercard for a minority investment of up to $200 million at a valuation of $5.2 billion” on a cash and debt-free basis. The agreement complements the two firms’ commercial relationships aimed at supporting development and…

TRANSNET yesterday took delivery of Richards Bay Coal Terminal (RBCT)- procured locomotive batteries. In a statement issued by Transnet Port Terminals acting group chief executive, Advocate Michelle Phillips, yesterday said the mutual co-operation agreement between Transnet and RBCT was paying off, with Transnet Freight Rail (TFR) taking delivery of seven full sets of batteries procured by RBCT this past weekend. The delivery of the critical spares would improve the reliability of the available locomotive fleet. Phillips said: “Procurement of loco- motive spares – batteries and compressors – is one of the joint initiatives Transnet and RBCT embarked on following the conclusion of the agreement. “In this regard, orders were placed for 50 compressors and 1 800 batteries (100 full sets of batteries). The first seven sets of batteries were…

THE school year has kicked off and parents find themselves once again facing the daily challenge of packing nutritious and appetizing lunch boxes for their kids. This year, Juicy Delicious and Rediscover Dairy have joined forces to provide inspiration and advice from a dietitian, aiming to simplify the task. A crucial element of school lunch boxes is the incorporation of fruits and vegetables daily. With this being the stone fruit season, it is brimming with peaches, nectarines and plums throughout the entire first term. These firm, juicy yellow cling peaches, succulent plums, and sweet nectarines make excellent lunch box additions – they travel well as whole fruits, provide a refreshing boost on warm school days, and are packed with fibre and immune-boosting vitamins C and A, all while being adored…

A panel discussion on climate change and what COP28 means for mining showed that how countries invested in mining needs to be rethought and was a big job ahead. Adam Matthews, the Chief Responsible Investment Officer of the Church of England Pensions, said his organisation had to take a long-term view as it had to provide pensions for the next 40 to 50 years. “Mining and climate change are intimately linked as the Just Energy transition is not going to happen without mining. Mining is too often viewed through a negative prism, yet the sector is pivotal, so there is a big job ahead to change perceptions. “What we are doing as an investor is to encourage mining companies to come up with a credible path to a net zero…

A SUPER Eagles outfit littered with global stars have emerged as the favourites to end their decade-long Africa Cup of Nations drought. CAF Footballer of the Year Victor Osimhen and co have been entrusted with repeating the heroics of Sunday Mba, who scored the winning goal in the 2013 final against Burkina Faso. As fate would have it, having last lifted that title in South Africa, this time Nigeria will have to go through a Bafana Bafana outfit in desperate need of a crowning themselves. Nigeria are expected to add a fourth Afcon title to their name. They head into this match as the favourites having won four of their five matches in the competition. Stanley Nwabili, who plays for Chippa United in South Africa, has also registered four clean…

THERE is a reward hidden behind all the negativity surrounding the ongoing Proteas’ cricket tour of New Zealand. Already, the experienced Black Caps batter, Kane Williamson, has drilled invaluable lessons into coach Shukri Conrad’s inexperienced squad with centuries in both innings. Although team has been forced into submission having spent almost 200 overs in the field, there are lessons that the bowling attack and the batting unit will carry with them for years to come. The bowlers have learnt that there is a very little room for error in Test cricket as compared to domestic cricket, while the batters would have noted the need to make full use of every opportunity that comes their way at this level. Proteas top-order batter Keegan Petersen explained just how difficult it has been…

Lewis Hamilton’s former Mercedes teammate Valtteri Bottas expects the seven-time Formula One world champion to be a good fit for Ferrari when the Briton moves to Maranello next year. The switch was announced last week after Hamilton, 39, exercised a break clause in his new contract and signed for the sport’s oldest, most successful and most glamorous team on a multi-year deal. “I never thought it would happen,” Bottas said, at a livery launch in London for his Sauber-run Stake F1 team on Monday night. “I thought in my mind he would stay at Mercedes but that’s Formula One. Things happen and I think that it’s good for him because he’s obviously made the decision and it’s a fresh, new start. “It’s a big move in F1, which is going…

Successive Premier League defeats in which eight goals have hit the back of the Chelsea net have raised the volume in the debate about Mauricio Pochettino’s job prospects at Stamford Bridge. His team were booed after a 4-2 home loss to Wolverhampton Wanderers on Sunday and fans even chanted the name of Chelsea’s former serial-winning manager Jose Mourinho. Chelsea visit high-flying Aston Villa in an FA Cup fourth-round replay today when another defeat would pile more pressure on Pochettino. Addressing the media yesterday, the Argentine was quizzed on his post-Wolves remarks when said his expensively-assembled players had not been good enough and was also required to respond to social media comments made by the wife of Thiago Silva calling for change at the club. It made for an uncomfortable lunchtime…

MINING has historically been men’s work, but the number of women employed in South Africa’s mining sector has grown strongly by 46% since 2020 to more than 73 000 by the end of 2023. Minerals Council President Nolitha Fakude said at the Mining Indaba in Cape Town, a conference that attracted some 9 500 delegates from all over the world, that although great strides had been made in women empowerment in the industry, only two-thirds of the target in the Mining Charter on gender transformation had been met. She said it was important that women were not only employees for mining companies, but that they be part of the entire value chain in the industry. She said for instance, more than 8 000 women-owned businesses had benefited…

AECI, WHICH this year celebrates 100 years of being listed, is restructuring and also diversifying overseas in its core chemicals and mining explosives markets, recently appointed CEO Holger Riemensperger said yesterday. Interviewed on the sidelines of the Mining Indaba, he said the group is a global leader in the chemicals and mining industries, with its influence extending across Africa, Europe, South-east Asia, North America, South America, and Australia, and the aim is to continue to gain market share in these regions, as well as open up for business in other areas. In many regions, the group’s mining explosives sales growth was outstripping that of the mining sector as a whole, he said. He said they were recognised by their competitors as a pioneer of change in the mining explosives field…

“WITH COAL ALMOST any feat is possible or easy; without it we are thrown back into the laborious poverty of early times.” (The Coal Question William Stanley Jevons, 1865). Is this quote still valid, almost 160 years later? Coal is globally, and certainly for South Africa, the most important source of power. The commodity is required for almost every product and structure that we see around us and use every single day, either directly or indirectly. There is virtually no machine, cement, steel, aluminium, building, car, computer, iPhone, or even a solar panel or windmill that can be created without coal. In South Africa, the warnings of many engineers, economists and other experts within the energy sector that South Africa won’t easily walk away from coal has already played…

EARNINGS at DRDGold for the half-year period to end December 2023 are expected to spring up by between 5% and 15% after beating inflationary pressures and benefiting from higher gold prices that muzzled the impact of temporary mine delays. DRDGold reported in a trading update yesterday that its earnings per share and headline earnings per share for the period under review are likely to amount to between 65.3 cents and 71.5c compared with 62.3c over the same period a year earlier. Market analysts said yesterday that DRDGold’s performance for the half year was “overall positive, with double-digit earnings growth expected despite inflationary” pressures. They added: “Higher gold prices are benefiting DRDGold’s top line, cushioning the impact of temporary mine delays.” Interim revenues quickened 12%, or by R319.9 million,…

Valentine’s Day can be pretty unbearable if you are single. To help ease the heartache, here is a guide to places that you should avoid on February 14. The park With its winding paths, scenic landscape, and downtown setting, the park will be the ideal destination for many couples’ long walks to talk about feelings while sipping on their favourite beverages and munching on their favourite snacks. There will be couples trying to be cute and teaching each other how to dance or skate. You will see an elderly couple holding hands on a park bench and it will make your heart warm, but also sad about your single status. Avoid it at all costs. Do not leave your home. Stay in, curl up with some Netflix, hang out…

BRITAIN’S King Charles III has been diagnosed with a form of cancer and has begun treatment, Buckingham Palace has announced. “During The King’s recent hospital procedure for benign prostate enlargement, a separate issue of concern was noted. Subsequent diagnostic tests have identified a form of cancer,” the palace said in a statement, adding that he had begun treatment. The king “remains wholly positive” and “looks forward to returning to full public duty as soon as possible”, it said. Prince William returned to royal duty this week after taking time off following his wife’s abdominal surgery, Kensington Palace said on Monday. William, 41, the eldest son of King Charles III and heir to the throne, postponed public engagements to care for his wife, Catherine, Princess of Wales, and their three children…

As THE missiles fly seawards from Yemen, as merchant ships continue to be struck, as B-1 bombers fly from their Texan base to inflict retribution on Iranian proxies in Syria and Iraq, and as other retaliatory attacks are launched from warships in the Red Sea area, the flow of diverted ships around the Cape increases. And consumers pay higher prices for imported goods. On the north-western coast of the Gulf of Aden, one of the areas of attacks, lies Aden, once a busy bunkering port for ships moving between Europe and Asia and an important Royal Naval base. Ancient volcanic activity left a large caldera, much of which forms the bay that is a deepwater anchorage. Passengers on vessels on Europe-Asia services or trading to Australia, and those aboard ships…

MULTIPLE fires continued to rage on in the Cape Winelands District Municipality (CWDM) yesterday and had again spread to the Brandvlei Correctional Facility grounds. CWDM spokesperson Anesca Roodt said the fire line again moved down the mountain and reached the prison grounds yesterday afternoon. Roodt said: “Fire Services have confirmed that the active fire line, previously higher up in the Brandvlei mountain (on Tuesday) morning, descended and (was) burning on the grounds of Brandvlei Prison. Supported by the Breede Valley Municipality Fire Services, they are employing recognised firefighting techniques to redirect the fire's path. There have been no further reports of structural losses, and adequate resources have been deployed to ensure ongoing structure protection throughout the night.” As a precaution after the fire was reported on Monday, the Department of…

Rassie Erasmus says the main difference between his previous role as the director of rugby and becoming the Springboks’ head coach again will be about being “more hands-on at the field sessions”. SA Rugby confirmed yesterday that the former loose forward will return to his old job of being in charge of the day-to-day responsibilities of the world champions until 2027, while also announcing the recruitment of retired No 8 Duane Vermeulen, former All Black flyhalf Tony Brown and ex-Ireland hooker Jerry Flannery as new faces in the team management. Brown will take charge of the attack and Flannery the defence to replace Jacques Nienaber and Felix Jones. Vermeulen – who was in talks with the Stormers recently about a coaching role following his retirement – has been handed a…

It was not meant to be for South Africa as they crashed out of the ongoing Under-19 World Cup at the hands of defending champions India in the first semi-final at Willowmoore Park in Benoni yesterday. Despite missing out on a home final, there were extraordinary performances from the Junior Proteas in going down by two wickets. Once again, Kwena Maphaka unleashed thunderbolts from the word go and dismissed opening batter Adarsh Singh with his very first ball with a scary bumper. It was the start that the home side needed, having posted a modest 244-7 earlier in the day. Singh received a well-directed bouncer that he was forced to evade, offering up his bat in the process. The ball kissed the shoulder of the willow on its way to…

Since Bafana Bafana reached the Africa Cup of Nations semi-finals, some quarters of ‘SA Soccer Twitter’ have bemoaned the lack of #StrongerTogether support for Ronwen Williams’ team. That is a reference to the blanket fanatical backing that the Springboks – whose motto is #StrongerTogether – received during last year’s Rugby World Cup triumph in France. The situation also has racial undertones – as many things seem to have in Mzansi – as the Boks were historically supported mainly by white people, and the #StrongerTogether notion saw people of all races shouting their lungs out for the Boks at the 2019 and 2023 World Cups. Now local football fans on social media are asking, “Where’s the love for Bafana Bafana? Are we not #StrongerTogether for the SA football team?“ Those are…