Table of contents for 2024-05-13 in Cape Times

HIGH interest rates in South Africa could prevail for longer than initially anticipated, with the SA Reserve Bank (SARB) starting its cutting cycle only towards the end of 2025 as it becomes more aggressive on its inflation targeting. This comes as consumers continue to grapple with an elevated cost of living and a heightened interest rate environment, while average take-home pay in real terms tracks lower. The SARB is expected to keep interest rates unchanged at the meeting this month of its Monetary Policy Committee (MPC), as the recently published Monetary Policy Review gave a clear view of the central bank’s inflation and interest rate views. The SARB has raised and left the repurchase rate (repo rate) unchanged at a 14-year high of 8.25% since May 2023, broadly consistent with…

The National Union of Mineworkers (NUM) has called for the resignation of Sibanye-Stillwater CEO Neal Froneman, amid the company’s process of retrenching nearly 4 000 workers from its South African gold mining operations, saying he and his executive have been “arrogant and brutal” in the lay-offs. NUM members on Saturday marched to Sibanye-Stillwater offices in Libanon on the West Rand calling on the company to halt its Section 189 process to retrench 3 900 gold-sector employees. The union gave the group a two-week ultimatum to address the employee demands for a halt in retrenchments. “We demand Sibanye-Stillwater to respect the country’s labour laws. We demand proper health and safety measures for workers underground,” the NUM said in its demands. It is also demanding that the Department of Mineral…

The Red Meat Producers Organisation (RPO) on Friday warned concern is mounting among red meat primary producers about foot-and-mouth disease (FMD), the infectious virus that is once again rearing its head in various parts of South Africa. The service organisation’s chief executive Frikkie Maré said the most recently-reported cases of FMD were in the Free State, KwaZulu-Natal and Eastern Cape. “We would like to provide the following information: FMD is a state-controlled disease and therefore neither the RPO nor any other private organisation has the mandate to intervene with the processes on the reporting of, or control over the situation, unless instructed by government,” he said. “The Department of Agriculture, Land Reform and Rural Development reported on the most recent FMD cases on May 2 and producers must familiarise themselves…

IS THE current strong recovery of global and South African financial markets just a temporarily fly by night, or like a dead cat falling out of a tree and bouncing before collapsing again? The answer lies in evaluating the prospects of the world and domestic economy stabilising and being ready for a return to post Covid-19 levels. In the US it was announced that the country had created only 175 000 new jobs in April, the lowest monthly addition since October last year, and almost half the 315 000 new jobs created in March this year. This seems to kick-start the reality that the US Federal Reserve’s interest rate policy is starting to show effect. The reaction of a weaker US dollar – and global central banks, especially European…

ANGLOGOLD Ashanti on Friday said negotiations for the consummation of the company’s joint venture (JV) project with Gold Fields in Ghana have been complex, despite significant progress and a significant update likely for the next quarter. The company said the proposed Tarkwa/Iduapriem joint venture project in Ghana will become the biggest gold mine in Africa, with expected bullion production of about 900 000 ounces a year. However, the project has been facing government delays, although AngloGold chief executive Alberto Calderon said he remained positive that Ghana’s Ministry of Mines and the country’s Minerals Commission would eventually give the go-ahead for the project. “On Tarkwa, we made good progress, but it is complex (negotiations). It’s not an easy negotiation. We have made progress and there is a constructive approach from the…

NASDAQ-listed AI heavyweight Powerfleet, which is secondary listed on the JSE, says geopolitical conflicts is knocking its customers and suppliers. Powerfleet, a provider in the Artificial Intelligence of Things (AIoT) Software-as-a-Service (SaaS), said in a US Securities and Exchange Commission on Friday: “Higher interest rates and lingering inflation, fluctuations in currency values, continued supply chain disruptions, and ongoing geopolitical conflicts, such as the wars between Russia and Ukraine and between Israel and Hamas, have resulted in significant economic disruption and adversely impacted the broader global economy, including our customers and suppliers. “The ultimate extent of the effects of these developments remain highly uncertain, and such effects could exist for an extended period of time,” it said. Powerfleet, which first announced the deal to buy South African-based MiX Telematics in October…

After finding tiler Gabriel Guambe alive 6 days in, heroic rescuers refuse to give up on disaster survivors RESCUE operations at the collapsed George building site over the weekend have provided volunteering teams with a glimmer of hope despite the rising death toll. Search and rescue operations enter a week today after the five-storey apartment building collapsed last Monday with 81 people, mostly construction workers, inside. By yesterday evening, 20 people were confirmed dead, 49 were rescued and 32 people still unaccounted for. The Garden Route Joint Operation Centre (GJOC) and municipality said yesterday that the operations were “still continuing with new vigour” after the successful rescue of tiler Gabriel Guambe, 32. Guambe was trapped beneath rubble but on Saturday afternoon he was successfully rescued and admitted to hospital in…

THE successful implementation of the National Health Insurance (NHI) relies heavily on the support and empowerment of nurses, says the Public Servants Association (PSA). Marking International Nurses Day yesterday, the organisation expressed concern about the profound challenges facing this critical sector of the South African workforce. Nurses Day coincides with the anniversary of the birth of Florence Nightingale, regarded as the founder of modern nursing. “South Africa is experiencing a notable shortage of nursing professionals, putting strain on the healthcare system. “The healthcare system is heavily reliant on an ageing nursing workforce without recruiting new nurses. This looming crisis needs to be addressed urgently,” the PSA said. “In addition, the National Health Insurance (NHI) scheme represents a crucial time to address systemic inequalities in the healthcare system and improve access…

Tiger Woods and Rory McIlroy return next week to Valhalla for the 106th PGA Championship, back on a course where each captured a dramatic Major victory earlier in their careers. Woods, a 15-time Major champion, won a three-hole play-off over Bob May to take the 2000 PGA Championship, becoming the first golfer since Ben Hogan in 1953 to win three Majors in the same year. He went on to claim the 2001 Masters and complete the Tiger Slam feat of four consecutive Major wins. World No 2 McIlroy won the most recent of his four Major titles in the 2014 PGA Championship at Valhalla, racing the darkness down the last hole to edge Phil Mickelson by a stroke. “I think the guys up ahead were pretty unhappy with how…

Arsenal’s Leandro Trossard capitalised on dreadful Manchester United defending to secure a 1-0 win yesterday that saw his side provisionally overtake Manchester City atop the Premier League and guaranteed the title race will go down to the final day. While Arsenal, who won for just the second time at Old Trafford in their past 17 visits, have 86 points with one game left of the tightest title race in years, holders City remain in the driving seat with 85 points and two matches to play. City, who are aiming for an unprecedented fourth consecutive English top-flight title, can retake the lead when they play at Arsenal’s London rivals Tottenham Hotspur tomorrow. Trossard scored in the 20th minute when Kai Havertz sauntered barely challenged into space on the right before sending…

IN THEORY, the Sharks were supposed to use their match against Benetton to ►keep the big guns firing and build momentum◄, but rugby has a curious knack of shoving a spanner in the works. With apologies to poet Robbie Burns, for John Plumtree it is a case of “the best-laid schemes of mice and men can often go astray”. The match was lost 25-24 in the 78th minute to the dogged Italians, and three top Boks in Eben Etzebeth, Vincent Koch and Lukhanyo Am are in serious doubt for the May 24 Challenge Cup final against Gloucester. The Sharks host Cardiff this week in a United Rugby Championship (URC) match and we can be sure there will be a truckload of cotton wool delivered to the Shark Tank because further…

JORGE Martin landed his “perfect weekend” and extended his lead in the championship with a thrilling victory in the French MotoGP at Le Mans yesterday (Sunday). The Spaniard, who won Saturday’s sprint, battled the entire race with rival Francesco Bagnaia before Marc Marquez, starting from 13th spot on the grid, arrived late to steal second place. Pramac Ducati rider Martin heads the standings with 129 points, 38 ahead of Bagnaia who moved into second spot. Marquez is third a further two points back. “There’s not a lot I can say today,” said Martin. “I had a lot of doubts at the beginning of the race but finally I demonstrated to myself and all the people that need something else to prove that I was the best today. “So, (I…

South African banks increased the proportion of short-term lending in their loan portfolios since 2008 with the introduction of the Basel III-mandated net stable funding ratio (NSFR), resulting in decreased long-term lending, particularly in residential mortgages. This is according to a study by the South African Reserve Bank (SARB), released on Friday, which investigated the effect of the NSFR on South African banks’ lending. The NSFR was introduced globally as part of bank liquidity reforms post the 2008 global financial crisis, and it addresses mismatches in the maturity of assets and liabilities, which was identified as a major cause of the crisis. However, there is little understanding of how these reforms have affected emerging market banks, which the study attempted to provide some insight into. The SARB said there were…

The outlook for house prices is slightly dimmer, FNB said in its Residential Property Barometer, released on Friday. Growth in the FNB House Price Index averaged 0.8% in the first quarter of 2024, unchanged from the fourth quarter of 2023. High borrowing costs and uncertainty were discouraging potential buyers, while unfavourable selling conditions were causing some homeowners to hold back on listing their properties. FNB said it echoed its view of a hesitant house price growth trajectory in the near term. “The elevated living and borrowing costs, as well as heightened political uncertainty – both domestically and internationally – are weighing on transaction activity and, ultimately, property prices. Nevertheless, wide disparities are evident across regions. Generally, larger non-metro regions are seeing stronger house price growth relative to traditional metropolitan cities.…

The critique levelled at the DA’s proposal to empower millions of young, jobless South Africans through a Youth Employment Opportunity Certificate (YEOC) has exposed how out of touch Cosatu is with the reality. The truth is that South Africa is facing a man-made unemployment crisis. At 41%, the world’s highest unemployment rate is dwarfed only by the highest youth unemployment rate in the world at 71%. While government officials often cite external shocks such as the global financial crisis and the Covid-19 pandemic as the culprits, the rest of the world – both emerging and developed – has rebounded mainly from these disruptions. SA has all but done so, and in 2024, the real number of employed remains tragically similar to 2008, despite a near-doubling of our population. Well-intentioned but…

SAM Mudd has been appointed CEO of Bytes Technology Group (BTG), one of the UK’s leading software, security and cloud services specialists, that is listed on the London Stock Exchange (LSE) and secondary listed on the JSE. The appointment comes after Bytes was rocked in February by former CEO Neil Murphy’s undisclosed share trades on the LSE. Murphy subsequently was forced to resign under a cloud. “The board of BTG has appointed Sam Mudd as CEO with immediate effect, following a selection process led by chair Patrick De Smedt with support from a leading external search firm. Sam brings over 20 years’ experience in leadership positions and has served on the BTG board as an executive director since July 2023, and was appointed interim CEO in February 2024,” Bytes said.…

SIBANYE-Stillwater CEO Neal Froneman on Friday said there was limited downside potential for the gold price for the remainder of this year, maintaining a positive outlook for platinum group metal (PGM) prices despite headwinds for the group’s PGM operations. Sibanye, which has been retrenching at its South African PGM and gold sites, saw its bullion production for the March 2024 quarter fall by 18%. However, with gold prices currently elevated, the company’s problems were more pronounced in the PGM sector. “The fundamental outlook for gold remains constructive with limited apparent downside for the gold price for the balance of 2024,” Froneman said. “Our view that the fundamental outlook for PGM is positive is unchanged, with little evidence of a systemic change in the market fundamentals to justify the price collapse…

The human body is a complex and sophisticated marvel of nature, filled with strange things and wonders that continue to confuse and captivate scientists and laypeople alike. From its self-healing capacities to its intricate systems of communication and defence, it is a source of endless fascination and mystery. Here are some of the most fascinating, strange and lesser-known facts about our bodies: l Did you know you could be allergic to your own body? Yes, it’s possible. Our immune systems, strangely enough, don’t recognise our eyes. If they did, we might end up blind. l A precise hit to the chest at the right moment can stop our hearts due to a glitch in our bodies’ electrical system. l Our brains are constantly editing the world around us, sometimes creat-…

WHO will the parties contesting the 2024 national and provincial election go with to bed after the May 29 elections? That was the question posed to 10 parties that participated in a panel election debate organised by Independent Media at the Artscape on Friday. Political analyst and Cape Times columnist, Nkosikhulule Nyembezi moderated the discussion. While some parties were not shy to name who they would not enter into a coalition with, others ruled out those parties with “corrupt” leaders and said they would be guided by their values. National Coloured Congress leader Fadiel Adams said his party had not had a discussion about coalitions. “If our people ask us to, most definitely,” he said. ACDP deputy leader Wayne Thring said: “We will not form a coalition with the ANC…

The suspects, aged between 28 and 49, face charges of possession of suspected stolen property and hijacking. Hawks spokesperson Philani Nkwalase said the four were arrested on Friday through a multidisciplinary operation that included the Hawks’ Tactical Operations Management Section (TOMS) from National Head Office, Johannesburg Hawks’ National Priority Violent Crime (NPVC), Germiston Hawks’ Crimes Against the State (CATS), Germiston Bomb Disposal and the Westrand Trio Task Team of the SAPS. “The suspects, driving a BMW with blue lights, forcibly intercepted a Toyota double cab bakkie and hijacked it, in Bekkersdal area on 23 November 2023. Inside the vehicle was a Troxler soil density gauge, containing a hazardous substance. The gauge contains a radioactive source and poses a severe threat to human health. “The hijacked vehicle was later found stripped…

After breaking their overseas hoodoo in the United Rugby Championship (URC) in Wales on Friday, the Stormers will want to see a significant improvement in their next clash in Ireland – their second-last round robin match of the season. They scored four tries in the last 15 minutes at Rodney Parade to put away the Dragons, but they left things very late to secure the bonus-point 44-21 victory. The win was all they were after, and things can only improve in the next match as they travel to Galway to face Irish dark horse Connacht this Saturday. The Stormers didn’t impose their game on the Dragons until deep into the second half, and some penalties and kick-tennis prevented them from picking up any momentum on the attack. Head coach John…

Lions coach Ivan van Rooyen feels his team are “still alive”, but has urged his players to be more ruthless on attack if they hope to make the United Rugby Championship play-offs. The Johannesburg side had to wait until the 79th minute to grab their bonus-point try in the 34-13 victory over Cardiff at Ellis Park on Saturday night. The URC quarter-final race is as tight as it can get, with the Lions 10th on 44 points, Connacht on the same tally but in ninth due to having won one more game, and Benetton eighth on 48 after they beat the Sharks 25-24 in Durban on Saturday. Edinburgh are seventh on 48, Ulster sixth on 49 and Stormers fifth on 50, with the top four seeing Glasgow leading, followed by…

ELROY GELANT’S delight at clocking yet another personal best (PB), this time in the 10km, will be made all the sweeter should he make the marathon team for the Paris Olympics. The Boxer Athletic Club stalwart finished as runner-up in the Absa RUN YOUR CITY CAPE TOWN 10K yesterday, Gelant crossing the finish line in 27:54. It was his first time dipping under the 28-minute mark on the road in his illustrious career and his excitement was understandable, the fact that he lost out to Vincent Langat yet again notwithstanding. The Kenyan crossed the finish line three seconds ahead of the 37-year-old from George as the Mother City race replicated the results of the season-opener in Gqeberha last month were the duo occupied the top two podiums. Another Kenyan, Francis…

Cape Town City and TS Galaxy look set to hold on to their top-eight berths after they drew their DStv Premiership match 1-1 at the Cape Town Stadium, Green Point, yesterday afternoon. TS Galaxy coach Sead Ramovic said he would have liked all three points, but was happy with the draw. “We played against a fantastic team and it was beautiful to come here and go away with a point,” said Ramovic. “We started the game well and we had many opportunities (to score). My team trained well and the players have beautiful attitudes.” Eric Tinkler, City’s coach, is not happy that his team did not collect maximum points. “I think there were lots of turnovers for both sides,” said Tinkler. “Our ball retention was not good enough. We put…

TESLA boss Elon Musk said on Friday that the electric vehicle manufacturer would invest over $500 million (R9.2 billion) this year to install new superchargers, just days after a report of massive layoffs in this branch of the company. “Just to reiterate: Tesla will spend well over $500m expanding our Supercharger network to create thousands of NEW chargers this year,” Elon said on X. “That’s just on new sites and expansions, not counting operations costs, which are much higher.” According to tech news outlet The Information, Tesla was moving to disband its supercharger department, laying off most of its 500 workers and its senior director. The revelation raised questions about the future development of Tesla’s network of over 50 000 fast chargers, which can add 320 kilometres of range…

A number of parties in the Western Cape have trotted out the worn election trope of a “one-stop shop” for investments, aimed at making government application and approval processes easier for small- and medium-sized businesses. This Business Report reporter has covered most of the national elections in one form or another since 1994, and can attest to the fact that all manner of parties, including the ANC, have trotted out promises of the “one-stop shop”. However, while it is an idea viewed favourably by many business commentators, these “one-stop shops” never happen, and political parties soon get back to berating business for not following procedures, or doing things without proper consultation, both with the authorities and communities. Last Friday, senior representatives from most of the political parties contesting the elections…

It has been argued indisputably that South Africa’s success in filling its greenfield and hence risky infrastructure gap hinges upon a delicate balancing act between development banking and institutional long-term investment. An innovative structural approach to project development and innovative sources of financing are required to gather the necessary funds to meet the upsurge in infrastructure investment demand. Taking all considerations into account, a project structure is “bankable” if lenders are willing to finance it. Lenders need to be convinced that a project company can service the debt for the project to be bankable. Moreover, bankability varies and may involve wider macroeconomic factors, such as economic and political stability, an appropriate legal and regulatory framework, and smart financing concessions, to name a few. The manifestos of most political parties presented…

BE READY. The hard slog to solving our transformation problems, in particular health and education, can be won when we achieve leaving no one behind. Tomorrow, watch this space for a critical announcement that should catch your attention on a matter of health. When the question staring South Africa in the face is one of a demographic disaster, instead of a demographic dividend, then the nation must hit the pause button and seek the wisdom of Greek mathematician Archimedes. How do you leverage a demographic dividend? Only through a system of levers can you leverage exponential returns. I have been analysing data the mighty organisation Statistics SA produces, such as Census 2011, the Community Survey of 2016 and Census 2022. These data results show there is no demographic dividend for…

SHARES in Novus Holdings jumped 5.5% on Friday after it announced it was acquiring Bytefuse with the view that it was strategic to its education business and a good entry point into the broader AI market. The board of directors of Novus said its subsidiary, Novus Print, had entered into a deal on May 9 with Marblehead Investments, Alphawave Holdings, Etienne Barnard, Lambda AI People, Greg Newman, Ruan van der Merwe, Cobus Louw and Bytefuse to acquire all of the ordinary no par value shares in the capital of Bytefuse. Bytefuse, founded in Stellenbosch, Western Cape, in 2021, develops machine learning and artificial intelligence technology for application in various fields. The shares closed at R4.60 on Friday. Novus said it was anticipated that the use of AI technology would enhance…

WHETHER you are dining at home or in a restaurant, having a good understanding of the basics of dining etiquette will ensure that you create a positive and pleasant experience for yourself and others. Here are tips for the dining table that everyone should keep in mind. Chew with your mouth closed Chewing with your mouth open is considered impolite by most people. No one wants to see your half-masticated food! Put away your cellphone Once GPS has safely (and promptly) delivered you to your destination, it is time to put your cellphone away. When you are constantly checking your phone at the table, it sends the message that what you are doing is more important than the person sitting across from you. Of course, there are exceptions. If you…

FORMER president Thabo Mbeki has challenged the KwaZulu-Natal ANC leadership to act in a manner that will ensure the electorate returns the party to the helm of the provincial government. Mbeki said the party’s fate in government rested on the ruling party engaging with voters honestly and fixing the mistakes that have undermined it in the eyes of the public. He made the remarks after he was asked by journalists about the ANC’s prospects in the May 29 elections. He was non-committal about whether the party would be victorious. KwaZulu-Natal is one of the most hotly-contested provinces in the election and the ANC has deployed its senior leaders to the province to woo the voters. The party is desperately trying to hang on to power amid challenges posed by the…

Eskom said the nearly 50 consecutive load shedding-free days have been the result of it having sufficient generation capacity from a more reliable generation fleet and has denied speculation it is overusing its diesel-burning open-cycle gas turbines (OCGTs). It said its diesel budget from May to June was R5.8 billion, and only R1.16bn had been spent, as of May 9, 2024, or 19.7% of the total budget. Late on Friday, Eskom said in a statement: “Unplanned outages have reduced by 4 400MW since April 26, 2024 due to extensive maintenance and the success of the ‘Generation Operational Recovery Plan’ initiated in March 2023.” It said the energy availability factor (EAF) had improved significantly, performing above 60% since April 29, 2024 and reaching 65% on May 1, 2024, with a…

Stellenbosch head coach Steve Barker has suggested his side is struggling to keep their energy levels up at this stage of the season. Stellies almost took a huge knock in their pursuit of CAF Champions League football on Saturday as they lost to Moroka Swallows, before seeing their direct rivals suffer the same fate against Richards Bay FC later on in the day. The Cape Winelands-based club struggled to find their best version at the Dobsonville stadium, conceding two goals and also blanking for the second league game in a row. Barker, who has guided the side to their best top-flight season ever, ushered his team out with the same faces that have featured largely throughout the season. However, he believes the demands on his squad had a part to…

JDR Stars’ hopes of PSL promotion/relegation play-off qualification became slightly more complicated with a 1-1 draw against Baroka in their Motsepe Foundation Championship clash at the Global Stadium in Lebowakgomo, Limpopo, yesterday. The result means the battle for the play-offs moves into the final day of the season with both sides failing to make inroads into the lead enjoyed by second-placed University of Pretoria, who are two points ahead of both clubs on 48 points. First-placed Magesi have already earned automatic qualification for the elite league next season. JDR Stars were within inches of grabbing the advantage heading into the final matchday next weekend, but will rue not securing victory in a tightly contested game with few chances. With the sun setting in Lebowakgomo, it looked as if the hopes…