Table of contents for 2024-08-20 in Cape Times

President Cyril Ramaphosa has hailed the growing confidence among investors about the prospects for South Africa’s economy on the implementation of structural reforms, as the stocks and currency markets continued yesterday to new record highs. The JSE All-Share Index rose more than 1% to above 83 600 index points, setting a new record high and marking its fifth consecutive day of gains, largely buoyed by retail-linked stocks, resources, financials, and telecommunications. The growing optimism around interest rate cuts by the US Federal Reserve continued to support market sentiment yesterday, as investors awaited the release of Federal Open Market Committee (FOMC) minutes and the Jackson Hole symposium of central bankers where Fed chairperson Jerome Powell is set to give a speech on Friday. Meanwhile, the rand also remained at more than…

Shares in Thungela Resources, which will kick-start a share buyback scheme for the second half of 2024, fell 1.7% in afternoon trade on the JSE yesterday after it reported declining interim dividends and earnings for the six months ended June 30 2024. The company advised, though, that it had noted progress in efforts to improve Transnet Freight Rail’s capacity. It traded firmer at around R128 per share in the early trading session, extending its 9.65% surge on the local bourse in the past 30 days before tipping into negative territory in the afternoon. In the half-year to June, Thungela repurchased 3.3 million ordinary shares for R441 million, and yesterday the company said it had set its focus on the second instalment of its share buyback scheme. Thungela said it would…

South Africa’s agricultural exports fell slightly to $3.37 billion (R59.7bn) in the second quarter of this year, a 0.1% decline relative to the same period last year following recording a sharp increase of 6% year on year in the first quarter, data from Trade Map showed yesterday. Wandile Sihlobo, chief economist at Agbiz, said the slight decrease in the second quarter reflected the moderation in the prices of some agricultural products and a decline in the volumes. “Notably, while the value of the exports is down mildly from the second quarter of 2023, the efficiency at the ports this year was arguably much better than what the stakeholders experienced in 2023,” Sihlobo said. “This again shows that the decline in export value is largely due to lower prices of some…

A FEW months ago, my wife, Sithabiso Daphne Masuku née Ncube, and I celebrated our 10th wedding anniversary. Naturally, she’s been on my mind a lot lately. But it’s her eclectic STEM career that I feel compelled to share with you this week. With Women’s Month in full swing, now seems like the perfect time to cast a spotlight on the important and timely breast cancer-related research that she is currently devoted to. Wake-up call Did you know that breast cancer is the most common cancer affecting women in South Africa, with a lifetime risk of one in 27, according to the 2019 National Cancer Registry? Turns out, in South Africa, patients are more likely to present with late-stage (stage III or IV) breast cancer, with studies indicating that the…

Australia warned yesterday that the “softness” of China’s economy and tumbling iron ore prices could leave a multibillion-dollar hole in the nation’s budget. Troubles in China’s massive construction sector have seen iron ore prices drop about 30% since the start of the year – and the ripple effects are now being felt Down Under. Australia is the world’s largest producer of iron ore, the main raw component for making steel used in building homes, railways and other infrastructure. Treasurer Jim Chalmers warned that the “softness in the Chinese economy” and sinking iron ore prices were reminders that Australia was “not immune from volatility and uncertainty in the global economy”. His department now believes that the faster-than-expected fall could reduce tax receipts by around A$3 billion (R36bn) over the next three…

figuring out which spices go well with certain foods is a subjective topic. Understanding the way flavours work with different foods is the best way to become a good cook at home. One of the best parts of cooking is being able to naturally comprehend herb and spice pairings, so you can get flavour combinations that make your food taste good. Cooking with spices and herbs lessens the urge to shake the salt, enhances flavour and adds depth to food. Here are some of the most flavourful combinations to try: Beef The best spices that go with beef are more herbal and have earthy tastes. Onion and garlic, sage and thyme are often the best choices. For beef dishes with sauce, opt for a sweeter approach. The important thing when…

South Africa’s domestic workers are currently facing a cost of living crisis as well as a significant decline in mental health, according to the 2024 SweepSouth Report on Pay and Working Conditions for Domestic Workers. Also of major concern is that the sector has not recovered from the economic fallout created by the pandemic, with 15% fewer jobs available versus pre-Covid levels, according to the report by SweepSouth. The 2024 study showed that although earnings for domestic workers had increased by 5% year-on-year, living costs had risen by a worrying 15%. As of March 2024, the minimum wage, for South African domestic workers employed for 24 hours or more by a specific employer, is R27.68 per hour. This equates to R221.44 for an eight-hour day, R1.107 for a five-day week…

Dricus du Plessis’ head coach, Morne Visser, echoed his champion’s sentiments surrounding a potential fight with current Ultimate Fighting Championship (UFC) light-heavyweight champion Alex Pereira and wants a fight as soon as December. Shortly after South Africa’s UFC middleweight champion defended his title against Israel Adesanya, getting him to submit him via rear-naked choke at UFC 305 in Australia on Sunday, Pereira posted a picture of himself with Du Plessis on TV in the background with a caption reading: “I am going down to 84kg again. Coming down to 185 one more time.” After seeing the post, Du Plessis confirmed that he would like to save Pereira the trouble and excuses of battling with a weight cut, suggesting that he would go up to 93kg instead to face the former…

After a first-round hiccup for the All Blacks, they returned to winning ways, while Argentina came down from a high to a tough loss. Australia find themselves at the bottom of the log with nothing to show for their efforts against South Africa. Independent Newspapers looks at five things we learnt from the first two rounds of the Rugby Championship. The Boks are in a prime position One can venture as far as to say that the Springboks didn’t have to work too hard to see off the Wallabies for their 10 points after the first two matches in the tournament. Despite missing key players who were injured, and making 10 changes to the side for the second Test, the Boks were far too strong for their hosts who could…

Business rescue practitioners (BRPs) of the beleaguered automotive parts retailer, AutoZone, have confirmed being in productive negotiations with potential buyers of the franchise, which has necessitated the postponement of the rescue plan for the second time to early September. Matuson & Associates BRPs said yesterday the latest postponement of publication of the business rescue plan was to allow identified potential investors to conduct due diligence on the enterprise, which is about R300-million in the red with Absa. Lance Schapiro, a partner at Matuson & Associates, said: “The publication of the business rescue plan has been extended to September 2 to allow for due diligence by potential investors.” This is as the legal department of the Motor Industry Staff Association (Misa) confirmed it was monitoring developments around ongoing negotiations. “AutoZone has…

Electricity Minister Dr Kgosientsho Ramokgopa’s decision to withdraw the 2 500MW new nuclear procurement from the government gazette should be welcomed, even by those who support a new nuclear power station. His concession shows that finally the former Department of Mineral Resources and Energy (DMRE) – which has been split into the new Department of Electricity and Energy; and the Department of Mineral Ressources – is learning the lessons as to why the 2016 alleged “Russian nuclear deal” failed. The court judgment at the time made no ruling on the R1 trillion number that we still hear about, rather the judge ruled that the public participation process wasn’t adequately followed. In fact, all that the government had to do, if they were serious about new nuclear power, was…

AI-ASSISTED cyber-attacks, called deep fakes, are an increasing threat to global businesses. South Africa is not immune, with these techniques increasing locally. Through the use of artificial intelligence, criminals create realistic videos, emails, and email attachments among others, to lure unsuspecting end users into clicking on the items, and gain access to a company’s network. And ICT professionals are working hard to tackle this threat, often using AI as well to detect weaknesses in IT systems so they can be plugged in advance. No definitive statistics are available for such hacks in South Africa, but cryptocurrency company Luno has proactively detected more than 2 000 fake social media sites with a take-down success rate of 98% and almost 500 fake websites, with a take-down success rate of 87.6% over the…

Despite using scrap and focusing on reducing costs, rolled aluminium products manufacturer, the JSE-listed aluminium producer Hulamin, recorded a fall in half-year volumes, turnover and earnings although it has started to see an uptick in demand for its produce. Earlier this year, Hulamin acquired 58.7% of the equity interest in Isizinda Aluminium, bumping up its control in the company to 100%. In June, Hulamin, however, suffered a fire at its Coil Coating Line which mainly impacted the company’s export can end and tab markets, although repair works are on schedule, with production expected to resume next month. Mark Gounder, Hulamin CEO, said yesterday that demand for the company’s production had “started to improve in the first half of 2024, especially in the second quarter to June following a period of…

MTN Group again passed the interim dividend after it reported a 198.5% slump in headline earnings a share to -256 cents per share in the six months to June 30 due to other African currency devaluations, and the weak macro- economic environment. CEO Ralph Mupita said, however, that strong operational momentum was maintained and the resilience of the business was reflected in the growth of their ecosystem, with data traffic and fintech volumes up by 35.7% and 18.0%, respectively. The fintech platform continued to expand, driving good growth in advanced services, while strategic initiatives were initiated, particularly localisations and portfolio optimisation. “We will continue to execute our Ambition 2025 strategy to drive growth and unlock value for all our stakeholders over the medium term. The board anticipates paying a minimum…

Rusks, a beloved South African treat, have a history as rich and diverse as the nation itself. These hearty biscuits, resembling dry bread, have become a staple in many households. South African rusks’ history dates back to the early days of European settlement. The term “rusk” is the anglicised word for the Dutch “beschuit,” which refers to a twice-baked bread. This tradition was brought to South Africa by Dutch settlers in the 17th century. Seeking a way to preserve bread for long sea voyages, they devised a method of double-baking, resulting in the creation of rusks. Courtesy of chef Shanay Roelfse, here is a simple buttermilk rusks recipe that you can try. Growing up, Roelfse loved hanging around the kitchen while her mother was cooking or baking, because she was…

500g pasta 2 pk Royco® Chicken A La King Cook in Sauce 800 ml milk 250 ml water 250 g mushrooms, sliced 100 ml oil for frying 500g chicken breast or thigh meat 65 g almonds 100 ml fresh bread crumbs 100 ml grated cheese Cook pasta according to packet instructions, drain and season with salt and pepper. Roast almonds at 180ºC until light golden, chop roughly. Fry mushrooms in a little oil until cooked, season with salt and pepper. Fry chicken in a little more oil until cooked, then cut into bite sized pieces, season with salt and pepper. Mix the pasta, almonds, mushrooms and chicken together. Place in an oven proof dish. Mix the contents of the packets of Royco® Chicken A La King with the milk, water…

Even South Africa’s “B-team” forwards gave Australia a run for their money and in the absence of several key players, healthy depth was built by Springbok head coach Rassie Erasmus. So much so that he and his assistants will be thinking long and hard over who their first- and second-choice players will be for the two Tests against New Zealand starting with next weekend’s match at Ellis Park. When the scrums went uncontested this past weekend in Perth, the Bok pack switched things up by mauling the Wallabies to shreds when they could not gain the ascendency with their set-piece weapon. Now, though, Erasmus will have a few tough calls to make when it comes to his pack for the first Test against the All Blacks in Johannesburg. No 8…

New Chelsea manager Enzo Maresca added to speculation about Raheem Sterling’s future at Stamford Bridge when he left the winger out of Sunday’s squad for the visit of Manchester City, saying some players might have to move on. “I want Raheem Sterling but I want all the 30 players that we have, but there is no space for all of them. So for some of them, they have to leave,” Maresca said after the 2-0 defeat, when asked about the former England striker’s absence. The Italian said Sterling’s omission was a “technical” decision. Sterling’s representatives issued a statement shortly before kick-off, saying the player had a good working relationship with Maresca and was committed to delivering for Chelsea. “Given his inclusion in official club pre-match material this week, our expectation…

ABSA Group CEO Arrie Rautenbach is stepping down after only two-and-a-half years as the lender reports a 5% slide in first half headline earnings to R10.2 billion, despite profit growth in the South African operations and prospects of a better second half overall. In a surprise announcement with the interim results yesterday, South Africa’s fourth-largest lender said Rautenbach had agreed to take early retirement. This appeared to be favourably received by the market, as the share price had advanced by 4.99% to R165.27 by late yesterday afternoon, which is a sharp increase for one of South Africa’s big banks. Rautenbach would be CEO until October 15, and would serve out his six-months contractual notice period as “garden leave”. Tasneem Samodien, research analyst at Old Mutual Wealth Private Clients, said the…

The Companies Amendment Act extends the time bar to hold directors accountable from 24 to 60 months, or even more with good cause. It’s a move in the right direction, but I question whether it is enough. The amendment is a direct result of the Zondo Commission of Inquiry into State Capture’s finding that directors of captured state-owned entities had not been properly held accountable. It called for an amendment of the Companies Act to extend the period in which an application for an order declaring a person delinquent can be brought “as it can take a number of years for the facts of delinquency to be uncovered”. The Companies Amendment Act amends the Companies Act of 2008 to extend the 24-month time bar to launch proceedings to 60 months…

There’s no denying that technology dominates most of our lives. Just about everything we do in public, in private entities and at a personal level utilities technology. Little is known, however, about the people behind these technology companies. In the interest of creating more awareness about the founders of innovation and technology companies, I’ve been speaking with the people behind these companies to understand them better. It is clear to me that they are inspirational and I hope they will also inspire you. The founder of Y Combinator, Paul Graham, was once asked to write about the qualities his technology accelerator start-up and venture capital firm looks for in the start-up technology founders that it supports. He highlighted five key traits: determination, flexibility, imagination, naughtiness and friendship. What matters most,…

The Tiger Brands board said yesterday it had extended the tenure of its newly-appointed CEO and executive director Tjaart Kruger for a period of three years to December 31, 2028. In October, 2023 Kruger was appointed CEO and executive director of Tiger Brands for a 26-month period starting on November 1, 2023. “The decision (to extend his tenure) is premised on Tjaart’s positive progress with the group’s long-term strategic turnaround plan, including the appointment of new executive managing directors for the group’s six operating divisions, implementation of a new operating model, as well as progress with regard to the group culture and staff engagement,” the board said. “The board believes this decision will provide leadership certainty to Tiger Brands’ multiple stakeholders and the necessary runway for the group’s succession plans,”…

The US Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely. The change in Fed rate cut calls follows a weaker-than-expected July US jobs report, which encouraged interest rate futures traders to price in as much as 120 basis points of reductions in 2024 earlier this month. That pricing has reduced to roughly 100 now. Investors also said a violent, but brief market sell-off also was a driver of aggressive rate cut calls, related to the unwinding of large leveraged positions as a result of a sudden, sharp rise in the Japanese yen. Although some Fed officials…

Gauteng ANC provincial secretary Thembinkosi “TK” Nciza says they will fight illegal immigration in the province, which the party believes has contributed to its poor performance in the recent elections. Nzica has hit back at pro-immigration groupings that have suggested that South Africans are xenophobic in pushing against foreign nationals. Nzica, along with ANC provincial chair Panyaza Lesufi, addressed the media on the outcomes of the Provincial Executive Committee (PEC) at the Ruth First House in Johannesburg yesterday. He said among others, illegal immigration was on their priority list at the PEC meeting over the weekend. The party is planning to reclaim the city of Johannesburg and other towns in Gauteng from criminal elements. Nzica said the illegal takeover of buildings in Gauteng towns would come to an end, hence…

South African cricket has always had an almost vulgar obsession with fast bowling: tall, athletic, loose-limbed men charging in delivering thunderbolts. Nothing subtle about rattling the rib-cages of the opposition batting line-ups. And it gained even greater traction after the country’s readmission to international cricket back in 1991. Coaches and captains came and went, but the inherent culture remained with the art of spin bowling resigned to the backwaters. Omar Henry was the first spin bowler trialled after unity with the veteran left-armer being utilised solely to hold up an end while the prized race horses charged in from the other. Others such as Clive Eksteen were later called upon and treated in a similar disdainful manner. It was only when Paul Adams, the wrist spinner with ‘the frog-in-a-blender action’,…

Betway Premiership side Stellenbosch FC are set for arguably their most difficult season since arriving in the top flight with a lot of matches on their agenda. The Cape Winelands-based club will compete in no less than five competitions this season, namely the MTN8, CAF Confederation Cup, Premiership, Carling Knockout and the Nedbank Cup. Due to their fine performances in the league, which saw them finish third in the last campaign, Stellies started the season earlier than most domestic teams. They have been involved in the MTN8 and Confed Cup. Other clubs with similar schedules are Orlando Pirates, Sekhukhune United and Mamelodi Sundowns. By the time the Premiership kicks off in mid-September, Stellenbosch will have played at least five matches, igniting complex discussions on the influence it might have on…