Table of contents for 2024-10-15 in Cape Times

Incentive comes as the grocery chain navigates a complex retail environment In a year marked by stiff economic challenges, Shoprite has announced significant increases in the remuneration of its top executives, while simultaneously warning about the growing price sensitivity among South African consumers. For the fiscal year ending June 2024, Shoprite CEO Pieter Engelbrecht’s total remuneration rose sharply to R83.3 million, up from R64.7m in the previous year, while chief financial officer Anton de Bruyn’s pay jumped to R32.8m from R21.1m. These hikes come as the grocery chain navigates a complex retail environment exacerbated by economic headwinds that have left consumers feeling the squeeze. According to Shoprite’s annual report released yesterday, the substantial salary increases are attributed to the introduction of deferred incentives and performance-based share allocations. “The rise in…

The Competition Commission yesterday recommended that the Tribunal approve a proposed transaction, whereby the Government Employee Pension Fund (GEPF), represented by the Public Investment Corporation (PIC), intends to acquire Lanseria Holdings, without conditions. The GEPF consists of a pension fund that is administered for the benefit of government employees. The GEPF, through the government owned asset management firm PIC, is invested in numerous sectors. The acquiring group held an interest in Lanseria Holdings prior to the proposed transaction, while an owned PIC subsidiary ADR International Airports also owns a non-controlling interest in the Airports Company of South Africa. (ACSA). ACSA controls OR Tambo International Airport (ORTIA), among others, which competes with Lanseria International Airport (LIA), which is controlled by Lanseria Holdings. LIA handles cargo, charter and scheduled commercial flights. It…

In an ambitious effort to unlock funding and accelerate renewable energy development across the continent, the first-ever Investment Forum for Accelerated Partnership for Renewables in Africa (Apra) convened yesterday. This landmark forum aims to bolster the continent's contribution to global green energy investment as it receives less than 2% of worldwide investment in renewable energy in the last two decades. Francesco La Camera, the director general of International Renewable Energy Agency (Irena), said, “We are here with a concrete pipeline of projects, taking what was an idea a short while ago to real-life implementation.” The formation of Apra follows the passing of the Nairobi Declaration on Climate Change by African leaders—a resolution that calls for substantial reforms to international financial institutions and the establishment of new global taxes aimed at…

Social media platform TikTok said it will slash hundreds of jobs, with a significant number of employees in Malaysia expected to be affected, as the company shifts to AI-assisted content moderation. TikTok, owned by China-based ByteDance, said Friday it would cut several hundred jobs around the world, without providing a breakdown by country. Less than 500 jobs in Malaysia are expected to be affected by the move. A TikTok spokesperson said that the job cuts were part of an effort to boost content moderation. "We expect to invest $2 billion globally in trust and safety in 2024 alone and are continuing to improve the efficacy of our efforts, with 80% of violative content now removed by automated technologies," the spokesperson said in a brief statement. The company uses a combination…

Merafe Resources yesterday reported a 2% increase in attributable ferrochrome output from its joint venture with Glencore during the nine-month period to end September. This rising production reflects the company’s effort to navigate ongoing challenges within the South African mining sector, where energy costs and logistical hurdles have become prevalent concerns Merafe Resources CEO, Zanele Matlala said in August that the company together with Glencore was looking at ways to mitigate power supply, energy costs, and logistical constraints impacting mining companies in the country. The company yesterday said all operational smelters had been brought into production, helping to drive up production for the quarter to September and subsequently for the nine month period under review. “Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture in the third quarter ended…

Last year marked a disheartening milestone in the global fight against climate change, as reported by PwC's newly released Net Zero Economy Index 2024 report. With a paltry decarbonisation rate of just 1.02%, the world has veered off track from the average 1.43% decrease between 2000 and 2023. More alarmingly, this rate stands significantly below the 20% reduction necessary each year to limit global warming to 1.5°C by the end of the century. Reflecting on this trend, Lullu Krugel, PwC Africa Sustainability Platform Leader, pointed to a surge in energy consumption as a central factor. Krugel noted a notable rise in demand attributed to the energy-intensive artificial intelligence industry, as well as a pressing need for heating and cooling due to extreme temperature shifts. In South Africa, the scenario appears…

Wedding trends come and go. The latest addition is the rise of wedding content creators. Unlike traditional wedding photographers or videographers, a content creator is hired to capture key moments and if the couple wishes, share them live on social media or curate snippets for later sharing. The service isn’t just for celebrities or influencers; many couples want to document candid and fun moments with their guests, without the pressure of managing social media themselves. A content creator takes care of that, allowing couples to enjoy their day while ensuring every memory is captured. Content creators can tailor their services to the couple’s preferences, whether they’re looking for behind-the-scenes footage or curated clips for Instagram Reels and TikTok. The wedding party and guests can also immerse themselves in the…

ANC deputy president Paul Mashatile has urged the DA and other GNU parties to use reason. Amid reports of tensions inside the nation’s coalition government, the Government of National Unity (GNU), Mashatile made an appeal for reason and togetherness during a media briefing conducted by the party on Monday outside the ANC headquarters at Luthuli House in Johannesburg. Mashatile addressed the conflict between Gauteng Premier Panyaza Lesufi and Democratic Alliance (DA) federal leader Helen Zille at the ANC’s reflection on the first 100 days of the GNU. He emphasised the significance of settling disputes peacefully. “With Helen Zille and Panyaza, I am sure they will be able to resolve their issues,” Mashatile stated. He added that if the DA chooses to distance itself from a collaborative approach, it should not…

Recipe METHOD: Preheat the oven to 160°C. Base: Melt the chocolate and butter, then add vanilla and salt. Beat sugar and eggs in a separate bowl until fluffy and pale. Mix the butter and egg together. Fold through flour until smooth. Pour into a 20cm brownie pan and bake for 10-15 minutes, or until just set. Set aside. Increase oven temperature to 200°C. Filling: Heat milk, cream, butter and vanilla pod in a saucepan over medium heat until the mixture starts to simmer. Remove from heat and set aside. Remove vanilla pod and scrape seeds into the milk mixture. Mix the flour, cornflour, salt, sugar and eggs together in a bowl. Gradually pour the hot milk mixture into the flour whisking between additions. Pour mixture back into the saucepan and…

The bottom of the United Rugby Championship (URC) log was not where the Stormers envisioned themselves after their three-week European tour. However, this is precisely where the inaugural champions find themselves, with their next two matches against former champions Munster and current holders Glasgow Warriors in Cape Town. That's why it will be important for them to recover as soon as possible after going down 38-7 to Edinburgh, to find a way to get back on the horse, otherwise their season could be over before it even begins What will make Saturday's encounter against the Irish club more tough, is that the Stormers have never beaten them in the competition and they seem to be the bogey team of the Capetonians. In their four encounters so far – two of…

The rand began the week on a shaky note, sliding by 0.7% to R17.56 against the US dollar as investor sentiment remained clouded by escalating geopolitical tensions in the Middle East and the impending Medium-Term Budget Policy Statement (MTBPS). As the fourth quarter unfolds, the rand has averaged R17.49 per dollar; however, experts anticipate a potential strengthening towards R17.00 as the year progresses. Investec chief economist Annabel Bishop said yesterday that the rand remained around R17.50/$1 on an escalation in geopolitical tensions globally, the moderate messaging from the US on interest rate cuts, and in the run-up to the MTBPS. Bishop said a slower, and less steep, US cutting cycle, with interest rate cuts now not expected at each Federal Open Market Committee meeting in the first half of 2025,…

The South African fuel industry yesterday sounded the alarm over the potential for a crisis in aviation fuel supplies, urging the SA Revenue Service (SARS) to extend the existing time-bound licences for jet fuel imports. This plea comes hot on the heels of a drawn-out review of the Customs and Excise Act, which has yet to align with the current dynamics of the industry. In a statement yesterday, SARS clarified that it was not responsible for the industry’s shortcomings in meeting the licensing requirements outlined in the Customs and Excise Act. “There are two sides to every story,” said Phila Mzamo, spokesperson for the Fuel Industry Association of SA (FIA). “The act does not provide for changes in the industry. For example, it lacks transition mechanisms to special storage warehouse…

MORTGAGE agreements soared by an impressive 18.89% in the three months to June, translating to R7.24 billion, according to the recently published Consumer Credit Market Report (CCMR) and Credit Bureau Monitor (CBM) yesterday. This surge marked a vibrant quarter for the mortgage sector, even as year-on-year comparisons revealed a decline of 4.36% after three successive dips in mortgage credit extensions. According to the report, the upward trajectory in mortgage agreements can largely be attributed to the banking sector, which commands nearly 80% of total credit granted. Overall, the total value of new credit extended grew by 5.43% quarter-on-quarter, moving from R132.53bn to R139.73bn. In parallel, the number of credit arrangements made saw a 4.62% increase, climbing from 4.72 million to 4.94 million. Lynette de Beer, acting CEO of the National…

Technology leaders often talk about creating the future. However few of them do. Elon Musk demonstrated the meaning of creating the future when he showcased a Tesla line of products that includes Optimus (a humanoid robot), Robotaxi and the Robovan. Some technology analysts and investors have expressed disappointment in the lack of technical details about the latest products from Tesla. What many have missed is the fact that Musk presented an integrated blueprint of the future. I say “integrated” in the sense that Tesla is not the first tech company to create a robovan or even a humanoid robot. Amazon has developed the Zoox, a form of a robovan, and Xiaomi has developed CyberOne, a humanoid robot. Tesla, however, developed all these product categories under one roof, an integrated…

Calgro M3 Holdings has launched its lowest-priced home yet, a one-bedroomed unit for R399 000, in a bid to begin to tap into the growing demand for lower-price homes estimated at more than 2 million units, CEO Wikus Lategan said yesterday. Interviewed at the developer of lower-income housing units and memorial parks’ release of its financial results for the six months to August 31, Lategan said the financial position of consumers was worse than people thought and it would take some time before their situation improved with the gradual easing of interest rates. He said Calgro had done “a great deal of research” into why South Africa’s low-cost housing developers appeared to be unable to make an appreciable dent into lower-income housing demand, and their conclusion was that they were…

Over the past few years, the rise of Ozempic, a medication designed to treat Type 2 diabetes and which is now widely sought after for its weight-loss benefits, has been trending in pop culture and social media. A-l isters, influencers and everyday people alike have turned to the so-called wonder drug in the hope of shedding kilos, with minimal effort. But as the popularity of Ozempic and its alternatives grows, questions arise about its safety, sustainability and whether celebrity endorsements are fuelling unrealistic expectations. Even more intriguing is the recent move by Kourtney Kardashian to launch her own variation of the drug, claiming it is a “natural” alternative to the popular weight-loss medication. But does a natural version of semaglutide, the active ingredient in Ozempic, exist? Or is this just…

Since 2019, former finance minister Tito Mboweni has been known as the “minister of cooking”, thanks to his love of sharing his recipes and showing off his cooking skills on Twitter. Getting his haircut at the popular Legends Barber turned into meme-worthy pictures. These are just some of the fond memories South African are left with after his death. Mboweni died on Saturday night after a short illness, his family said in a statement. He was 65. His Twitter posts showing his culinary prowess often ended in tears of laughter, with the former finance minister being the butt of jokes. In political circles, Mboweni was known for his dedication and selfless service to the people of South Africa but on social media, he was known for his love of being…

In an exciting revelation for Australian rugby, Joseph Suaalii has declared that he is "ready to go" if called upon for the Wallabies' upcoming northern hemisphere tour. The 21-year-old talent, who made a name for himself in rugby league with the Sydney Roosters, is now poised to return to rugby union, the sport where he first excelled as a schoolboy star. Suaalii recently participated in his first training session back in XVs in Canberra, under the watchful eye of Wallabies coaches. His transition marks a significant moment as he embarks on a professional career that will see him join the Super Rugby's NSW Waratahs, starting at the end of the 2024 season. His lucrative multi-million dollar deal is reminiscent of other league-to-union converts like Israel Folau and Sonny Bill Williams,…

Eskom yesterday shed light on its pressing financial situation, revealing a substantial R40 billion shortfall in the 2023/2024 year determination that necessitates significant changes in its electricity tariff structure. As the utility engaged with the media regarding its Multi-Year Price Determination (MYPD 6) application, it is clear that its financial landscape is marred by uncertainties, ballooning debts, and new regulatory challenges. Eskom is proposing a steep increase in tariffs: a 36% hike for direct customers in the first year in 2026, followed by a 12% rise in the second year in 2027, and another 9% in 2028. These adjustments, according to Eskom’s chief financial officer, Calib Cassim, are vital for transitioning to cost-reflective tariffs amid numerous external challenges. Chief among these are the R480bn debt-relief programme sponsored by the National…

The sugar tax is destroying desperately needed jobs in South Africa. And although health activists are currently claiming otherwise and currently calling for a higher tax, there is independent data to prove the tax has reduced employment levels without an iota of evidence the tax has improved anyone’s health. When the Health Promotion Levy (or sugar tax) was introduced in 2018, the National Economic Development and Labour Council (Nedlac) commissioned a study on the impact of the tax. The Nedlac study found that between 2018 and 2019, the sugar tax cost 16 000 jobs in the sugar and beverage industries alone. Earlier this year, the activist group Healthy Living Alliance (Heala) misleadingly claimed that these job losses resulted from the Covid-19 pandemic, and that there were in fact no job…

Amazon is bolstering its e-commerce empire while continuing a march deeper into people's lives, from robots to healthcare and entertainment. Innovations unveiled in recent days by the Seattle-based tech titan included a delivery van computer system to shave time off deliveries by its speed-obsessed logistics network. Amazon Stores boss Doug Herrington said that the technology enables vans to recognize stops and signal which packages to drop off. "When we speed up deliveries, customers shop more," Herrington said. "For 2024, we're going to have the fastest Prime delivery speeds around the world," he added, referring to Amazon's subscription service. On top of that, according to Herrington, Amazon last year managed to cut 45 cents off the cost per unit shipped, a huge savings when considering the massive volume of sales. Amazon…

IN THE race towards digital transformation, it’s easy to get swept up in the allure of cutting-edge technology and the promise of instant results. Yet, as African governments and organisations push forward, there’s a recurring question: Why do so many digital strategies fail to deliver the impact we expect? This week’s TechTides column hijacker, Marcus Welby Rance, reckons the crux of the problem isn’t technological. Rance, who dubs himself a “citizen-centric digital transformation influencer”, serves as a digital transformation lead at Quantum Leap Consulting. With 14 years of experience and an ISO 30401 certification under his belt, Rance has been co-leading the implementation of the digital government strategy for South Africa’s Western Cape Government (WCG) for a hot minute – an initiative that’s been turning heads, even at the UN.…

Altvest Capital, which listed on the JSE’s Alternative Exchange yesterday, was thinly traded with its shares remaining at the opening price of R6.42 during the day as the JSE continues to attract companies to the bourse. While the stock was in demand, shareholders were hanging onto their shares under the code ALV, with less than 10% of those bids being settled. Altvest listed one million ordinary shares with an issue price of R6.50, as well as additional preference shares. The private investment platform transferred its listing from the Cape Town Stock Exchange to the JSE’s AltX Board. Altvest is one of South Africa’s more recently established investment holding companies. It currently provides investment opportunities in asset classes such as private equity, property and community housing, sustainable agriculture, fintech and block-chain…

It’s the wedding season and while the maid of honour has a lot of work to do to make sure the wedding runs smoothly, the best man must also do his part diligently. Being the best man for the first time can be a challenge because you don’t know how to navigate things. That is why wedding expert Chris Badja, the owner and founder of Groomsday, tells the best man and the groomsmen not to panic. Instead, they should work as a collective to make sure that everything runs smoothly. “Being a best man comes with both honour and responsibility. While it can be overwhelming for some, having a clear plan and staying organised makes sure the big day goes off without a hitch. “From managing groomsmen to delivering that…

Have you ever wondered how cooking vegetables can affect their nutritional value? While we often strive to incorporate healthy foods into our diets, understanding the cooking techniques that preserve these nutrients is just as important. Cooking vegetables is more than a culinary task; it’s an art that can enhance or diminish their health benefits. All good foods and beverages contain vital nutrients such as proteins, carbohydrates, fats, vitamins and minerals. The nutrients are crucial for our bodies as they perform fundamental functions. Whether providing energy, contributing to body structure or regulating chemical processes, the right balance of nutrients allows us to thrive and maintain an active lifestyle. To ensure your vegetables deliver their nutrient-packed punch, consider some effective cooking methods. Sauté, don’t fry Deep-fat frying might tempt many with its…

Energy and Electricity Minister Kgosientsho Ramokgopa has attributed the achievement of more than 200 days without load shedding, which has marked a turning point in energy reliability, to the robust leadership at Eskom and the dedication of its employees. Reflecting on a period where the last load shedding event occurred for five hours on March 26, 2024, Ramokgopa underscored that this milestone is not simply a stroke of luck but a product of strategic planning and scientific methodologies. “The achievement of more than 200 days without load shedding is no miracle, but steeped in science,” he stated. Ramokgopa further emphasised that this success was pivotal for the Energy Action Plan, as the previous load-shedding crisis had stymied economic growth across multiple sectors. The Bureau for Economic Research at Stellenbosch University…

The Durban policeman arrested after he was found in possession of a bank card belonging to hijack victim Zarah Ramsamy’s mother was allegedly caught after he purchased alcohol. The 11-year-old, Grade five pupil died in early September, after fleeing hijackers ran over her with her parents car in the parking lot of a fast-food parking outlet. The Penzance Primary pupil died on arrival in hospital. On the morning of October 4, 2024, SAPS made a breakthrough in the case by arresting policeman, Minenhle Makhaye. KZN police spokesperson Colonel Robert Netshiunda said Makhaye does not face murder or hijacking charges. “When the hijacked vehicle was recovered in the Cato Manor area, the same constable was called upon to drive the vehicle to the Malvern (police station). “It was during that…

Although there is still a long season ahead in the United Rugby Championship (URC), the Lions and Bulls lead the South African charge in the tournament after three rounds. Both unbeaten, the Lions currently occupy third place on the URC log with 14 points, with their Jukskei neighbours on the same amount in fourth. In contrast, the Stormers and Sharks lost heavily in their final tour match and could only score one try apiece and find themselves at the bottom of the log. With the positive results for the Lions and Bulls, it comes as no surprise that their players topped the statistics for South African players this past weekend, contributing to their victories on the road. In the Independent Newspapers URC team of the week, there was no space…

FOR some, Dewald Brevis’ maiden Test call-up for the upcoming tour to Bangladesh came as a surprise. But for those who have been closely following coach Shukri Conrad’s bold selections since taking over, it was hardly a shock. Most recently, Conrad has worked with Brevis in two South Africa ‘A’ Four-Day series, one away in Sri Lanka last year and another here at home in South Africa last month. In both series, the 21-year-old had decent returns, including a top score of 79. But most importantly, Conrad was impressed with the young batter’s ability to play spin, particularly as Sri Lanka boasted some very effective spinners during both tours. Conrad believes that Brevis’ leg-breaks could also prove valuable in the subcontinent. “A lot of people say, ‘What’s he done to…