Table of contents for 2024-11-14 in Cape Times

Prosus sold Swiggy shares worth more than $500 million (R8.99 billion) as part of the successful IPO of the India-based on-demand convenience platform yesterday, the second largest listing in that country this year. In the IPO, the Bombay Stock Exchanges of India (BSE) valued Swiggy at $11.3 billion (R203.4bn). Amsterdam-based and JSE listed Prosus, 43% owned by Naspers, has been a major investor in Swiggy since 2017 and will be left with 25% of the India company after the IPO, with two seats on the board. Prosus CEO Fabricio Bloisi said they had supported the Swiggy management team since Naspers’ first investment in 2017 with a 31% stake, and have seen the company flourish in the post-pandemic era. Swiggy listed its shares at ₹390 (R82.83) per share during its IPO.…

A group of leading multilateral development banks (MDBs) have estimated to make $170 billion (approximately R3 trillion) in collective climate financing contributions in response to Loss and Damage for low- and middle-income countries until 2030. This comes as the 29th 2024 UN Conference of the Parties (COP29) in Baku, Azerbaijan, yesterday heard that the Fund for Responding to Loss and Damage was now ready to accept contributions after the signing of key documents and is now expected to start financing projects in 2025. Loss and damage has been a key priority in the COP29 Presidency’s plan to enhance ambition and enable action. The Fund will serve as a lifeline by providing critical and urgent support for those impacted by the devastating consequences of climate change. Africa receives only 3–4%…

Last week saw Unit 6 at Kriel Power Station explode, with Eskom’s official press statement saying, “A preliminary investigation revealed that an oil pipe had broken, causing an oil spill on the hot surfaces of the turbine, which triggered a fire.” But what Eskom, through its Censorship by Omission, does not appear to tell the public is that this risk was already identified in the VGBE Energy Report. They have known about the risk since last year. Readers of this column may recall that between February and August of 2023, the South African Treasury contracted independent teams, led by the German company VGBE Energy, to assess the status of the coal fleet. Initially, the Treasury attempted to withhold this information from the public. However, after significant public pressure, especially following…

In an era where urbanisation often overshadows the potential of rural areas, Letlhogonolo Quinton Ditshwene, CEO of Entle Media Holdings, stands as a beacon of hope and innovation in the North West province of South Africa. With deep-rooted pride in his background and a firm belief that world-class service can emerge from beyond the nation’s main cities, Ditshwene's journey from a small village to a preferred vendor for Sun City Resort epitomises the power of resilience and opportunity. The 33-year-old’s company provides services such as videography and photography services to corporates in the province, including Sun International’s flagship Sun City Resort. He started his company in 2012 and have been a Sun City vendor since the beginning. The self-taught audio-visual professional now employs five full-time employees and uses local freelancers…

Municipal service delivery failures, particularly such as for water, are “massively value destructive” and the problems need to be dealt with as soon as possible, Dipula Income Fund CEO Izak Petersen said yesterday. Dipula Income Fund reported a solid set of results for its year to end-August, and its portfolio produced growth and increased by 4% in value to R10.2 billion, contributing to a 5% rise in net asset value. Petersen said in a presentation at the release of annual results that South African trading conditions and consumer sentiment were improving post the May 29 national elections, and “things are a lot more positive.” However, he expressed concerns about municipal service delivery problems, particularly in Gauteng. Property owners were not just sitting back “hoping for the best,” he said. For…

For the fish tikka: 1 tsp ground cumin 1 tsp ground fennel 2 tsp smoked paprika 2 tsp garam masala ½ tsp turmeric ¼ - ½ tsp chilli powder (optional) 2 cloves garlic, finely grated a knob of ginger, finely grated finely grated zest and juice of a medium lemon ½ cup plain yoghurt salt & pepper 600g firm white fish, cubed 15ml vegetable oil, for frying For assembling the taco: 1 cup plain yoghurt a generous handful fresh dill, finely chopped 6 medium-size soft flour tortillas about 2 cups sliced tomato 1 small red onion, finely sliced a handful fresh coriander leaves, roughly chopped Prepare the fish tikka: Add the cumin, fennel, paprika, masala, turmeric, chilli (optional), garlic, ginger, lemon zest and juice and yoghurt to a ceramic or…

Cape Town Opera has announced the appointment of Nonhlanhla Yende as House Soloist. A celebrated mezzo-soprano who has been co-ordinator and facilitator in Cape Town Opera’s Youth Development and Education Department for three years, Yende embarked on her remarkable journey in 2007 as a professional soloist with Pro Musica Orchestra in Roodepoort. Her illustrious career has seen her grace the stages of prestigious houses worldwide and over the years Yende has showcased her extraordinary talent in iconic operas, delivering memorable performances in productions such as Aida, Madama Butterfly, Rigoletto and last year’s Lucia di Lammermoor at Artscape that was directed by Professor Angelo Gobbato. In 2010, Yende joined the Cape Town Opera Studio where her repertoire expanded significantly. During her tenure she took on standout roles, including Bess in Porgy…

Mörda, Mafikizolo, Ouma Sarie, Dr Victor and the Rasta Rebels and more are on the line-up for this year’s Festive Lights Switch-On Adderley Street event. The line-up of artists, entertainers and fine comedians will illuminate the stage and ignite the holiday spirit from 4pm on December 1 on the Grand Parade. Revellers can expect chart-toppers Mafikizolo, the soulful sounds of Fagrie Isaacs and Candice Thornton, reggae legends Dr Victor & the Rasta Rebels, and the electronic beats of Mörda. Performers also include crowd-favourite 3 Tons of Fun and Wynand and Cheree Strydom, the harmonies of Blackbyrd, and the classic moves of the OG Dancers. Fan favourites DJ Caycee, Carletheia, Ouma Sarie, and Meneer Cee who will bring infectious energy to the Grand Parade stage. This year’s festivities will be led…

The furrowed brow of Victor Matfield and a shake of his head said it all when he was asked about the Springbok lineout woes in the weekend’s match against Scotland. The South Africans won the game comfortably on the scoreboard (32-15) at Murrayfield, but there were a few areas of the game when they were put under pressure – and the lineouts were by some measure the most serious. One lineout lost against the throw in the second half directly led to a Scotland try and threatened to take the game away from the Boks. Matfield is recognised as a genius in the art of the lineout and he ruled the air in 127 Tests for the Springboks. It was not just his brilliance in ensuring the Boks won their…

CENTURION: A combination of flying ants, a fused light pylon and Tilak Varma’s maiden T20I century proved to be the undoing of the Proteas on a balmy night at SuperSport Park. It was just 18 months ago here at this very ground that the Proteas chased down a world-record 258 against the West Indies. But that was always going to be the exception to the rule, with India’s 219/6 proving to be ample last night as the South Africans went down by 11 runs. If a 25-minute delay due to flying insects hovering over the pitch after the Proteas’ first over of the run chase was not distracting enough, the home team were always going to need a strong start if they were to construct another memorable chase. Openers Ryan…

Treasury considers increasing guideline tax burden for all the alcohol categories or scrapping it South Africa’s beer industry has applauded the government for proposing to make adjustments to the guideline benchmarks framework for taxation of alcoholic beverages in South Africa. The National Treasury published a policy review yesterday on the taxation of alcoholic beverages, which builds on the previous excise tax policy review in 2014 and proposes adjustments to the current policy framework. In September, the lucrative industry raised issues about its sustainability amid ongoing economic pressures on the back of recent above-inflation increases in excise duties of between 6.7% and 7.2% on alcohol, which deviated from established excise policy and have resulted in beer tax burdens exceeding the targets set by this policy. Over recent years, excise duties on…

The National Agricultural Marketing Council (NAMC) has warned that smallholder farmers were struggling to make their mark in a market largely dominated by the major cities of Johannesburg, Cape Town, Tshwane, and Durban. The NAMC recently released its Smallholder Access Estimates (SMEAs) for the second quarter of this year, revealing fluctuations in revenue and volume for fruits and vegetables from June to August 2024 that underscore both the challenges and opportunities faced by these farmers. The data shows a notable increase in total revenue, rising from R526.5 million in June to R650.6m in August, indicating heightened market activity. However, more than 84% of this revenue is concentrated in four key markets, highlighting the need for greater access for smallholder farmers who often lack the necessary resources to thrive in such…

Donald Trump has secured the presidency of the United States for a second time, marking a remarkable return to power after a tumultuous first term. His victory over Vice President Kamala Harris has ushered in an era of uncertainty and prompted widespread discussion about the potential economic implications of his policies. My best-case scenario includes a soft landing in the US, further easing in inflation, further rate cuts, and a somewhat weaker US dollar. That would generally be good for emerging markets, emerging market currencies, and South Africa, as well as the rand, which under that scenario would strengthen. Trump’s policies wouldn’t be good for that. His policies on trade tariffs would mean higher consumer goods prices. His immigration policy would limit labour supply and thus higher wage and salary…

On October 8, 22 On Sloane hosted a transformative workshop focused on leadership with an African perspective. The event featured a keynote by Professor Letlhokwa George Mpedi, the vice chancellor and Principal of the University of Johannesburg, who drew extensively from his new book, From the Baobab to the Mosquito. In his address, Mpedi emphasised the importance of African culture and indigenous knowledge in challenging societal norms. His message inspired entrepreneurs to rethink leadership and business approaches, encouraging them to draw from their cultural roots to innovate and challenge existing systems. During the workshop, Mpedi highlighted the importance of understanding one’s identity as a leader. When asked about the qualities of effective leadership during the Q&A session, he said that to lead, one must first know how to follow. People…

The global diamond industry is seeking “essential reforms” as it grapples with significant challenges stemming from declining gem prices and the increasing scrutiny over conflict diamonds. Feriel Zerouki, president of the World Diamond Council, yesterday delivered her opening address to the 2024 Kimberley Process (KP) Plenary Session with a compelling call for unity and action, stressing industry challenges and the need for essential reforms. In her keynote speech, Zerouki emphasized the Council’s commitment to strengthening the KP - which brings together civic organisations, industry producers and government administrators - and promoting an equitable and sustainable diamond industry. The global diamond industry has been struggling, with major producers affected by falling prices of the precious stones. Companies such as Anglo American are are proceeding to dispose of their diamond operations such…

Minister in the Presidency Khumbudzo Ntshavheni announced that South Africa’s next local government elections are scheduled to be held between November 2, 2026 and February 1, 2027. This significant update comes on the heels of Cabinet’s approval for the establishment of an inter-ministerial committee tasked with overseeing preparations for the electoral process. The minister confirmed that the Cabinet had sanctioned this initiative after considering the results of the previous local government elections, which took place on November 1, 2021. “The inter-ministerial committee will be convened by the Minister of Co-operative Governance and Traditional Affairs, Velenkosini Hlabisa. It will include other pivotal departments essential for ensuring free and fair elections,” Ntshavheni stated. As the nation approaches these upcoming elections, which mark the sixth local government elections since the dawn of democracy…

Blessing Ngobeni’s work has garnered acclaim for its profound social commentary, offering a layered critique of materialism and consumerism while reviving the importance of cultural heritage, tradition, and historical identity. In Ntsumi Ya Vutomi – which translates to “Messenger of Experience” – Ngobeni draws audiences into a narrative of resilience and transformation, exploring themes of black existence in a post-colonial world. Through diverse mediums, including collage, painting, sculpture, installation and video animation, Ngobeni’s works confront the viewer with a striking exploration of identity, history, and hope. "Ntsumi Ya Vutomi is not only an exhibition but a journey, an invitation to reflect, engage in dialogue, and feel empowered," said Ngobeni, recipient of the 2020 Standard Bank Young Artist Award for Visual Arts. Ngobeni’s unique visual language speaks to the beauty and…

Tale of struggle to navigate complexities of social conventions, capitalism Interest in the life and times of Indians as indentured labourers and as settlers during Natal’s colonial period remains constant. Set in Alexandra County on the South Coast, Challenges in a Colonial County contextualises the challenges and experiences of the central character, Sarika Singh, within the evolving socio-economic developments of the location during the period 1876 to 1889. As a 12-year old, Sarika arrived with her family in 1861 to commence indenture contracts. As was the practice at the time, no cognisance was taken of family unity. As a result Sarika, along with her father, was contracted to a sugar estate in Illovo and lost all contact with her mother and brother when they were contracted to an estate on…

THERE’s a Zulu saying that in a literal sense translates to English as “people never sway to any one single side like water would”. One would’ve been reminded of this saying early in the week because of the different opinions, some pro and some against Bafana Bafana coach Hugo Broos’ statement when he boldly pronounced to the news-hounds ahead of his side’s last two Africa Cup of Nations qualifiers. Broos’ 2023 Afcon bronze-winning side play Group K table-topping Uganda in Kampala tomorrow afternoon (3pm kick-off), before returning home to Cape Town Stadium to wrap their qualifiers on Tuesday against South Sudan. To quote the 71-year-old Belgian: “If we lost both games, five minutes after the game, I’ll be on a flight to Belgium, you can be sure of that. “Sure,…

The race to succeed Bill Beaumont as chairman of World Rugby comes to a conclusion in a vote in Dublin at the governing body’s headquarters today. There are three candidates in the running to take over from the 72-year-old former England international, who has been at the helm for the past eight years. Here are short profiles of the trio... Brett Robinson (Australia): proposed by Australia, seconded by England Despite the southern hemisphere’s virtual monopoly in winning the sport’s showpiece Rugby World Cup, the 54-year-old doctor would be the first candidate from there to be elected chairman. A former flank, capped 16 times and the ex-captain of the Brumbies, he has experience in business as well as sports administration and has been a member of World Rugby’s executive board since…

Fixed-odds lotto betting platform Lottoland South Africa has won an interim order in an antitrust case against Alphabet’s Google, with the Competition Tribunal ruling that the internet search giant must allow Lottoland SA to access Google Ads locally and in Ireland. This ruling comes hot on the heels of an almost decade-long battle between Google and the European Commission over restrictions the European body said the search engine had placed in online search advertising. In 2019, Google was fined €1.49 billion over its online advertising practices, which the commission said included preventing its competitors from advertising on the search engine, as well as reserving the best spots for its own adverts. That fine was overturned in September by the European Union General Court. Lottoland SA, which has been in existence…

The value of all electronic transactions cleared through BankservAfrica at seasonally adjusted real prices showed a steady recovery in October this year following September’s weaker performance. In October, the BankservAfrica Economic Transactions Index (BETI) climbed to an index level of 136.5, reflecting a 0.3% increase from September's 136.1. This marks a 4.5% rise compared to the same time last year. Following two months of lower volumes, the number of transactions cleared through BankservAfrica in October spiked to 167.8 million compared to 156.7 million in September, representing a 7.1% year-on-year growth and an all-time high. The standardised nominal value of transactions increased by 1% moderately to R1 317 trillion in October 2024 from R1 303 trillion in September. Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements, said this latest movement indicated the…

Despite reports that early-stage entrepreneurial activity is declining to pre-pandemic levels, South Africa is still producing entrepreneurs who are driving meaningful change in various sectors throughout the country. Luke Mostert, Nompumelelo Madubedube, and Esethu Cenga are three such entrepreneurs, leading transformation in manufacturing, tech, job placements, retail and sustainability. Their efforts are shaping their industries and inspiring social and economic upliftment. These budding business moguls illustrate the power of South African entrepreneurship and demonstrate how innovation, resilience and a strong commitment to social good can lead to transformative change. Their stories are testament to the unlimited potential entrepreneurship offers for positive impact. As they continue to make strides in their respective fields, they inspire the next generation of leaders and prove that success and social responsibility can go hand in…

Montauk Renewables believes there is rising demand for renewable natural gas (RNG), which attributable to growing public support for non-fossil energy sources and United States’ government support enhanced energy independence as well as environmental concerns that are underpinning demand for natural gas-powered vehicles. The company also sees rising job creation in RNG sector on the back of increasing investment in the renewable energy sector. Montauk Renewables, which rose 1.19% in afternoon trade on the JSE yesterday to R94 per share, has cited regulatory and policy initiatives such as the national-level low-carbon fuel program in California and Oregon as driving demand for RNG. “As we commonly use modular equipment; our RNG processing equipment is more efficient than its fossil-fuel counterparts,” explained the company yesterday. “The RNG we create is pipeline quality…

The first instalment in award-winning documentary filmmaker Enver Samuel’s Truth Be Told series explores the murder of Phila Portia Ndwandwe, who was only 23 years old when she was tortured and killed by apartheid security police in KwaZulu-Natal in 1988. The documentary looks at Ndwandwe’s murder through the eyes of her son, Thabang Mabuza, now a chartered accountant in his 30s who suffers from transgenerational trauma and is still trying to cope with the loss and anguish caused by his mother’s death. The documentary’s title, The Breastfeeding Warrior, alludes to the fact that Mabuza was just five months old and still being breastfed when his mother, an Umkhonto we Sizwe soldier, was murdered. Using heart-rending archival footage from the exhumation of Ndwandwe’s remains and TRC archive material and intimate interviews,…

Argentina’s impressive set of results in the Rugby Championship breeds confidence, but for Felipe Contepomi it is more about the performance as he seeks to become the first Pumas head coach to beat Ireland in Dublin tomorrow. Contepomi made three changes to the starting line-up yesterday from the one that thrashed Italy 50-18 last Saturday for a match against a side he knows well, having been assistant coach of Irish powerhouse Leinster from 2018 to 2022. The Pumas will encounter an Irish side hurting after their 19-match home winning streak was ended by the All Blacks last Friday. The experienced trio of Pablo Matera, Guido Petti and centre Matias Moroni return to a Pumas team that recorded their first ever win in New Zealand in the Rugby Championship. They also…

A writer for the Daily Telegraph sarcastically summed up the growing discontent in English rugby with the words, “If there is truth in the maxim that you learn more from defeat than a victory, England ought to be master of the universe by now.” The Red Rose army is indeed in retreat. They have lost four games in a row and six of their last eight, with the victories being over struggling Wales and Japan. Frustrated fans are being taken back to the horror run their team endured in 2022/23, before Eddie Jones’ tenure was terminated. Steve Borthwick, Jones’ successor, had a difficult start, but came good in the last World Cup, probably because his team were on the golden highway to the playoffs in the half of the draw…