Índice para 2025-02-24 em Cape Times

Efforts must be made to ensure that the benefits of growth are equitably distributed across society The World Bank Group has called on the South African government to enhance the efficiency of public spending to facilitate high-quality and affordable infrastructure services, a move essential for driving inclusive economic growth. This call comes in light of Finance Minister Enoch Godongwana's recent decision to postpone the tabling of the 2025 Budget Review in Parliament to allow for further consultations over proposed tax increases, including a potential two-percentage-point rise in value-added tax (VAT) due to persistent spending pressures. In a forthcoming report, titled “Driving Inclusive Growth in South Africa: Quick Wins with Competitive Markets and Efficient Institutions,” the World Bank emphasises that recent political and economic shifts present a pivotal opportunity for policymakers.…

The government has committed to continue exploring all possible avenues to avert job losses in the steel industry and support affected workers on the back of ArcelorMittal South Africa’s (Amsa) decision to wind down its long steel business. This comes after the National Union of Metalworkers of South Africa (Numsa) staged a picket outside the Industrial Development Corporation (IDC) on Friday to voice their demands. The picket was also joined by workers from SA Steel Mills who are demanding that the business rescue process must be wrapped up quickly so that workers can get the money due to them. The Department of Trade, Industry and Competition (the dtic) on Saturday said the government was doing all it can to ensure the resilience of South Africa’s steel sector. The dtic said…

South Africa is hopeful about boosting tourist arrivals from China following the arrival of the first group of 15 tourists visiting the country under the recently implemented Trusted Tour Operator Scheme (TTOS) just six months after announcing the rollout of the programme. The TTOS initiative was launched by the Department of Home Affairs in response to the ongoing visa challenges that have historically deterred tourists from countries with significant travel potential, such as China and India. The department said the first group of 65 successful tour operators from South Africa, China, and India, who were accepted in the first phase of the TTOS have been able to start making visa applications for individuals and groups. In 2023, South Africa welcomed only a mere 37 000 tourists from China and 79…

The government needs to deliver a Budget that will capacitate the state, unlock economic growth and create jobs when it returns to Parliament on March 12. While Wednesday’s events at Parliament were clumsy, it was better to stop a Budget that would have inflicted the pain of a 2% VAT hike upon the working class and allow space for more progressive alternatives. Cosatu is pleased that Cabinet showed the humility and political maturity to listen to its objections to a VAT hike. A little humble pie for government is never a bad thing, especially when workers have long been aggrieved that their voices have been ignored. With the exception of unacceptable proposal to hike VAT by 2% and a callous refusal to adjust the SRD Grant for inflation, the…

Harmony Gold on Friday confirmed the loss of an employee following a severe fall of ground caused by a seismic event at its Mponeng mine, near Carletonville. This incident underscores the inherent dangers linked with underground mining, an industry that has faced scrutiny over safety standards in recent years. The miner said all relevant authorities and stakeholders have been informed and an investigation, led by the Department of Mineral and Petroleum Resources (DMPR), has begun. Beyers Nel, Harmony Gold CEO, committed the company to zero harm. “The safety and wellbeing of our employees is, and will always be, our number one priority. This tragic loss of life is devastating. We extend our heartfelt condolences to his family and friends. “We are committed to zero harm, and yet recent events remind…

Sibanye-Stillwater slumped nearly 7% on the JSE on Friday despite narrowing down losses for the year to December although it opted not to pay a dividend, with adjusted earnings before interest, tax, depreciation and amortisation from its South African gold operations surpassing that from its platinum group metals (PGM) activities in the country. Market analyst Martin Rodgers said the gold and PGM company “dropped over 9% on their results” on Friday morning after profitability as expressed on an adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) basis “came in lower than analyst estimates and management decided to not pay” a final dividend. Sibanye-Stillwater’s shares on the JSE fell 6.96% to R15.90 by the close of Friday’s trade session, extending its 9.45% and 16.05% weaker run in the past seven…

Stress in the workplace is a common challenge that can affect productivity, mental health and overall job satisfaction. Whether it stems from tight deadlines, heavy workloads or interpersonal conflicts, stress can take a toll on employees. However, there are effective strategies to manage workplace stress and create a healthier work environment. Here are some practical tips to help you cope with stress at work Identify the source of stress Understanding the root cause of your stress is the first step in managing it. Keep track of situations that trigger stress and analyse patterns. Whether it’s an excessive workload, unrealistic expectations, or conflicts with colleagues, identifying the cause can help you take proactive measures. Prioritise and organise your workload A cluttered workspace and unorganised tasks can increase stress levels. Use tools…

CITY of Tshwane speaker Mncedi Ndzwanana could soon face the axe after ActionSA succeeded in having his decision to disallow a motion of no confidence in himself set aside. Ndzwanana, an African Transformation Movement councillor, was elected speaker in March 2023, but after a few weeks in office, ActionSA tabled a motion to oust him. Initially, ActionSA filed an urgent application to interdict the April 12, 2023, special council sitting and prohibit Ndzwanana from chairing, adjourning, and/or interfering directly or indirectly with the meeting. The party also wanted councillors from other political parties represented in council not to be allowed to commit unlawful acts, disrupt the meeting, and take any unlawful steps to inhibit councillors from participating in the meeting. Instead, ActionSA sought to have a special council meeting on…

ACTIVISTS said the brutal kidnapping and rape of a female paramedic by seven men in Khayelitsha highlighted the dangerous environments in which many frontline workers, particularly women, are operating. Police spokesperson Joseph Swartbooi said the 25-year-old woman was with her colleague when a branded patient transport Toyota Quantum was hijacked in front of Matthew Goniwe Clinic. “Report suggests that the complainant, aged 25, and her colleague, both deployed on a local ambulance, were static at a medical facility in Makhaza on Friday February 21 at around 3.20pm when seven males hijacked the vehicle and fled. “The complainant reported that she was raped and taken to a nearby hospital for medical treatment. The vehicle was recovered in nearby QanduQandu. The suspects are yet to be arrested.” Swartbooi said Makhaza police registered…

Star batsman Virat Kohli struck an unbeaten 100 to lead India to a six-wicket win over arch-rivals Pakistan on Sunday and push the title holders to the brink of elimination from the Champions Trophy. Chasing 242 for victory, Kohli hit a boundary to seal the match with 45 balls to spare and register his 51st ODI ton after an innings which also saw him pass 14 000 runs in one-day international cricket. Kohli, 36, removed his helmet and raised his bat to the Dubai International Stadium crowd after taking India closer to the semi-finals with two wins in two outings in Group A. Pakistan have lost both their matches and will need Bangladesh to beat New Zealand on Monday to have any chance of staying in contention for a last-four…

Newcastle blew Nottingham Forest away with four goals in 11 minutes as Alexander Isak's double inspired a vital 4-3 win in the race to finish in the Premier League's top four. Eddie Howe's side recovered from Callum Hudson-Odoi's early opener to run riot with a first half goal spree at St James' Park on Sunday. Lewis Miley bagged Newcastle's equaliser, sparking an astonishing spell of dominance as Jacob Murphy put the hosts ahead. Isak netted twice in less than two minutes to reach 50 Premier League goals and leave Forest in tatters. The Sweden striker has 19 league goals this season, taking him level with Manchester City's Erling Haaland in second place behind Liverpool's Mohamed Salah in this season's scoring chart. Nikola Milenkovic and Ryan Yates scored for Forest in…

With US tariffs threatening global trade and South Africa’s fiscal reserves depleted, Nedbank chief economist Nicky Weimar laid out a pragmatic plan for economic survival on Friday. She called for sharp cuts in government spending, a boost in efficiency, and a deft diplomatic strategy to counter America’s economic pressure—warning against populist tax hikes or a reckless tit-for-tat with the Trump administration. Her remarks come amid a fiscal crisis underscored by last week’s unprecedented delay of Finance Minister Enoch Godongwana’s Budget, now postponed to March as Government of National Unity partners scramble for consensus. A proposed 2% VAT hike—scrapped after backlash over its impact on the poor—exposed the government’s dire straits. “They’re finally out of money. Solidly,” Weimar said, noting debt at 76% of GDP and a struggle to shrink the…

Looking at South Africa’s macro outlook, consensus expectations are for GDP growth to come in between 1.5% and 2.0%. This would be a respectable improvement from the circa 1% growth the country has experienced over the past decade, being driven by improving confidence in the wake of a broad-based coalition government (fundamental policy differences amongst the major parties aside). As a result, optimistic expectations for businesses tied to the domestic economy appear reasonable, and most domestic assets have rerated meaningfully from what had been undemanding levels. South African listed property has been one of the major beneficiaries of this turn in sentiment. SA economic prospects compare favourably to Europe’s Juxtaposing SA’s growth expectations with those of advanced economies, where some JSE-listed property companies generate all their earnings (such as the…

As South Africa prepares for the unveiling of the revamped Consumer Price Index (CPI) on Wednesday, there is growing concern about the increasing costs of staple food items, particularly for the nation’s most vulnerable communities. The new basket reflects significant shifts that could have lasting implications for household budgets, especially in poorer areas. According to early insights released by Joe de Beer, deputy director-general for economic statistics in the Department of Planning, Monitoring and Evaluation, cereal products such as maize meal, white and brown bread, and white rice show the most considerable increase by weight. Expenditure on these essential food items has risen from 17.1% to 18.2% of total expenditures. While a 1.1% shift may seem minor, the nuanced impacts can be transformative for families already grappling with tight budgets.…

I ended 2024 with a busy schedule that was accompanied by an unending series of accolades from authorities in South Africa and Lesotho and institutions of higher learning. Kind of nice. This affirmation always compels one to look at the person in the mirror to seek balance. But I had a bitter moment that I had to endure. I took time to think it through and to come to conclusions that are not different from the time I decided that I would respond. As I worked on this in the passage of time, my initial commitment to respond, which I communicated with Pew Research Centre was affirmed. The Pew Research Centre is a non-partisan American think tank based in Washington, DC. It provides information on social issues, public opinion, and…

Warren Buffett’s Berkshire Hathaway, opens new tab on Saturday said operating profit set a record in the fourth quarter and for the third straight calendar year, bolstered by improved underwriting and higher investment income in its insurance businesses. Much of that income came from Berkshire’s enormous cash stake, which ended 2024 at a record $334.2 billion, twice as much as a year earlier. In his annual letter to Berkshire shareholders, the 94-year-old Buffett assured that Berkshire would prefer investing in businesses to holding cash. But he also said his Omaha, Nebraska-based conglomerate “did better than I expected,” though 53% of its 189 operating businesses posted lower earnings. He attributed the improvement in part to higher yields on U.S. Treasury bills, and improvement at the Geico car insurer, which benefited from…

We’ve all been there – that uncomfortable, bloated feeling where nothing seems to be moving. Whether you call it being “bunged up” or just plain constipated, it’s a frustrating experience that nobody likes to talk about. Constipation is a common issue that affects people of all ages. It happens when bowel movements become infrequent or difficult to pass, often leaving you feeling sluggish and out of sorts. So, why does this happen, and more importantly, how do you fix it? What causes constipation? Constipation can be triggered by several factors, many of which are tied to our daily habits. Here are some of the most common culprits: Dietary choices: If you love your white bread and processed snacks. A diet low in fibre and high in junk food can cause…

As the 2026 local government elections draw closer, the jostling for positions within the ANC structures has begun after the party’s Greater Johannesburg Region set dates for its elective conference which is expected to be highly contested. The region’s upcoming elective conference is set to take place from June 20 to 22 this year. According to a statement released by the Regional Executive Committee (REC) after a special meeting recently, the conference will be preceded by a series of branch general meetings, which will take place from March 21 to May 15. The membership cut-off date has been set for March 20. Sources within the region have revealed that the elective conference is expected to be highly contested, with two candidates, current regional deputy secretary Loyiso Masuku, and present chairperson…

The Students’ Representative Council (SRC) at UCT, and the UCT EFF Student Command (EFFSC) have welcomed Council’s approval of a joint proposal aimed at addressing 2024 fee debt issues affecting financially vulnerable students. The plan was tabled by the executive and the SRC. Council Chair Norman Arendse (SC) announced that the decision was taken at a special Council meeting on Thursday. “The joint proposal submitted by the executive and SRC was the outcome of a collaborative effort aimed at balancing the pressing need to ensure that the university caters for financially vulnerable students who are also academically eligible, but whose debt exceeds the R10 000 threshold. At the same time, it sought to ensure that the university remains financially sustainable,” Arendse said. “Council was impressed at the commitment demonstrated by…

Muhsin Ertugral believes that he’s in tune with the modern trends of football, and that’s why he feels he’s disrespected by those who think he’s out of his depth. Ertugral’s Cape Town City lost their fifth game in the last six matches when they went 2-1 down to Orlando Pirates at Orlando Stadium on Saturday. That loss didn’t only mean they dropped to 10th on the Betway Premiership log with just 21 points from 19 games, but it also raised eyebrows on the team’s progress under Ertugral. The 65-year-old returned to the dugout at City in January for the first time in six years, having left coaching to be the Turkish national team’s advisor. His return looked to be flawless at first as he won the first three games out…

Willie le Roux has been called many things in his illustrious rugby career, but not always positive. There should be much more respect on his name, though, for everything he has achieved – not the least of which are 98 Test caps for the Springboks. Now in the late autumn of his time on the pitch at the age of 35, he has been asked to not only reinvent himself as a flyhalf, but pull the strings of a Bulls team missing three captains due to injury. Le Roux had a few hairy moments against the Stormers and Sharks in the last fortnight, but showed his class in conducting the Bulls orchestra in the 31-19 bonus-point victory over the Lions at Loftus Versfeld on Saturday. It was almost as if…

South Africa is on course to exit the Financial Action Task Force’s (FATF) greylist by October after having addressed nearly all the deficiencies that were identified in the country’s financial security systems, National Treasury said Friday. To meet the final obligations that will enable South Africa to exit the greylist, the FATF wants South Africa to demonstrate “a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF (terrorist financing)” - these are usually the most demanding goals of every country’s systems. On Friday, the FATF announced the upgrade of four of the six outstanding action items for South Africa at the conclusion of its latest plenary meetings in Paris, France. South Africa was now deemed to have addressed or largely addressed…

Through a three-step dance, Steinhoff and related companies managed to fudge the purchase and sale price of a group of furniture companies and related properties. This process allowed Steinhoff to reduce the value of receivables that it created for “various business reasons” as well as use the rationale of commission on the sale of the properties to manipulate money flows. One of the accounting techniques Steinhoff used before it imploded to manipulate its accounts included selling technical “know how,” or expertise from one Steinhoff entity to another, when this knowledge was without economic value. In the case of the kika Leiner property companies, a lengthy PwC investigation lays bare how Steinhoff moved money around to balance its books and to appear to comply with German regulations. The three-step process started…

The news that the National Budget that could not be presented by the Minister of Finance last Wednesday brought much controversy amongst politicians, economists, market analysts and investors during the latter part of last week. The Rand exchange rate, bond rates and share prices on the JSE initially reacted in a sceptical and negative manner after the announcement by the speaker of parliament that the Budget Speech would not be read and was postponed. The JSE All Share Index (ALSI) quickly lost 0.8% of its value and the Rand depreciated by 20c against the dollar. As the main reason for the postponement became clear — that the 2.0% increase in VAT was not acceptable to opposition parties and even members of the ANC — sentiment started to turn positive as…

Shares in Altvest Capital, a JSE-listed investment firm, plunged after it announced it has made its first foray into cryptocurrency, acquiring Bitcoin as part of its treasury strategy. The shares closed 9.23% lower at R5.90 on Friday on the JSE. According to a Stock Exchange News Service (SENS) announcement released on Friday, Altvest, through its subsidiary Altvest Bitcoin Strategies Proprietary Limited, purchased 1.00464 Bitcoin for R 1.81 million. The Board of Altvest said it has conducted a comprehensive risk assessment and determined that Bitcoin aligns with Altvest’s alternative asset investment philosophy. “It offers long-term growth potential while serving as a hedge against macroeconomic risks, particularly the depreciation of the South African Rand. Additionally, Altvest has implemented a structured risk management framework to monitor and optimise Bitcoin exposure in line…

Dis-Chem Pharmacies increased group revenue by 7.2% in the five months to January 31, 2025, and the recovery in retail that was seen in January continued into February. "The retail revenue recovery seen in January, largely driven by the availability of medical aid benefits, continues into February, countering weaker November trade," chief executive Rui Morais said in a trading update on Friday. Group revenue increased by 7.2% during the period, with retail revenue rising by 5.6% and wholesale revenue increasing by 11.1%. External wholesale revenue saw a significant increase of 18.8%. Morais noted that efforts to better manage retail employment costs, the group's largest expense, are ongoing. The group now operates 333 retail stores, including 286 Dis-Chem Pharmacy stores and 47 Dis-Chem Baby City stores in South Africa. “These incremental…

King Misuzulu has appointed the owner of an internationally renowned Durban restaurant as a Royal Chancellor. Sibongiseni Mageza Mbambo was officially introduced at the imbizo at Emashobeni Royal Palace in Pongola north-east of KwaZulu-Natal on Friday. He was introduced alongside Nododile Faku who now heads the king’s private office. Mbambo’s responsibilities include advising His Majesty on political, economic and social matters, overseeing the administration of the kingdom, ensuring that the king’s directive and royal policies were effectively implemented. He will play a supportive role to the traditional prime minister. Also on Mbambo’s shoulders will be to forge business partnerships and economic initiatives to promote growth and community development. He will also represent the king and the kingdom in diplomatic matters both locally and internationally. Reacting to the appointment, Mbambo said…

THE Gauteng High Court, Pretoria has found that a woman who was issued by her now estranged husband with a Talaaq (divorce) did at this stage meet the definition of “spouse” and she is, for now, entitled to maintenance. This is until the court had pronounced on the formal divorce proceedings. The parties were married in terms of Islamic Law and they have three children. The wife left the matrimonial home and a few months later the husband issued her with a Talaaq. The wife subsequently instituted divorce proceedings. To Page 2…

The newly appointed National Student Financial Aid Scheme (NSFAS) board has vowed that those who have been involved in corrupt activities and maladministration would be brought to book. The board said it has been instructed and mandated to clean the system following its appointment as announced by Higher Education and Training Minister Dr Nobuhle Nkabane. In recent years, NSFAS faced many challenges, including unpaid loans from graduates, reduced funding for current students, and an ongoing corruption crisis. The challenges resulted in the institution being placed under administration and the dissolution of the previous board. The board chairperson Dr Karen Stander said the board would not tolerate corruption. Stander said those who have been engaging in corruption would be dealt with. “Management will be expected to demonstrate the consequence if there…

Kagiso Rabada believes the Proteas will need to have “their wits about them” when they face Australia in a crucial ICC Champions Trophy clash on Tuesday. Australia showcased their world-champion status over the weekend by chasing down a record 352 with five wickets and 15 balls to spare against arch-rivals England. The Proteas are equally full of confidence after their comprehensive victory over Afghanistan in the Group B opener in Karachi. However, Rabada knows the intensity will rise when these two great rivals meet in Rawalpindi. “Australia will be a different challenge—obviously a higher quality of batters, that’s pretty obvious,” Rabada said on Sunday. “We'll have to adjust to the conditions in Rawalpindi, so we'll take a good look at what the pitch will do in tomorrow's game. “I think…

Stellenbosch coach Steve Barker has accepted that Betway Premiership heavyweights, Mamelodi Sundowns and Orlando Pirates, will dominate this season, and his team will have to aim for a top-three finish. Against expectations, Stellenbosch were held to a 1-1 draw by the visiting Richards Bay at the Danie Craven Stadium on Friday. Whatever plans Stellenbosch had for securing maximum points were derailed when Richards Bay scored in the third minute. This was the fastest goal scored by the Natal Rich Boyz since they joined the top flight of South African football in 2022. Despite their strong grip on the match, Stellenbosch never managed to overcome their early setback but were awarded a second-half penalty, giving them a chance to at least draw the game. Fawaaz Basadien converted the penalty after Thato…