Índice para 2025-04-02 em Cape Times

The South African Revenue Service (Sars) collected a record gross revenue of R2.303 trillion for the 2024/25 fiscal year, exceeding expectations by nearly R8.8 billion, a day before parliament votes on the National Budget. Sars Commissioner Edward Kieswetter hailed the outcome as a testament to the agency’s efficiency, noting that it collected R114bn more than the previous year’s R1.741trl. “I am pleased that the R447.7 billion returned into the hands of taxpayers is good for the economy,” Kieswetter said, referencing the highest-ever refund payout, up 8.2% from R413.9 billion in 2023/24. However, he said he remained "deeply concerned about the ever-present threat of refund fraud and abuse of the system". This as Sars thwarted R146.7bn in impermissible refunds. The net revenue of R1.855 trillion reflects a tax-to-GDP ratio of 24.8%,…

The rand weakened slightly on Tuesday, trading at around R18.40 against the dollar and nearing a one-month low, as investors assessed economic data and awaited details on US President Donald Trump’s proposed tariffs. The currency’s decline was exacerbated by prolonged domestic budget negotiations, with markets jittery ahead of a critical parliamentary vote. Trump, dubbing Wednesday "Liberation Day," has pledged reciprocal tariffs on "all countries," with speculation pointing to a potential 20% levy on most imports. While no final decision has been confirmed, the uncertainty has unsettled global markets, adding pressure to the rand, already strained by ongoing talks between South Africa’s ruling ANC and the Democratic Alliance over the National Budget. The rand briefly rallied earlier this week on hopes of a budget breakthrough, but Tuesday’s slide reflected renewed caution.…

Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, has unveiled an ambitious plan aimed at ensuring energy security and mobilising private sector investments to revolutionise the country’s electricity transmission infrastructure. Ramokgopa on Tuesday announced that the government will pursue private investment for the construction of transmission lines through the Independent Transmission Programme (ITP). He said that the government was set to facilitate greater private involvement in building and managing transmission infrastructure following the recent amendments to the Electricity Regulation Act enacted by President Cyril Ramaphosa. The country needs to expand its existing electricity transmission by approximately 14 000 kilometres to realise the vision set forth in the National Development Plan (NDP. Ramokgopa said the pilot programme for the ITP will identify specific transmission corridors across the country and pave the…

When torrential rains unleashed devastating floods in KwaZulu-Natal in 2022, we witnessed a stark strategy with over 400 lives lost, thousands displaced, aggregate and damages exceeding R17 billion. This disaster, alongside many others countrywide sends a clear message - we remained highly exposed to climate change impacts, with devastating consequences already visible across the nation. Despite these clear threats, our response remains critically inadequate, with just 12% of South Africa’s climate finance (around R16 billion annually) dedicated climate adaptation in contrast to the projected need of R866 billion by 2030, escalating sharply to R1.9 trillion by 2050, according to World Bank estimates. The 2025 Budget Speech brought about much criticism on the proposed VAT increased, however Finance Minister Enoch Godongwana outlined an ambitious infrastructure investment plan, with over R1trl allocated…

Absa Group faced a rocky leadership shuffle that left its reputation bruised in 2024, while it paid its executive team handsomely, its latest annual report shows. Interim group CEO Charles Russon pocketed R35.47 million, a 12.1% jump from R31.64m in 2023, and new group financial director Deon Raju earned R22.09m in his debut year. Group chairman Sello Moloko laid bare the challenges that tested the bank’s resilience amid a shifting African banking landscape. The report details a 10% increase in headline earnings and a return on equity (RoE) of 14.8%, driven by a stronger second half. Other executive payouts include Arrie Rautenbach, who ceased being group CEO on October 15, 2024, receiving R8.44m for 2024, down 78.9% from R40.03m in 2023, with no short-term or long-term incentives awarded. Christopher Snyman,…

More than 30 000 athletes, combined for the Ultra and Half Marathons, are expected to hit the streets of Cape Town for the 54th edition of the Totalsports Two Oceans Marathon. The ultramarathon will take runners on a 56km route from Newlands to scenic glory in Muizenberg, St. James, Kalk Bay, the famed Chapman's Peak and Constantia, before finishing on the foot of Table Mountain at UCT on Saturday. The Half Marathon, a 21.1km journey from Newlands through Claremont, Kenilworth, Wynberg and Constantia before finishing off at UCT's rugby field, will close out Two Oceans Marathon Week on Sunday. The two main races will be preceded by a 5km International Friendship Run and Two Oceans trail runs, taking place on Friday. “This is a significant week for Cape Town and…

The National Director of Public Prosecution’s (NDPP) attempt to have funds frozen that were kept in bank accounts held in the names of the Ponzi scheme, Tariomix (Pty) Ltd (Tariomix), has failed at the Supreme Court of Appeal (SCA). The NDPP made an application for condonation (late filing) and reinstatement of an appeal, against the order of the Gauteng Division of the High Court, Pretoria, which ruled that the preservation order be set aside. The ruling was made on August 22, 2022. This week, the SCA found that the NDPP had “not established any prospects of success, let alone strong prospects of success, in the appeal that might otherwise have trumped its unsatisfactory explanation for the delay”. The SCA ruled that the NDPP failed to file the record within the…

ONALENNA KHONKHOBE was not feeling well on Tuesday. The defending champion of the Totalsports Two Oceans Marathon told Independent Media that while his training for the Mother City’s 56km ultra was on track, he had taken ill. “I’m not feeling well, champ,” Khonkhobe said. “And because of that, I’m not sure if I will be able to defend my title.” Despite this, the Nedbank Running Club athlete will toe the start line on Saturday as the favourite, given his victory last year. Khonkhobe won the race in 3:09:30, beating his teammate Lloyd Bosman into second place by 28 seconds, while then-title holder Givemore Mudzinganyama occupied the final podium place with 3:11:13. Khonkhobe had confidently promised to emerge victorious, the runner from North West Province declaring at the pre-race conference that…

Attacker Emile Witbooi is living up to lofty expectations after starring in Amajimbos’ 4-3 victory over Egypt in their Under-17 Africa Cup of Nations opener in Morocco on Monday night. Witbooi scored the winner, provided an assist, and won a penalty as South Africa secured all three points to climb to the top of Group B. The 16-year-old duly walked away with the Player of the Match award and expressed his gratitude in a post-match interview with CAF TV. “I am very happy with the win. I want to thank the Almighty Lord, first and foremost, for giving me the talent,” Witbooi said. “I want to thank the technical team, my coaches, and my teammates. Alone, I wouldn’t have been able to achieve this. I would also like to thank…

The nation is waiting on tenterhooks as the joint Standing and Select Committees on Finance are set to vote on the fiscal framework on Wedneday, approving or rejecting the National Budget tabled by Finance Minister Enoch Godongwana last month. Godongwana's Budget proposed adjusting the VAT increase to 1% over the next two years, but the fragility of the Government of National Unity (GNU) has been laid bare since then as the Democratic Alliance (DA) said it would not support the proposed VAT increase. Frank Blackmore, lead economist at KPMG South Africa, told Business Report on Tuesday that all options were still a possibility in terms of outcomes. "The most beneficial outcome for the country would be one in which expenditure cuts are made and the VAT increases are scrapped with…

Post-apartheid era trade agreements like the Southern African Customs Union (SACU) - European Free Trade Association (EFTA), the Southern African Development Community (SADC), and numerous other multi-and-bilateral trade agreements have contributed to a significant increase in agricultural exports from R22.4 billion in 2004 to R251bn in 2024. Due to the recent rate of output growth, increased efforts made through the implementation of the Agriculture and Agro-processing Master Plan (AAMP), industry-specific master plans, and various transformative initiatives, the agricultural sector’s production is anticipated to increase further as a new generation of farmers enters the commercial space. This calls for the exploration of new markets, but it is crucial to emphasise that while the country navigates the global space to open more markets, these markets must be as diversified as possible in…

Donald Trump’s return to the White House in 2025 marks a defining moment for Africa’s fossil fuel industry. Within weeks of his inauguration, his administration reapproved a $4.7 billion (R86bn) loan from the US Export-Import Bank (Exim) for TotalEnergies’ liquefied natural gas (LNG) project in Mozambique. This funding, first greenlit during Trump’s initial term in 2020, languished under President Joe Biden’s tenure, reflecting the latter’s aversion to fossil fuel initiatives. The swift revival of this loan signals a new era of US-Africa collaboration - one that prioritises energy development over ideological resistance to hydrocarbons and the pervasive influence of the global Green Agenda. The African Energy Chamber (AEC) believes Africa must seize this fleeting opportunity. For decades, international pressure has pushed African nations to abandon fossil fuels in favour of…

JSE-listed Renergen, which plans a Nasdaq IPO, has sold and exported its first helium production, and liquid natural gas (LNG) production has increased by 22% from the previous reporting period, it said in a quarterly update Tuesday. The owner of South Africa’s first onshore gas production company said also that the Springbok Solar legal matter was heard on February 20, 2025, and judgment has been reserved. Meanwhile liquidity plans to complete Phase 1C, which aims to enhance helium and gas production to bring the plant nameplate production capacity, were close to finalisation, Renergen’s CEO Stefano Marani said in the update. The group said it was also in the process of obtaining a waiver from the US-based International Development Finance Corporation, from a breach of a debt covenant - Renergen had…

ArcelorMittal South Africa (Amsa) announcement about deferring he winding down of its Long Steel business has been met with relief and optimism from local stakeholders including the Newcastle Growth Coalition and the Association of South African Chambers (ASAC). Amsa on Monday announced that the previously communicated wind down of its Long Steel Business will be deferred for an initial period of at least 6 months, up to 31 August 2025, following a R1.7 billion facility provided by the Industrial Development Corporation (IDC). Johan Pieters, the chairman of the Newcastle Growth Coalition Chapter, on Tuesday said they were hopeful about the future of the company in the local economy. "We have remained optimistic about Amsa Newcastle for months, believing that Amsa and the national government will secure the 3 500…

ACADEMIC excellence is front and centre as one of three focus areas for Stellenbosch University’s new Rector and Vice-Chancellor, Prof Deresh Ramjugernath, over the next few years. His other key priorities are people, culture, and processes; and, partnerships and sustainability. Ramjugernath, 52, officially stepped into his new role yesterday morning. He takes over from Prof Wim de Villiers who completed two terms at the helm. “Stellenbosch has a proud history of excellence in learning and teaching. Under Prof De Villiers, we have also become a strong research-intensive university. But we cannot be complacent. We must now move from good to great – continually striving to improve our teaching, research, innovation and social impact,” Ramjugernath said. A seasoned and highly experienced higher education leader with extensive senior executive experience in the…

The investigating officer in the disappearance of Joshlin Smith, Detective Captain Wesley Lombard, yesterday denied allegations that he instructed others to assault accused Steveno van Rhyn. Lombard was under cross-examination yesterday when Nobahle Mkabayi, the legal representative for van Rhyn, asserted that her client alleged Lombard instructed people to assault him. Previously, in his plea explanation, van Rhyn told the court he was assaulted and handcuffed by men he got a lift from. He later discovered that they were cops, and he was taken to Jacobsbaai. He said he was told he was going to be killed and was continuously asked where Joshlin was. He claimed he was taken to the Seaboard offices where he was further tortured by being hung in the air, suffocated with a plastic bag, beaten,…

Proteas Test coach Shukri Conrad has emerged as the frontrunner to take over all the South African senior men’s national cricket teams following Rob Walter’s resignation on Tuesday. Walter, who has overseen the ODI and T20 teams for the past two years, was expected to lead the Proteas through to the 2027 World Cup on home soil. However, he has stepped down with two years remaining on his four-year contract. According to Cricket South Africa (CSA), Walter has resigned for “personal reasons,” although pressure had been mounting on the 49-year-old due to his bilateral series record outside major ICC tournaments. The former Titans coach also still resides in New Zealand, with the extensive travel between the two countries placing a strain on his young family. “Coaching the Proteas has been…

Mamelodi Sundowns coach Miguel Cardoso is already planning the Brazilians' next step, arguing that his boys will have to be men next week and that they can’t afford to rest on their laurels when they visit Espérance in Tunisia. Sundowns will head to North Africa high on confidence after beating Espérance 1-0 in the CAF Champions League quarter-final, first leg, On Tuesday. Peter Shalulile chipped in with the all-important goal for the Brazilians in the second half, sending the stadium into a frenzy. However, it was a painful defeat for Espérance and their supporters, some of whom were involved in physical altercations with the Yellow Nation after the game, resulting in ugly scenes. The Brazilians will hope that security will be on high alert to ensure they play under safer…

March new vehicle sales were the best since March 2023, nudging the 50 000-unit volume The automotive industry has expressed confidence that it would be resilient enough to withstand the 25% import tariffs imposed by the Trump administration in the US as domestic new vehicle sales surged by 12.5% in March. This comes after export sales for new vehicles recorded an impressive increase of 9 354 units, or 31.1%, reaching 39 477 vehicles in March, which is 15.7% higher than March 2023 exports. The Automotive Business Council (Naamsa) on Tuesday said this marked the first export growth in 10 months, signalling renewed momentum in South Africa’s global trade position. Domestic new vehicle sales also surged, with aggregate sales reaching 49 493 units - an increase of 5 504 units, or…

Businesses in the manufacturing sector in South Africa are expecting conditions to deteriorate over the next six months on the back of intermittent power supply and the souring relations between South Africa and the United States. South Africa is currently in the crosshairs of the Trump administration and diplomatic relations have deteriorated over the government’s passing of the Land Expropriation Act and its stance on the Palestine-Israel conflict. The business sector is also dealing with intermittent power supply as Eskom implemented load shedding for a few days in every month since the beginning of the year, albeit it was soon suspended. The seasonally adjusted Absa Purchasing Managers’ Index (PMI) released on Tuesday remained in contractionary territory for a fifth consecutive month despite inching up by 4 points to 48.7 in…

Finance Minister Enoch Godongwana’s 2025 Budget presents a crucial opportunity for renewable energy in South Africa. With R219.2 billion allocated to energy infrastructure, government aims to modernise and expand the grid. However, success depends on efficient execution, streamlined regulations, and sustained investor confidence. By 2030, renewable energy will power 41% of South Africa’s electricity grid. Large-scale solar and wind projects, combined with energy storage, will strengthen energy stability. Decentralised generation, where businesses and households invest in solar, will reduce reliance on Eskom and create a more diverse, resilient energy sector. Eskom’s restructuring is certain to open the market to competition, allowing private producers fairer grid access through an independent transmission system operator. Advances in flexible grid solutions and energy storage will help renewables form the backbone of a stable, low-carbon…

Umngeni-Uthukela Water, the government-owned water authority serving KwaZulu-Natal, has reported a dramatic fall in profits for the six-month period ending December 31, 2024, citing substantial increases in expected credit losses as the primary catalyst. The authority’s profit shrank to R592.37 million, starkly down from R1.14 billion during the same period the previous year, according to the interim results that were released Tuesday. This tumultuous decline has raised concerns over the promptness of municipalities fulfilling their payment obligations for water services. In the results, the company revealed a revenue increase of 17%, reaching R3.84bn, largely buoyed by sales volume growth and the government-sanctioned 10% tariff hike for potable water for the upcoming fiscal year 2024/25. Despite these gains, gross profit remained nearly static, recording minimal growth from R1.95bn to R1.99bn year-on-year.…

Minister of Mineral and Petroleum Resources, Gwede Mantashe announced a price drop in all grades of petrol and diesel yesterday. The decreases come into effect today. Petrol 93 (ULP & LRP): Fifty-eight cents per litre (58.00 c/l) decrease. Petrol 95 (ULP & LRP): Seventy-two cents per litre (72.00 c/l) decrease. Diesel (0.05% sulphur): Eighty-three point eighty cents per litre (83.80 c/l) decrease. Diesel (0.005% sulphur): Eighty-five point eighty cents per litre (85.80 c/l) decrease. Illuminating Paraffin (wholesale): Eighty-one point seventy cents per litre (81.70 c/l) decrease. SMNRP for IP: Hundred and fourteen cents per litre (114.00 c/l) decrease. Maximum LPGas Retail Price: Seventy-nine cents per kilogram (79.00 c/kg) decrease. Mantashe said South Africa’s fuel prices are informed by international and local factors. International factors include that South Africa imports both…

THE collapse of budget talks between the ANC and DA may lead to the reconfiguration of the Government of National Unity (GNU), especially when people in the DA are using the budget for political scoring, says the ANC. While expressing their commitment to the GNU, ANC secretary-general Fikile Mbalula said the ongoing squabbles will force them to relook the coalition government's structure. The ANC has been in talks with several political parties in and outside the GNU, including the DA in a bid to get support for the budget. The party is struggling to garner enough support to have the budget, which contains a 1% VAT increase over two years, passed in Parliament. Parties are expected to convene today to discuss and vote on the budget. “If…

He thinks clearly, he acts decisively, he shares citizens’ feelings, he is accessible to the media, he has vision, and he actually fires errant politicians and dodgy officials. He also becomes involved at all levels of society to improve people’s lives and living conditions. The minister of transport’s welcome announcement that the private sector should submit expressions of interest in operating local ports drew his attention. That announcement initially excluded Cape Town, but, after his intervention, now includes the country’s oldest port. He sprang into action - again. He wrote to major international players with successful track records in port management, alerting them to the minister’s announcement, pushing Cape Town’s port into the limelight. My star in the firmament is Geordin Hill-Lewis, the country’s premier mayor who, with his team…

Liverpool manager Arne Slot said he expects Wednesday's clash with Everton at Anfield to be similar to their last meeting at Goodison Park in February, but with the key difference that his players will have the backing of a home crowd. Everton held Premier League leaders Liverpool to a 2-2 draw in a thrilling encounter, marking the last Merseyside derby at Goodison before their move to a new stadium, with nearly 40 000 in attendance. As Liverpool close in on the league title with a 12-point lead over second-placed Arsenal, they face a stubborn Everton side who are unbeaten in the competition since January. “They haven’t lost a game in their last nine Premier League matches, so it would be a surprise if they were to do something different,” Slot…

When Japan won the rights to host the 2019 Rugby World Cup, I wasn’t too excited. The decision was made in July 2009, with England chosen for the 2015 edition and Japan four years later. While Japan had competed in previous tournaments, they were far from a ‘real’ rugby nation at that stage. Yet, they broke all sorts of records in every respect of the event as they staged arguably the most successful RWC of all time. Of course, it held special significance for South Africans as Siya Kolisi went on to lift the Webb Ellis Cup in 2019. And it was especially memorable personally, as I was at the Yokohama Stadium on that unforgettable night, having been honoured to be part of the Rugby News Service team for the…