Cape Times 2026-04-20

Prosus said on Friday it had sold a 4,5% stake in its Delivery Hero subsidiary to Uber for about €270 million (R5,4 billion), or at a 22% premium to the one-month average share price. The Amsterdam-based Naspers subsidiary said the sale price was €20 per share, as of April 16. Prosus was told to reduce its stake in Delivery Hero by the European Commission as part of Prosus’ acquisition of Just Eat Takeaway.com, for which it paid about R80bn. The transaction represents a step towards fulfilling those commitments. Prosus remains committed to selling the relevant portion of its stake in Delivery Hero within the required timeframe, a statement said. The European Commission required Prosus to reduce its 27,4% stake in Delivery Hero to a single percentage point within 12 months,…

The strategic Strait of Hormuz was again closed on Sunday in the stand-off between Iran and the United States, with Iran's powerful parliament speaker signalling a final peace deal remained "far" off despite some movement in negotiations. As mediation efforts continued following high-level talks in Pakistan that failed to reach a deal, Iran said it will not allow the crucial maritime trade chokepoint to re-open until the United States ends a blockade of Iranian ports. Mohammad Bagher Ghalibaf, speaker of the Iranian parliament, said in a televised address on Saturday night that there had been "progress" with Washington, "but there are many gaps and some fundamental points remain". "We are still far from the final discussion," said Ghalibaf, one of Tehran's negotiators in the talks aimed at ending the…

A wave of cautious optimism has followed the postponement of the liquidation hearing of Tongaat Hulett Limited (THL), with stakeholders welcoming the decision while warning that uncertainty continues to weigh heavily on farmers and the broader sugar industry. The Durban High Court last week adjourned the matter to mid-June, granting a temporary reprieve after THL’s business rescue practitioners filed for liquidation in February. The move had been opposed by the Department of Trade, Industry and Competition, the Industrial Development Corporation of South Africa Ltd (IDC), and several industry players. The South African Farmers Development Association (Safda) welcomed the court’s decision, saying it offers a critical window to explore a long-term solution. The organisation pointed to Judge Rithy Singh’s remarks, which underscored the far-reaching socio-economic consequences of liquidation. Safda added that…

South Africa’s economic reform agenda remains broadly on track despite rising global uncertainty, with the International Monetary Fund (IMF) indicating that while U.S. tariffs have had a modest direct impact on African economies, broader geo-economic fragmentation poses a more significant long-term challenge. Speaking at the conclusion of the IMF 2026 Spring Meetings last week, African Department director Abebe Aemro Selassie said South Africa, like many countries in the region, is navigating a far more volatile global environment shaped by conflict, shifting trade dynamics and tightening financial conditions. Selassie noted that while U.S. tariff measures have not significantly disrupted African economies overall, structural barriers within the continent itself—particularly high intra-African tariffs and non-tariff barriers—continue to limit trade potential and economic diversification. “The environment has changed markedly,” Selassie said, pointing to the…

TPT says decision comes as rising diesel costs continue to weigh heavily on cargo handling operations There have been mixed reactions from industry stakeholders following Transnet Port Terminals’ (TPT) announcement that it will introduce a fuel neutrality charge at an initial rate of R52 per container from May, citing mounting fuel price pressures linked to ongoing global supply chain disruptions. TPT said the decision comes as rising diesel costs continue to weigh heavily on its cargo handling operations, which rely extensively on fuel-powered equipment. The utility confirmed on Friday that the new charge will take effect from 1 May 2026 and will be calculated based on coastal diesel index thresholds. “The fuel neutrality charge is being implemented as a transparent, cost-recovery mechanism to ensure the continued delivery of efficient, reliable,…

Energy disruptions triggered by the Middle East war and the closure of the Strait of Hormuz by Iran and its subsequent blockade by the US, has sent shockwaves through global oil markets, forcing countries to scramble for alternative energy supplies. As prices surge and supply chains tighten, the impact has been uneven but widely felt. Several European countries including Germany, Denmark and the Netherlands, are grappling with steep increases in electricity and gas prices. Across Africa, countries such as Ethiopia, Kenya and Zambia face acute shortages and rising import bills they can scarcely afford. South Africa, meanwhile, is contending with the knock-on effect of global inflation, with Brent crude prices surging by as much as 60%, pushing up transport and fertiliser costs and, in turn, fuelling food and fuel price…