Table of contents for 2024-01-26 in Cape Times

RENEWABLES were set to displace coal as the top source of energy for electricity production globally in 2025, the International Energy Agency said yesterday. In its annual report on the electricity market, the IEA said that renewables – in particular from solar panels – should see their share of total electricity production surpass a third of the total, passing from 30% last year to 37% in 2026. If nuclear power, which the IEA sees hitting a record next year, is included, almost half of the world’s electricity will be generated by low-emissions sources by 2026, up from a share of just under 40% in 2023. The strong growth in renewables would outpace the increased demand for electricity in industrialised countries as part of efforts to reach carbon neutrality, said…

THE SOUTH African Reserve Bank (SARB) Governor Lesetja Kganyago has appointed Dr David Fowkes to serve as a member of the Monetary Policy Committee (MPC) while the Presidency looks for former deputy governor Kuben Naidoo’s replacement. The announcement came on the same day the SARB’s MPC, at its first meeting of 2024 yesterday, left interest rates unchanged leaving the repurchase rate (repo rate) and prime lending rates at 8.25% and 11.75%, respectively. Naidoo tendered his resignation from the SARB to President Cyril Ramaphosa in October 2023, just less than 18 months before the end of his second five-year contract. Naidoo was one of three deputy governors of the SARB and a member of the crucial five-member MPC, which oversees the interest rates in the country. Since Naidoo left the SARB,…

CHINA yesterday warned the European Union’s economic image was “at stake after the bloc unveiled new measures to protect sensitive technology from falling into the hands of geopolitical rivals. “The EU’s image in the fields of economics and international trade is at stake”, foreign ministry spokesman Wang Wenbin said, urging the EU against “taking anti-globalisation” steps. Brussels has bolstered its armoury of trade restrictions to tackle what it deems to be risks to European economic security, following Moscow’s invasion of Ukraine and global trade tensions. And on Wednesday, EU officials outlined an economic security package containing five initiatives, including toughening rules on the screening of foreign direct investment and launching discussions on co-ordination in the area of export controls. When asked about the new rules yesterday, Wang warned “the international…

ELON MUSK is seeking a bigger stake in Tesla – otherwise, he fears he will be “voted out”. The billionaire businessperson – who used $40 billion (R754bn currently) of his stock to help with his purchase of Twitter (now X) for $44bn – at present has a 13% stake and is the biggest shareholder of the EV giant. However, he insists he needs to own 25% if he’s to remain and provide AI and robotics work. Speaking at an earnings call on Wednesday, Bloomberg reports that he said: “I don’t want to control it, but if I have so little influence at the company at this stage, I could be voted out by some random shareholder advisory firm.” He went on to slam advisers Glass Lewis and Institutional…

When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving the objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably – to live confidently, knowing that there are enough funds available to cover your basic needs. Making regular contributions to a retirement annuity (RA) and supplementing it with a tax-free savings account (TFSA) can be an effective way of getting there. The golden thread: cashing in on the tax benefits RAs and TFSAs are two different financial instruments but they share one powerful advantage: tax efficiency. An important part of structuring a savings and investment portfolio for maximum returns involves choosing products that attract less tax. Making tax-efficient choices can…

THE CITRUS Growers' Association of Southern Africa (CGA) yesterday announced that high schools across South Africa were this year offering a qualification in citrus production. “More than 450 learners at 16 schools will be enrolled in the Citrus Secondary programme in 2024,” it said in a statement. The Citrus Secondary programme had the potential to make a significant contribution to growing local skills pools to meet the demand for skilled workers, it said. Projections indicated the citrus industry can grow with a further 100 000 jobs in the next eight years if all role-players work together to secure increased market access and improved export logistics, CGA said. Pioneered by the Citrus Aca-demy, a subsidiary of the CGA, the Citrus Secondary programme provided an opportunity for learners to achieve a…

THE Gauteng High Court, Pretoria has found Tumelo Mokone, 24, Kagiso Mokone, 24, and Onthantile Sebati, 21, guilty of four counts of murder, theft, robbery with aggravating circumstances, possession of a firearm and possession of ammunition. This is after the state was able to adduce evidence, that Sebati conspired with her two male friends to kill her family members while the family was at their home in Mmakau, in the north-western outskirts of Pretoria. During the day on December 6, 2016, the two went to Sebati’s house to collect her father’s firearm. In the evening of that same day, they returned to the house. Sebati went outside pretending to dispose of water, but went to open the gate for the two and gave Kagiso her father’s car keys that was…

Library for the War-Wounded Monika Helfer Loot.co.za (R 533) Bloomsbury “We called him Vati, Dad. Not Father, not Papa. That’s what he wanted. He thought it sounded modern. He wanted to present himself to us, and through us, as a man in tune with the modern age. Though he seemed to come from nowhere.” Josef was an illegitimate child, a charity case from Salzburg, schooled by a benefactor. He was drafted to fight in World War II and sent to Russia, returning with only one leg. He married his nurse, and brought his family to the Austrian Alps, as manager of a home for injured soldiers, a strangely suspended, deeply isolated place. What could it all mean?…

The Africa Cup of Nations moves to the knockout phase after a remarkable group stage packed with goals, drama, shock results and a huge scare for hosts Ivory Coast, but holders Senegal remain the team to beat. The tournament is on course to be far more prolific than either of the two previous editions to feature 24 teams, after 89 goals were scored in the group stage. That average of 2.5 goals per game marks a huge increase after 68 were scored in the first round in Cameroon two years ago, and in the first expanded Afcon in Egypt in 2019. Senegal got to the final of both of those tournaments, and won the title for the first time in 2022. They have lived up to their billing in Ivory…

PPC, THE CEMENT and related products group, said yesterday its wholly-owned subsidiary PPC International Holdings had successfully concluded the disposal of its 51% stake in Rwanda-based Cimerwa to National Cement Holding for $42.5 million (R804m) cash. “All conditions precedent to the disposal have been fulfilled and the proceeds received. Approval by the Common Market for Eastern and Southern Africa (Comesa) Competition Commission, which is not required before implementation of the disposal, is anticipated to be received within 120 days,” the cement manufacturer said in a statement. As a result of this, the effective date of the disposal was January 25, 2024. PPC’s directors said the group was net cash positive following receipt of the proceeds of the disposal. PPC’s recently appointed CEO, Matias Cardarelli, said in a statement: “I am…

The RICHARDS Bay Coal Terminal (RBCT) continued to operate viably despite challenges with Transnet’s freight rail performance, CEO Alan Waller said yesterday, although it was unlikely the terminal will significantly bump up its capacity. RBCT, which handles coal shipments from Thungela, Optimum Coal Terminal, Umcebo Mining and Glencore, among others, has design capa-city of 91 million tons on a 32 trains a day basis, but is managing nearly half this. In 2023, the company said about 48 million tons of coal were railed to the terminal, levels last seen in 1992. Nonetheless, “the terminal has remained reliable and has remained efficient”, Waller said. “We have not allowed any noise to impact on how efficiently the terminal is run. Whether it be from a safety point of view, whether it…

SOUTH African producer price inflation (PPI) slowed to 4% year-on-year in December, from 4.6% in November, a favourable reading led by lower food and fuel prices. Economists were expecting the figure to be higher. On a month-on-month basis, the PPI was at 0.6% in December, the same as the previous month, Statistics South Africa data showed yesterday. Investec economist Lara Hodes said the result was below Bloomberg’s consensus forecast of 4.3%. Nedbank’s Economic Insights unit said they expected PPI to remain relatively subdued at around 6% this year, with downward pressure mainly from Brent crude oil prices, which would be subdued by weak global demand, and which would translate into lower fuel prices. Food prices would also start to moderate faster as the impact of the temporary supply shocks in…

TWO RECENT court cases concerning divorce and maintenance should be of interest to couples contemplating going their separate ways. The first is essentially about fairness in how our courts deal with families that are breaking up; the second is about the law allowing access to retirement savings to settle maintenance obligations. Separation application In the case MV versus EV (née VS), concluded on December 14 last year, a farmer applied to the Western Cape High Court to separate the granting of a divorce decree from issues that are normally dealt with in the divorce proceedings: spousal maintenance, child support and the distribution of assets. The proceedings had been going on since mid-2020, about three-and-a-half years. Such an option is open to divorcing couples if it can be shown that separating…

MR PRICE’S share price surged more than 8% yesterday morning after it said third-quarter retail sales growth was more than double the same period a year before and much higher than its competitors. Retail sales of its value clothing, homeware and telecoms products increased 9.9% to R13.2 billion in the quarter, versus 4.1% sales growth over the same period a year before. The comparable market’s sales, measured by the Retailers’ Liaison Committee, grew 3.4%, CEO Mark Blair said in an update yesterday: “We anticipated a shift in momentum once we successfully navigated the disruption of our ERP System change and the installation of load shedding back-up power facilities in all our stores.” The share price was trading 7.3% higher at R172.35 yesterday afternoon, and ended the day at R170.86…

FRESH headwinds emanating from depressed commodity prices and low agricultural productivity expected would likely suppress consumer demand this year, Zimbabwe beer brewer and soft drinks maker Delta Corporation said yesterday. This was said as Zimbabwe readied new measures to try to fix a distorted monetary sector. Delta has changed its functional and reporting currency to the US dollar as its sales volumes are now 70% in foreign currency. The company has been hit by new taxes on sugar content in its non- alcoholic beverages products, which include carbonated soft drinks. Faith Musinga, company secretary for Delta, said in the quarter to the end of December, Zimbabwe’s economy continued to be characterised by economic headwinds. These were translating to shifts in monetary and fiscal policies as authorities respond to the currency…

SUSPENDED Gauteng High Court, Pretoria Judge Makhubele eventually took the stand to present her case before the Judicial Conduct Tribunal into a misconduct complaint against her. Judge Makhubele said she was a “very respected” and “respectable” person and would prove that she did nothing wrong. She took the stand yesterday before the tribunal and represented herself in her fight against impeachment. This is after her senior legal team earlier told the tribunal that they could only represent her at the end of February. The tribunal refused to grant the postponement. Judge Makhubele this week indicated that she might launch urgent court proceedings against the refusal of a postponement, but she nevertheless took the stand yesterday. The tribunal is investigating a complaint by civil society organisation #UniteBehind into allegations of gross…

Residents were evacuated around Tygerberg Hills and in Wolseley following two separate fires which firefighters were battling to get under control yesterday. The Cape Winelands District Municipality’s (CWDM’s) Fire Services reported that although the first part of the day went well and that good progress was made, a change in the wind direction had altered the situation greatly in Wolseley. At about 3:30pm yesterday, the wind picked up speed, changed direction, and pushed the fire up against the mountain. “The fire then moved over the ridge and down the mountain into the area of Verrekyker just above the Kluitjieskraal valley outside Wolseley. The area consists of agricultural land and contains a variety of structures, including formal and informal homes. “Residents are currently being evacuated as a safety measure,” the CWDM…

With the Stormers’ run-in towards the United Rugby Championship play-offs starting in the middle of next month against the Sharks, the Cape side will welcome back several stars to boost them during a period when they will be losing their World Cup-winning Springboks. Flyhalf Manie Libbok, utility back Damian Willemse and loose forward Deon Fourie will all rest according to their Springbok protocols. But regular captain Salmaan Moerat, World Cup-winning tighthead Frans Malherbe and loose forward Evan Roos should all be back for the next URC match on February 17. The inaugural champions will also have put new recruit Wandisile Simelane through some friendly matches over the next few weeks that will allow him to slot in alongside inside centre Dan du Plessis should they call on him to fill…

The total volumes are still fairly small, but the trajectory is quite interesting TOYOTA Motors South Africa (TMSA) CEO Andrew Kirby said yesterday that South Africa was seen as a very competitive car market as evidenced by the number of new entrants that entered it last year. Kirby said South Africa was becoming one of the most competitive markets in the world in terms of the number of derivatives, models and brands compared to the total size of the market. Kirby was talking at a TMSA event yesterday, which was hosting the seventh instalment of the State of the Motor Industry (Somi) report. He said there was a 65% increase in new energy vehicle sales sold in South Africa in 2023 compared to 2022, with most of them being battery…

THE FOREIGN exchange market faces a year where growth is predicted, but it does not come without its challenges. This was according to Bianca Botes, a director at foreign exchange experts Citadel Global, who said this week that risks were mounting for forex clients. Botes had made four predictions for forex risk trends in 2024, from elections and geopolitical risks to investment declines and more ups and downs for the rand. Recently released research indicates that the global forex market size, for North America, Europe, UK, Switzerland, Middle East, Africa, Asia-Pacific, South America, China and Japan combined, is projected to grow by $516.48 billion (R9.77 trillion), accelerating at a compound annual growth rate from 2023 to 2028. Geopolitical and environmental risks are mounting in 2024 “The local forex…

GOLD MINING firm Harmony said in a statement yesterday that it remained on track to meet the higher end of full-year production guidance. Total gold production for the six months ended December 31, 2023, of financial year 2024 was between 820 000 ounces and 835 000 ounces – an increase of between 12% and 14% compared with the prior comparative period. As a result, all-in-sustaining costs (AISC) for the first half of the financial year would be between R830 000/kg to R855 000/kg, which was below the guided AISC of R975 000/kg. Harmony said the production increase was driven by the South African under-ground recovered grades exceeding the upper end of the guided 5.60g/t to 5.75g/t in the first half, driven mainly by its…

As any SOUTH African investment adviser worth their salt will tell you, everyone should hold at least a portion of their portfolio offshore. That’s because a combination of factors – a weak rand, low economic growth, and underperformance from the JSE, among other things – have meant that anyone investing solely in South Africa isn’t getting the returns they should be. In fact, according to a 2022 investment note from Allan Gray, investors would have been worse off by 8% a year if they’d invested exclusively in South African equities than if they’d invested entirely offshore. Of course, there are several other reasons why you should hold some of your portfolio offshore. These include diversification, access to investment opportunities and the greater stability offered in some markets. No matter what…

SASOL’S share price notched up more than 3% yesterday after an update showed that business performance in the six months to December 31 was impacted by a volatile macro-economic environment, weaker oil and petrochemical prices, unstable product demand and inflationary pressure. However, full year 2024 production and sales volume guidance remained intact for all segments, except the Oryx GTL (gas-to-liquid) utilisation rate, the fuel and chemicals from coal group said in an update yesterday. A reactor coil leak was detected at the GTL plant in October, which brought forward a shutdown to the second quarter from the third quarter, and the repair was expected to require work into the third quarter. This meant the full year utilisation rate was revised to be 65% to 75%, below the previous guidance of…

Bafana Bafana coach Hugo Broos has challenged his team to “dare to dream” after reaching the knockout stage of the Africa Cup of Nations in the Ivory Coast. Bafana sealed passage to the Afcon last-16 after finishing second in Group E with four points, thanks to a win, a draw and a loss over Namibia, Tunisia and Mali respectively. Their fate was decided on Wednesday night playing to a goalless draw with Tunisia in Korhogo. It was a tactically astute plan from Broos and his men as they sat deep and allowed Tunisia to take the game to them, before winding down the clock with interplays later. Bafana have their work cut out for them in the round of 16, though, as they’ll face the highest-ranked nation on the continent…

FROM the beginning of the season, it was clear that the Proteas Women’s team leaned more towards 50-over cricket than the T20I format. It was rather a shock, given the team’s success last year during the home T20 World Cup, where South Africa reached the country’s first World Cup final. They lost to Australia in the decider. With Laura Wolvaardt the new captain in charge, the Proteas started the season with a 3-0 T20 series whitewash at the hands of the Pakistan Women in their first tour of the Asian country. From that point onwards, the side have had two 1-1 series draws at home, against New Zealand and Bangladesh last month. Their difficulties in T20 cricket came back to haunt them two days ago as they lost a warm-up…

After every SA20 game, the Paarl Royals break out into a song, Royals, jou lekker ding, inside their changeroom. Seam bowler Codi Yusuf, who is from Florida in Johannesburg, is often the lead choirboy, but is quickly joined by all his teammates, who range from Jamaican Fabian Allen to Lancastrian Jos Buttler. Despite the language barrier, with the Afrikaans theme song meaning “Royals, you good thing”, it crosses all divides and shows the Boland Park-based side’s close-knit team spirit. Middle-order batter Wihan Lubbe believes this is the reason the Royals are at the summit of the SA20 table heading into their crucial top-of-the-log clash against Durban’s Super Giants tonight in Paarl (5.30pm start). “Winning does help, of course, but we are enjoying each other’s company off the field. We have…