Table of contents for 2024-05-03 in Cape Times

In this week’s Personal Finance Saturday Page, we look at a survey that reveals that there is a decrease in young professionals seeking medical aid. On trusts, we look at the Trustee insurance and what is covered. We also look at how new job seekers must look elsewhere as no new jobs are being created. Financial illiteracy is an issue that affects more than half of South Africans. We look at how gender lens investing is a key tool for women’s financial literacy In this week’s edition, we also look at how to invest offshore the easy way through global ETFs For all your money matters, scan the QR code.…

JSE-LISTED international information and communications technology (ICT) com- pany Datatec’s headline earnings a share was expected to be between 13 and 15 US cents for the year to February 28, a turnaround from the 9.3 US cents a share headline loss in the 2023 financial year. The previous year’s headline loss per share was impacted mainly by the share-based payments charge on settlement of the Westcon International Equity Appre- ciation Plan, a trading statement said yesterday. Datatec’s underlying earnings per share was expected to be between 19 and 21 US cents, a more than 100% increase compared with 7.9 US cents a share in 2023. Full year results are expected to be published on May 27. Group revenue was expected to…

JUSTICE and Correctional Services Minister Ronald Lamola said there were eight cases on the criminal roll where suspects were being prosecuted for offences emanating from the Truth and Reconciliation Commission (TRC). Lamola was responding to GOOD party MP Brett Herron who asked about the total number of the 137 TRC cases under investigation by the Directorate for Priority Crime Investigation and National Prosecuting Authority (NPA) and identified potential suspects who were still alive and may potentially be prosecuted. “Thus far, there are eight cases which are on the criminal court roll where suspects are being prosecuted for multiple offences emanating from TRC matters,” he said. “In addition, two matters are pending as indictments are being prepared to charge suspects who are still alive. “An additional two matters, post the re-opening…

Anna Walsh led a contented life before Covid hit. With a well-paying PR job in the beauty industry and a comfortable arrangement with her partner where they maintained separate apartments. Things were stable. However, the pandemic forced them to bunk together, leading Anna to reflect on her choices. During the lockdown, Anna diligently checked in on her family, but a turning point came when a butterfly landed on her cheek, signalling a change she had been waiting for. Eventually, she decided to leave her job and partner in New York and return to Ireland. Her decision didn’t sit well with her family, who relied on her for perks and were disappointed she had left her partner. With her sister’s help, Anna finds a new job in Maumtully, where she becomes…

Optimal Daniel Goleman, Cary Cherniss Loot.co.za (R328) Penguin According to Daniel Goleman and Cary Cherniss’s book Optimal - How to Sustain Excellence Everyday, a perfect day starts with a profound sense of inner calmness and emotional stability. Throughout the day, people immerse themselves completely in the present moment, savouring each experience with attention and intention. Whether they’re at work, spending time with loved ones, or following their passions, they approach each activity with focus and clarity. Based on research of how hundreds of people build the inner architecture of having a good day, the authors sketch what an optimal state feels like, and show how emotional intelligence holds the key to our best performance. Optimal is the culmination of decades of scientific discoveries bearing on emotional intelligence. The book describes…

South African sports fans have been gripped by emotion the past month after the release of the wildly-acclaimed documentary Chasing the Sun 2. It is, of course, the story depicting the Springboks’ back-to-back World Cup Rugby triumph in France last year. And just like the first instalment after the victory in Japan back in 2019, it shows how the Springboks embraced transformation and how players from all walks of life in South Africa have come together and achieved success by working towards a common goal. This is where SA Rugby has left its counterpart Cricket SA in its dust. Not only through the Springboks pushing out their chest in the form of their black African skipper, Siya Kolisi, but also through a host of black players performing at the highest…

A group of more than 10 000 black cab drivers is suing Uber after accusing it of breaching taxi-booking rules in London, in a move which could cost the ride-hailing giant more than $313 million (about R6bn). A group action claim has been filed in the High Court over Uber’s operations in the capital between May 2012 and March 2018. The cab drivers claim that Uber misled Transport for London (TfL) over how it operated its ride-booking system and therefore breached private hire licensing rules. They allege that the company allowed its drivers to accept bookings directly from customers, rather than going through a central system like minicab services. The legal claim says that this booking system is “unlawful” because it did not comply with private hire rules, and…

BEIJING: The death toll from the collapse of an expressway section in China’s Guangdong province that caused vehicles to tumble down a slope has risen to 48, with rescue work hampered by mudslides, state media reported yesterday. The road collapsed in the early hours of Wednesday. The collapse, triggered by heavy rain, occurred on the Meizhou-Dabu Expressway, where 17.9m of the road gave way and caused 23 vehicles to plunge. Meizhou officials said yesterday that relief personnel and more than 80 rescue vehicles and equipment had been dispatched to the site but rescue work proved difficult as some vehicles were buried deep in mud after their fall. | Reuters…

TOKYO: Officials in a Japanese town are erecting a 2.5m high barrier to block a view of Mount Fuji and obstruct a photo spot that has been attracting so many visitors they have become a nuisance for locals. Visitors have been flocking to Fuji-Kawaguchiko town, about 50km south-west of Tokyo, to capture the coupling of two symbols of Japan: the majestic, sloping inclines of Mount Fuji and the convenience store, a view which has gone viral on social media. The crowds have led to complaints of litter, danger to road traffic and illegal parking. The 20m wide black barrier to obscure the mountain is due for completion in the middle of this month. | Reuters…

London: Catherine, Princess of Wales, yesterday shared the second photograph of her children on royal social media platforms in as many weeks, as she stays out of the public eye while battling cancer. Kate was credited with taking the photo of Princess Charlotte to mark her ninth birthday. On April 23, she took a snap of her younger son Prince Louis on his sixth birthday. Charlotte is third in line to the throne behind elder brother Prince George, 10, and their father, Prince William, 41. | AFP…

MTN GHANA, a subsidiary of South Africa- based MTN Group, saw strong first-quarter performance with earnings before interest, tax, depreciation and amortisation, increas- ing 31.5% to GHS2.15 billion (New Cedis) (about R2.9bn) in the quarter to March 31, 2024. The results, released yesterday, showed that despite inflation remaining high in that country at an average 24.4%, and an 8.4% decline in the value of the Ghanaian Cedi compared with the US dollar, service revenue grew by 32.4% for the quarter, year-on-year. The company benefited from a focus on driving topline growth and cost efficiencies, as well as efforts to create share value among stakeholders. CEO Stephen Blewett said in a statement that MTN Ghana was committed to facilitate national roaming partnerships with AT (formerly AirtelTigo) and Telecel (formerly…

PUBLIC Enterprises Minister Pravin Gordhan has revealed that more than R227 billion was lost due to corruption, fraud and bribery at Eskom, South African Airways and Transnet in the past five years. Gordhan was responding to parliamentary questions from DA MP Farhat Essack, who enquired about the amounts the three state-owned entities lost due to corruption, fraud and bribery in the past five years as well as monies recovered in each case. In his response, the minister said his department formed working groups with the Special Investigating Unit (SIU), state organs and other enforcement agencies to implement proclamations relating to maladministration concerning the affairs of state-owned companies (SOCs). “This initiative resulted in the employment of a civil litigation strategy to recover funds associated with SOC losses sustained during the state…

WHILE suffering numerous recent legal defeats, including a ruling that declared the new RAF1 form that requires a claimant to have all documentation in order before lodging a claim, was illegal, the RAF fund launched its backlog campaign yesterday. RAF CEO Collins Letsoalo said the fund had a huge backlog of claims that had not been finalised. Through the launch of the “Drive Your Claim Forward” campaign, claimants were urged to call the RAF’s call centre to establish what was needed in order to finalise their claims. He said that in some cases only an outstanding invoice could be standing between the speedy resolution of a claim. Letsoalo said the campaign aimed to encourage claimants to come forward to have their claims concluded and paid out. He told the media…

Broken Code Jeff Horwitz Loot.co.za (R328) Torva Facebook had a problem. Along with its sister platforms Instagram and WhatsApp, it was a daily destination for billions of users around the world, extolling its products for connecting people. But as a succession of scandals rocked Facebook from 2016, some began to question whether the company could control, or even understood, its own platforms. As Facebook employees searched for answers, what they uncovered was worse than they could’ve imagined. Facebook was peddling and amplifying anger, looking the other way at human trafficking, enabling drug cartels and authoritarians and allowing VIP users to break the platform’s supposedly inviolable rules. It turned out to be eminently possible to isolate many of Facebook's worst problems, but whenever employees offered solutions their work was consistently delayed,…

Why did the ANC wait until this year to challenge the MKP’s registration? IT IS A question that has been debated not only by some of SA’s finest legal and political minds but also by ordinary citizens for weeks: does the ANC have a legally recognised trademark right over which it is seeking to compel political rival the uMkhonto weSizwe Party (MKP) to change its name and logo? It is also a question that exemplifies the mutation of political conflict ahead of the May 29 national and provincial elections and a popular talking point of participants in nationwide civic and voter education workshops conducted by the Election Monitoring Network, KwaZulu-Natal Christian Council, KwaZulu-Natal Religious Leaders Forum and others. Any approach to answering it reinforces our determination to vote in large…

Doubts grew yesterday over the fate of a Gaza truce plan that, as the week began, had raised hopes of an end to nearly seven months of war between Israel and Palestinian Hamas militants. Israel was still waiting for Hamas’s response to the latest proposal, said an Israeli official. Mediators have proposed a deal that would halt fighting for 40 days and exchange Israeli hostages for potentially thousands of Palestinian prisoners, according to details released earlier by Britain. Any such deal would be the first since a one-week truce in November saw 80 Israeli hostages exchanged for 240 Palestinian prisoners. The war started with Hamas’s October 7 attack on southern Israel that resulted in the deaths of 1 170 people, mostly civilians, according to an AFP tally based on Israeli…

A Spanish-Brazilian national was remanded in custody yesterday by a London magistrate’s court on murder and other charges, following a sword attack in the city which killed a 14-year-old boy. Marcus Arduini Monzo is accused of a rampage in a suburb of the British capital on Tuesday using a Samurai-type sword which left teenager Daniel Anjorin dead and wounded four others. Monzo, 36, allegedly attacked Anjorin while the teen walked to school, in a crime that has caused shock in the nation. He is also accused of seriously injuring two police officers, both of whom required surgery and remain in hospital. One, a woman, suffered severe injuries to her arm and nearly lost a hand, London’s Metropolitan Police said. It charged Monzo, of east London, with murder, two counts of…

London: A total of 711 people were brought ashore in a single day this week after trying to cross the Channel in small boats to get to the UK, official figures showed yesterday. The number is the highest so far this year and comes as London maintains that its plan to “stop the boats” is working, notably through a controversial deportation scheme. The arrivals on Wednesday top the previous high of 534 on April 14, and take the total number of migrants who have made the Channel crossing so far this year to 8 278. The highest-ever figure in single-day arrivals was 1 295 and was recorded on August 22, 2022. French police on Wednesday rescued 66 people off Dieppe. | AFP…

Yangon: Myanmar is producing about half of the electricity it needs each day, the junta has said, blaming scant rainfall for hydropower, lower natural gas yields and attacks by its opponents on infrastructure. Rolling power cuts have battered an economy already reeling from unrest sparked by the military’s 2021 coup, most recently causing misery across the country as it bakes in a heatwave. Myanmar’s electricity grid is producing only 2 800 megawatts of the required 5 443 megawatts needed each day, the electricity authority said. Domestic power production from natural gas was about 446 megawatts less than the normal daily capacity. | AFP…

STELLENBOSCH FC have honoured the memory of late defender Oshwin Andries with their historic 25-game unbeaten record. Andries was 19 when he died in a stabbing last February. The Western Cape side announced their decision to retire his No 25 jersey shortly thereafter. Club coach Steve Barker spoke to the media after his side trounced Golden Arrows 3-0 at the Danie Craven Stadium on Wednesday. Barker, who handed Andries his first-team debut, expressed how much emotion had gone into motivating his team to achieve the 25-game unbeaten run in honour of the late defender. “A special number 25, that we are all very mindful of the No 25 jersey, so today was a special one. I think again we capped it off with another special performance. I think our last…

STRIVE Masiyiwa’s Econet Wireless has opened free remittance channels from South Africa and the UK to Zimbabwe as the telecoms giant ups its play in the key industry. Remittances are a key source of income for many Zimbabweans who rely on earnings from friends and families in the diaspora. Over the past few months, the number of remittance channels has grown as more Zimbabweans leave the country in search of greener pastures, although charges have remained elevated. International remittance charges are up to 15%, although new and digital platforms have knocked this fee structure slightly down. This week, Econet said it was bringing back the EcoCash mobile money platform under its ambit after unbundling and separately listing it in 2018. It said the platform would be a key remittance channel…

BHP WILL MAINTAIN the listing of Kumba Iron Ore, Anglo Platinum and its own on the Johannesburg Stock Exchange, despite proposing to unbundle the two South Africa-focused assets under its proposed offer to acquire Anglo American, it said yesterday. There has been widespread criticism of the Australian commodities giant after its proposal to acquire Anglo American last month, with unionists and South African government officials opposing the bid. The board of Anglo American has rejected the $39 billion (R730.5bn) offer by BHP, saying it significantly under-values the Johannesburg and London-listed manganese, copper, platinum and iron ore group. The board of Anglo American also said it was against BHP’s proposed restructuring of the company. “The structure of BHP’s proposal, including the proposed distribution of Anglo American’s shares in Anglo Platinum…

From page 1 of 5 213 students owe the Sol Plaatjie University a total of R151 733 467.11. “Sol Plaatje University does not withhold qualification/graduation certificates where graduates have outstanding fees.” UCT is owed R128 319 163 in fees by 2 717 students. Nzimande’s response showed that the university’s 332 students would not graduate or receive certificates while owing but would get a letter of completion. UWC is owed R35.2m by 1 283 students. Cape Peninsula University of Technology did not state how much it was owed by the 35 819 registered students. Similarly, Stellenbosch University did not state the amount it was owed in fees by its 9 615 students. The University of Pretoria is owed R2.8 million by 60…

FORMER president Jacob Zuma was yesterday notified to appear before the ANC’s disciplinary committee at the party’s Luthuli House headquarters scheduled for Tuesday. However, according to a political analyst, the governing party is playing to Zuma’s gallery, who, according to him, will get the sympathy he has been looking for ahead of the May 29 elections. Zuma, who is facing among other charges, the contravention of the ANC’s constitution and for collaborating with another party, is number one on the election list of the breakaway uMkhonto weSizwe Party (MKP). Zuma, who left his ANC presidency under a cloud, announced on December 16 last year that he would campaign for the newly formed MKP instead of his beloved ANC. However, Zuma has maintained that he is still a member of the…

SEVERAL facilities across East London had to close yesterday amid a taxi operators’ strike over the alleged non-payment for scholar transport contracts between operators and the Eastern Cape Transport Department (EC DOT). “Please note that our Eastern Cape Provincial Office is closed today, on Thursday, 2 May 2024, as a result of a taxi strike within the greater areas of East London,” noted the South African Council for Education. The University of Fort Hare shuttle was also cancelled, with the SRC noting that classes and assessments needed to be postponed “as the safety of students is the number one priority”. The SPCA East London said only four of its staff members were able to get to work because of the strike. In a statement, the South African National Taxi Council…

HOSPITALS in the province were being audited to understand their energy needs in solar and battery requirements, amid ongoing plans by the Western Cape to become “energy resilient”. Premier Alan Winde and his special advisor on energy Alwie Lester yesterday provided an update on the progress made in provincial government interventions to reduce reliance on the national power utility for its energy needs and to diversify power generation. The province has a target of generating 5 700 MW of energy by 2035. “We don’t really have budgets allocated for energy, it’s not our mandate in the Constitution but we’ve stepped in as of September 2022. We understand it's a major inhibitor to growth, investment potential, and citizens' everyday life. We’ve put in R1.1 billion of your money towards making sure…

The Fury Alex Michaelides Loot.co.za (R270) Michael Joseph Beneath the surface, old friendships conceal violent passions and resentments. And in 48 hours, one of them will be dead. This is a tale of murder. Or maybe that’s not quite true. At its heart, it’s a love story, isn’t it? The saddest kind of love story – about the end of love; the death of love. So I guess I was right the first time. You may think you know this story. You probably read about it at the time – the tabloids loved it, if you recall: “MURDER ISLAND” was a popular headline. Unsurprising, really, as it had all the perfect ingredients for a press sensation: a reclusive ex-movie star, a private Greek island cut off by the wind…and, of…

AS SOUTH African education academics, based at Cape Peninsula University of Technology and Stellenbosch University, we vehemently condemn the egregious destruction of educational infrastructure in Gaza perpetrated by Zionist Israeli forces over the past seven months. Considering our own painful history of apartheid education, which caused significant suffering and limited opportunities for black South Africans, we understand the harmful impact of educational violence and inequality on communities under colonial occupation and apartheid. This education genocide has inflicted profound and lasting damage on the educational prospects of an entire generation of Gazan children. Such actions demand unequivocal condemnation. The call for an end to genocide and occupation must underpin our ongoing pro-Palestinian activism. Anything less would mean not meeting our moral and ethical duty to stand against one of the most…

The number of people who have lost their lives in devastating floods in Kenya since March has risen to 188, with dozens still missing, the interior ministry said yesterday. Torrential rains in Kenya and other countries in East Africa have caused deadly havoc, with floods and landslides forcing people from their homes, destroying roads, bridges and other infrastructure. “As a result, the country has regrettably recorded 188 fatalities due to severe weather conditions,” the ministry said in a statement. It added that 125 people had been reported injured and 90 people were currently missing, while 165 000 have been displaced. On Wednesday, nearly 100 tourists were among people marooned after a river overflowed in Kenya’s famed Maasai Mara wildlife reserve following a heavy downpour. The ministry said rescuers had successfully…

Beijing yesterday said it would take “necessary measures” after the US announced fresh sanctions aimed at crippling Russia’s military and industrial capabilities, punishing companies in China and elsewhere that help Moscow acquire weapons for its war in Ukraine. “China will take all necessary measures to resolutely uphold the legal rights and interests of Chinese companies,” the foreign ministry said. In a sweeping package announced by the US Treasury Department this week, Washington targeted nearly 300 entities in Russia, China and other countries accused of supporting President Vladimir Putin’s invasion. China has never condemned Russia’s attack on Kyiv, and stands accused of indirectly supporting the war through its strategic partnership with its neighbour, Moscow. Beijing insisted yesterday it was “neither a creator nor a party” to the crisis in Ukraine.…

HONG KONG: A senior US official yesterday urged China and Russia to match declarations by the US and others that only humans, and never artificial intelligence (AI), would make decisions on deploying nuclear weapons. State Department arms control official Paul Dean told an online briefing that Washington had made a “clear and strong commitment” that humans had total control over nuclear weapons, adding that France and Britain had done the same. The spread of AI technology surfaced during talks between US Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing last month. | Reuters…

Edinburgh: Scotland’s former deputy first minister, John Swinney, said yesterday that he would stand to succeed Humza Yousaf as leader of the country’s governing Scottish National Party (SNP). This follows Yousaf’s announcement this week that he would resign as party leader and Scotland’s first minister once a successor has been chosen to head the devolved government. Yousaf, 39, was forced out after ditching his junior coalition partners, the Scottish Green Party, in a row over climate policy. Swinney, 60, said he was running “to unite the SNP and unite Scotland for independence”, despite polls showing stalled support for splitting from the UK. The government, which survived a no-confidence vote this week, is two votes short of an overall majority. | AFP…

PRESSURE at Orlando Pirates is a privilege. Hence, coach Jose Riveiro and his men have upped the ante when it matters the most: the closing stages of the season. Pirates are where they want to be in the season. They are fighting for the last trophy – the Nedbank Cup – and a second place finish in the DStv Premiership. Of course, their season would have been much better if they had challenged for the title, but it wasn’t to be, due to an inconsistent run of form. Riveiro is not crying over spilt milk, though. Instead, the Spaniard has embraced the fact that he can bag back-to-back cup doubles and second place finishes. The 48-year-old had a breakthrough season to remember at Pirates last term, winning the MTN8 and…