Table of contents for 2025-02-19 in Cape Times

The mastermind behind the accounting fraud at Steinhoff, Markus Jooste, continued to earn millions in both euros and rand even as the company came under increased scrutiny over its financial situation. Jooste, who reportedly killed himself in March last year a day before he was set to be arrested on several charges of fraud, continued to earn a remuneration package that – apart from the 2017 financial year – grew at an annual rate of above inflation. Included in his income each year was a base salary worth millions of rand, the same amount in performance bonuses, as well as millions in shares vested. In addition, in the 2015, and 2016 financial years, he earned strategic bonuses of R20 million and R25m respectively. Jooste also sometimes earned a bonus related…

South Africa is one deal away from having its own crude oil to refine and serve the local market from the Orange Basin Crude oil reserves find shared with Namibia, more than half of which fall on the local side, taking the country a step further towards energy independence. This is what the Department of Mineral and Petroleum Resources (DMRE) deputy director-general Tseliso Maqubela told Parliament on Tuesday. “Basically, the vast majority of that oil found in Namibia in that basin is on our side of the border. It is now a question of ensuring that companies are allowed to explore,” Maqubela said, briefing the Portfolio Committee on Minerals and Petroleum Resources. “We allow them to produce, we don't stand in their way. We make it attractive to produce…

South Africans will be keeping a close eye on Minister of Finance, Enoch Godongwana’s Budget Speech on Wednesday with a keen interest on tax adjustments in the country. Tax adjustments will impact businesses and consumers alike and citizens always pay close attention to the popular ‘Sin Taxes’. Joubert Botha, executive director: head of tax and legal at KPMG told Business Report that 2025 May well be a year of tax consolidation with consequential adjustments and not major announcements or proposals, especially taking into account global minimum tax and two pot retirement system. Botha further said that there will very likely be a large focus on AI and the opportunity for such technology to improve tax collection, management and disputes. Botha said, “From an expense and cost perspective we predict more…

Power – or the lack thereof – has been a hot-button issue in South Africa for the past few years. Every South African knows the story: ageing infrastructure meant that the grid took strain, loadshedding kicked in, business operations ground to a halt, and profitability took a nosedive…all seemingly faster than the speed of light. Cut to 2025 and loadshedding – fingers crossed – is just about a thing of the past, largely thanks to the increasing adoption of renewable energy, resulting in less pressure on the grid. Reliable electricity remains a hot topic. There are still the usual issues like escalating prices that persist. The difference now, however, is that there’s a greater sense of cautious optimism surrounding the future, driven by the rapid expansion of the renewable…

DRDGold, one of South Africa’s leading gold producers, has experienced a downturn in its share price on the Johannesburg Stock Exchange (JSE), a trend attributed directly to a slight decline in gold prices. In an interview on Tuesday, CEO Niel Pretorius explained that this dip was reflective of a broader trend affecting various gold stocks, including Harmony Gold, which has seen its shares weaken by 7% over the past week as well. Pretorius said that gold prices had traded traded a little bit lower around $2 900 (around R54 300) per ounce compared to where it was some weeks ago. “I think that's related to the performance of the gold price. If you look at the gold index, you'll see that that's pretty much been the trend for for the…

Youth unemployment in South Africa is expected to remain a persistent concern in the first quarter of 2025 as more young people enter the labour force after completing their high school studies. This comes as Statistics South Africa (Stats SA) yesterday said the youth (15–34 years) remained vulnerable in the labour market after the labour force increased by 0.4% or 112 000 during the last three months of 2024. According to the Quarterly Labour Force Survey (QLFS), the youth unemployment rate eased slightly from 45.5% in the third quarter to 44.6% in the fourth quarter of 2024. The total number of unemployed youth fell by 133 000 to 4.7 million, while employed youth recorded an increase of 37 000 to 5.8 million. Data from Stats SA showed that the official…

A patron of a popular Grabouw farmstall will be compensated after she suffered a fall at the stall’s wooden walkway in 2019. The 72-year-old pensioner will now be paid damages after she slipped and fell on a wet and slippery wooden walkway at the open-air retail and dining operation. According to the woman, who had navigated between the premises which hosts various shops housed in pop-up containers with wooden decking connecting the retail spaces, she came upon a stack of crates protruding from the front of the container, and had to swerve to avoid them. “As she did so, her feet slipped on what she describes as a wet, dirty, and slippery wooden deck. She fell heavily onto her right side and sustained a compound fracture of her femur and…

Planning and continued execution will be paramount for the Proteas, if they are to be successful in the upcoming ICC Champions Trophy in Pakistan, which starts this week, bowling coach Anton Roux revealed on Tuesday. South Africa have had the opportunity to play a handful of matches on the subcontinent ahead of the tournament, revealing pitches that appear to be batting havens which have posed significant challenges for their bowlers, as conditions have offered little movement for either pace or spin. Roux, however, maintains that while the flat surfaces may present challenges, they also afford an opportunity for all 11 players to step up when it matters most on game day. “Pace is definitely part of our weaponry,” Roux acknowledged, emphasising the importance of tailoring their approach to specific phases…

Whenever a team pull off a big win, it is easy to get carried away with the result – even the performance wasn’t necessarily outstanding. In the same breath, the Bulls are being careful not to reinvent the wheel entirely ahead of Saturday’s United Rugby Championship clash against the Lions at Loftus Versfeld (2pm start), following last week’s 29-19 loss to the Sharks in Pretoria. Wing Sebastian de Klerk wasn’t involved in the Sharks encounter, but came off the bench the previous week in the 33-32 win over the Stormers in Cape Town, where he made a real impact out wide. He will hope to be involved against the Lions again this weekend, having been a regular starter for most of the season. That may depend on where Canan Moodie…

The official rate of unemployment eased slightly in the three months to the end of December Conditions in South Africa’s labour market are poised for a gradual improvement by 2025, driven by the stabilisation of electricity supply and an optimistic outlook for economic growth, which could boost job creation, though the agricultural sector lags behind. This comes after the official rate of unemployment eased slightly in the three months to the end of December buoyed by increasing jobs in the finance and manufacturing sectors. Data from Statistics South Africa (Stats SA) on Tuesday showed that the official unemployment rate fell by 0.2 of a percentage from 32.1% in the third quarter to 31.9% in the fourth quarter of 2024, marking the lowest jobless rate since the third quarter of 2023.…

Natural evolution is a messy and chaotic process, yet it often goes unnoticed because of the slow, gradual pace required for any significant change. Since we cannot observe natural evolution in real time — and marvel at how a single common ancestor gave rise to both the elephant and the dassie — we tend to see evolutionary changes in man-made processes and institutions instead. The business landscape, driven by neo-liberal principles of unrestrained creation and destruction, serves as one of the clearest representations of evolution in the modern world. As long as companies and organizations are allowed to compete on relatively equal terms, the marketplace determines the fittest players, who compete and struggle to carve out their niche. Throughout this process, less-suitable business models fade, and dominant forms of operation…

Citadel Investment Services, the asset management division of the Citadel financial services group, has overcome stiff competition in South Africa’s investment industry to win the coveted South African Manager of the Year trophy at the annual Raging Bull Awards gala dinner, held at the Cape Town International Convention Centre on Monday, February 17. The runners-up in the South African Manager of the Year race were Nedgroup Investments. The event, sponsored this year by the JSE, recognised outstanding performance to the end of 2024 by collective investment scheme managers. For the first time, the awards included passively managed funds and ETFs. Iress and Apex were the data providers. The guest speakers at the event were Mark Barnes, founder of Purple Group and former chief executive of the SA Post Office, and…

President Ramaphosa’s first State of the Nation Address (SONA) with a government of national unity (GNU) has been crystal clear- that we need bold, decisive action to drive inclusive growth, tackle unemployment, and build a more resilient, sustainable economy. The President reflected on ours being a country at a turning point at a domestic, continental, and global front. This however, does not mean we must lower our guard and compromise our development goals and our responsibility towards resolving global challenges. An acquaintance and a strong denialist of the climate crisis, was in reflection of the Sona, quick to state that this year’s SONA had escaped the capture of the climate alarmism by focusing infrastructure investment and economic transformation. I, in response emphasised that growth means little if it does…

After posting a plunge in full year earnings due to a rollback in sales and commodity prices, Kumba Iron Ore is keen to participate in the revival of Transnet’s logistical logjam. Mpumi Zikalala, the CEO of Kumba Iron Ore, on Tuesday said she believed that private players should be allowed to run the iron ore rail line to Saldanha. Kumba Iron Ore, like other South African bulk commodity producers, has suffered under rail and port logistical constraints. The Anglo American unit’s production of 35.7 million tons matched ore railed to Saldanha Bay port of 35.6 million tons for the full year to December. Sales volumes of 36.3 million tons for the period “reflect low levels of finished stock levels at the port due to logistics” constraints under Transnet. Zikalala said…

The Department of Employment and Labour (DEL) has fined 68 employers a total of R680 000 for hiring illegal foreign nationals without valid work permits in contravention of immigration laws. In a parliamentary reply, Minister Nomakhosazana Meth said her department conducts blitz inspections in collaboration with the Department of Home Affairs and the police. Meth said her department’s mandate was to enforce the implementation of labour laws to ensure the protection of workers, while the Department of Home Affairs scrutinised the validity of visas and work permits through the application of immigration laws. “In the event of non-compliance with immigration laws, the Department of Home Affairs arrests the non-compliant employers and employees.” Meth said during the blitz, 68 employers and 322 foreign nationals were found on the wrong side of…

Some 56 players have been invited by Rassie Erasmus to his first alignment camp of the year and it is a revealing selection as much for the newcomers invited as for the old timers rewarded with a lifeline. The camp begins in Cape Town on March 9, the day after the Sharks host the Lions in Durban (the Bulls and Stormers have a break that weekend after having played each other on March 1), and overseas-based players will be online for squad discussions. Among the number physically present are two veterans who probably doubted their chances of inclusion. I’m talking veteran Deon Fourie, the 38-year-old who was the hero of the 2023 World Cup final, and the discarded Akker van der Merwe, who is 33. Rassie’s backing of the duo…

Here’s an oldie but a goodie regarding SA cricket: The Proteas have won an International Cricket Council tournament, despite their nightmare history in ICC events over the years. The very first incarnation of the ICC Champions Trophy – which begins this week in Pakistan and the UAE – was as the ICC KnockOut Trophy in Bangladesh in 1998. South Africa had a depleted team, due to injury and resting protocols even at that time, which saw virtually their entire bowling attack missing out: Allan Donald, Shaun Pollock, Lance Klusener and Roger Telemachus, as well as left-handed opener Gary Kirsten. Only off-spinner Pat Symcox remained from the usual specialist bowling line-up, along with batting all-rounder Jacques Kallis. But that was no problem for master tactician, coach Bob Woolmer. He came up…

Anglo American has entered into a definitive agreement to sell its nickel business to MMG Singapore Resources for up to $500 million (R9.2 billion). The nickel business of Anglo American comprises two ferronickel operations in Brazil: Barro Alto and Codemin, and two high-quality greenfield growth projects, Jacaré and Morro Sem Boné. Anglo American added that the agreed sale consisted of an upfront cash consideration of $350m at completion; the potential for up to $100m in a price-linked earnout; and contingent cash consideration of $50m linked to the Final Investment Decision (FID) for the development projects. Duncan Wanblad, Anglo American CEO, said that the sale of their nickel business after a highly competitive process marked a further important milestone towards simplifying their portfolio to create a more highly valued copper, premium…

Transnet National Ports Authority (TNPA) on Tuesday said it was set to improve its dredging capacity through the installation of a new marine excavator on the Italeni, a Grab Hopper dredger in Durban. The Grab Hopper Dredger is used by the ports authority to maintain the promulgated depth of port berths, basins, and entrance channels necessary for the safe navigation of vessels in the ports. TNPA said that the installation of this cutting-edge technology will boost dredging volumes and increase efficiency at South Africa’s commercial seaports. “A marine excavator is specialised technological machinery that is used to improve dredging operations while ensuring safe and sustainable practices of marine and coastal environments,” it said. With an investment value of R76 million, TNPA said the newly installed excavator was designed to grab…

The global energy marketplace is shifting toward the acceptance of natural gas as a pivotal component in the transition to cleaner energy solutions, and rightly so. Africa, with its vast untapped gas reserves, has significant opportunities in the global liquefied natural gas (LNG) trade, a market that has quadrupled over the past few decades. However, a host of challenges overshadow this potential and threaten to impede its realisation. In our recently released 2025 Outlook Report, The State of African Energy, the African Energy Chamber (AEC) covers the dynamics of Africa's involvement in the LNG sector, exploring both the potential gains and the inherent risks. Promise on the Horizon Africa's natural gas reserves are substantial, accounting for approximately 6% of global gas supply, with an expected growth of about 15% by…

Attributable profits in BHP rose by 376% to $4.4 billion (R81bn) in the half year to December, boosted by strong cost containment that offset an 8% decline in revenues for the period, with the company determining dividends of up to $2.5bn. The company’s interim revenues fell to $25.2bn against $27.2bn in the year earlier contrasting period. There were increased sales volumes across BHP’s key commodities of copper, iron ore and steelmaking coal. However, revenue decreased primarily as a result of the “decline in realised iron ore and steelmaking coal” prices, “partially offset” by higher realised copper prices. The attributable profit of $4.4bn was attained through “disciplined cost control and strong operational performance, amid the lower price” environment, said the company. Nonetheless, underlying attributable profit for the period decreased by 23%…

Cell C has been slapped with a R500 000 fine after a Cape Town woman received a R11 265 bill for just a few hours of international roaming in France. The National Consumer Tribunal sitting in Centurion found the mobile operator contravened various sections of the Consumer Protection Act (CPA). Apart from the fine, Cell C must also refund its client, Julie Williams, the R7 480 she was overcharged. Cell C was further interdicted from engaging in similar prohibited conduct in future. The scathing judgment by the tribunal followed a complaint by Williams regarding her cellphone bill. She said Cell C agreed on a monthly bill limit of R3 785 for international roaming before her departure, yet when she returned, she was slapped with a bill of more than R11…

Jude Bellingham edged Real Madrid ahead in their Uefa Champions League play-off against Manchester City, but then his week swiftly took a turn for the worse. The England international was sent off in the first half as Los Blancos dropped two points in the Spanish title race on Saturday at Osasuna. The midfielder will at least be fresh for the second leg clash with City at the Santiago Bernabeu on Wednesday, with Madrid holding a 3-2 lead in the tie after their victory at the Etihad Stadium last week. Bellingham felt he had let his side down with his dismissal for dissent, despite insisting the referee misunderstood him, and he apologised to his teammates. All will be forgiven if he helps pull Madrid past Pep Guardiola's City and into…

Premier League leaders Liverpool have been dealt a fresh injury blow ahead of Wednesday's trip to Aston Villa with defender Joe Gomez ruled out for weeks with a hamstring injury, manager Arne Slot said on Tuesday. England's Gomez missed the start of the calendar year with a previous hamstring injury, and his return in this month's 1-0 FA Cup loss at Plymouth Argyle lasted only 11 minutes with the 27-year-old leaving the pitch after picking up a fresh knock. "Joe will take quite a long time. He's going to be out for numerous weeks because of a hamstring injury," Slot said. Slot said Gomez, a Liverpool player since 2015, may need surgery and would miss a large part of the rest of the season. "We expect him to be back…

Pakistan skipper Mohammad Rizwan said on Tuesday the ICC Champions Trophy would be a "historic occasion" for the country, as the hosts kick the tournament off against New Zealand. The Champions Trophy is the first major cricket event hosted by Pakistan in nearly three decades and is regarded as second only to the World Cup in the one-day game. "A global event has come to Pakistan after 29 years, so I think the whole nation should enjoy this historic occasion," Rizwan said on the eve of the tournament, which runs until March 9. Pakistan had been due to host the tournament in 2008 but were thrown into cricketing isolation by a security crisis as violence spilled over from the long-running war in neighbouring Afghanistan. Islamist gunmen then attacked a bus…