Table of contents for 2025-02-28 in Cape Times

President Cyril Ramaphosa has emphasised that the Government of National unity (GNU) will have to make certain “trade-offs” in a bid to find each other over differences about proposed measures to fund the National Budget. This comes after finance minister Enoch Godongwana was unable to table the 2025 Budget Review last week after parties within the GNU opposed his proposal to increase value-added tax (VAT) by 2 percentage points from 15% to 17% in a bid to raise R58 billion for the fiscus. The government is facing a fiscal crisis as the national debt is forecast to stabilise higher at 76.1% of gross domestic product (GDP) while the consolidated budget deficit will rise to 5% of GDP in 2024/25. Debt-service costs, which consume 22 cents of every rand of revenue…

Foreign investors have not returned in large numbers to the Johannesburg Stock Exchange (JSE) even though the higher volumes and values of trading that started after the formation of the Government of National Unity (GNU) last year have persisted into 2025. Speaking at the SA Trade Connect Conference that was held in Cape Town on Thursday, JSE chief executive Leila Fourie said the formation of the GNU had been a pivotal moment for the JSE and year-to-date since then there had been a 40% uptick in the value of shares traded. This uptick, which had slowed marginally since the start of the year, had also been boosted by consumer confidence improving following the lowering of interest rates and inflation, and improving GDP forecasts. She said this has also translated into…

A study by The Williams Group, which tracked 3 200 families over two decades, has found that 70% of wealthy families lose their fortunes by the second generation, and 90% by the third. Interestingly, this trend transcends geography and culture, as reflected in the Chinese proverb: “Wealth does not last beyond three generations”, which echoes the American saying “Shirtsleeves to shirtsleeves in three generations”. This is particularly relevant considering that the biggest global transfer of wealth is currently underway. In the coming years, baby boomers are set to pass down more than $68 trillion – that’s more than double the size of the whole US economy. This, however, is not only an American – or developed market – phenomenon, but a global one, affecting wealthy families around the world, including…

FORMER Transnet boss Phathutshedzo Mashamba and his wife Matlhodi have agreed to pay back over R7.3 million in bribes from a company linked to the state-owned rail, logistics, port, and pipeline company’s properties. Mashamba, formerly Transnet’s coastal regional manager in KwaZulu-Natal, was showered with bribes from suppliers. He received bribes, including a house in Dainfern in Johannesburg valued between R6.5m and R6.8m. He has admitted to stealing the money and attempting to bribe the members of the national executive. “The Dainfern property shall be listed by the estate agent at the appropriate listing,” the Mashambas agreed. In the agreement, the couple also agreed to pay R250 000 towards the Special Investigating Unit’s (SIU’s) probe. Mashamba agreed to pay R2.3m he received as a bribe and secret profits while he was…

IT’S NOT an isolated incident that more than 11000 South African Social Security Agency (Sassa) beneficiaries in Grabouw do not have access to nearby facilities to replace their gold cards with the new black ones. In fact, says Black Sash, one beneficiary had to travel over 200km from Guse (villiage) to Kowa formerly known as Elliotdale in the Eastern Cape only to be told by Shoprite staff that the site had recently been closed, despite still being listed on the USSD service. These concerns echo Social Development Minister Nokuzola Tolashe’s sentiments that Postbank had no plan in place to deal with the crisis presented by the process of replacing the existing Sassa gold cards with black cards belonging to the Postbank. The process has to date caused widespread frustration with…

INGREDIENTS 2 tsp. chilli powder 100 g butter ½ cup baby plum tomatoes; roasted 2 tbsp. Simple Truth Apple Cider Vinegar 2 Simple Truth Free-range Eggs ½ cup lactose free yogurt of your choice To Serve Kale or basil pesto Salt and pepper Freshmark Micro Herbs METHOD 1. Start off by bringing a large pot of water to a medium boil, season with salt. 2. To make your “red oil” which is essential to the dish: melt your butter in a small saucepan and add your chilli powder. Mix through quickly and decant into another bowl. Set aside. 3. Once the water has come to a boil, turn down the heat so it is at a simmer. Add your vinegar and stir to make a whirlpool in the…

Cape Town is set to come alive with colour and celebration as it hosts the much anticipated Pride Parade and Mardi Gras. The vibrant event tomorrow marks the grand finale of a month-long Pride Festival dedicated to celebrating diversity, promoting inclusion, and raising awareness for the LGBTIQ+ community. Mayco member for Safety and Security JP Smith said: “The pride parade is an occasion where allies, family, and friends come together as a community for Africa’s biggest parade, celebrating LGBTIQ+ awareness, diversity, and inclusivity. “The procession, organised by Outreach Africa, starts in De Waterkant’s Alfred Street at 11am, making its way to the Green Point underpass via Somerset Road. It is free for everyone to join. Cape Town Pride has been shining a spotlight on LGBTIQ+ issues and promoting human rights…

It’s a massive coup by head coach Rassie Erasmus to bring the experienced Irishman Felix Jones back to the Springboks ahead of the next Rugby World Cup in Australia. The double Rugby World Cup-winning assistant coach is set to reunite with Erasmus and his fellow coaches following a brief tenure in England’s set-up. While Erasmus made a trio of appointments to his Bok staff, Jones’ return garnered the most attention. And rightly so, because the knowledge he’s gained while under England coach Steve Borthwick will become invaluable information for the Springboks going forward. So too the analysis he’s done on the other Six Nations teams, including France, Ireland, and Italy which the Boks will face this year, starting with home Tests against the Azzurri in July in Pretoria and Gqeberha…

In the aftermath of the 31-19 victory over the Lions, Bulls coach Jake White wasn’t entirely happy with the performance, despite his team securing a try bonus point as well. That was an understandable reaction, considering the fact that they were 17-0 ahead in 14 minutes, but then allowed the Lions back into the game to make it 17-14 at halftime. The Bulls confidence would’ve been shaky at that point, as they had lost 29-19 to the Sharks at Loftus Versfeld a week earlier, and had been fortunate to hold off the Stormers 33-32 in Cape Town before that. The Pretoria side, though, pulled off a valuable win against a spirited Lions outfit, and did it with a number of new faces that White had introduced last week. Top of…

Meeting takes place against a backdrop of foreign aid cuts from both the UK and US The meeting of G20 Finance Ministers and Reserve Bank Governors failed to reach consensus on a joint communiqué, and a chairman’s statement was released instead. This statement resolved to maintain and broaden discussions on concrete policy measures among the member countries and foster cooperation.South Africa's Finance Minister Enoch Godongwana, in a briefing on Thursday, expressed disappointment that consensus for a communiqué could not be reached. He said that similar chairman’s statements were released after the Indonesia meeting in 2022 and in India the following year, when consensus could also not be achieved, although “several new differences emerged on a number of topics” that the ministers could not agree on this year. When questioned about…

Automotive and mobility company, Motus Holdings, has raised its interim dividend by 2% to 240 cents per share for the six months ended 31 December 2024 compared to the previous year, with returns on invested capital decreasing to 10.7%. Over the same period, Motus’ weighted average cost of capital also decelerated to 9.9% while its equity to net debt structure stood at 56%:44% compared to 52%:48% previously. During the half year period under review, headline earnings per share in Motus grew 3% to 681 cents while attributable profit for the period went up marginally by 1% to R1.127 billion. This came despite revenues over the half year period slumping R56.1bn, with earnings before interest, depreciation and amortisation falling by 4% R4bn. Cash flows from operating activities of R186 million for…

To quote Barry Schwartz from his book: “The Paradox of Choice: Why More Is Less”, “On the other hand, the fact that some choice is good doesn’t necessarily mean that more choice is better”. Paradoxically as financial markets and investment products evolve, it has never been easier to invest, yet more complicated to decide on an investment. This “Paradox of Choice” scenario means there are too many investment options that could result in uncertainty or hesitancy in making an investment decision. This sometimes leads to investors not investing at all or being dissatisfied with their investment decisions. However, research has also shown that the more informed or experienced an individual is, the more confident they are in making a decision and prefer having more options. As a result, experienced investors…

President Cyril Ramaphosa has acknowledged a critical 30-year delay in implementing Early Childhood Development (ECD) programmes. The president’s remarks come amid discussions on strengthening foundational learning and improving educational outcomes for 13.5 million South African learners. “The minister is absolutely right when she says we should have started 30 years ago with Early Childhood Development, and if there is any mistake that we have made as a nation and as a government, it is this one... Thirty years ago, we were blindsided. We should have realised that to get this country to be important, on a much higher plane of development, we should have started ECD then,” he said. Ramaphosa was speaking during his opening address of the Basic Education Lekgotla at the Birchwood Hotel, Ekurhuleni, yesterday, where various professionals…

Activists describe Donald Trump administrations’ decision to stop funding as committing ‘genocide’ THE NGO sector in South Africa is reeling after organisations yesterday received letters that all United States President’s Emergency Plan for AIDS Relief (PEPFAR) grant funding to local HIV/Aids organisations had been terminated. HIV/AIDS activist organisation, the Treatment Action Campaign (TAC) said the terminations “mean death to poor people of the world”. “The NGO sector in South Africa woke to a letter from US Agency for International Development (USAID) terminating grants. It is so painful that these terminations mean death to poor people of the world. Key and vulnerable populations are the most affected.” This comes as South Africa had been grappling with the implications of a sudden 90-day suspension of PEPEFAR funding to organisations across the…

THE City’s Urban Waste Management officials will seek to urgently engage relevant roleplayers around possible interventions to assist with the return of services to Manenberg after refuse collection was suspended due to ongoing gang violence. Community members said they were informed yesterday morning about the suspension. In a statement, the City informed Manenberg residents that waste collection services in the area have been suspended until further notice. Acting Mayoral Committee Member (Mayco) for Urban Waste Management, Councillor Siseko Mbandezi explained the refuse collection staff have to work in the crossfire between gangs regularly, and this is presenting an unacceptable risk to their safety. “Over the coming week, Urban Waste Management officials will seek to urgently engage relevant stakeholders around possible interventions to assist with the return of services to the…

The Proteas find themselves in the unusual position of having not played for almost a week, but yet are on the brink of qualification for the ICC Champions Trophy semi-finals. Temba Bavuma’s team have watched from afar as all the drama has unfolded around them, with most notably Afghanistan knocking out England in a thrilling contest in Lahore. And further in favour of the Proteas is that they will know their exact fate, due to Australia facing Afghanistan on Friday, which could indeed render Saturday’s clash against the already eliminated England in Karachi (11am SA time start) a dead rubber. From what was a potential do-or-die “quarter-final”, it has morphed into quite a let-down for the neutral observer. But after all the drama the Proteas have experienced over the years…

It was at the turn of the millennium when a strongly built left-handed opener took guard for Western Province at Newlands. It was the start of a journey that would see the teenager bloom into one of the Proteas’ greatest batters. For many who sat under The Oaks watching Graeme Smith flick numerous balls off his legs and power pull shots to the boundary, there was a great sense of pride in being able to say they were there from the very start. There was a similar feeling for those present on a balmy Wednesday afternoon at Newlands that they may possibly be witnessing history repeat itself. At 18 years old, Lhuan-dre Pretorius is even younger than Smith was when the former Proteas skipper swapped Gauteng’s hustle and bustle for…

It was so nice twice that he decided he wanted to do it thrice. If you have watched Avengers: Endgame, then you will know that, towards the climax of the flick, Captain America stands up wearily. Beaten, bloodied, bruised, and exhausted, he looks over the scarred battlefield at the antagonist, Thanos, breathing heavily. Defeat flashes over his face as he tightens his shattered shield to his arm, ready for his last stand. In that moment of utter despair, his radio crackles to life, bringing the affirmation that help is on its way. What follows is a scene 10 years in the making, as every Marvel superhero at that time rallies to his side. After some heart-stirring cameos and a pulse-pumping score, Cap finally mutters the immortal words: “Avengers, assemble.” Now,…

MTN Group, the telecoms giant grappling with recent woes in Nigeria, expects a steep decline in headline earnings per share (Heps) for the full year ended December 31, 2024, it said in a trading update released on Thursday. The group forecasts Heps to fall between 59% and 79%, in a range of 66c to 129c, down from 315c in 2023. Earnings per share are set to plunge more than 100%, swinging to a loss of 509c to 554c from a 227c profit in 2023. The results are impacted by several external factors including the negative impact of local currency devaluation in 2024, particularly the naira, against the dollar. This included both translation effects and forex losses in its financials. An additional factor knocking the results is operational challenges in…

The market on Thursday welcomed the interim results of KAP, the South African industrial, chemical, and logistics group, even as a R2.5 billion capital expenditure push to drive future growth exerted pressure on its performance for the six months ended December 31, 2024. The shares soared 9.6% to R2.74 by midday on the JSE on Thursday. CEO Gary Chaplin, presenting the results, framed the period as a pivotal moment for the group. “Looking at the results in context, we've completed a major capex cycle, R2.5 billion over and above our normal capex. There were no material delays or overspends in this, and all those projects are fully operational within the six months,” he said “The balance sheet is intact. We are ramping up the sales, and there's an obvious impact…

While global warming is accelerating at a record-breaking speed, resulting in extreme weather events like floods and drought, few South African retirement funds have climate policies in place. The World Meteorological Organisation declared 2024 the hottest year on record, following 10 consecutive years of exceptional land and sea surface temperatures driven by human-generated greenhouse gas emissions. A Financial Sector Conduct Authority (FSCA) survey found that in 2020, only 7% of South African retirement funds had climate change policies, and only 2% were committed to green, climate, social, or sustainability-focused investments. A recent actuarial study also found that South African retirement funds only score 11% in terms of climate-related disclosure and reporting versus an ideal score of 80%. Concerned that South African retirement fund trustees are not factoring the risks…

PRESIDENT Cyril Ramaphosa has yet to appoint the delegation that will visit the US States and other capitals in Africa and across the world, says Minister in the Presidency, Khumbudzo Ntshavheni. Earlier this month, US President Donald Trump issued executive orders which summarily cut the USAID funding to South Africa and he also afforded white Afrikaners priority status to seek refuge in the US as the impasse over South Africa’s expropriation policy escalated. Ramaphosa said he would send envoys to countries that South Africa considers allies to drum up support before this delegation travels to meet with Trump's administration. Addressing the media yesterday after Wednesday’s cabinet meeting, Ntshavheni said South Africa was continuing to engage with various processes. “South Africa is an important global player and as outlined we…

IN order for the National Register for Sex Offenders (NRSO) to serve its intended purpose, the Department of Justice and Constitutional Development must ensure the register is comprehensive, up to date and error free. This was according to Brigitta Mangale, Director and Thobeka Nomazizi Dhlamini, Candidate Attorney at Cliffe Dekker Hofmeyr’s Pro Bono and Human Rights Practice as the National Register for Sex Offenders (NRSO) was expected to be made publicly available in a decision that has been met with both support and caution. Justice and Constitutional Development Minister Mmamoloko Kubayi announced last month that the National Register for Sex Offenders will be published by the end of February. The minister subsequently outlined a three-phase approach to making the Register publicly accessible. The first phase involves a review process, during…

A former North West mine employee who preyed on hitchhikers over a year has been jailed to an effective 32 years imprisonment. Goitsemodimo Kekae was sentenced in the Rustenburg Regional Court yesterday. The 34-year-old was convicted on 15 counts of robbery with aggravating circumstances. The National Prosecuting Authority said Kekae was arrested following a spree of robbery incidents that were reported near Rustenburg, Mogwase and Koster from October 2014 to January 2015. “It is alleged that the information reached the police about a person who was driving a Toyota Corolla robbing people in hitchhiking spots,” said NPA spokesperson Sivenathi Gunya. He said investigations revealed that the accused would offer a person a ride and when the person got into his car, he/she would be robbed of their belongings at gunpoint.…

THE #RacistBanksMustFall movement emerged during the Covid-19 pandemic to amplify the frustrations caused by discriminatory practices of banks towards Black-owned businesses and Black people in general. Racial profiling is rampant in the South African banking sector. Risk assessments have been used as a tool to deny Black people facilities, and when granted, it is done so at a much higher interest rate than their white counterparts. Commercial banks like FNB, Standard Bank, Absa, Nedbank, and Investec have repeatedly been found involved in near-criminal practices. Yet, little action has been taken to address this injustice. Scores of Black people have come out on various media platforms complaining about how badly banks treat them and how impossible it’s making it for the majority of people to own properties and get financing for…

After being manhandled by Afghanistan on Wednesday, an English exit from the ICC Champions Trophy is certain. But before they leave, the Proteas may just want to dominate their age-old rivals to better their position ahead of the semi-finals in Saturday’s clash in Karachi (11am SA time start). Regardless of their loss, England in a big tournament can’t be underestimated, but the Proteas have been on a wave of momentum since their win against Afghanistan. The wash-out against Australia, earning them both a point each, could have been both frustrating or a sigh of relief, given the Aussies’ ability to show up at big tournaments and the South Africans’ uncanny ability to flunk out. Captain Temba Bavuma indicated that it was frustrating not putting themselves to the test against the…

Stormers director of rugby John Dobson admitted he got the profiles wrong of his loosehead props, which has affected the Cape side’s scrum this season. After the forced retirement of Steven Kitshoff this past week, Dobson said they are out to rectify the error by signing a quality scrummager for the next season. With seven matches remaining in their United Rugby Championship campaign, the side are still outside of qualification for the knockouts. Dobson didn’t want to lay the blame for their struggles with the loosehead situation, but key long-term injuries have taken a toll on their once destructive scrum. Kitshoff (neck) and former Bok Lizo Gqoboka (Achilles) were out for the season, and disruptive niggles to Sti Sithole and Ali Vermaak throughout the campaign added to their woes. However,…

Stellenbosch FC’s drive to cement a top-three finish on the year-end Premiership standings is in overdrive, as the Maroons are on a four-match unbeaten run across all competitions. On Tuesday evening, Stellenbosch secured a 2-1 Premiership victory over Magesi FC at the Danie Craven Stadium in the Winelands. On Friday, they will return to their headquarters to host Polokwane City (7.30pm kick-off), and will look for maximum points to improve their fifth-place log position (27 points in 17 games). Polokwane have been battling lately, and are winless in their last four league outings. They managed a miserly two points from as many draws during this spell, but are still three points clear of Stellenbosch in fourth place, with 30 points after 19 games. Coach Phuti Mohafe will be hamstrung in…

The Stormers will require an 80-minute performance on Saturday against the Bulls to stand any chance of bagging a victory in Pretoria. But, key individuals must spark the Cape side with their attack and defence to lead them to success as they aim for a turnaround in the United Rugby Championship (URC). Independent Media looked at five players that could play a key role for the visitors at Loftus Versfeld (5pm start). Warrick Gelant The former Bull loves a match against his ex-teammates. He almost operated the Stormers’ backline attack single-handedly in the first North vs South duel in Cape Town. Gelant’s ingenuity and ability to pull off some magic from almost nothing when he is attacking should get his side running with the ball. He will be tested under…