Table of contents for 2025-04-03 in Cape Times

The National African Federated Chamber of Commerce and Industry (Nafcoc) commenced its 60th anniversary celebrations in Durban on Wednesday with a resounding call for economic transformation aimed at uplifting black-owned businesses in South Africa. Nafcoc President Gilbert Mosena emphasised the staggering unemployment rate among youth aged 15-24, which currently stands at a catastrophic 60.8%, compared to a mere 7.9% for their white counterparts. Mosena painted a stark picture of the economic divide, noting that the median monthly income for white South Africans was R21 000 in 2022, three times the R4 684 earned by black South Africans. Moreover, a 2017 report revealed the median wealth of black households at R70 000, in stark contrast to R1.364 million for white households. Mosena added that this inequality was not just a challenge…

SiyaQhubeka Forests (SQF), a leading forestry company, has increased the equity stake of its community partner, SiyaQhubeka Community Trust (SQT) based in KwaZulu-Natal, from 5.4% to 15.4%, marking a significant step towards inclusive growth in South Africa’s forestry sector. The transfer, announced on Tuesday, is part of a partnership with Mondi South Africa and the South African Forestry Company Limited (Safcol), aimed at empowering local communities and fostering economic participation. The deal strengthens SQT’s role in SQF, a Level 1 Broad-Based Black Economic Empowerment (BBBEE) contributor, which operates sustainably within the iSimangaliso Wetland Park, a Unesco World Heritage Site. Certified by the Forestry Stewardship Council, SQF integrates commercial forestry with environmental conservation, setting a benchmark for responsible practices. The increased shareholding is expected to unlock job creation, training, and enterprise…

Old Mutual's share price fell a hefty 3.18% after it said adjusted headline earnings per share (AHEPS) were expected to increase between 7% and 27% in the year to December 31, 2024. The insurance and financial services group that plans to launch a bank in South Africa said it expected AHEPS to be between 138 to 163.8 cents per share versus 129 cents last year. The share price fell fairly hard to R11.88 on the JSE on Wednesday afternoon, with the price also marginally below the R12.15 it traded at a year ago. Further details of the bank’s launch, expected early this year, will likely emerge when the full-year results are released on March 18. OM Bank received approval from the SA Reserve Bank to appoint Clarence Nethengwe as CEO…

A new partnership between Bank Zero and Green Riders aims to bolster entrepreneurship among South Africa’s marginalised youth, leveraging cost-effective banking to support small and medium-sized enterprises (SMEs), which are vital to the country’s economy. SMEs account for 91% of formalised businesses, employ about 60% of the labour force, and contribute roughly 34% to gross domestic product. The collaboration, announced this week, pairs Bank Zero’s innovative banking solutions with Green Riders’ e-bike delivery model, which has created thousands of jobs for young South Africans. Green Riders, a two-time Earthshot nominee and Cape Town-based e-mobility company, provides sponsored e-bikes to previously marginalised youths, enabling them to work as riders in the last-mile delivery sector. This initiative allows them to earn income and eventually own the bikes, fostering sustainable micro-entrepreneurship. The last-mile…

New investors secure credit approval Tongaat Hulett’s (THL) business rescue has reached a pivotal point after the sugar and property group’s new investors, The Vision Parties headed by businessman Robert Gumede, confirmed to the Business Rescue Practitioners (BRPs) that they have secured credit approval to meet the balance of their payment obligations owed to lenders. This means that the Vision Parties will be able to complete their acquisition of the claims held by the consortium of lenders, which comprise mainly South African banks and which had provided funding to the group prior to it entering business rescue. The due date of the payment to the lenders had been March 31, 2025, but the Vision Parties had informed the BRPs that they had requested, and obtained, the Lender Group's consent to…

The Portfolio Committee on Home Affairs has moved to bolster the framework regulating political donations, recommending to the National Assembly an increase in the disclosure threshold and upper limits for donations to political parties and independent candidates. This comes after the committee completed public hearings into the upper limits and disclosure threshold for donations and disclosures. The national legislature undertook the exercise after it was taken to court by lobby group, My Vote Counts, when it passed the Electoral Amendment Act without setting the upper limits for donation and disclosure thresholds. Before the amendment, the disclosure threshold was R100 000 per financial year and the upper limit donation was R15 million per financial year to political parties. When the newly amended law was passed, which also catered for independent candidates…

The Resistance Against Impunity Movement (RAIM) has issued a resolute condemnation of South African banks for their ongoing practice of arbitrarily closing accounts under the controversial banner of “reputational risk.” This troubling trend has notably targeted Black individuals and Black-owned businesses, serving as a tool of economic exclusion and financial sabotage against those striving for meaningful participation in the nation’s economy. The disarray within South Africa’s financial sector is starkly underscored by a recent decisive action taken by the United States Office of the Comptroller of the Currency (OCC). The OCC has eliminated the use of reputational risk as a criterion for banking decisions, highlighting how such a vague and subjective measure can lead to abuse and unjust denial of financial services to legitimate individuals and enterprises. In stark contrast,…

Former Member of Parliament (MP) and ANC NEC member Lindiwe Sisulu has lamented the neglect of heroes' graves across South Africa. During the commemoration of Robert Sobukwe's 100 years of legacy in Graaff-Reinet, Eastern Cape, recently, Sisulu urged municipalities to take greater responsibility for the resting places of those who fought valiantly against apartheid, saying she was left saddened by the state of disrepair of Sobukwe's gravesite. "I was not happy with the grave that we went to this morning. This is a towering man, an intellectual. A man who has trailblazed most of the path that we have travelled. I would have expected that when we got there, something in the grave would show that we care, we love, and we honour. "There must be a clause in the…

Sergeant Mzamo Mbovane, a detective with 22 years of experience with the police based in Vredenburg, yesterday testified in the trial within a trial that Steveno van Rhyn admitted to injuries, but not from police. Mbovane was the fifth witness to take the stand for the day. The trial within a trial was initiated after Jacquen 'Boeta' Appollis and Van Rhyn claimed they were assaulted and tortured by police during their questioning on March 4 and 5, 2024. Mbovane testified he had driven and was present during the medical examination of Van Rhyn. He said that he, Sergeant Emilio Benjamin, and Sergeant Francois Engelbrecht, transported Van Rhyn to the medical facility before he was set to give his confession. Previously, Van Rhyn claimed he was assaulted and tortured by being…

Third time could well be the charm for Nkosikhona Mhlakwana at the Totalsports Two Oceans Marathon this weekend. But the Hollywood Athletics Club star is not putting himself under undue pressure to win the popular Mother City ultra. A two-time podium finisher at the 56km race, the lad from Howick in KwaZulu-Natal is yet to reign victorious, having finished second and third in 2022 and 2023. He skipped the race last year but will be back this weekend, having made the world’s most beautiful marathon his main focus for the season. Yet, as he looked ahead to Saturday’s race, the man nicknamed The Pitbull for his tenacity and bite said he is more intent on running a faster time than on taking home the title. “I am ready for it.…

The Public Investment Corporation's (PIC) unlisted portfolio came up for scrutiny without wholly satisfying the Standing Committee on Public Accounts (Scopa), which has scheduled another date for a full report on entities that had raised red flags with the Auditor General (AG). This is as the PIC appeared before Scopa on Wednesday to report mainly on the investments the entity has made on behalf of the Government Employees Pensions Fund (GEPF) and the Compensation Fund to address the ongoing financial and governance failures within the Compensation Fund and the Unemployment Insurance Fund (UIF). Scopa followed up on the state of the Compensation Fund, which has received the same audit opinions for five consecutive years, with little to no improvement on the issues previously raised by the Auditor-General. It has incurred…

The Public Investment Corporation (PIC) has invested $40 million (around R740m) into Africa50 Group, the pan-African infrastructure investor and asset manager, marking a significant step towards harnessing African capital for the continent's infrastructure needs. The PIC, representing the Government Employees Pension Fund (GEPF) and one of Africa’s largest asset managers managing assets worth $141.5 billion, has become Africa50's 36th shareholder. The PIC’s investment is seen as a testament to Africa50 group’s ability to unlock new and deep pools of capital for transformative infrastructure across the region. The asset manager joins 32 African states, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib. The development reinforces Africa50’s position as a pioneering infrastructure investor, asset manager and mobilizer of institutional capital. Kabelo Rikhotso, the…

A Cameroon appeals court has ordered the release of South African mobile operator MTN's bank accounts in the country, which were seized in 2022 over a loan dispute with a Cameroonian businessman, MTN said. A court order froze MTN Group's Cameroon accounts containing 14 billion CFA francs ($23.20 million) in September 2022. The seizure threatened the operations of the Cameroon subsidiary of Africa's largest mobile carrier, which has one of the biggest networks in the Central African country with around 15 million users. The dispute over a real estate loan involves Cameroonian business mogul Ahmadou Baba Danpullo, the owner of Bestinver Group companies, and South Africa's First National Bank (FNB). After FNB liquidated a number of properties belonging to Danpullo in South Africa, the businessman retaliated by having a Cameroonian…

With 4.37 billion users worldwide, email persists as a core digital marketing channel. The question is, with the evolution of how businesses communicate with consumers, is email marketing still effective? Almost every new communication app has claimed it will eliminate email. Slack, the most notorious of these claimants, marketed itself as the “email killer” but since the company was acquired by Salesforce in 2021 their approach has become more integrative and focuses on seamless collaboration as opposed to outright replacement. In other words, it seems Slack couldn’t beat email, so they joined them. Cutting through the noise in 2025 One of the key trends that stands out from Native VML’s 2025 Tomorrow’s Commerce report is that “optichannel is the new omnichannel”. Omnichannel refers to your brand being visible on every…

Zimbabwe’s largest but struggling retail operator, OK Zimbabwe, is seeking to raise $30 million (around R560m) in capital to strengthen its balance sheet, enhance working capital and to support its turnaround after profitability tanked amid a worsening economic environment. OK Zimbabwe also runs Born Marche and some Food Lovers' outlets in the country. Recently, the company sacked its CEO and other officials, and brought back retired executives to help turn around its fortunes. As part of its turnaround strategy, the troubled retail operator will undertake a capital raise of up to $30m “to bridge the funding gap and stabilize the company’s financial” position, it said on Wednesday. “The capital raise will be a combination of a rights issue, private placement and debt instruments,” said Margaret Munyuru, company secretary for OK…

Scenes of jubilation played out at the Gqeberha High Court as televangelist Timothy Omotoso and his co-accused Lusanda Sulani and Zukiswa Sitho walked free after a marathon eight-year trial. Omotoso and his two co-accused were acquitted of all charges when Judge Irma Schoeman delivered her judgment yesterday morning - placing under scrutiny the State’s failure to prove its case beyond reasonable doubt. According to Schoeman, the State’s bungling of the case was when it failed to properly cross-examine the accused when they had ample time to do so, adding that it was the State’s responsibility to present compelling evidence against the accused and it was not the onus of the accused to prove their innocence. Immediately after the court adjourned, Omotoso, Sulani, and Sitho kneeled in the dock and started…

Stellenbosch FC coach Steve Barker feels “the pressure shifts to Zamalek” after his team earned a well-deserved goalless draw in their first-leg CAF Confederation Cup quarter-final at Cape Town Stadium on Wednesday. In what has been a glorious couple of days for South African club football, after Mamelodi Sundowns and Orlando Pirates earned victories in the CAF Champions League, Stellenbosch also showed they deserve a place at the dining table of the continent’s elite football clubs by holding the Egyptian giants scoreless. Barker’s charges now head to the tip of North Africa with a genuine chance of advancing to a first-ever continental semi-final in next Wednesday’s second leg. “The main objective was always to go to Cairo having a chance,” Barker said after the first-leg stalemate. “We didn’t want to…

The good news for the Sharks is that combative lock Gerbrandt Grobler will make his long-awaited comeback from injury against Lyon on Sunday in the Challenge Cup. However, the bad news is that Springboks Eben Etzebeth and Aphelele Fassi will not make the trip to France. Etzebeth last played on 7 December when the Sharks beat the Exeter Chiefs in Durban. The Bok legend suffered a serious concussion but was cleared to play a few weeks ago, only to strain a hamstring at the Springbok alignment camp in Cape Town. It is understood that he is now fit to play, but coach John Plumtree said last week that he was unsure whether it would be wise for Etzebeth to make his comeback in a fierce encounter against a hostile Lyon…

DA says party will file papers in the High Court to challenge passing of the 2025/26 Budget The rand depreciated further by more than 1.6% to R18.78 to the US dollar by 7pm on Wednesday night, a fresh low since February 28, as investors reacted to rising political uncertainty amid budget turmoil. Members of Parliament (MPs) voted in favour of passing the National Budget with a slight margin in a protracted vote as 194 supported the fiscal framework with the proposed 0.5% increase in the value-added tax (VAT) while 182 opposed it. However, the process is not complete by any stretch as MPs have now given a 30-day period in which they will thrash out outstanding issues about the VAT increase, with a big push for its total scrapping. The…

Repairing the fractured relationship between South Africa and the US hinges on balanced trade, according to business and labour leaders who met with American politicians in Washington. That would mean narrowing South Africa’s trade surplus with the US of more than $4 billion (R72bn), mainly from its exports of cars and agricultural products, said Johann Kotze, the CEO of the country’s biggest farm lobby. Inclusion in the African Growth and Opportunity Act - which allows duty-free access for many goods into the world’s largest market - may end, he said. “There was a sense that it’s freebie and there’s not something back for America,” Kotze, the head of AgriSA, said of the perception of Agoa by US senators and members of Congress that the group met. “Reciprocal trade is for…

I woke up one morning, did my usual doomscroll on Twitter (previously known as X, back when things made sense), and there it was - another empire burning down in real time. This time, it wasn’t a washed-up actor making a last-ditch attempt at relevance. No, this was different. This was the Skinny Sbu guy. The man who turned colourful, overpriced foot fabric into a national phenomenon was now the main character on the timeline - and not in a good way. Sibusiso Ngwenya made public appeals for a R5 million cash injection to revive his business, stating, "I don't need advice, I need money!" His blatant approach sparked significant debate on social media platforms. Many users criticised his perceived sense of entitlement (I mean, honestly, though). And of course,…

MTN is more widely known for the communication, education, and financial benefits its mobile and internet services bring to 19 African markets, but allegations of human rights violations due to internet shutdowns ordered by governments in conflict continue to surface, raising an ethical dilemma for the group. Business Report was shocked to view an investigation by Opensecrets.org.za into these alleged human rights abuses by MTN in countries such as Afghanistan, the Democratic Republic of Congo, Nigeria, Iran, and Sudan, all carried out by government decree. Typically, the cellphone and internet operator in a country is bound by its contract with the government or its communications regulator to suspend the provision of internet services, when instructed to do so. The human rights abuses extend beyond the obvious use of an internet…

A group of University of Fort Hare students will have to stand trial for allegedly killing a fellow student they accused of stealing a pair of sneakers and a laptop. The high court in Bhisho found the five students – Monelisi Sodidi, Lindokuhle Ndlebe, Siphosethu Nkomo, Mosuli Mgilane, and Aphelele Qongo, who are all in their 20s – have a case to answer for the alleged kidnapping, assault with intent to do grievous bodily harm and murder of Lubabalo Nguta in October 2023. The incident happened in the institution’s main campus in Alice, where Nkomo was told by another student Athule Khatshwa at a tavern that Nguta had given him the sneakers. Nkomo was allegedly accompanied by Sodidi, Ndlebe, and Mgilane, and Khatshwa produced the pair of sneakers from his…

Excitement has reached a peak for the 2025 Two Oceans Marathon with the opening of the event expo. The expo is being held at the DHL Stadium in Fritz Sonnenberg Road in Green Point and opened yesterday. The expo is open today and tomorrow from 10am to 8pm. It will be open to all on Saturday, from 9am to 3pm, however, only Half Marathon runners may collect their Race Packs on this day. Totalsports Two Oceans Marathon or MiWayLife Two Oceans Marathon Trail entrants are required to collect their race number and race pack at the expo and may not collect these once registration closes. Documents required for collecting a race pack on behalf of another runner: Original ID or driver’s licence. Confirmation email (containing the race number) of the…

In the second edition since its inauguration, the bi-annual Africa Children’s Summit 2025 (ACS 2025) comes at a time when South Africa is reeling from the shock of a spate of sexual violence cases against children in the country. The ACS 2025 will be hosted from April 4–7 in Johannesburg, where the child-led conference is set to facilitate dialogue between policymakers and children. The summit, which will be hosted in partnership with Nelson Mandela Children’s Fund (NMCF), will see 1 300 children from across Africa gather at Roedean Senior School and St John’s College in Parktown under the theme: “Nothing About Us Without Us”. Addressing media on the readiness to host the summit, Minister of Social Development Nokuzola Tolashe said the landmark gathering is aimed at championing child participation in…

South Africa’s newest batting prodigy, Lhuan-dre Pretorius, has taken to professional cricket like a duck to water, scoring centuries for fun in different formats. Having built quite a reputation in white-ball cricket since his high-school days, some questioned whether he had the game to succeed in first-class cricket. On his first-class debut at St. George’s Park last December, the youngster put to bed all the questions with a maiden century in his very first innings in the Cricket SA Four-Day Series competition. He then followed up that knock with 103 against Western Province in his very next innings, proving that he belongs in Division One cricket. In his four innings in first-class cricket thus far, the youngster has failed only once to reach the half-century mark, making him one for…

With a partisan home crowd in the stands, the Bulls are prepared for a “hostile environment” in Saturday’s Challenge Cup last-16 clash against Bayonne in France (1.30pm start). That was the view of flank Jannes Kirsten, who has had his fair share of games in France while spending a few years at English club Exeter Chiefs. While the 31-year-old hasn’t faced Bayonne previously or visited the Stade Jean Dauger venue, Kirsten expects an intimidating welcome against the French club. Bayonne are also in good form in the French Top 14, after beating Lyon 28-14 last weekend, and they are fourth on the log after 20 matches, with 12 wins. They have some hardened veterans in their line-up, including former Springbok loose forward Uzair Cassiem and England centre Manu Tuilagi, who…

Rob Walter’s sudden resignation as Proteas white-ball coach sent shockwaves through South African cricket on Tuesday afternoon. But should it really have, though? Despite leading the Proteas team to their first-ever World Cup final – the T20 version – in Barbados last year, and two consecutive semi-finals at both the ODI World Cup and Champions Trophy as recently as last month, Walter has been taking strain for a number of months now. Coaching at international level is a high-pressure affair, and coaching South Africa even more so, due to the unique challenges it presents. But Walter would have known that before he signed on the dotted line two years ago, having been involved with the Proteas before as a strength and conditioning coach in a previous lifetime. Nonetheless, it was…