Cape Times2024-04-08的目錄

KPMG SOUTH Africa said on Friday that its identification and investigation of potential bursary fraud at the auditing and professional services firm was an integral part of the arrest of a former employee, Fidelis Moema. Moema appeared in the Palm Ridge Commercial Crimes Court in Johannesburg last week. KPMG South Africa chief executive Ignatius Sehoole said in a statement on Friday that Moema was dismissed as an employee of KPMG on November 11, 2022, following a disciplinary process related to non-compliance with firm policies. Subsequent to his dismissal, KPMG had identified potential fraud committed by Moema and initiated an internal forensic investigation. It is rare in South Africa for companies to publicly identify and aid in the arrest of employees that have allegedly committed fraud, and most often, these cases…

ZIMBABWE’s newly introduced Zimbabwe Gold (ZiG) currency is causing market disruptions and transaction bottlenecks despite central bank assurances that it is backed by gold and foreign currency reserves, amid scepticism that the government will keep money printing limited. A raft of currency reforms and other measures have failed to turn around the Zimbabwean economy for the better in more than 10 years, with hyperinflation worsening, production crippled and the US dollar remaining the preferred unit of exchange. In 2016, Zimbabwe introduced bond notes that were said to be backed by a bond held with Afreximbank before the country reverted back to Zimbabwe dollars in 2019, a year that also saw multiple currencies legalised as legal tender. In 2023, President Emerson Mnangagwa, wobbled by an implosion in the exchange rate…

WHILE drought conditions caused by El Niño have impacted South Africa’s agriculture sector in recent months, raising concerns about crops and food prices, the local industry boasts not- able strengths and strategies that help maintain stability and resilience in difficult times, says Agri SA. In a statement on Friday, issued by its Economics Centre of Excellence, it said South Africa had developed strong agricultural practices. “Particularly, irrigation regimes assist in mitigating the impact of drought. Although the recent dry period has resulted in a projected decrease in total grain and oilseed production down by approximately 21% from the previous year, the reserves accumulated during previous favourable seasons serve as a buffer against shortages.” Agri SA said that according to the latest data from government’s Crop Estimates Committee, the total grain…

WHEN POLICY is formulated, it’s important to ask how success will be measured. US economist Thomas Sowell said: “There are no solutions. Only trade-offs.” With each policy formulated in South Africa, we need to ask what the trade-off is, rather than assume there is none. I read the piece by Cosatu president Zingiswa Losi in the Sunday Times and this was brought home to me. I watch the unions closely, partly because my dad was a trade unionist and this is the water I swam in growing up, and partly because we have a horrific unemployment problem. Much of the unemployment is directly down to the policies extolled in the article by Losi, which are all well-intentioned. Most union leaders I’ve met are trying to make society better, but as…

Chicken is a great ingredient for meals; for example, store-bought rotisserie is the dinnertime hero. Many cooks were taught to wash and clean produce before cooking as children. So it is only natural for people to wash meat before cooking it, especially chicken. However, in the medical science community, there is consensus that washing chicken is not recommended. This comes after content creators Joey Wellness and Dominic DeAngelis took to Instagram to prepare chicken in two ways (washed and unwashed) to taste the different results. Their video sparked debate. One user wrote: “People washing fruits and vegetables but not washing dead flesh is mind-blowing.” Another wrote: “Washing it has a higher chance to spread salmonella.” A third asked: “What is being washed off the chicken exactly?” Despite the overwhelming number…

With the second school term starting, many households are having to get back into a routine of packing school lunches. But for families with kids who are more selective eaters, lunches can be a source of stress. Here are five tips that might help. Plan ahead Planning lunches not only takes the thinking out of it, but it allows your kids to get involved in the lunch box discussion for the week ahead. Talking about the types of food your kids want to see in their lunch boxes can get them excited and aware of what to expect when they open their lunch boxes. Food groups You may have to get creative to make sure your picky eater’s lunch covers the five major food groups: fruits, vegetables, protein, grains,…

MORE THAN 150 suspects have been shot and killed during police operations since April last year to date. During a briefing yesterday on takedown successes of police counter operations, Police Minister Bheki Cele said this figure includes the September 2023 fatal shooting of 19 cash-in-transit (CIT) suspects in Makhado, Limpopo, who engaged in a gun battle with the police. Cele said from April 2023 to date, 1 171 Intelligence-led takedowns were conducted by the SAPS. These specialised operations involve weeks and at times months, of planning, surveillance and monitoring of targets. They involve highly-skilled detectives working together with members of tactical units, who execute arrests. So far, 3 749 suspects have been apprehended during Intelligence-led takedowns. This includes 173 suspects for murder, 57 for extortion and kidnapping, 164 for property…

GRINDROD’s strategic advantage of operating the Mozambican Port and Terminals continues to add value and mitigates the impact of under-performance in the logistics and trade corridor services group’s South African operations, says its chief executive Xolani Mbambo. Grindrod traded robustly in its 2023 financial year in spite of a softening in the post-Covid commodity up-cycle and the impact of northern hemisphere conflicts on the global economy. Headline earnings growth in core operations was up 29% after revenue increased 3% to R23.5 billion. In the company’s annual report, released Friday, Mbambo said that in their Port and Terminals division, the dry bulk terminal operated by Maputo Port Development Company (MPDC) reached record volumes of 12.6 million tons, representing growth of 28% on the prior year. The 2023 performance was…

As South Africa gears up for the start of the 2024 citrus season, the orange industry faces ongoing challenges from European Union (EU) regulations on the false codling moth (FCM). These rules, introduced in 2022, have significantly disrupted South Africa’s orange exports to Europe, traditionally an important market. With another season approaching, it is time to examine the impacts these regulations have had and what they could mean for the coming harvest and exports. The new EU requirements for exporting oranges, mandating cold treatment and additional inspections for FCM, have posed major obstacles for South Africa’s citrus growers. When the rules came into effect in 2022, orange exports to Europe dropped 9% by volume compared to 2021, down to 570 020 tons according to industry estimates. The decline continued…

Local financial markets remain under severe pressure since the beginning of the year. Part of this is due to the South African economy experiencing a perfect storm. Economic growth hovers just above a recession as the gross domestic product (GDP) in real terms recorded only a 0.1% increase in quarter four of 2023. The inflation rate started to increase towards the 6% upper target of the SA Reserve Bank’s Monetary Policy Committee and the rand remains under pressure. Fuel prices are increasing due to higher global crude oil prices and electricity tariffs will increase by 12.3% from July 1. In the middle of this storm, interest rates remain high, with little prospects of decreasing before the second part of the year. The All Share Index total return index lost 2.2%…

THE TRAVEL industry’s global economic impact continues to gain ground. This year, it’s expected to reach a record-breaking $11.1 trillion (about R208trln), surpassing its prior high of $10trln in 2019. In another decade, tourism is forecast to become a $16trln industry, at which point it would make up 11.4% of the global gross domestic product. Today, one in 10 people are employed in jobs that relate to tourism; by 2034, that will climb, with an estimated 12.2% of global jobs contributing to the sector. All this is part of the 2024 global economic impact research released last week by the World Travel & Tourism Council (WTTC), the leading advocacy group focused on quantifying the industry’s economic impact at a global level. The findings, produced in collaboration with research advisory…

When it comes to beauty, celebrities are always at the forefront of the latest trends. This is because they can afford most treatments that come to the market. Luxe Cosmetics conducted a study to reveal this year’s most sought-after celebrity beauty treatments. RF Microneedling is topping the list of the most sought-after treatments, with 166 000 people seeking it online. Kim Kardashian and Lindsay Lohan’s favourite beauty treatments range from $50 (R942.90) to $400 (R7 543.18). Emsculpt Neo takes the second spot with 115 100 searches. The fat-eliminating and muscle-building treatment costs $700 (R13 204.62) to $1 000 (R18 863.74) a session. American actress Megan Fox is known to be an advocate of this treatment. Led Phototherapy is No. 3 on the list, with 64…

AFTER a long and bruising court battle that ended with Independent Media winning its case against the State Security Agency (SSA) – which sought to prevent the publication of the contents of the SSA report – this publication can reveal part one of the report which details the US and some ANC leaders’ involvement in collecting intelligence on ANC party dynamics. On Friday, the Supreme Court of Appeal (SCA) overturned a high court ruling preventing Independent Media from publishing a report dated November 5, 2020, titled “Top secret: US interest in ANC party dynamics” and commissioned by the US intelligence operating at the country’s offices in Pretoria. In the report, the SSA stated that the “Top Secret” document was a brief to inform the minister and deputy minister overseeing the…

Few outside her family and friends had heard of Gerda Steyn when she first lined up for the Two Oceans Marathon in April 2016. Hardly surprising, as her 8hr 19min for 56th position in her Comrades debut 10 months prior – impressive as it was after just seven months of training – had not commanded media attention. And while her not-far-outside gold medal territory Two Oceans 4hr 15min debut might have alerted keen followers of the sport that the then 27-year-old Dubai-based quantity surveyor would be a serious crown contender, the fact Steyn finished 30 minutes behind winner Caroline Wöstmann went largely unnoticed. But, by the time she next raced the Two Oceans in 2018, her impressive 6:45:45 in the Comrades up run the previous year had blown her cover.…

The Stormers camp looks more like an infirmary after a host of forwards suffered injuries in their nail-biting loss to double winners La Rochelle in Cape Town on Saturday. It brought an end to their campaign in the European Champions Cup, but there are plenty of positives to take from their 21-22 loss at the DHL Stadium. Les Maritimes won in the dying moments after a missed conversion attempt in gusty conditions, but how the Stormers fought until the final whistle to try clinch the game, and fronted up to arguably the best club side in the world at the moment, was special. John Dobson, the Stormers coach, lamented the errors and penalties in the second half that gave La Rochelle the momentum to fight back from 13-0 down. Despite…

Mohamed Salah scored a late equaliser from a penalty kick as Liverpool escaped Old Trafford with a single point in a 2-2 draw with Manchester United to go level on points with Premier League leaders Arsenal. Salah stroked home in the 84th minute for his sixth league goal at Old Trafford, the most of any visiting player in the league’s history, overtaking Steven Gerrard’s five. With seven games remaining in the neck-and-neck title race, Liverpool and Arsenal have 71 points with the Gunners leading on goal difference. Holders Manchester City are third on 70 points, while United are sixth with 49. Luis Diaz got Liverpool on the scoreboard in the 23rd minute when Dominik Szoboszlai swung in a corner that Darwin Nunez headed to the unmarked Colombian who hooked in…

Acsa is ramping up its traffic development strategy over the next decade after recovery AIRPORTS Company South Africa (Acsa) will be turning its gaze towards India and China, as well as regional markets in Africa, to ramp up its traffic development strategy over the next decade as the domestic market is expected to continue to struggle. Although Acsa has made significant strides to recover, the company admits that domestic air traffic recovery seems to have peaked, despite this market segment not reaching pre-Covid passenger traffic volumes. Acsa expects to return to profitability this year, after narrowing its after-tax loss of R142 million last year. This is a significant improvement on the R1 billion loss posted in the prior year, owing to the implementation of its…

The IMPORTANCE of the agriculture sector in South Africa, both economi- cally and societally – in terms of en- gendering a more egalitarian society, cannot be over-emphasised and has been argued almost ad nauseam. However, transformation within the sector is far from ideal, albeit with significant recent gains, which remain largely anecdotal. There is widespread agreement that transformation within the South African agriculture, or food system – if one prefers, both to address imbalances created by past policies and generally opening up the sector to be more inclusive and representa- tive of the South Africa population demographics. Unfortunately, there is no consensus as to what constitutes transformation, how to get there and how to know whether we are on the right track or not. This is because there is no…

THE PROWESS of Sundowns and Yanga demonstrates what it takes to lead and develop. Leadership lessons, books and practices are about to enter the national lexicon as Mamelodi Sundowns was held to a draw in Tanzania and yet another draw in South Africa by Yanga, or Young Africans Sports Club, of Tanzania. From this lessons can be applied as South Africa heads to elections next month. I have not been to a live football game since March 2018. Thanks to the courtesy of Quinton Fortune, the Bafana Bafana midfielder at the time, I went to watch Manchester United and Arsenal at the Emirates Stadium in London. I was on a mission at the University College London where we explored the question of gender equality and education and the capability approach…

Sanlam said on Friday that it had reached agreements to significantly increase its shareholding in the Shriram Group in India. The transaction will see Sanlam increase its stakes in Shriram General Insurance (SGIC) and Shriram Life Insurance (SLIC). Sanlam’s effective economic shareholding in SGIC will increase to 51% from 40%, and in SLIC to 54% from 42%. Sanlam, which owns a 10.2% shareholding in Shriram Finance (SFL), reallocated capital from the SFL credit business and allocated additional capital to increase its stakes in SGIC and SLIC, while slightly reducing its exposure to SFL to 9.5%. Sanlam CEO Paul Hanratty said on Friday that the group saw India as a core market and strategic pillar in achieving long-term earnings growth and sustainable shareholder value. “The country has very strong growth dynamics,…

WITH Eid here, it is celebration time again. And, without a doubt, the indication of this day is sharing a delectable feast. This year, Eid al-Fitr is expected to be celebrated on April 11, depending on the sighting of the moon. Millions of Muslims across the world will invite family and friends over on Eid al-Fitr to indulge in delicious creations, with vibrant celebrations unique to their cities. Menus vary widely and include recipes for elaborate dishes and desserts, as well as traditions passed down through generations. A light breakfast or snack is served early before heading to the mosque for special prayers. The remaining part of the day is spent celebrating, and families and friends often visit one another and indulge in delicious food and drinks. For those hosting…

Social media influencing has become a popular career, with brands and influencers benefiting the most from it because when an influencer tells people about a product and how it works best, many consumers buy it. That way, the brand wins with sales while the influencer gets paid for promoting those products. However, there has been a public outcry lately where consumers accuse influencers of promoting products they don’t use but expect others to. Now, before accusing influencers are misleading you, consider the following: Influencing is new-age marketing Influencers are part of marketing, their job is to make the product inciting so you will want to buy it. When you see an advert on TV that promotes a product that clears skin, chances are that the muse is wearing make-up to…

A WIFE, a lover in a permanent relationship with the deceased and a white wedding were all issues the Gauteng High Court, Johannesburg was confronted with when it had to determine whether the permanent partner’s estate could inherit a slice of the deceased’s estate. The deceased whose estate formed the subject of the application died in Switzerland, where his partner took care of him until the end. She, however, also died shortly afterwards. The application was brought by the executrix (the applicant) of the estate of the deceased woman, identified only as Ms Sindile. The applicant asked the court to declare that Sindile be regarded as the permanent surviving life partner of the other deceased, identified only as Ndumiso. When he died before Sindile, he did not leave a will…

OR Tambo International Airport could face yet another fuel supply challenge in the coming weeks if the dispute between fuel suppliers and the SA Revenue Service (Sars) over duties is not resolved speedily. According to sources close to the situation, stocks of jet fuel at the Airports Company South Africa (Acsa) fuel farm in Kempton Park noticeably declined in the past week to below the acceptable benchmark of five-days supply. The challenge of low fuel stock at airports in South Africa has recurred frequently over the past two years due to multiple factors, including flooding, load shedding and geopolitical tensions. Acsa has not yet confirmed the impending crisis, nor explained what the impact was likely to be on flights in and out of the busiest airport in Africa, but sources…

NO Formula One driver will be able to compete with Red Bull’s triple world champion Max Verstappen this year, Toto Wolff, team boss of Mercedes, said yesterday after the Dutchman dominated the Japanese Grand Prix. His frank assessment came after Verstappen finished the race at the Suzuka circuit almost 13 seconds clear of his teammate Sergio Perez and 20 seconds clear of the rest of the field. “No one is going to catch Max this season,” Wolff said. “His driving and the car are just spectacular. Basically this season now is (about who will be) best of the rest. “Hopefully we catch up to the McLaren and then the Ferraris and fight for P2 (position two). This is what it is this year.” Mercedes just pipped Ferrari to second in…

THE Bulls got the least favoured outcome yesterday as they will have to travel to England to take on Northampton Saints in Saturday’s Champions Cup quarter-final. Bulls boss Jake White stated that he would “wear red the whole day” in support of Munster, because a win for the Irish province in yesterday’s round of 16 clash against Northampton in England would have resulted in a Loftus Versfeld quarter-final next weekend. Instead, the Bulls will have to make an arduous journey to Franklin’s Gardens after Northampton beat Munster 24-14 yesterday. White would have been a happy man after about an hour as the scores were level at 14-14, but then Northampton replacement back George Hendy dotted down twice in the final quarter to end Munster’s campaign. The Bulls director of rugby…