Cape Times2025-03-19的目錄

Tensions with the United States could propel South Africa to depart from the African Growth and Opportunity Act (Agoa) agreement, a development that could also have regional ramifications and add to uncertainties dogging the government of national unity. Bilateral tensions have ratcheted up between South Africa and the US under President Donald Trump in the past few weeks. The US has cut aid advances to South Africa while there is increasing consensus that the simmering tensions will culminate in South Africa leaving Agoa. “Our baseline view is that South Africa Africa will exit Agoa (but) we can't however, tell you with any certainty when that will be the case,” said Gina Schoeman, South Africa economist for Citigroup, on Tueday. Scheoman added that South Africa was likely to exit Agoa next…

The Financial Sector Conduct Authority (FSCA) has shed light on significant discrepancies in the complaints management processes of South Africa's banking sector. This comes following a comprehensive thematic review aimed at measuring the alignment of these processes with established regulatory requirements. The findings reinforce the FSCA's unwavering commitment to enhancing industry practices while ensuring the fair treatment of financial customers. The FSCA is the market conduct regulator of financialinstitutions in South Africa manfated to protect financial customers bypromoting fair treatment of financial customers by financial institutions, including banks Conducted as part of the FSCA's ongoing supervisory efforts, the review assessed how effectively banks were managing complaints, particularly in relation to Conduct Standard 3 of 2020 (Banks). This pivotal standard, which came into force in July 2021, lays down rigorous expectations…

Transnet National Ports Authority said on Tuesday that it was moving ahead with the redevelopment and expansion of Bayhead Road to ease truck congestion and improve operations at the Port of Durban. This was revealed at a media engagement with Port of Durban acting manager, Nkumbuzi Ben-Mazwi. TNPA said it was also moving ahead with plans to start to build a second access road to Port Durban to the value of R3.2 billion. Johnny Mokheseng, programme director for mega projects at TNPA, said that a feasibility study for the expansion of Bayhead Road was currently underway. “We plan to complete the feasibility study by the end of the year and hope that construction for the expansion will start next year,” he said. “In the interim, we will do rehabilitation and…

South Africa’s renewable energy landscape received a significant boost this week as two major projects reached financial close. Red Rocket, a prominent renewable energy independent power producer (IPP), has finalised funding for the first phase of the Overberg Wind Farm, set to become South Africa’s largest privately developed single wind farm. Simultaneously, energy trader Etana Energy, in collaboration with developers Mulilo and H1 Holdings, secured financial backing for the 75-megawatt (MW) Du Plessis Dam Solar PV2 project, marking a pioneering milestone in the nation’s utility-scale renewable energy market. Overberg Wind Farm The Overberg Wind Farm, located near Swellendam in the Western Cape, represents a flagship achievement for Red Rocket. With a total planned capacity of 380MW across two phases, the first phase will deliver 242MW, of which 230MW has been…

Super Group, the global logistics and mobility business, is facing significant challenges in its European markets and has decided to sell its InTime courier and freight business in that region. The group reported a 7.6% decline in revenue on Tuesday to R23.67 billion for the six months to December 31, driven mainly by weaker performances in the UK Dealerships and Supply Chain Africa commodity businesses. Earnings before interest, tax, depreciation, and amortisation fell 5.2% to R1.85 billion and operating profit fell 13% to R959.8 million. Headline earnings a share were 24.2% lower at 104.8 cents. Nevertheless, the share price gained 3.43% to R28.34 on the JSE Tuesday afternoon, up from R25.71 a year ago. The Supply Chain Europe division, particularly InTime, saw a big drop in auto parts distribution volumes…

Every parent knows the feeling: the desperation that comes with a fussy baby. Those intense cries can turn a peaceful afternoon into a stressful ordeal, leaving parents feeling helpless and exhausted. However, understanding the science behind a baby’s fussiness and employing evidence-based strategies can help soothe both the child and the worried parent, bringing peace back to the home. Why do babies get fussy? Fussiness in infants can stem from various reasons, including hunger, discomfort, tiredness, or a need for attention. According to recent pediatric research, it's normal for newborns to cry around two hours a day, reaching a peak of fussiness at approximately six weeks of age before tapering off. Sr Londe, a midwife from Vital Baby, emphasises that while soothing a fussy baby can be challenging, understanding the…

A witness who was cross-examined in the ongoing trial into the disappearance of Joshlin Smith remained steadfast in what she saw and the statement she gave. The trial entered its 12th day yesterday. During Paulina Tshosa's cross-examination, Jacquen ‘Boeta’ Appollis had no questions and Steveno van Rhyn’s lawyer Nobahle Mkabayi took her time with the witness. This is despite her client not immediately being identified during the evidence in chief given by the witness. The Middelpos resident told the court she witnessed an altercation on February 18, 2024, a day before Joshlin was reported missing. Tshosa said she was headed to her hair appointment within the informal settlement when she saw a woman, later identified as Joshlin's mother Kelly Smith, have an argument with a man. She also witnessed a…

A QUICK response by Macassar residents ensured that little C’Jay Nell had a fighting chance after being mauled by a pit bull. The dog’s bite narrowly missed the four-year-old’s heart by just a few millimetres. His family is awaiting information on whether he will need surgery C’Jay was at the dog owner’s home when the attack occurred about a week ago on March 12 in Chris Hani Park, Macassar. His mother Shireen said: “I wasn’t with him when this happened. He was at the house where the man had a pit bull.The community members saved him and the dog was killed. I was only informed when everything was over. My son is in critical condition at Red Cross War Memorial Hospital. He might have surgery, we are waiting for the…

Nizaam Carr has been one of the stand-out performers for the Bulls in recent months, but he accepts that he might not feature as much now that Cameron Hanekom is set to return from injury. But the 33-year-old No 8 – who has five Springbok Test caps to his name – knows that he can still add real value in the closing stages of a tight game. Saturday’s United Rugby Championship clash against Irish giants Leinster at Loftus Versfeld (5pm kick-off) is sure to be another hard-fought encounter, and Carr’s experience and leadership may be needed to guide the Bulls home. Young Bok upstart Hanekom was scheduled to return to training this week from knee and calf issues, and while the Bulls have yet to officially announce his availability this…

African Rainbow Capital Investments (ARCI), part of the broader African Rainbow Capital group owned by well-known businessman Patrice Motsepe, plans to delist from the JSE and A2X markets via an offer to buy all the shares. ARCI’s share price increased 4.7% to R9.14 on the JSE Tuesday morning. ARCI has offered its shareholders R9.75 a share cash, which is a 12.6% premium to the closing price of R8.66 on March 14, and a premium of 21% to the R8.06 per share 30-day average price. ARCI’s board said they wish to delist because there is limited liquidity in the shares, and the share price does not reflect the “true value” of the investments in the ARC Fund, so investors in ARCI are not receiving the true value of their investment. The…

David Masondo, South Africa’s Deputy Minister of Finance, on Tuesday warned of Africa’s spiralling debt crisis, urging the development of “tangible, actionable solutions” to shift the continent from distress to “long-term financial resilience and sustainable growth”. Speaking at the Group of Twenty (G20) International Financial Architecture Working Group Debt Side Event in Pretoria, he told African representatives, international financial institutions, and private lenders that rising debt-to-Gross Domestic Product (GDP) ratios, a pivot to private creditors, and structural weaknesses demand faster debt resolution. Africa’s debt has ballooned, especially in Sub-Saharan Africa (SSA), where World Bank data shows nominal public debt tripled since 2010 to $1.1 trillion (R20 trillion) by 2022. The median debt-to-GDP ratio in SSA jumped from 32% in 2010 to 57% in 2022, fuelled by weak debt management, poor…

Sean Summers, the CEO of Pick n Pay, is swiftly advancing the retailer's turnaround strategy, as he unveiled enhanced benefits for customers through an expanded partnership with FNB's eBucks programme. Pick n Pay’s partnership with eBucks, launched only three months ago, is set to roll out even greater benefits. As of April 1, this expansion will significantly increase the number of eligible FNB customers who benefit from the partnership from 1.4 million currently spending at Pick n Pay to the full FNB base of 6.4 million active eBucks members. "The partnership will now extend to FNB’s Personal Segment, which spent R57 billion on groceries last year. From April 1, Premier FNB cardholders will now also earn up to 30% back in eBucks on Pick n Pay’s asap! service and up…

In recent years, air fryers have surged in popularity, transforming the cooking habits of countless households around the world. These innovative kitchen appliances offer a tantalising blend of convenience and health, enabling home cooks to whip up tantalisingly crispy dishes without the traditional deep-frying method that can be laden with unhealthy oils. As we seek to embrace healthier eating habits without sacrificing flavour, air fryers are leading the charge. At the heart of the air fryer’s allure is the technology that powers it. Utilising rapid air circulation, these devices cook food with hot air, resulting in a texture and crispiness that closely mimics deep-frying. Recipes that once called for submerging food in oil can now be created with just a fraction of that fat – and often, the outcomes are…

The Cape Town International Jazz Festival (CTIJF) continues to elevate its already stellar line-up with two powerhouse international acts - Incognito and Masego - joining the bill, along with Cape Town’s own rising star, Muneeb Hermans. Bringing their signature blend of jazz, funk and soul, British acid jazz pioneers Incognito are set to ignite the stage with their dynamic and timeless sound. Since their inception in 1979, the band has defined the acid jazz movement, delivering global hits like "Still a Friend of Mine" and their legendary rendition of Stevie Wonder’s "Don't You Worry 'Bout a Thing”. Their performances are nothing short of electrifying, blending intricate musical arrangements with infectious grooves that transcend generations. Having wowed South African audiences before, their return is set to be a major highlight of…

THE South African Social Security Agency (Sassa) has confirmed that the Post Office was ready to receive the beneficiaries who were unable to meet the March 20 deadline to swap their current gold card to Postbank black card. Any attempt to use the old card after the March 20 deadline will be unsuccessful as there would be no further extensions granted. Only 1.1 million beneficiaries have been able to make the switch while 1.5 million people are still outstanding. In the Western Cape, 174 473 beneficiaries still need to make the switch. Sassa briefed the Standing Committee on Social Development to provide an update on the ongoing migration process from the current gold cards to Postbank Black Cards. Sassa general manager, Sibusiso Nhlangothi said: “Any MOP…

If you prod a sleeping lion once, so the saying goes, he will growl. If you prod him a second time, he will snarl, and if you prod him a third time, you had better run fast! With much paw-paw in the air in relationships between the US and South Africa, has this country prodded the lion once too often to perhaps lose its AGOA status? That would bring serious losses for local exporters, while other slashes of the enraged lion’s claws may follow. But let’s leave the awful world of politics and overpaid, irascible politicians. Let’s turn instead to the more leisurely world of Lüderitz, that southern Namibian port of which I first heard in my kortbroek days. In the 1950s, I saw the Walvis Bay tug Otto Siedle…

From no-hopers and the butt of jokes in Mzansi to potential qualification for the 2026 Fifa World Cup, it has been a remarkable turnaround in fortunes for Bafana Bafana under coach Hugo Broos. And the exciting journey continues over the next week, as South Africa face Lesotho on Friday and Benin next Tuesday in two vital World Cup qualifiers. While the wily old mentor Broos has been praised for being a straight-talker – often standing up to club bosses and even Safa officials when things are not what they are supposed to be for Bafana – one major factor that stands out for me is his team selections. Unlike some of his predecessors, the 72-year-old Belgian doesn’t subscribe to the ‘big-club mentality’ when he picks his squads. You don’t have…

Credit ratings agencies have warned that South Africa’s national government debt will stabilize higher in relation to gross domestic product (GDP) than anticipated by the National Treasury during the 2025 Budget tabled last week. This comes as the gross government debt is projected to reach R5.69 trillion or 76.1% of gross domestic product (GDP) this year. Finance Minister Enoch Godongwana last week forecast that the debt ratio will peak in the coming fiscal year, before gradually declining from fiscal 2026-27 given primary surpluses. Godongwana said the government projected that gross debt-to-GDP will stabilise at 76.2% of GDP in the 2025 fiscal year, compared with 76.1% in 2024, before declining gradually thereafter. The budget forecasts the fiscal deficit will fall to 3.5% of GDP by fiscal 2027/28, a slight worsening compared…

The current outbreak of the Asian Influenza virus in poultry may mutate to humans as has been the case in the US with 70 cases reported and one fatality. This was a warning from a microbiologist on Tuesday as the South African government is accused of dithering on a comprehensive poultry vaccination and bio-security drive rather than culling, which was unstainable without compensation. Industry experts said on Tuesday the poultry industry has suffered losses estimated at R1.8 billion due to the culling and associated disruptions. Major poultry producers like Astral Foods have reported significant financial losses, with operating losses reaching R621 million. The outbreak has also hiked prices of eggs, which surged by 19% between September and October 2023 alone, reflecting supply shortages caused by the Avian Influenza outbreaks. At…

As global air travel surges, the aviation sector finds itself at a pivotal crossroads. Aviation currently contributes roughly 3% of global carbon dioxide (CO2) emissions, underscoring the urgency to address climate change. Stakeholders across the aviation value chain are racing to reduce carbon footprints, yet a truly comprehensive decarbonisation strategy must extend beyond the airport’s perimeter for meaningful societal change. Currently, global CO2 emissions exceed 37 billion metric tonnes annually, with South Africa ranked 11th in per capita emissions at 5.65 tonnes per person. This is primarily driven by the country’s reliance on coal for energy, which powers approximately 85% of our generation and transportation. The Paris Agreement’s 2030 targets call for reducing the global average CO2 footprint to 2.3 tonnes per person, making South Africa’s energy transition a critical…

Old Mutual is looking forward to another year of strong growth after reporting a solid 14% increase in adjusted headline earnings in 2024, which supported a 6% higher final dividend. Adjusted headline earnings per share increased by 17%. Operating profits increased by 4% to R8.7 billion. Funds under management grew 10% to R1.5 trillion. CEO Iain Williamson said in an interview that the group has maintained a strong growth trajectory since 2020, continuing into 2024. "Since our primary listing on the JSE in 2018, we have returned R89bn to shareholders. We have also made substantial investments in building future capabilities and funding growth businesses, including the launch of OM Bank," he said. The Reserve Bank’s Prudential Authority has confirmed that OM Bank had fulfilled its license conditions and the bank…

Are we getting dumber? The idea that human intelligence is on the decline might sound like a dystopian exaggeration, but recent research suggests there’s more truth to it than we’d like to admit. Cognitive skills like problem-solving, critical thinking, information processing, and even basic concentration are reportedly weakening across age groups globally. But why is this happening, and what does it mean for us as a society? Are we really losing our edge? Studies from various reputable organisations have shown that our cognitive abilities are taking a hit. For instance, the University of Michigan’s Monitoring the Future study revealed that 18-year-olds in America are experiencing increasing difficulty concentrating. Globally, the Programme for International Student Assessment (PISA), which measures the learning skills of 15-year-olds, has also shown a steady decline in…

The ongoing legal dispute between the Road Accident Fund (RAF) and the Office of the Auditor-General (A-G) shows no signs of resolution as the former remains entrenched in the battle over the appropriateness of the accounting standards it is now using. This became evident when RAF was asked during the meeting of the standing committee (Scopa) how long it was prepared to continue getting negative audits while pursuing the matter legally. This comes as the judge president of the Supreme Court of Appeal (SCA) is to decide on a petition RAF lodged after the same court refused to hear their leave to appeal in a matter over its decision to change the accounting policy. The SCA found that there were no prospects of success when the Gauteng High Court turned…

With Kwena Maphaka, South Africa witnessed an unrivalled rise to the highest level. Maphaka went from playing in the ICC Men's Under-19 World Cup to becoming a fully fledged, all-format Proteas player in less than 12 months — a rise the country has arguably never witnessed before. At 18-years-old, Maphaka became the youngest ever Proteas Test cricketer, breaking Paul Adams' record, which had stood for almost three decades. With sheer pace, accuracy, and consistency, Maphaka broke into the Proteas' 2025 ICC Champions Trophy squad, albeit as a travelling reserve. South Africa made it to the semi-finals of the tournament, and even though Maphaka did not play a single game, he would have gained invaluable experience that could benefit South Africa in the future ... and more immediately in the upcoming…

Barely two years ago, Tristan Luus was dealing with the heartbreak of missing out on a place in the South Africa U19 squad set to participate in the ICC U19 World Cup on home soil. It was a bitter pill to swallow after the Waterkloof learner had dominated the Cricket SA Cubs Week for Northerns where he topped the bowling charts by claiming two five-fors in Stellenbosch. But as fate would have it, Luus was eventually called up as injury replacement and went on to star alongside Kwena Maphaka with the new ball as the Junior Proteas rode the wave of passionate home support all the way to the semi-finals. Luus’ performances did not go unnoticed this time and he was rewarded with his first professional contract at the Dolphins…