Cape Times 2025-05-27

The group’s pre-tax and capital items loss improved to R237 million for the 52 weeks ending March 2 Pick n Pay's turnaround is taking shape, but initial estimates predicting the retailer would reach breakeven in the 2027 financial year have proven over-optimistic. The group now forecasts this milestone will only be achieved in 2028. The group's pre-tax and capital items loss improved to R237 million for the 52 weeks ending March 2, compared to a R1.4 billion loss in 2024. This improvement was driven by a R1bn reduction in the Pick n Pay segment trading loss, supported by a 27.3% decrease in interest paid as the recapitalisation began to impact debt service costs. CEO Sean Summers, who announced on Monday that he has extended his contract until May 2028, said…

Debt experts and economists believe that an interest rate cut of 25 basis points is likely when the Monetary Policy Committee (MPC) meets on Thursday. This follows Statistics South Africa announcement last week that CPI inflation edged up slightly from 2.7 % in March 2.7% to 2.8% in April Reza Ismail, the head of bonds at Prescient Investment Management, said that he believes there will be an interest rate cut on Thursday. “The observed 3-month Johannesburg Interbank Average Rate (JIBAR) of 7.45% and the 1x4 FRA (Forward Rate Agreement) at 7.26% suggest that markets are currently pricing in a modest easing bias. This reflects a forward rate expectation approximately 20 basis points below the current 3-month interbank rate, implying a probability-weighted scenario of a 25 basis point repo rate cut…

The South African rand maintained its position below R18 against the US dollar on Monday, buoyed by a weakening greenback as investors reacted to US President Donald Trump’s renewed focus on trade tensions with Europe. The rand traded at R17.82 to the dollar in morning sessions, benefiting from a broader decline in the US currency, which softened after Trump threatened Europe with 50% tariffs and criticised the region on social media. By 4.30pm the rand was at R17.87 to the dollar, 0.2% up. “The dollar’s weakness stems from investors shifting away from U.S. assets amid heightened trade rhetoric,” said Bianca Botes, a director at Citadel Global. The rand, however, remained stable against other major currencies, trading at R24.11 to the pound and R20.32 to the euro. Market participants await the…

Pick n Pay on Monday said it launched a powerful new app that brings together its on-demand delivery service asap!, Smart Shopper loyalty programme, and value-added services into a single, next-generation platform. The retailer said it is its most significant digital milestone since launching asap!. "The asap! back-end and front-end technology has been completely re-platformed over the past 18 months, resulting in the new ‘Pick n Pay asap! and Smart Shopper’ app. It features enhanced performance, AI-driven functionality, and a redesigned user experience that makes it easier for customers to shop, save, and receive groceries. These improvements are expected to drive strong growth in the coming year," Pick n Pay said. The new app is in Beta until the end of September 2025, with new features and improvements being added…

JSE-listed ICT group Altron’s share price increased over 3% on Monday after reporting a substantial 73% hike in headline earnings per share of continuing operations to 173 cents for the year to March 31, 2025. There was strong growth in profitability, primarily driven by the Platforms segment. A 50 cent a share final dividend was up 52% over last year. Revenue of continuing businesses was flat at R9.6 billion, impacted by the sale of the ATM Business hardware and support operations. Excluding ATM Business, revenue increased by 3%. The share was trading at R24.16 on Monday afternoon on the JSE, a price that had rallied from R13.20 a year ago. “Our high annuity revenue base provides a solid foundation, with our Platforms segment a key growth driver, delivering double-digit revenue…

We are a nation of firsts and paradoxes. The first on the continent to industrialise and the last to align our education system with our economy. The most connected generation in our history is also the most unemployed. South Africans are not confused about what is broken. Ask a teacher, an employer, or a young job-seeker and they will all tell you the same thing: how we prepare people for work no longer works. It is not a lack of money or effort. It is the absence of a system that speaks to our economy, our people and our moment in history. The data confirms this disconnect. According to Statistics South Africa, only 7% of Grade 12 learners qualify for STEM-related degrees despite growing demand for engineers, technicians and digital…