Table of contents for 2024-07-08 in Cape Times

Bitcoin fell for a fourth-consecutive trading session, reaching the lowest since February, on concerns about potential selling by governments, creditors of a failed exchange and beleaguered crypto miners. The original digital asset fell as much as 8% to $53 602 (R974 276), before paring the decline by about half. Most cryptocurrencies fell broadly even as stock markets advanced, highlighting the array of challenges facing the industry. Bitcoin is now down about 25% from its March record, as the buzz around US exchange-traded funds investing directly in the token gives way to fears of higher-for-longer interest rates and political uncertainty. On top of this, administrators of the failed Mt Gox exchange are returning an $8 billion hoard of Bitcoin to creditors in stages. Uncertainty about how much of that…

Mr Price Group CEO Mark Blair’s remuneration increased markedly, by more than 300%, to R45.91 million in the year to March 31, from R10.67m the year before, after he benefited mainly from significantly higher long-term and short-term incentive share awards. Executive remuneration is closely watched by shareholders because it has an impact on the performance of the company, the direction that the company is going, if the pay is in line with the company’s peers, how the executive performed according to targets and it can also indicate how much the company is willing to spend to attract the right talent to a company. In the past year, Blair’s guaranteed pay increased by only 3% to R9.26m from R8.99m, but he received a R9.59m short-term incentive award versus nil the year…

Blockbuster weight-loss and diabetes drugs may lower patients’ risk of developing some common types of cancer that are closely linked to obesity, new evidence suggests. Patients with Type 2 diabetes who were prescribed drugs known as glucagon-like peptide-1, or GLP-1, developed fewer obesity-related cancers than patients treated with insulin, according to a study published on Friday in JAMA Network Open. But the newer drugs didn’t perform better than metformin, an older diabetes drug with known cancer risk-reduction properties. The group of drugs the study examined includes Novo Nordisk’s Ozempic, a diabetes treatment. Since the study concluded, two drugs that work in similar ways were approved for weight loss, Novo’s Wegovy and Eli Lilly & C’s Zepbound. Novo’s American depositary receipts rose 2.2% in New York on Friday. Eli Lilly’s shares…

The announcement of the new Cabinet of the Government of National Unity (GNU) by President Cyril Ramaphosa last Sunday calmed South Africa’s financial markets. The share and capital markets continue to recover after the previous week’s uncertainty. Expectations the economy may grow by over 2% this year also started to emerge after the new Cabinet was announced. Six favourable factors underline this. The absence of load shedding since the beginning of April, expected lower interest and inflation rates, a stronger rand exchange rate due to capital inflows, better exports due to better infrastructure and higher global prices for commodities, especially gold and platinum and the expectation of the government Budget recording a primary surplus will steer this improved growth. On the JSE, equities advanced as the All Share index reached…

South32, which is investing $15 million (R273.4m) in new mining areas for its South African manganese operations, has received approval for the disposal of its Illawarra Metallurgical Coal business in Australia. The Illawarra coal mine is being disposed of for $2.5 billion to an entity owned by Golden Energy and Resources (Gear) and M Resources, established participants in the Australian metallurgical coal industry. For South32, the disposal of Illawarra “will significantly reduce the company’s capital intensity, with Illawarra Metallurgical Coal currently comprising 35%” of its capital expenditure. On Friday, South32 said it had now received approval for the disposal. Shares in South32 fell 3.3% on the JSE on Friday, closing the day’s trade session at R46.79 per share while its stock was down by 2.2% in the past 30 days.…

SOUTH Africa has seen a worrying increase in the number of children who are overweight or obese. This rise in childhood obesity is a serious problem as it can lead to health issues like diabetes, heart disease and even social problems such as bullying and low self- esteem. In 2022, the World Health Organization reported that one in every eight people worldwide was living with obesity. The number of adults with obesity has more than doubled since 1990, while adolescent obesity has quadrupled during the same period. Shockingly, there were 37 million children under 5 who were overweight globally last year. Among children and adolescents aged 5 to 19,|over 390 million were overweight, including 160 million living with obesity. Responding to these alarming trends, B-well Foods recently launched the Taste…

Being sick with the flu is no fun. But if you keep your body well-fed, it can help you recover from illness. So, what are the best foods for the flu? It is about introducing healthy vitamins and minerals into your body to keep your immune system strong as it fights the flu. So, grab a pen and paper and make that grocery list. Water When you are feeling sick, water can be one of the most helpful drinks to sip. Staying hydrated can help loosen trapped mucus. Try drinking at least the recommended eight glasses a day. Bone broth If you do not keep your own, you can easily pick up some pre-made broth at the store. Because bone broth extracts gelatin, it adds an extra level of protein.…

AGEING equipment, run-down facilities, long queues, and a system which has failed to enter the 20th century, are among the challenges faced by the public health system, and which need to be tackled urgently by the new health administration. Health workers and communities have identified these factors as the main reasons for a failing health system on which at least 80% of South Africans depend. With the National Health Insurance merging the public and private sectors and so requiring that everyone has an equal chance to treatment, Centurion resident Dolly Nxumalo, worries about the health system’s capacity to cope with this additional burden. She said a seemingly simple visit for inoculation for her baby meant taking a day off work and a loss of a day’s income. Nxumalo, who works…

The Minister of Basic Education, Siviwe Gwarube, has appealed to all stakeholders to work together with the department to ensure successful schooling as pupils return to schools for the start of the third term yesterday. The department said all teachers, non-teaching staff and pupils will be back in school following a three-week long break. It said the third term is a critical one in the school calendar as it is the last quarter before pupils sit for their final examinations. The department said the minister appeals to all stakeholders to intensify efforts aimed at creating a conducive environment for teaching and learning during this period. This term has 11 weeks with 53 actual school days “We, therefore, urge school communities to mobilise the rest of the society to ensure…

England fans woke up yesterday not quite sure whether to celebrate a remarkably confident shoot-out performance against Switzerland that sent them into the Euro 2024 semi-finals or lament another display of caution and inertia by their players and manager. On the profit side of the ledger was a shoot-out that should, finally, banish the memory of all the penalty pain that preceded it since the first of many defeats by West Germany in the 1990 World Cup semi-finals. Cole Palmer, Jude Bellingham, Bukayo Saka, Ivan Toney and Trent Alexander-Arnold all looked as if they would score, and all did so, expertly. It should not have come as a surprise because Palmer, Toney and Saka are all regular and hugely impressive penalty takers for their clubs, while Bellingham and Alexander-Arnold are…

Diversified resources firm Glencore is set to close its $6.9 billion (R125.7bn) acquisition of Canadian steel-making coal miner Elk Valley Resources (EVR) this week, after receiving regulatory approval at the beginning of this month. The acquisition of EVR from Teck Resources enhances Glencore’s coal-mining business, including its operations in South Africa. The company believes the Canadian EVR has “world-class assets” and “the experienced people that operate them are expected to meaningfully complement our existing thermal and steel-making coal production” in South Africa, Australia and Colombia, the company said. On Friday, the company confirmed that it had “received approval from the government of Canada under the Investment Canada Act (ICA) for the acquisition of a 77% interest in EVR” from Teck Resources. This was the final regulatory approval required for the…

THE 32 ministers in South Africa’s new government of national unity (GNU) are getting to grips with their portfolios, and the reality is that urgent action is required in multiple areas to address economic and social challenges. The Kagiso Trust, one of South Africa’s leading development agencies working for sustainable socio-economic change, is particularly invested in the future of basic education and agriculture, seeing that these as key areas for its mission to loosen the shackles of poverty that bind millions of citizens. It so happens that these two ministries are now headed by members of the DA – Siviwe Gwarube at basic education and John Steenhuisen at agriculture – but it is to be hoped that the political complexion of all ministers in the GNU will be less significant…

The South African Institution of Civil Engineering (Saice) has acknowledged the newly-appointed Cabinet of the government of national unity (GNU). Representing over 15 000 civil engineering professionals, Saice said it was committed to collaborating with the government to address infrastructure challenges to foster economic growth. “Saice acknowledges the vital role infrastructure plays in advancing the nation’s development, alleviating poverty, and achieving the UN’s Sustainable Development Goals,” it said. “South Africa benefits from comprehensive policy frameworks, like the National Development Plan (NDP2030) and the National Infrastructure Plan 2050, which offer a strategic roadmap for infrastructure investment and economic growth. “While the Saice Infrastructure Report Card (IRC) of 2022 highlighted areas needing improvement with an overall grade of ‘D’, it also presents an opportunity for collaboration and innovation to improve our public…

It’s natural to lose sight of important achievements and fail to say well done to those who make them possible. This past week Electricity and Energy Minister Kgosientsho Ramokgopa announced 100 days without load shedding. Some may scoff, but for workers, their families and the economy this is something to applaud. In 2023, we reached rock-bottom with 12 hours of load shedding a day. This was suffocating the economy, and threatening thousands of jobs. Under the leadership of President Cyril Ramaphosa, we have seen a massive turnaround. While we are not out of the woods yet and Eskom remains fragile, the progress has been remarkable. We must commend not only the president and the government led by the ANC, but most importantly the employees of Eskom, the mineworkers who provide…

ON THURSDAY, Ford Silverton workers took to the streets under the umbrella of the National Union of Metal Workers South Africa (Numsa), after talks with the company broke down last month. According to Numsa, the company was refusing to pay workers bonuses despite having the capacity to build 720 cars a day. Numsa is the country’s largest trade union, with more than 450 000 members, and it is the only union at Ford SA, according to treasurer Mphumzi Maqungo. The company has a staff complement of 3 500, 3 000 of whom are represented by Numsa. The automotive sector is one of the country’s largest, contributing 4.3% to GDP and is also the country’s fifth-largest export sector, accounting for 18.1% of total exports. It employs more than…

With more and more people eating less meat, be it for health or environmental reasons, you are probably toying with the idea of doing the same. However, going partially or fully vegetarian may seem like a difficult task if you’ve been a seasoned meat eater nearly your entire life. It does not have to be, though. Below are guidelines to follow in order to easily transition into eating less meat each week. Why should you consider eating less meat? Cutting down the amount of meat you eat has countless health benefits. It minimises the amount of saturated fat you consume, which reduces your risk of heart disease, high blood pressure, and some cancers. Swopping the beef or chicken in your meals with legumes and vegetables could also save you money…

1 packet (about 800g) smoked pork mini eisbeins 8 cup (2L) water Glug olive oil 2 onions, chopped 1 bunch celery, sliced 2 garlic cloves, chopped 10 sprigs fresh thyme 2 bay leaves 8 cups (2L) vegetable stock or water 1 packet 500g dried green split peas Salt and milled pepper 4 large (about 350g) potatoes, cubed 1 packet (250g) PnP frozen whole green peas For serving: 1 packet (125g) sugar snap peas (optional), blanched Thyme Crusty bread Place mini eisbeins in a pot and cover with water, making sure they’re fully submerged. Simmer with the lid on until the meat is tender, about 40–45 minutes. Remove, discard the liquid and set meat aside. Heat oil in a pot over medium heat. Sauté onions and celery for 5–8 minutes, or…

Lewis Hamilton shed pent-up tears of joy after ending a 945-day wait for a win with a record ninth British Grand Prix victory in front of his home fans yesterday. Mercedes’ seven-time Formula One world champion was overcome by the emotion as he took the chequered flag in triumph for the first time since Saudi Arabia on December 5, 2021 – 56 races ago. Red Bull’s triple world champion Max Verstappen finished 1.465sec behind, extending his overall lead to 84 points, and McLaren’s Lando Norris was third after being passed four laps from the end. Mercedes’ pole-sitter George Russell retired with a suspected water system issue at the end of lap 33. “Get in there Lewis, you are the man! You are the man! Mate, I have been waiting for…

Cricket South Africa (CSA) director of cricket Enoch Nkwe has opened the door for former Proteas Women’s captain Dane van Niekerk to make a possible return to international cricket. Van Niekerk, 31, retired from international cricket last year after sensationally having been left out of the Proteas’ T20 World Cup squad on fitness grounds. But the leg-spinning all-rounder has signed a deal with Western Province, joining her wife and star Proteas all-rounder Marizanne Kapp at Newlands for the 2024/25 domestic season. Nkwe recently met Van Niekerk in India where the Proteas Women’s team is currently involved in an all-format tour. Van Niekerk is part of the TV commentary team. “I actually bumped into Dane whilst I was in India, and she admitted that does miss the space,” Nkwe said, at…

The disbanding of the Department of Public Enterprises (DPE) to the Presidency might spell doom for South African Airways (SAA) as the detailed oversight it needed could be lost among the other portfolios. Also, it will only report to Parliament as a matter of process, an aviation analyst observed in the aftermath of the formation of the government of National Unity (GNU). Commenting on the heightened interest in South African skies noted from increased applications before the International Air Services Licensing Council (IASLC), aviation analyst Phuthego Mojapele said much as the industry had expected some changes, the disbandment of the DPE had dire consequences for the aviation space. “The Presidency is more of a watchdog and not a department that can answer in detail to Parliament. There might be questions…

The South African Reserve Bank (SARB) has imposed administrative sanctions of R13 million on Safrican Insurance Company (Safrican) as a result of its non-compliance with the provisions of the Financial Intelligence Centre (FIC) Act, following a FIC Act inspection conducted in 2020. Safrican is a life insurer with a footprint in South Africa and a subsidiary in Swaziland, with over 2 million principle lives covered and more than 7 million lives assured. The SARB’s Prudential Authority (PA) is mandated to supervise and enforce compliance by accountable institutions with the provisions of the FIC Act or any order, determination or directive made in terms thereof. The Reserve Bank said on Friday that the administrative sanctions imposed on Safrican were as a result of its failure to comply with certain provisions of…

For a period of time, I have tried to establish whether the English language has a set of idioms that relate to the concept of ubuntu – I am because we are. I recall when we were preparing for Census 96, the question that confronted us was the slogan for counting. In this respect we were split down the middle by race, white versus black. The discussions went to and fro on what to use as a catchy slogan – Count Me In or Count Us In. The resolution of the divide was the deployment of ubuntu – I am because we are. So, Count Us In won the day. The challenge, however, is where there is no accountability the collective concept about responsible leadership is abused. Culture is a…

MESH.TRADE, a digital capital markets platform for the issuance, trade and management of smart financial assets which three months ago launched the first tokenised corporate bond in Africa, has announced the capital raise was a success, with particularly encouraging uptake from retail investors, The company said in a statement that the R100 million raised in a matter of a few weeks was testament to the impact of Mesh.trade’s ability to connect with entrepreneurs. Of the total capital raised, 17% of the notes were held by retail investors. Mesh.trade co-founder and managing director Connie Bloem said: “If we exclude what was raised by institutional investors that represent ultra high-net worth individuals, 24% of notes are held by non-institutional investors, of which 72% are individuals and 28% are companies. “Essentially,…

Demand for office space is increasing, and vacancies are declining with an improvement in property fundamentals as the return to the office continues to gain momentum, with nearly 60% of the buildings fully let. Real estate investment trusts (Reits) recently published their results, pointing towards recovery of the sector with demand for space exceeding limited supply – especially in certain Cape Town nodes – with rental growth reported in some instances, said SA Reit Association CEO Joanne Solomon in a statement. “Some of our members with exposure to offices are cautiously optimistic about the sector. Vacancies are falling, though negative reversions still persist within certain portfolios,” she said. “In many global markets – South Africa included – workers continue to return to the office. Amenity-rich and quality buildings in key…

The skincare concerns never end because if it’s not pimples then it’s pigmentation, unless you’re one of the few people with good genes. Nicole Sherwin, founder of Eco Diva Natural Superfood Skincare, is one of many people who suffered from hyperpigmentation. Thanks to her curiosity, she was able to find solutions. “Pigmentation rebalancing is not just about treating the topical symptoms, which in most cases won’t work long-term, but it’s about understanding the causes behind the surface condition, which is the key to true healing. “When I adopted a holistic approach to my own skincare routine, is when my pigmentation, (as well as my adult acne and rosacea) began to heal. “This journey isn’t a quick fix, but what it does offer is new insights into how to hear what…

Wilderness Search and Rescue (WSAR) members responded to Kirstenbosch National Botanical Garden following a call for help from a stranded Australian hiker. The visiting 28-year-old hiker had set out from Kirstenbosch at lunchtime on Wednesday. “Following a mobile hiking app, he had made his way from the gardens up Nursery Ravine and was intending to follow the trail down Nursery Buttress,” WSAR said. “Underestimating the challenging and wet terrain, he was significantly delayed.” Realising that he was not safely able to proceed in the dark, he called the WSAR emergency number. A small rescue team hiked up to locate the lone hiker. “His position on the rock face required a rescuer climber to scramble up a 10m cliff. The hiker was secured in a harness, and carefully lowered down the…

There was an audible gasp from the Loftus Versfeld faithful on Saturday night when Springbok coach Rassie Erasmus rang the changes in the second half. With 30 minutes left to play and the Boks leading by the now-infamous 13-8 scoreline – the margin of defeat suffered to the Irish at the Rugby World Cup last year – the coach made the call and substituted his entire starting tight five, and his captain. In one decisive action, the Bok coach replaced Ox Nche, Bongi Mbonambi, Frans Malherbe, Eben Etzebeth, Franco Mostert and Siya Kolisi for Gerhard Steenekamp, Malcolm Marx, Vincent Koch, Salmaan Moerat, RG Snyman and Marco van Staden. Some 16 minutes later, the combined arms of the new pack ravaged their Ireland counterparts, shoving their opponents into oblivion in one…

Defending champion Carlos Alcaraz overcame a worrying mid-match slump to reach the Wimbledon quarter-finals yesterday, defeating Ugo Humbert of France in four sets to stay on course for a fourth Grand Slam title. The Spanish world No 3 came through 6-3 6-4 1-6 7-5 against his 16th-ranked opponent to book a spot in the last eight of a major for the ninth time in just 14 appearances. However, it was another uncomfortable afternoon for Alcaraz, who had needed five sets to see off Frances Tiafoe in the third round. His erratic performance yesterday saw him drop serve five times and commit an uncharacteristic 33 unforced errors. The 21-year-old, bidding to become just the sixth man to win the French Open and Wimbledon back-to-back, eased through the first set under the…

Tadej Pogacar was true to his swashbuckling style as he attacked defending champion Jonas Vingegaard relentlessly in a thrilling Tour de France ninth stage peppered with gravel roads yesterday. Anthony Turgis prevailed at the end of a gruelling 199km ride with a superbly timed sprint from the breakaway group to give France its third win of the edition, but all eyes were on Pogacar and his rivals for most of the day. The Slovenian, who retained the overall leader’s yellow jersey, used several gravel sections to put pressure on Vingegaard, but the Dane was perfectly protected by his Visma-Lease a Bike teammate and no difference was made between the riders of the “big four”. Pogacar, who once again showed he could attack on any terrain, crossed the line in the…