Table of contents for 2024-11-07 in Cape Times

Bitcoin soared to a record high yesterday as traders bet on victory for Donald Trump in the US presidential race, with the tycoon seen as the pro-crypto candidate. The digital currency hit as much as $75 005.08 (R1.3 million)at around 5am, topping its previous peak of $73 797.98 achieved in March. “The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election. Investors were “potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency”, he added. During his first term in office Trump referred to cryptocurrencies as a scam, but has since radically changed his position. He even launched his own platform for…

Policy shift under new administration could result in significant risks for country’s exports South Africa remained on a knife-edge yesterday as the markets tanked in the aftermath of the US election results, which saw Donald Trump securing his return to the White House as the 47th president of the US. Trump’s victory sent shock waves through local markets, prompting fears of potential economic ramifications stemming from a shift towards protectionism that could adversely affect trade relations between South Africa and its largest trading partner. North-West University Business School economist Professor Raymond Parsons described the election results as a “pivotal and definitive outcome” with profound implications not just for the US economy but for the global economic landscape. Parsons cautioned that the political rhetoric surrounding Trump’s administration could translate into…

The South African Poultry Association (Sapa) on Monday promoted eggs as critical weapon against child malnutrition on the back of rising prices and economic pressures for consumers. In an effort to bolster local egg consumption and address nutritional deficits, Dr Monique Piderit, a consulting dietitian to Sapa’s Egg Organisation, said eggs played a vital role as a versatile, cost-effective source of high-quality protein and essential nutrients. “Eggs are an affordable, nutrient-rich food that can support the healthy growth and cognitive development of children. Given their potential to combat stunting, promoting egg consumption should be a priority,” Piderit said in a statement. Stunting remains a major concern in South Africa, with almost 27% of children at risk, or one-in-three —a statistic that mirrors global data indicating nearly 150 million stunted children…

Even if your business has developed the most exceptional product or service, it’s the customer who ultimately determines whether it hits the mark or not. Listening to your customers and integrating their feedback is therefore one of the most effective ways to foster sustainable growth. However, this approach requires a careful balance – you must learn from your customers without losing sight of your long-term vision. One major advantage of actively engaging with customer feedback is the ability to identify issues early. Perhaps a feature you expected to be popular is causing frustration, or a service you considered secondary is turning out to be essential. These insights can be invaluable, helping you adjust your offering before issues escalate. Timely feedback helps to reduce churn, improve satisfaction, and in many cases,…

An e-hailing driver is expected to appear in the Simon’s Town Magistrate’s Court soon on charges of fraud. The suspect, a 30-year-old man, was arrested on Wednesday. Western Cape police spokesperson, Colonel Andrè Traut said: “Investigation by Simon’s Town police resulted in the speedy arrest of an e-hailing driver on a charge of fraud amounting to R650 000.” His arrest comes after an e-hailing ride Tuesday night where he took a 21-year-old Danish man and two friends from Cape Town to Simon’s Town, Traut said. During the trip, the Danish man dozed off and the driver allegedly gained access to one of his credit cards. “The suspect sent the information to his brother in Europe where seven purchases at luxury boutique shops were made. The complainant became aware of the…

One of the great things about Cape Town is its vibrant art scene. Almost every single month there is a new art exhibition opening. Two weeks ago, I found myself perambulating Stevenson gallery’s white cute space in Woodstock. It was the opening of renowned photographer, Pieter Hugo’s What the Light Falls On exhibition. Mimosa in hand, I proceeded to engage with this new body of work selected from a series of 100 images Hugo has taken over the last 23 years. I sighed. Hung around the reception area paging through his Kin coffee table book. Looked around. Something just didn’t sit right. I have usually found Hugo’s images quite captivating, you almost always want to understand what exactly was going on in the subject’s life. Like the intensity of Daniel…

Ahead of the T20 Internationals between South Africa and India, cricket writer Ongama Gcwabe looks at six players to watch in the four-match series, which will start at Kingsmead in Durban tomorrow (5pm start)... Abhishek Sharma The stars just keep rising from India through the esteemed Indian Premier League, and Abhishek Sharma is one of them. Playing for the Sunrisers Hyderabad, the left-handed batter has proved to be a destructive opener, forming a lethal partnership with Australia’s Travis Head at this year’s IPL. Sharma was involved in a 131-run partnership in just 6.2 overs with Head this year, and has done the same in international cricket since making his debut in Zimbabwe earlier this year. The 24-year-old will feature in his third series, but already has a century to his…

Proteas T20I opener Reeza Hendricks believes the coming four-match series against world champions India is a prime opportunity for the team to return to their winning ways. The South Africans were in superb form at the recent ICC T20 World Cup in the US and Caribbean, where Rob Walter’s side won eight matches in a row en route to the final in Barbados. However, the Proteas have since lost six out of seven matches since the reversal to India on that fateful June day at the Kensington Oval in Bridgetown. This has partly been due to Walter broadening the base of players, with plenty of inexperienced young players being tested at the international level, while the regulars were given some time to not only rest and recuperate, but also absorb…

South Africa’s troubled journey towards international compliance with anti-money laundering and counter-terrorist financing intensifies as analysts suggest the possibility of a further year on the Financial Action Task Force (FATF) greylist. The greylisting, which took effect in February last year, was imposed on South Africa due to its failure to meet international standards related to the tackling of money laundering and the financing of terrorism and the proliferation of weapons of mass destruction. The task ahead remains formidable, despite ongoing efforts from the National Treasury, as shown in the third enhanced follow-up report and technical compliance re-rating, to address the FATF’s concerns. Maarten Ackerman, chief economist at wealth management firm Citadel, said yesterday that more still needed to be done by South Africa before it could effectively exit the grey…

Ever since the news broke last week that Vodacom, South Africa’s largest cellular network operator, had its bid to buy fibre network operator Maziv blocked by the Competition Commission, we’ve been inundated by sob-stories of how this “setback” will “widen digital exclusion” in the country’s rural and underserviced areas. To be direct: digital exclusion isn’t an issue in rural areas. Some of these communities are well served by smaller wireless data operators – it’s just that the large cellular providers with extensive coverage and with high pricing models aren’t one of them, and have created that exclusion. Wapa (the Wireless Access Providers Association) applauds the recent decision by the Competition Commission, which we believe is in the interest of consumers getting a fair price for their broadband internet connection. The…

South Africa stands on the cusp of a ratings upgrade should the Government of National Unity (GNU) deliver on higher gross domestic product (GDP) growth, said the Bank of America (BofA) on Tuesday. The country is currently rated below the investment grade with a stable outlook by all three major ratings agencies as a result of deteriorating fiscal metrics, particularly the escalating debt levels, social spending and burgeoning public sector wage bill, leaving the country’s borrowing costs heightened due to the risk level. According to the BofA Securities analyst Tatonga Rusike, firming up business confidence, positive sentiment in policy reforms under the GNU and limited power cuts are pointing in the way of a “potential improving economic outlook” framework. “Ratings upgrades are likely to follow should SA deliver on higher…

John Nkosi is a wood crafter and a furniture maker from a remote area in Elukwatini in Mpumalanga, just on the border with eSwatini. Nkosi travels to Johannesburg at least once a month to display his works at the Rosebank Sunday Market in Johannesburg where he meets most of his affluent clientele. It’s a trip that costs a substantial amount of money in petrol and accommodation, sometimes not worth the investment if he does not make enough sales. But thanks to the introduction of e-commerce through Takealot Township Economy Initiative in rural towns, Nkosi’s days of crisscrossing the country selling his wares will soon be over. “An event like this will assist us especially because it is the connection between me and the technical team of Takealot, because when you…

Meeting Dr Iqbal Survé is a reminder of the profound presence a single individual can bring to a room. He exudes warmth, integrity, and gravitas, an unhurried confidence that seems to welcome rather than overshadow. Fresh-faced and younger than his years, his calm, grounded energy is complemented by an approachable suit-and-tackies style. His quick smile and thoughtful demeanour make it clear that he is as much about listening as leading, embodying a balance of authority and openness that reveals his commitment to his work. Dr Survé’s vision is as expansive as it is grounded in purpose – an inspiring mix of intellect, generosity, and a profound belief in the importance of accessible, inclusive media for all South Africans. As the Executive Chairman of Sekunjalo Investment Holdings, Dr Survé leads one…

“It was three, maybe four years ago,” Springbok wing Makazole Mapimpi recalled yesterday about the only time he played Scotland. “I did enjoy myself,” he continued. “It is quite a nice place. It is kind of cold, and I am not use to cold conditions. “At least this time, it is not as cold as last time.” Indeed, the 34-year-old should have fond memories of the November 2021 clash, won by the Boks 30-15, as the Sharks player scored a brace of tries to help seal the victory. Now back in Edinburgh, Mapimpi and his teammates will look to emulate that victory against a dangerous Scottish outfit looking for a bit of revenge after last year’s loss to the visitors in the pool stages of the Rugby World Cup, while…

As Ruben Amorim was being hoisted into the air by his Sporting players after an outstanding 4-1 victory over Manchester City in the Champions League on Tuesday night, fans of Manchester United would have had double reason to be smiling broadly. Any City defeat these days acts as a crumb of comfort for the Old Trafford faithful, whose club have fallen from grace since the departure of serial trophy winner Alex Ferguson in 2013. But the fact that Sporting’s victory was masterminded by Amorim, the coach who will begin his Manchester United reign next week after agreeing to become Erik ten Hag’s replacement, will have made it extra special. Amorim’s Sporting side were outplayed for the opening 35 minutes by City, but showed great resolve, flair and intelligence to hit…

The rand plummeted to its lowest level in two weeks yesterday as it weakened more than 2%, breaching the R17.80 mark to the US dollar on risk aversion as votes being counted in the US indicated that “Make America Great Again” crusader Donald Trump was set for a second term in the Oval Office. This setback in the currency’s value, which had recently come close to breaking the R17/$1 barrier, was the result of what analysts stated was a knee-jerk reaction to the news that Trump had squeezed in as the next president ahead of Democratic candidate Kamala Harris. Nolan Wapenaar, Anchor Capital’s co-chief investment officer, noted that it had became apparent that Trump would likely be re-elected by the American public over the course of Tuesday night. “This has…

South Africa’s pursuit of digital inclusion faces a significant hurdle - the high cost of broadband access, especially in underserved communities. Starlink, with its promise of affordable satellite internet, presents a potential solution. However, regulatory requirements mandating 30% black ownership for international communications companies pose a challenge. Primarily because at the moment, these organisations are not able to use an Equity Equivalent Program (EEP) to acquire an ICASA licence without a change in regulations. The good thing, however, is that the Minister of Communications and Digital Technologies Solly Malatsi has now announced that his department will look at extending the concept of equity equivalents to multinationals applying for an Electronic Communications Network Service (ECNS) licence. This is a recognition of the potential of an EEP, as this could pave the…

Rural South Africa is often idealised for its breathtaking views, wildlife and cultural heritage. Yet beyond the postcard imagery lies something equally remarkable: a treasure trove of entrepreneurial potential. Former president Thabo Mbeki’s speeches frequently highlighted the “second economy” in need of upliftment to bridge the gap between urban affluence and rural underdevelopment. A critical issue exacerbating the challenge is the alarming lack of empirical evidence and comprehensive data on rural entrepreneurship. When I was tasked with writing a report on rural entrepreneurship, I quickly realised the scale of the challenge ahead. The research process was marked by frustration as I discovered a glaring absence of empirical studies on the topic. Most of the literature was anecdotal or suggestive at best, offering broad observations but lacking the hard data needed…

MTN Rwandacell’s mobile subscribers increased by 5.3% year-on-year to 7.6 million in the nine months to September 30, but active data subscriber numbers declined by 10.3% to 2.3 million. Service revenue increased 1.6% to Rwf189.3 billion (R2.4 billion) earnings before interest, tax, depreciation and amortisation (EBITDA) decreased 22.6% to Rwf65.7bn. The profit after tax came to a loss of Rwf-10.9bn, impacted by a lower EBITDA and an increase in depreciation on tower leases. “MTN Rwanda remains focused on accelerating its commercial momentum, increasing service revenue, enhancing operational efficiency and fortifying its balance sheet. The company continues to prioritise strategic initiatives to address regulatory challenges,” MTN Rwanda CEO Mapula Bodibe said in a statement. The MTN Group subsidiary said it anticipated low double-digit percentage growth in service revenue for the full…

The Lebombo port of entry on the border with Mozambique, on the main trade route between the two countries, was temporarily closed due to safety concerns and protest action on the Mozambican side, the Border Management Authority (BMA) said yesterday. The port of entry was closed on Tuesday after protests occurred very close to the border post, and in order to preserve the border infrastructure, a spokesperson for the BMA said. “All South African officials are on the ground providing assistance with seven officials from the Mozambican side having requested refuge on the South African side for safety and protection,” BMA Commissioner Dr Michael Masiapato said in a statement. “The BMA and its counterparts are working urgently to address the situation, and we appreciate the cooperation we are receiving at…

The Limpopo High Court, sitting in Polokwane, was faced with an application to decide whether a then 17-year-old who married a soldier in 1970 in terms of customary law in Zimbabwe is deemed to be legally married to him in terms of South African law. The soldier husband moved to South Africa in the 1980s and left his wife behind in Zimbabwe. He, in the meantime, married a woman here, in terms of civil law. The Zimbabwean wife, who is now in her 70s, turned to court to be declared the executor of her now late husband’s estate. She asked the court to declare her as his lawful wife and to overturn his civil marriage to the second wife. The court was told that during the Zimbabwean war of liberation,…

A Russian delegation, headed by the country’s Deputy Energy Minister, Roman Marshavin, participated in one of the key events on the African Energy Week (AEW 2024) programme, the Russia-Africa round table yesterday. The session served as a continuation of the dialogue between Russian and African countries, whose prospects for cooperation were a topic of active discussion at the BRICS Summit in Kazan. The Cape Town International Convention Centre (CTICC) is hosting the AEW 2024 forum. Roscongress is a strategic partner of the AEW. “One of the most important elements of cooperation between Russia and the countries of the African continent is the development of energy infrastructure in Africa. Joint work in this sector contributes to the Sustainable Development Goals of ensuring universal access to affordable, reliable, sustainable and modern energy.…

THE work of the young members of the MOCAA Art Club (MAC), from areas including Bonteheuwel, Delft, Khayelitsha, Philippi, Mitchell’s Plain and Nyanga, is on exhibition at the Zeitz Museum of Contemporary Art Africa (Zeitz MOCAA). The MAC is a BMW Centre for Art Education programme for teenagers from the diverse localities of Cape Town. This year brought 16 members from various areas together, and using their collective zeal for art-making to engender criticality and visual literacy, they explored a myriad of contemporary artistic practices in a series of technical and conceptual workshops. For five months, members gathered every second Saturday to participate in sessions intended to observe, reflect, discuss, make and write. The year’s theme, “identity in space”, served as a conceptual framework for examining personal experiences and how…

Cricket South Africa director of national teams and high performance Enoch Nkwe’s bid to unveil the next Proteas Women’s coach has hit a road bump after interim coach Dillon du Preez ruled himself out of contention. Du Preez, who is the team’s full-time bowling coach, performed the stand-in role admirably since being elevated after long-serving head coach Hilton Moreeng’s departure to the US in June. The former Free State all-rounder has since followed in Moreeng’s footsteps by guiding the Proteas Women to the T20 World Cup final in the United Arab Emirates recently. However, the 42-year-old feels that he is able to serve the national team best in his role as bowling coach. “He (Du Preez) enjoys working with the bowlers, and assisting the head coach. Obviously that didn’t help,…

Orlando Pirates head coach Jose Riveiro is basking in the glory of a remarkable start to the season, having led the team to unprecedented heights, including a record-breaking run. The Buccaneers made it seven victories in as many matches by edging Richards Bay 1-0 at the Orlando Stadium on Tuesday night, a first in the club’s history, and extended their lead on top of the Premiership standings to six points. The Sea Robbers are closely tracked by defending champions Mamelodi Sundowns, who were set to play their game in hand against Polokwane City last night. This early success marks a significant milestone for Riveiro, who took the reins at the iconic Soweto giants just over two years ago. The Spanish-born mentor opened up to the media after an historic night…