Table of contents for 2025-01-20 in Cape Times

South African banks’ profitability is expected to remain strong this year, supported by higher credit growth, non-interest income, and lower provisioning, according to credit rating agency S&P Global. S&P’s South Africa Bank Sector Outlook for 2025 said banks will likely benefit from improved economic conditions, with prospects boosted by the improving economic reform momentum driven by the Government of National Unity (GNU), combined with continued progress to address infrastructure deficiencies. Other reports show South African banks remained profitable last year, but they traded through difficult operating environments. For instance, a PwC South Africa report found that headline earnings of the biggest banks for the first half of 2024, only increased by 2.5%. And on the JSE, the Banks Index has experienced significant fluctuations over the past 12 months, but has…

Sasol’s share price shot up 9.4% to R102.16 on the JSE on Friday after it said it was planning to revive its chemical business and explore options including finding additional shareholders and possibly even spinning it off in a separate listing. The petrol-from-coal and manufacturer of chemicals reported a loss before interest and tax of R27.3 billion in the year to June 30, compared to R21.5bn earnings before interest and tax in the prior year, due mainly to increased impairments, lower earnings, translation losses, and reduced derivative gains. It suspended dividend payments and was sitting with some R75 billion of debt at the financial year end. Sasol CEO Simon Baloyi, who took over the role in April, said in an interview with Bloomberg that they viewed the group’s Lake Charles…

Red Meat Producers' Organisation (RPO) and Agricultural Business Chamber of South Africa (Agbiz) welcomed Zimbabwe last week lifting the ban on the importation of cloven-hoofed animals and their products from some provinces in South Africa. This follows a notice issued by the Veterinary Services Directorate of Zimbabwe. The notice said on January 7, 2025, the Veterinary Services Directorate of Zimbabwe lifted the ban on the importation of cloven-hoofed animals and their products from South Africa, but with a significant caveat. “This lifting applies exclusively to animals originating from the provinces of Gauteng, North West, Northern Cape, and Western Cape. Exports from other South African provinces remain prohibited until further assessments are conducted.” The notice added that these precautionary biosecurity measures are a crucial component of Zimbabwe’s strategy to monitor…

Most global and South African financial markets started 2025 on the back foot as investors avoided risky assets and turned to the dollar and gold as safe havens. The possible introduction of tariffs on imports by the Trump administration in the coming months and the surge in oil and other energy prices have boosted expectations of renewed global inflation. Together with a better-than-expected US jobs report the previous Friday, market analysts began to anticipate that the current cycle of lowering the Federal Reserve’s interest rate may have reached its lowest point. Bearish traders on global stock markets pushed share prices downwards during the first thirteen trading days, making this one of the worst starts to a year since 2020. On Wall Street, the S&P 500 lost 3.4% from January 2,…

South Africa is set to benefit from an increase in merger and acquisition (M&A) deals this year as the currency’s relative stability, companies being sensitised to conflict in the Middle East as well as Russia’s war on Ukraine, and lower costs of borrowing. Herbert Smith Freehills’ partner in the Johannesburg office, Patrick Leyden, told Business Report that, although the volume of deals declined last year, the value improved, with the percentage gains of M&A value in Africa exceeding that of the rest of the globe. Of the deals made, South Africa accounted for 30% of the volume and 60% of the value last year, he noted. Leyden stated that borrowing was becoming cheaper as interest rates globally came down. In addition, he said there was a more stable global political…

You probably don’t want to hear this but your bad habits are standing in the way of you having the best skin. At first, I didn’t believe it until I read the story of how Nicole Sherwin, the founder of Eco Diva Natural Superfood Skincare, healed her skin pigmentation holistically. “When I adopted a holistic approach to my skincare routine, is when my pigmentation, (as well as my adult acne and rosacea) began to heal. “This journey isn’t a quick fix by any means but what it does offer is new insights into how to hear what your skin is telling you as well as how to be more in touch with your gut feelings and instincts,” said Sherwin. “Busting or rebalancing as I prefer to refer to it is…

Whether you’re trying to lose weight or simply want to maintain a healthier lifestyle, you probably already know it’s important to keep portion control in mind. Sure, eating a plate of vegetables is healthier than eating a plate of pasta or a bowl of ice cream but it doesn’t mean we should ban ourselves from enjoying our favourite comfort foods. What is portion control? Portion control helps you manage how much food you eat in one sitting. You’ll figure out how many calories you want to consume and then select the amount of food accordingly. Whether you’re trying to lose weight or fuel yourself more appropriately, Vinny Kodamla, a nutritionist, shared a few simple portion control tips to help you reach your goals. “The key to eating a balanced diet…

THE speculation about the future of the ANC provincial structures in Gauteng and KwaZulu-Natal (KZN) is likely end this week. This after the ANC was expected to announce the fate of Gauteng and KZN provincial structures following its normal National Executive Committee (NEC) meeting over the weekend, where the fate of the two once-powerful provinces was discussed. The meeting took place at the Birchwood Hotel and Conference Centre in Boksburg, Gauteng. With the ANC facing challenges following poor electoral performances, particularly in KZN, party officials are considering harsh measures, including the possible disbandment of the respective struggling provincial executive committees. Siboniso Duma is the chairperson of the party in KZN, while Panyaza Lesufi leads Gauteng. The party announced on social media pages that the NEC “rigorously” engaged several reports tabled…

Mfundo Vilakazi emerged as the hero for Kaizer Chiefs as they clinched a dramatic late 1-0 victory against Sekhukhune United at the Moses Mabhida Stadium on Sunday afternoon. The 19-year-old substitute provided the much-needed spark, scoring the decisive goal just three minutes before the final whistle as he danced through the defence to curl a shot into the bottom corner. The match’s turning point arrived shortly before Chiefs found the net when Sekhukhune defender Vuyo Letlapa was sent off after receiving a red card in the 84th minute. With a man advantage, the Glamour Boys capitalised quickly, showcasing their determination to snatch all three points. This victory marked the second win in three matches for Chiefs, propelling them to fifth place in the Betway Premiership standings, a mere four points…

Ryan Rickelton is certainly putting his best foot forward for a starting berth at the ICC Champions Trophy next month. The flamboyant opener returned from a bout of Covid19 - “I was a man down for four or five days” - to the MI Cape Town starting XI with an explosive 39-ball 89 at a rousing Newlands on Saturday evening. Rickelton’s love affair with the majestic ground at the foot of Table Mountain has been raised to new levels after his mammoth 259 in the New Year Test against Pakistan earlier this month there too. The 27-year-old has yet to feature in a major ICC tournament though after failing to crack a game at last year’s ICC T20 World Cup in the US and Caribbean. But considering his red-hot form…

The prestigious Raging Bull Awards, originally scheduled for January 27th, has been moved to Monday, February 17th due to popular demand, aligning with our commitment to deliver an evening that celebrates excellence in the investment industry. This adjustment aligns with our commitment to provide an inclusive event for all and create a successful Raging Bull Awards for 2025. We appreciate the input and support of our industry partners and attendees of the move to a more convenient date, to ensure an unforgettable experience that not only honours the outstanding accomplishments within the industry but also provides meaningful connections and insights for all participants. While the date has been adjusted, all other event details remain unchanged, including the venue and format. Current reservations will be valid for the new date and…

‘The 2024 growth actually was slower than we had projected earlier,’ says IMF’s Deniz Igan The International Monetary Fund (IMF) has nudged down below 1% its growth forecasts for South Africa for 2024, citing significant setbacks in the agricultural sector as a key factor affecting the nation’s economic outlook. In its latest World Economic Outlook (WEO) report released on Friday, the IMF revised its 2024 GDP growth projection for South Africa to a modest 0.8%, down from a previous estimate of 1.1% made in October 2024. This projected decrease follows a concerning 0.3% contraction in South Africa’s GDP during the third quarter of 2024, largely triggered by a staggering 28.8% decline in the agriculture, forestry, and fishing industry. The downturn is attributed to diminished economic activity, particularly affecting field crops,…

America is being (not so) secretly run by a cabal of South Africans (Elon Musk, Patrick Soon-Shiong, David Sacks, and Peter Thiel (ok born in Germany and grew up in Namibia, but close enough). Donald Trump thinks he is the most powerful human, and perhaps for a hot minute he will be, but four years from now he will be gone. He would have created some chaos, as is the way of American presidents, but I don't think his influence will be anywhere near as lasting as we all think. Musk on the other hand has already changed the world in everlasting ways and his gamble to back Trump will ensure his influence lingers for generations. The First Bro is an unusual oligarch because he has actually earned his money…

As the Cosatu, we are deeply concerned about the impending closure of the Newcastle furnace of ArcelorMittal (Amsa). This decision has far-reaching implications for the livelihoods of thousands of workers, the local economy, and the steel and motor manufacturing industries as a whole. It is imperative that we take immediate action to mitigate the devastating consequences of this closure. The closure of the Newcastle furnace will result in the loss of over 1 300 direct jobs, with an estimated 2 200 indirect jobs at risk in the surrounding communities. This will exacerbate the already dire unemployment situation in South Africa, particularly in the rural areas where job opportunities are scarce. The economic spin-offs of the closure will be felt far and wide, with local businesses, suppliers, and service providers also…

Merafe Resources said on Friday that its share of production from its joint venture with Glencore only marginally grew in 2024 despite a dip in output for the quarter to end December at a time analysts say projected expansion of the stainless-steel industry will drive growth of the ferrochrome market in the outlook. Despite the upbeat outlook for ferrochrome, South African producers of the commodity have been facing operational and production hurdles. Merafe Resources CEO, Zanele Matlala, said last year that the company and its South African joint venture partner, Glencore, were looking at ways to mitigate power supply, energy costs and logistical constraints impacting mining companies in the country. Merafe mainly derives its revenues and operating income from the Glencore-Merafe Chrome Venture, which produces ferrochrome at a total installed…

Packing lunch boxes can be daunting, especially for those juggling tight budgets and busy schedules. However, with some creativity and strategic planning, nourishing meals can be supplied without breaking the bank. Here are some tips to help parents pack delicious, nutritious lunches while keeping costs low. Plan ahead One of the most effective ways to save money is to plan meals ahead of time. Take the guesswork out of lunchtime by designing a weekly menu that incorporates items already on hand. This helps avoid unnecessary purchases and reduces food waste. Batch cooking Cooking in batches can greatly reduce time and expense. Prepare larger quantities of staple items such as pasta, rice or stews and divide them into portions for the week. These versatile bases can be paired with different toppings…

King Msuzulu kaZwelithini has denied reports that he cancelled his traditional wedding to his third wife-to-be, queen Nomzamo Myeni. In an exclusive telephone interview with both the king and queen on Sunday, the couple denied the authenticity of the letters, circulating in the media and on social platforms, which provide reasons for the cancellation of the wedding scheduled for next weekend. “What cancellation? What are you talking about? I'm with the king here and we do not know what you are talking about. The king has not informed me about that,” said Myeni. The king burst out into laughter and said: “Engingakusho nje ukuthi ngiymthanda umkami futhi ngizomshada ngenkani (all I can say is that I love my wife and will marry her by force)”. The couple said the royal…

After being rescued from a rip current at Wilderness Beach, Darren Sutton, a tourist from Northumberland in the UK, has released a video thanking the heroic lifeguard who risked her life to save his. The 59-year-old and his wife, Linda Barrett, while on a three-week holiday in South Africa, were staying at a B&B in Wilderness when the incident occurred on Friday. In the video, a visibly shaken Sutton said that as a regular and proficient long-distance swimmer, he considers himself a strong swimmer, but that was no match for the current that swept him away. “I got into awful trouble this morning. I drifted and then drifted again, and I tried to swim hard to get in but I was tiring pretty fast. I was probably in the water…

Manchester United crashed to a dismal 3-1 defeat against Brighton as Ruben Amorim’s problems mounted on the day Old Trafford paid a sombre tribute to legendary striker Denis Law. Amorim’s side were hoping to mark Law’s death aged 84 by producing the kind of entertaining display that was the hallmark of the United star’s teams. Instead they crumbled to a sixth defeat in 11 league games since Amorim arrived from Sporting Lisbon to replace the sacked Erik ten Hag. United are languishing in 13th place and although they are 10 points above the relegation zone, they are far from certain to avoid being dragged into the survival fight on the evidence of this wretched display. Yankuba Minteh set the tone for United’s moribund performance with an early opener for Brighton.…

DESPITE his returns of 1/122 in three SA20 matches that Paarl Royals fast bowler Lungi Ngidi has managed since coming back from injury earlier this month, the 28-year-old has looked strong at the crease and thus bowled at a decent pace. For a team such as the Royals, an experienced fast bowler such as Ngidi forms a big part of the bowling plans, especially in an encounter such as tonight’s clash against Joburg Super Kings at Boland Park. Ngidi's skills, which include all the slower balls and cutters in the game, and his composure in high-pressure moments, make him a formidable bowler against a strong Super Kings’ top-order which includes Faf du Plessis, Devon Conway and Jonny Bairstow. Understanding this, Paarl Royals head coach Shane Bond alongside captain David Miller…

Eskom on Friday said it has reached 296 consecutive days without implementing loadshedding since March 26 last year. “On Monday 20 January at midnight, Eskom will reach 300 days of loadshedding suspension for the South African economy, a milestone not seen since June 2018,” it said. The power utility added that this performance has also resulted in year-to-date diesel savings of R16.42 billion (on a year-on-year basis), which is about 62.9% less than the R26.09bn spent during the same period last year, as a result of the continued execution of the Generation Operational Recovery plan. In a separate statement, Eskom group chief executive Dan Marokane has announced the appointments of Dr Candice Hartley as chief people officer and Rivoningo Mnisi as group executive: renewables, which it says completes “the utility’s…

The Bureau for Food and Agricultural Policy (BFAP), an independent research organisation, said it disputes Statistics South Africa’s calculation that agricultural performance decreased by 28.8% in the third quarter of 2024. As a result, BFAP said that they will join the Agriculture Business Chamber of South Africa (Agbiz), Agri SA, and the Department of Agriculture to form the SA Agricultural Condition Assessment Committee that will assess the state of agriculture in South Africa and release insights on their discussions. BFAP said that they took issue with a StatsSA report that the agricultural sector contracted by 12.2% in the final quarter of 2023. “Our own calculation put the decline at a far more modest 2% to 5%. In a “Perspectives” publication, the BFAP disputed StatsSA’s calculations, particularly on farm inputs which…

The seeming innocuous question asked by Professor Mamokgethi Phakeng, the former Vice-Chancellor of the University of Cape Town, on the eve of the matric results for 2024 revealed her deep concern as a teacher, a parent of society. Buried in the two-minute question were critical analysis of South Africa's education system AND reveals a deepening crisis beyond matric results, highlighting racial disparities and systemic failures in post-school education. Last week, on the eve of the National Senior Certificate results and amid the usual disinformation about their meaning, I laid the groundwork for their interpretation, particularly in the context of South Africa’s deepening human resource crisis. While the numbers of candidates and their results are verifiable, the policy focus makes the annual spectacle frustrating. Successful students must be congratulated and…

The luxury goods industry is underpinned by long-term structural growth drivers. Rising wealth levels in emerging market economies such as China, India and the Middle East have driven growth, supported by demand from mature developed markets such as the US and Europe. Despite the long-term secular growth underpin, the industry is subject to cyclicality over the short term, driven by wealth effects and consumer appetite for luxury goods, especially amongst aspirant luxury shoppers. From surge to slump The Covid-19 lockdowns resulted in a boom period for the luxury goods sector as captive consumers, unable to travel and sitting on excess savings, splurged on luxury goods. Strong demand, in addition to the inflationary environment, resulted in aggressive price increases from the luxury goods companies. The subsequent consumer slowdown, exacerbated by…

Business Rescue Practitioners (BRPs) of Tongaat Hulett Limited (THL) said on Friday that they were continuing to advance the necessary steps for purposes of implementing the Adopted and Amended Business Rescue Plan, which was approved and adopted by the requisite majority of creditors on Thursday last week. The BRPs said they were focusing on the alternative transaction in accordance with the Plan, which contemplates the sale of the company’s business and assets as a going concern, as a group, to the Vision Parties. The asset transaction will entail the sale of the South African assets, including the South African sugar business and head office; and the shares in and claims against each of the subsidiaries in Zimbabwe, Mozambique and Botswana. THL, Vision Sugar South Africa, Vision Investments, the Vision Parties…

Bullying is a widespread issue that can affect children of all ages, and as a parent, it’s important to prepare your child for how to handle these difficult situations. Learning how to respond to bullies can help children build confidence, resilience and problem-solving skills. Here’s a guide for teaching your child how to deal with bullies in a healthy, constructive way. Foster open communication The first step in helping your child deal with bullies is ensuring they feel comfortable coming to you with their concerns. Encourage open, honest communication and let your child know that they can talk to you about anything, especially in situations where they feel threatened or uncomfortable. Create a safe space: Make sure your child knows they can talk to you without the fear of judgment…

The spat between police and labour union, the General Industries Workers Union of South Africa (Giwusa), over allegations regarding the blasting of shaft 10 at Buffelfontein Gold Mine near Stilfontein, continues. This was after Giwusa demanded that police allow a public inspection of the shaft and that this must include the right to document any findings. The union accused police of bombing shaft 10 in the abandoned mine. About 78 bodies, as well as 240 illegal miners, have been hoisted to the surface as part of a rescue operation after the Gauteng High Court, Pretoria, ordered operations to commence last weekend. Giwusa released a statement on Saturday, stating that it was shocked by the news that police bombed shaft 10 in Stilfontein. “There are miners, including Ayanda Tom, whose sister…

The City is hopeful that work on the Table View Beachfront upgrade project will recommence in April, if all goes according to plan, following significant challenges last year. In a statement on Saturday, the City confirmed that the contractor’s agreement was terminated in November 2024 due to ongoing performance issues and failure to meet construction milestones. “Despite efforts to resolve delays, the contractor failed to adhere to the approved schedule and address defaults within the required period, resulting in the termination of the contract. The City has, however, developed a revised plan to ensure the completion of the project.” The Table View Beachfront covers a stretch of 3km of coastline, from Dolphin Beach in the south to Bokkomsbaai in the north. The long-term upgrades started in July 2022, with…

The Stormers coaches were proud with the fight the players showed against Racing 92 despite being light of a few stars against some world class international opponents. It took a late 76th-minute try for the French giants to bury the Cape outfit, but the visitors will also look back on some missed opportunities on the attack, which prevented them from getting a famous win at the La Defense Arena in Paris. Racing knocked the Stormers out of the Champions Cup with a 31-22 victory, and the result on Sunday evening between Sale Sharks and Toulon will determine if they qualify for the Challenge Cup or not. “It was a disappointing loss in Paris, but there is lots to be proud of,” Stormers director of rugby John Dobson reflected after the…

Durban’s Super Giants: 115/8 (Williamson 44, Naveen-ul-Haq 30*, Dawson 2/11, Gleeson 2/19, Jansen 2/23, Baartman 2/30) Sunrisers Eastern Cape: 117/4 (Bedingham 39, Markram 31*, Maharaj 2/18) Sunrisers Eastern Cape won by six wickets GQEBERHA – The Sunrisers Eastern Cape had a date with Carte Blanche on yesterday evening as they raced to a second consecutive bonus point victory over Durban’s Super Giants at a stirring St George’s Park. The defending champions are suddenly looking like the team that have won back-to-back SA20 titles and not the bumbling group that stumbled to three consecutive defeats at the start of this season’s competition. And the revival has been kickstarted by their bowling unit once again. The Sunrisers have always relied on their pacemen to set the tone and it was Marco Jansen…

JOSE RIVEIRO might be new to continental football, but the Spaniard is shrewd enough to know not to get carried away by good results. As The Ghost excitedly celebrated Orlando Pirates’ progression to the quarter-final of the CAF Champions League and many among the Buccaneers’ faithful already foreseeing a second star above the club’s crossbones and skull insignia, Riveiro was staying grounded. Speaking after Pirates’ 2-1 defeat of record champions and current holders Al Ahly in Cairo on Saturday night, the young coach rather focused on his team’s performance than the result. The interviewer asked the Buccaneers coach if Pirates topping the group by going unbeaten in the six matches was a clear message to the rest of the competitors that the South Africans are serious contenders. “No,” was his…