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

Nedbank lifted its interim dividend 11.5% to 971 cents per share in a challenging trading environment and a stronger economy in the second half. A good pipeline of renewable energy projects and further strides in executing strategy should see the lender meet its medium-term targets, its executives said yesterday. The bank has fallen under the media spotlight recently as it gears up for a legal battle with the Special Investigating Unit and Transnet over alleged R2.7 billion in interest rate swops transactions dating back to the state capture-era in 2015/16. The bank has said it was confident that it “did no wrong” in the transactions, and no provisions were set aside for the legal case in the interim results. Diluted headline earnings a share (Heps) increased by 12%, benefiting from…

In the conclusion of the protracted strike at the SA Bureau of Standards (SABS), the National Education, Health, and Allied Workers Union (Nehawu) yesterday revealed faultlines in entities under the Department of Trade, Industry, and Competition (dtic). Nehawu also alleged serious governance breaches at the SABS, which were leading to corruption. Its deputy secretary-general, December Mavuso, speaking in the aftermath of the two-week strike that has finally been resolved with the intervention of Trade, Industry, and Competition Minister Parks Tau. Mavuso said there was a need for harmonisation of remuneration and benefits, as well as centralised bargaining at the dtic. The polarised structures in the dtic were resulting in “department hopping”, he claimed. “There are a lot of issues at the SABS and the other entities at the department, which…

With the National Nuclear Regulator of South Africa’s announcement that the Koeberg power station’s Unit 1 can operate for another 20 years, there has been a predictable response from “the green activists” claiming that the South African regulator is being negligent by not considering “the necessary safety upgrades”. Given that Koeberg has been operating successfully for 40 years without a major incident, on what basis should we believe that the next 20 years would be any different? The latest refrain about “nuclear safety” is that Koeberg needs a “core catcher” to be installed on the generation 2 power station, because it is “international best practice”. This position is the official talking from the “independent experts” that are all associated with the foundations such as Heinrich Böll and Rosa Luxemburg Stiftungs,…

Sasfin mulls legal action for R164.64m Prudential fine Sasfin Bank has received R164.64 million of administrative sanctions from the Prudential Authority of the SA Reserve Bank on foreign exchange-related non-compliance issues, the bank said yesterday. The R160.64m comprises R209.69m of which R49.05m was suspended. The sanctions principally relate to allegations of historic non-compliance within Sasfin Bank’s discontinued foreign exchange business. “Sasfin has to work proactively and transparently with the relevant authorities and regulators. Sasfin has taken legal advice and is considering further representations that could result in a review or appeal of the sanctions,” the bank said. Meanwhile, it also said yesterday that the conclusion of the R3.26 billion sale of Sasfin Bank’s Capital Equipment Finance and Commercial Property Finance businesses to African Bank marked an important step in Sasfin’s…

Petra Diamonds has taken off the market diamonds produced in South Africa, and originally scheduled for sale this month, as a way of building up demand and in line with other major producers that are restricting supply in light of current depressed prices of these precious stones. With two operational mines in South Africa and another in Tanzania, Petra Diamonds now expects prices to rebound due to the constricted supply on global diamond markets. The expected pick-up in demand for diamonds ahead of the traditionally lucrative festive season is also projected to boost prices and prospects for the industry. “We have taken the proactive decision to defer the upcoming August/September tender from our South African operations to support steps taken by major producers to restrict supply in this weaker demand…

Controversial Pastor Paseka “Mboro” Motsoeneng and four suspects were expected to appear in the Palm Ridge Magistrate’s Court today for alleged acts of violence and intimidation that played out at Matsediso Primary School in Katlehong, Ekurhuleni. The five are facing a variety of charges, including assault, handling a firearm recklessly, rendering security services while not registered, malicious damage to property, assault and intimidation. The incident was allegedly linked to a family dispute involving the custody of Mboro’s grandchildren. It is said that the mother of the children died in April this year, leading to a dispute between the paternal and maternal sides of the family. Mboro entered the school premises on Monday accompanied by two men wielding a panga and a rifle. Teaching staff attempted to keep the learners from…

Some fans and critics may view Sacha Feinberg-Mngomezulu’s selection as the starting flyhalf for the Springboks against Australia on Saturday as a risk, but not Rassie Erasmus. The Stormers playmaker may be just 22 years old and only have four Test caps to his name, but the Bok coach has all the confidence in the world that Feinberg-Mngomezulu can handle the Suncorp Stadium cauldron in the Rugby Championship opener in Brisbane (kick-off 6.30am). Feinberg-Mngomezulu was chosen ahead of double World Cup-winning pivot Handré Pollard – who is on the bench – yesterday by Erasmus, even though the Boks don’t have a good record in Australia. The former Junior Bok captain has already shown that he has the temperament for the big occasion, banging over a long-range penalty against Wales at…

South African kayak duo Hamish Lovemore and Andrew Birkett are “super stoked” after qualifying for the Olympics men’s 500m K2 crew semi-finals. Birkett, 54, is a two-time marathon world champion but is competing in the K2 sprints in Paris with East London teammate Lovemore. The pair qualified for the Olympics by winning the SA Sprint Championships at Germison’s Victoria Lake back in March. The duo initially finished fourth in their heat behind Australians Jean van der Westhuyzen and Tom Green to progress to the quarter-finals. It was in the quarter-finals where they hauled out a superb performance to come home second behind Spaniards Adrian Del Rio and Marcus Cooper that ensured their place in the semis. “It felt like magic in the boat. We all have different goals coming here,…

They will have to adapt to the latest law variations implemented during the Rugby Championship, but the Springboks foresee no hiccups in doing so. South Africa take on Australia on Saturday in Brisbane, and Sanzaar – the governing body for rugby in the southern hemisphere – will have some new law variations to speed up the game for fans, to cut out what they deem unnecessary stoppages, and to clarify law interpretations. Four changes will come into play, two of which the Boks should not have any trouble adjusting to. A slight change to the foul play law for red cards will allow teams to replace a red-carded player who was sent off for play deemed not to be at a high level. After 20 minutes, the carded player will…

STOCK markets across the globe started to recover yesterday after Monday’s shock that caused a worldwide bloodbath across bourses. Locally, the JSE’s All-Share Index ended the day slightly down 0.19% at 79 430.05 points after Monday’s negative 1.19% close. The rand see-sawed between its opening at R18.48 to the dollar and a low of R18.58, before its R18.46 in late afternoon trade. Analysts have marked Monday’s rout as a knee-jerk reaction to less than favourable data coming out of the US as growth in the labour market slowed, resulting in the Goldman Sachs Group pegging the chance of a US recession at 25% – up from a previous 15%. Japan’s Nikkei 225, which on Monday experienced its worst rout since 1987 on news that the lending rate was going up…

Towards the end of the sixth administration, several international export markets were opened as stated by Agriculture Minister John Steenhuisen in Parliament recently. Considering that South Africa’s agriculture sector is focused on exports, this is significant. Opening markets is even more important given the need to reform the sector due to the rise in emerging farmers who are ready for the market, improved farming practices, and the adoption of new technology that have enhanced yields and productivity across multiple industries. The following markets, which South Africa sealed in the latter months of the previous administration, must be maintained and will be key in keeping South Africa’s agricultural export earnings on a positive trajectory. This is crucial for retaining thousands of jobs in the agricultural sector, contributing to the country’s gross…

AngloGold Ashanti bumped up its interim dividend 450% to $0.22 (R4.07) per share after it contained costs, benefited from stronger bullion prices and upped production, factors that boosted cash flows and earnings for the period. In the previous contrasting half-year to June 2023 AngloGold Ashanti paid a half-year dividend of $0.04. Shares rose 3.26% in afternoon trade on the JSE to R505.98, reversing its 1.57% loss over the past seven days. AngloGold Ashanti’s gold production for the 2024 half-year rose 2% over the prior year’s same period 1.25 million ounces. Total cash costs for the period per ounce decreased by 1% to $1 158 per ounce. This compared to the gold miner’s realised inflation rate for the period of about 6%, representing the sum of price-related increases in cost of…

South Africa has experienced extreme climatic events such as droughts, floods and heat waves, which have impacted habitats, human health and economic productivity. Vulnerable communities and particularly women have been the most affected. The effects of these impacts range from food insecurity, declining agricultural productivity for subsistence farmers, water scarcity and heightened health risks from environmental degradation. As South Africa embarks on a journey towards a low-carbon future, the role of women has become increasingly important. Unfortunately, as we commemorate the 30th anniversary of post-apartheid Women’s Day this week, it is increasingly evident that women are not at the centre of the just transition discourse, nor prioritised in the required action. Climate change affects women and girls to a greater extent than men – based on economic, social and cultural…

Aluminium semi-fabricator Hulamin expects its headline earnings per share to fall by between 21% and 13%, when it announces its interim results on or about August 19. A trading update and trading statement for the six months ended June 30, 2024, said: “Shareholders are advised that, as per our last update to the market on March 4, the challenges in relation to softer global markets, primarily impacting our export market segments, continued into the first quarter of 2024. “Demand from export customers started to recover during the latter part of the six months ended June, 2024 and by the close of the interim period, demand from export customers had recovered to historic-levels,” Hulamin said yesterday. It added that in contrast, the local market had remained resilient. Overall group performance for…

The ANC’s Joburg regional secretary, Sasabona Manganye, told media outlets on Monday that a new mayor will come from their party, replacing Kabelo Gwamanda. In recent weeks, civic organisations have been calling for Gwamanda’s removal, to the extent of holding a picket, claiming poor service delivery, delayed infrastructure development and extreme tariff increases, particularly, the R200 energy surcharge. Manganye stated that the new mayor will be elected after the ANC’s senior executive concludes internal talks, giving the green light to engage with its coalition partners, suggesting ActionSA, among other parties. “We are just finalising a few consultative meetings with our national executive council. As soon as we are given the go-ahead, we will engage with our coalition partners. We will get the mayor to resign, and an extraordinary council will…

Sports can help bring people together and improve public health. Beyond mere competition, sports foster connections, promote physical fitness and contribute significantly to community health. Locally trained coaches can play a vital role in these efforts. As a former Olympian, and someone who is involved in community projects and the training of young athletes, I have seen first-hand the significant impact that coaches have. Providing coaches with formal training through specialised programmes such as the Higher Certificate in Sports Sciences at the University of Pretoria can play a pivotal role. Time and again, South Africa has experienced the unity and collective well-being that sports provide and their unique ability to bridge gaps and unite people from diverse backgrounds. Whether on a neighbourhood field or at a national stadium, sports create…

It’s been a whirlwind 48 hours for South African golfer Ashleigh Buhai these past two days ahead of her tee-off at the 2024 Olympics Games at Le Golf National today. Not only was her flight from the US to Paris delayed by a couple of hours, but she also had a nervous wait for her golf clubs. Buhai, who has a 12.17pm start today, was only reunited with her gear yesterday, fetching the clubs from the airport before returning to the Olympic Village. Despite the hiccups, the 35-year-old South African Major winner will be in high spirits and ready to compete in the Olympics. She will play alongside Leona Maguire of Ireland and Georgia Hall from Great Britain in the first round. Fellow South African Paula Reto is the other…

Prudence Sekgodiso believes she has learnt valuable lessons from her first appearance in an Olympic 800m final in Paris. Sekgodiso seemed to be well in the hunt for a medal approaching the last bend, but unfortunately faded away down the home stretch to finish in eighth position in a time of 1:58.79. Great Britain’s Keely Hodgkinson, who had pipped Sekgodiso into second place in the semi-finals, won the gold in 1:56.72. The 22-year-old feels that the experience in Paris will set her up well for another medal assault in Los Angeles in four years. “The race overall was okay … I feel like I wasted so much energy because I’ve been running in lane two the whole time, and that’s my biggest mistake,” said Sekgodiso. “I know my coach is…

Transnet Pipelines (TPL), a division of Transnet, has issued an expression of interest to repurpose the Lilly gas pipeline from transporting methane rich gas (MRG) to regasified liquefied natural gas (LNG). “The expression of interest process will help TPL assess market interest and demand, which will inform the pre-feasibility study and future request for proposal (RFP) processes,” it said in a statement yesterday. TPL, a unit of the state parastal Transnet, said: “With the demand for natural gas expected to rise significantly, Transnet is proactively developing the LNG value chain to safeguard SA’s strategic interests. This initiative positions Transnet’s Natural Gas Networks business as a vital contributor to the country’s long-term economic growth and transformation.” While welcoming the move, the Industrial Gas Users Association said: “The initiative may come too…

It’s an old cliché but the phenomenon known as Turnaround Tuesday – when markets rebound from a sell-off at the start of the week – is an opportunity that shows up time and again in the data. The bad news is such recoveries don’ guarantee the bottom has been reached. Investor psychology during a rout tends to begin with jitters on Thursday, hedging on Friday, and all-out selling on Monday, according to Brent Donnelly, veteran trader and president of trading analysis firm Spectra Markets. By Tuesday, the downdraft is primed for a reversal, he wrote in a note published on Monday. The numbers support the thesis. Prior to this week, the S&P 500 had fallen on a consecutive Thursday, Friday, and Monday a total of 582 times; and the subsequent…

IN EARLY June, 2024 an exchange took place between a member of an environmental organisation (Gabriel Claasen from Project 90 by 2030) and Eskom’s nuclear support manager (Keith Featherstone) that should concern anyone interested in the long-term safety of Koeberg Nuclear Power Station. The exchange took place in Athlone, Cape Town, during a public hearing organised by the National Nuclear Regulator (NNR) on Eskom’s application to extend the life of Koeberg nuclear power station for another 20 years – known as Long-Term Operation (LTO). After a presentation by Featherstone on the LTO, Klaasen asked for clarity as to why the question of whether Eskom would be installing a core catcher at Koeberg for the LTO was not addressed in the presentation. A core catcher, which is made from thermally-resistant concrete…

Afrimat’s sales volumes increased in the second quarter of its 2025 financial year, but were unlikely to make up for the decline in the first quarter, the bulk commodities, building materials, and industrial minerals, the mid-tier miner said yesterday in a trading update. The share price fell more than 2% to R65.11 yesterday afternoon after the release of the trading statement. The price is above the R59.60 it traded at a year ago, and nearly double the R33.89 it traded at three years ago. During the first quarter to the end of May, the bulk commodity market was lacklustre. Also, volumes were impacted by the underperforming iron ore export corridor, and ArcelorMittal South Africa’s issues, specifically the force majeure at the Vanderbijlpark facilities due to the freeze of two furnaces.…

The Mozambique-based RGS Consortium says it has a new offer for Tongaat Hulett (THL), but Vision Investments (VI), appointed by the business rescue partners, says a yes vote by shareholders at tomorrow’s meeting will bring the beleaguered sugar group a step closer to a “substantially better future”. But this view is not shared by all, with agricultural economist Dr Kobus Laubscher saying yesterday that contrary to claims that shareholders will be left with nothing if they vote against Vision’s debt-for-equity swop at the meeting, “the reality is far more complex”. Laubscher claims VI had so far failed to come up with the required funds for the deal. “Similarly, assertions that the Vision business rescue plan must be implemented because creditors voted to adopt it, and that Vision already owns THL’s…

THE LIBYAN Government of National Unity (GNU) has broken its silence regarding 95 of its citizens arrested in South Africa at what is suspected to be a secret military camp two weeks ago. The nationals are being charged with contravening the SA Immigration Act after provincial police raided a farm near White River in Mpumalanga last month, uncovering what appeared to be a secret military base for training the Libyan nationals. Police had followed a tip-off from community members near the base. Nearly two weeks later, the Libyan GNU has broken its silence, condemning the individuals for lying in their visa applications. The government pledged to assist the South African authorities in resolving the issue and to support the suspects diplomatically and legally. In a letter addressed to the…

1 cup bran 6 cups cake flour 2 cups oats 2 tbsp baking powder ¾ cup sugar ½ tsp salt 1 cup soft Stork Baking Margarine 1 cup water 2 eggs, beaten 500ml buttermilk/low-fat maas ½ cup sunflower/other seeds ½ cup raisins/cranberry ½ cup toasted chopped nuts Preheat oven to 180°C. Lightly grease and line 2 x 20cm cake tins or a large oven dish. Mix dry ingredients together in a mixing bowl. Rub soft Stork Bake into the dry ingredients with your fingertips until it looks like breadcrumbs. Beat water, eggs and buttermilk. Stir egg mixture into dry ingredients until well blended. Spoon into baking tins. Bake for 45 - 60 minutes or until a skewer comes out clean. Remove from the tins and cool. Slice into rusks and…

SINCE 2022, the Proteas Test team has had very little success away home, with the series-levelling victory in New Zealand at the beginning of 2022 and the one at Lord’s in the winter of the same year being their only success away from home in the two-year period. This is an alarming fall from grace for a team that was known for being good travellers in Test cricket before 2022. However, with head coach Shukri Conrad and captain Temba Bavuma at the helm, the Proteas have set their sights on reclaiming that status away from home as they already proved that they are a formidable team at home when they beat the No 1 Test team in the world, India, by an innings in the Boxing Day Test. The…

While all South African eyes will be on Wayde van Niekerk in today’s Paris Olympics action, two young athletes could make their marks at the Stade de France. The 32-year-old Van Niekerk acknowledged that he had still had “a bit of work” to do if he was to reach the 200m final after clocking 20.42 seconds in Monday’s heat to advance to tonight’s semi-finals (8.02pm). The 400m world record holder and 2016 Rio champion – who decided not to take part in the one-lap race in France – will line up in the third semi-final, where he will have his work cut out for him in trying to clinch automatic qualification by finishing in the top two. American Erriyon Knighton (19.77) and Zimbabwe’s Tapiwanashe Makarawu (19.93) have the two quickest…