Indholdsfortegnelse for 2024-09-13 i Mercury

A lowering of South Africa’s high real interest rates, currently the highest in the world with homeowners paying an average R4 000 per month more on their bonds, could boost confidence in the construction sector in the fourth quarter, economist Dr Roelof Botha said yesterday. The Afrimat Construction Index (ACI) increased 8.8% in the second quarter over the first quarter, but the year-on-year decline was 1.9%, which was unfortunate against the background of the dire need for housing development and the associated infrastructure, Dr Botha said. He said the ACI was not alone in reflecting subdued economic activity, with the latest Absa/BER Purchasing Managers’ Index for manufacturing having slipped below the neutral level of 50 points. He said the residential property market had also been dealt a severe…

ELECTRICITY and Energy Minister Kgosientsho Ramokgopa yesterday re- stamped nuclear as part of the energy mix with the 2 500MW nuclear procurement process back on track after cleaning up legal loopholes. Ramokgopa also punted the idea of small modular reactors (SMRs) as part of strategy, which could have negated the need for the building of 14 000km of electricity transmission lines. Addressing a Nuclear Seminar aimed at unpacking the role of nuclear as a part of the mix, Ramokgopa extolled the country’s nuclear intellectuals to take the lead in demystifying the technology for which the country had an at least 76 year lead. South Africa has been directly operating the Koeberg nuclear power plant for 40 years, and could now be exporting the technology and expertise to…

ANALYSTS, business people and trade unions in South Africa are now expecting the headline consumer price inflation (CPI) to ease slightly from previous forecasts as fuel and food prices continue to decline. This comes as the CPI sank below 5% in July, the lowest in three years, slowing to 4.6% in July from 5.1% in June, after holding steady for 10 months in the 5% to 6% range, largely driven by slow- ing food and non-alcoholic beverages prices. In the US, inflation also fell to 2.5% in August from 2.9% in July, setting the stage for the Federal Reserve to start cutting interest rates gradually at its meeting next week. According to the Inflation Expectations Survey for the third quarter of 2024 released by the Bureau for Economic Research…

South Africa was greylisted in 2023 by the global financial crime watchdog, the Financial Action Task Force (FATF), created under the Group of Seven countries (G7) to combat international money laundering and, after 2001, terrorist financing, for not complying with international standards. This increased reputational risk, limited inward foreign investment, and made it more difficult for South Africans to access foreign capital as foreign businesses and banks require more due diligence. According to Krutham (formerly Intellidex) this could optimistically cost our economy 1% of gross domestic product (GDP) a year or pessimistically even 2% to 3% – a cost we can hardly afford. The goal is to have all 22 action items agreed to with the FATF addressed by January 2025 so that we can be removed from the greylist…

DISCOVERY, the private medical aid and financial services group, said yesterday normalised headline earnings were expected to increase between 12% and 17% for the year to June 30. Discovery, which expects to report its annual results on September 19, said in a trading statement headline earnings were likely to increase between 4% and 9%. New business increased by 18%. Normalised profit from operations was expected to have increased between 15% and 20%. The share price rose 4.46% to close at R155.08 on the JSE yesterday, after the release of the trading statement. The group said its Discovery SA segment performed strongly, with a “compelling contribution” from each business in the composite. Discovery Bank exceeded their management expectations. “The acqui- sition of quality clients continued to accelerate, resulting in strong revenue…

Malusi Booi accused of having colluded and benefited from 11 tenders worth R850m. Former City of Cape Town Mayco member Malusi Booi, in court on racketeering and fraud charges, allegedly colluded with alleged 28s gang boss Ralph Stanfield and his wife Nicole Johnson’s enterprise. The State argues that by allegedly doing so, Booi and his nine co-accused contravened the Prevention of Organised Crime Act (Poca) through a pattern of racketeering (a Schedule 6 offence) and money laundering. They will once again appear in the Cape Town Magistrate’s Court on Friday on tender corruption charges. Booi’s co-accused include Suraya Manuel, Abdul Kader, Mohammad Amod, Randal Mullins, Brenda Mullins, Thuli Imbgi, Nomvuyo Mnyaka, Lorna Ndoda and Siphokazi September. The 10 are accused of having colluded and benefited from 11 tenders issued by…

Volkswagen have lifted the lid of the new Tiguan, now in its third generation, having seen the light for the first time in 2007. Since then it has become their best- selling SUV with more than 7.4 million sold, and since its introduction to the local market in 2009 more than 4 000 of them have found homes. It’s a whole new package and, whereas the model it replaces was boxy with some sharp angles, the new one has more curves and smoother lines. As a result of the more aggressive front end with integrated LED headlights, a glass-covered horizontal bar with an integrated LED strip that replaces the radiator grille, the drag coefficient has improved from 0.33 to 0.28. A new horizontal LED strip between the tail lights dominates…

South Africans will soon be able to get their hands on the seventh-generation Ford Mustang, with the new muscle car scheduled to go on sale in October. Just one model will be offered initially, with the Mustang GT Fastback 5.0L V8 listed at R1 300 000. The more ferocious Mustang Dark Horse is expected to reach local shores later in 2024. Although it is still available with a four-cylinder turbocharged engine overseas, Ford SA has thankfully opted to stick with the V8-only policy for our market – because why would you want anything else in a Mustang? Ford has also made it easier to appease those friends and onlookers who want you to give it a good rev. Now you can do so remotely via the key fob while the…

It was winners all round when Sharks coach John Plumtree announced André Esterhuizen in the midfield for tomorrow’s Currie Cup semi-final against the Bulls in Pretoria (5pm kick-off). Two weeks ago, Rassie Erasmus said Esterhuizen had suffered a “three-month injury” in training in Durban, but it seems the Springbok coach received a worst-case-scenario report. The burly Esterhuizen partners former Bok Francois Venter at centre in a strong backline that includes rising star Ethan Hooker on the wing. This is because the Sharks have injuries at wing, and also because Plumtree wants to see what Hooker can do in a different position. “Ethan has not played wing before, but it is something I want to look at because although we know he is a centre, circumstances change throughout the season and…

The road to this year’s ICC Women’s T20 World Cup has finally begun as the Proteas left the country yesterday for Pakistan, where they will play three T20s in Multan before their World Cup campaign gets under way on October 4. As runners-up in the last edition here at home, captain Laura Wolvaardt and her team are under the pump to further push the envelope, and the tour to Pakistan is precisely what they need to get themselves in shape for the showpiece event. Pakistan will present slow and spinning surfaces, more or less the same conditions that the team will experience in the United Arab Emirates, where the World Cup will be staged. Moreover, South Africa face a Pakistan team that whitewashed them the last time they visited the…

Last week’s round-robin defeat to the Sharks would have hurt the Blue Bulls, despite not making a difference in where they finished on the Currie Cup log. But loose forward Nizaam Carr feels that the loss can actually push the Pretoria side to a higher level in tomorrow’s semi-final against the Durban outfit at Loftus Versfeld (5pm start). The Bulls went down 24-18 in what Carr described as “really terrible” conditions at Kings Park last Sunday, but it didn’t affect their second place in the standings after the Lions thrashed the Griffons 62-5 last Friday to secure top spot already. Director of rugby Jake White allowed the full United Rugby Championship group to feature in their first hit-out of their pre-season, and they may get another outing in tomorrow’s semi-final…

SIBANYE-STILLWATER CEO Neal Froneman expects improvements to South Africa’s operation environment and further strengthening of the rand under the Government of National Unity (GNU) after the gold and platinum group metals (PGM) and lithium-focused miner sank to a basic loss of R7.5 billion for the first half to June 2024. With operations across South Africa’s gold and PGM industry, as well as developing the Keliber lithium project in Finland, Sibanye-Stillwater also has exposure to the US PGM sector. However, it has had to impair the US PGM operations to an amount of R7.5bn during the period under review, with the company gearing to cut platinum and palladium production from the US by 200 000 ounces “in the face of low metal prices that pushed it to a half-year…

THINKING about what happens in the event of your passing may feel like a morbid thought, but if you own a busi- ness, it’s an important consideration that should not be neglected. When you pass away, your assets go to wherever your will says they must go to. And if you don’t have a valid will, there are certain laws that dictate how your estate gets wound up and distributed. So, if you’re a business owner, everyone will need to know who gets your share of the business if there are multiple shareholders, and if you’re a 100% owner, who is now the owner? What happens to the business if you don’t have a will? Of course, it’s not unprecedented for a business owner to pass away without having a…

RFG HOLDINGS said yesterday its revenue increased by 1.4% in the 11 months ended August 2024, after its international volumes in particular were affected by lower pricing and port delays. The group said in a trading update its regional segment delivered resilient revenue growth in an environment of sustained pressure on consumer disposable income due to high electricity, food and living costs together with high interest rates. Revenue in the international segment was impacted by softer global pricing and demand for canned deciduous fruit, and lower volumes due to shipping delays at the Cape Town and Durban ports. Group revenue growth was driven by selling price inflation of 5.4% as higher input costs continued to be recovered. Despite the pressure on volumes, management focused on driving pro- fitable growth, recovering…

The ANC in KwaZulu-Natal is today expected to hold a prayer service for former minister, Pravin Gordhan, who has been admitted to hospital. Yesterday, Gordhan’s family spokesperson rubbished reports that the former minister had died – his family announced his admission to hospital with an undisclosed illness on Tuesday. The party’s secretary-general, Fikile Mbalula, visited Gordhan earlier yesterday with the party issuing a statement. “We have noted a statement issued by the family of Comrade Pravin Gordhan regarding his admission to hospital. The ANC would like to extend its heartfelt wishes for a swift and complete recovery to former ANC National Executive Committee member and veteran of our movement. “During this time of health challenges, our thoughts and prayers are with the family, and we are confident that the strength…

The City of Tshwane has asked the Gauteng SAPS to join forces with it in a fight against criminal attacks on waste removal trucks allegedly perpetrated by disgruntled former service providers. At least 60% of the previous waste contractors failed to meet the stringent tender specifications, which required them to own trucks not older than nine years, fitted with tracking devices and have valid e-Natis documents. The new tender known as the SS01 waste removal contract was met with resistance from former contractors after it was implemented on July 15. The plea by the municipality comes in the wake of an attack orchestrated this week when two trucks were pelted with stones, resulting in windscreen damages. An official was rushed to hospital after sustaining head injuries. The latest incident happened…

After the lives of 11 Sea Harvest workers were lost at sea, the Congress of SA Trade Unions (Cosatu) has requested a detailed report on what transpired, as families struggle to find closure. Cosatu secretary-general Solly Phetoe met with the devastated family members at the Stella Maris Seafarers Centre yesterday, who remain with unanswered questions as their loved ones, presumed to have drowned, remain missing. Tragedy struck on May 17, when Sea Harvest’s deep-sea trawler FV Lepanto sank 30-35 nautical miles off the coast of Hout Bay. While nine people survived the ordeal, the bodies of the 11 crew members remained missing at sea, with search and rescue efforts called off on May 19. At the time, the Department of Forestry, Fisheries and the Environment (DFFE) said the search and…

The latest Opel Corsa is nothing like that bubble-shaped second-generation hatchback South Africans first got to know in the 1990s, but its cheeky spirit remains in the way it looks and feels. Priced from R374 900 in 74kW “Lite” guise and reaching up to R459 900 for the 96kW “GS Line” flagship, the Corsa is no longer what you’d call entry-level, but it does have a feeling of sophistication and refinement. The GS Line rolls on 16-inch two-tone, diamond-cut alloy wheels and is further distinguished by its black roof and badging. The basic cabin architecture remains as before, but the steering wheel gets a redesign and the GS Line is available with heated front seats. Both models get a 10.0-inch Intellilink infotainment system and a 7.0-inch digital instrument cluster. The…

SOUTH Africa will return to one-day international cricket next week for the first time this year, having last made an appearance against India in Paarl last year. That series against India was the Proteas’ first ODI clash after the 2023 World Cup semi-final exit, and even then, the squad looked a lot different, with key players rested and promising youngsters given an opportunity. One of those youngsters was left-handed opening batter Tony de Zorzi, who seemingly replaced the retired Quinton de Kock in the 50-over format. De Zorzi would go on to have a dream debut with a sparkling match-winning century in Gqeberha and a decent half-ton in Paarl to announce himself as a viable option at the top of the order. As a result, there were no surprises when…

Arsenal face a daunting set of fixtures starting with a trip to Tottenham Hotspur in the Premier League, with influential midfielders sidelined this weekend, but Mikel Arteta’s side can take heart from their recent record in north London derbies. Having been held to a draw by Brighton & Hove Albion in their last outing, Arsenal are two points off the pace after champions Manchester City and Liverpool had perfect starts. Arsenal have been punished in the title race after letting points slip in the past two campaigns. With City and Liverpool playing tomorrow, Arsenal could potentially be staring at a five-point gap ahead of Sunday’s short trip to face their neighbours. Arsenal will wear their away kit in the derby for the first time in 38 years due to a…

Orlando Pirates striker Tshegofatso Mabasa says they’ll do their best to ensure that the team qualifies for the CAF Champions League group stage this season. Pirates were the first South African team to win the Champions League in 1995, and they were followed by Mamelodi Sundowns in 2016. However, the Sea Robbers have struggled in their campaigns in recent years, with their best run coming in 2013, where they lost to Al Ahly in the two-legged final. Jose Riveiro is hoping that they can mark their 30th anniversary since winning the title by doing well in the competition this season. It’s been a case of so far, so good. The Buccaneers started their campaign on a high note, beating Disciples FC 4-0 on aggregate in the first preliminary round. They’ll…

CELL C, SOUTH Africa’s fourth-largest mobile operator, is confident it will have enough cash to settle its shareholder debt due in the next three to five years, as it continues to execute a turnaround plan, its top executives said. Under CEO Jorge Mendes, the once struggling company is going through another recapitalisation aimed at gaining financial independence from majority shareholder Blue Label Tele-com. Mendes said the group’s free cash flow before debt obligations is expected to turn positive in about two months, while its operational cash flow is basically positive, chief financial officer, El Kope, added. “That’s a very good position, because that allows us to stop borrowing money to run the business,” Mendes said in an interview late on Wednesday. “Now we start looking at ways of how to…

ECONOMISTS said yesterday that the recovery of productivity and activity across South Africa’s mining sector was expected to remain moderate, given the ongoing inefficiencies in port, rail and water supply sectors. Latest data from Statistics South Africa (StatsSA) yesterday showed mining activity slumping by 1.4% on a year-on-year basis in July, although mineral sales for the same month increased by 24.5%. Iron ore recorded the biggest slump at a negative 19% while other metallic minerals shed 36.2%. Gold output was 3.5% weaker, despite higher bullion prices, although manganese ore production rebounded by 27%, in addition to a 23% firmer in output of chromium ore. South Africa’s mining activity for July also decreased by 0.9% compared to June output, following month on month of -1.7% in June and -0.9% in…

If you’re thinking of buying your first home, this may be a good time to do so, but don’t put it off for too long – there are signs that the residential property market will see a turnaround in months to come, after what have been a gloomy few years. Next week’s anticipated announcement by the South African Reserve Bank (SARB) to start lowering interest rates, signalling the beginning of a series of rate cuts over the next year or so, all going well, will add to the optimism. Only a few months ago, the property market, in line with the economy generally, was in the doldrums. A report in Personal Finance, “SA house prices are going nowhere” (March 2024), quoted the FNB House Price Index, which registered year-on-year growth…

South African Air Force (SAAF) sergeant Antoinette Ndishishi has asked the Pretoria Magistrate’s Court to send a strong message by imposing the harshest possible sentence on the man who raped her. AfriForum’s Private Prosecution Unit has represented Ndishishi since 2018 and ensured that her case was properly investigated and prosecuted. In June, the court convicted former SANDF member Leon Santos Conga of rape and attempted murder for infecting Ndishishi with HIV. Barry Bateman, the AfriForum unit’s spokesperson, said Ndishishi testified on Monday during sentence argument. “This marks the final time she will be called as a witness in a case that has dragged on for more than six years. The Private Prosecution Unit has supported her throughout this difficult journey, but her quest for justice would never have materialised had…

The KwaZulu-Natal Tourism and Film Authority led by the MEC for Economic Development, Tourism and Environmental Affairs (Edtea), Reverend Musa Zondi, launched its Tourism Month celebrations under the national theme of “Tourism and Peace: 30 Years of Connecting People and Places and Cultures.” Zondi said the provincial entity would use this period to reaffirm the unique tourism offerings of KwaZulu-Natal – what makes the destination unique and special for those looking for something exciting. Statistics released by provincial authorities show a steady increase in the number of domestic tourists post Covid-19 from 305 018 visitors in 2022 to 364 160 in 2023, Zondi said. Furthermore, he said, in Q1 in 2023, the number of domestic tourists to KZN was 969 765, while in the first quarter of…

South Africa’s vehicle exports hit a record high of 396 000 units in 2023 thanks to strong international demand for locally made products such as the Volkswagen Polo, Mercedes C-Class and Toyota Hilux. However 2024 is turning out to be an export year some manufacturers would rather forget, with the industry recording year-on-year declines for six of the eight months to date. Monthly figures released by the National Association of Automobile Manufacturers of South Africa (Naamsa) show South African vehicle exports declined by 17.7% from January to August 2024, versus the same period in 2023. July and August saw particularly worrying year-on-year drops of 34% and 33% respectively. Naamsa attributes the decline to weak regional economic activity in Europe, the country’s main export destination. SA’s export decline comes in spite…

The suffocating spotlight of life in South Africa took Siya Kolisi and his family to France after the last World Cup. Yet, the specialness of living in the country brought him back to Durban for a second coming with the Sharks. That is the opinion of Bok legend Eben Etzebeth, who is thrilled to have his old Stormers teammate back with him in Durban as the Sharks aim to give a full go at winning the upcoming United Rugby Championship season. Etzebeth, speaking at an Engen-sponsored event this week, said the news of the Springbok captain’s early homecoming had warmed his heart. Kolisi spent just over a year with Racing 92, and was released early from his contract because life did not work out for him with the Parisian club.…

McLaren can go top of the Formula One constructors’ standings in Azerbaijan this weekend on a Baku street circuit that has favoured champions and leaders Red Bull more than any team in the past. The British-based team start the final long-haul phase of the season only eight points behind faltering rivals they have outscored by more than that margin in all of their past five races. Lando Norris, 62 points behind Red Bull’s Max Verstappen in the drivers’ battle, has yet to stand on the podium in Baku, while teammate Oscar Piastri, 106 off the lead, finished 11th as a rookie last year. This time could be different, with McLaren’s upgraded car looking quick everywhere. The big question will be whether team orders will be applied, should the occasion arise,…

Ranga Chivaviro wants to have an improved season at Kaizer Chiefs. As such, he believes coach Nasreddine Nabi will help him to fast-track that process. Chivaviro arrived at Chiefs with a lofty billing last season, having scored 17 goals across 30 matches for Marumo Gallants in the previous campaign. However, he didn’t live up to the hype at the Amakhosi. He scored only four goals last season, owing to injuries, a poor run of form and coaching changes. Entering the new season, Chivaviro wants to capitalise on the positive energy around the club, which coincided with the arrival of new coach Nabi. The Tunisian tactician knows Chivaviro well, as the duo crossed paths in the CAF Confederation Cup two seasons ago. Then, Nabi’s Young Africans beat Gallants 4-1 on aggregate…

Akani Simbine will hope to crown his finest season in his illustrious career with another triumph in the Diamond League final in Brussels tonight. The South African 100m record holder will take on a stellar field at the Allianz Memorial Van Damme meeting (8.17pm SA time), with all but one of the runners boasting a season’s best below 10 seconds. Simbine’s main rival for the Diamond League title will be American powerhouse Fred Kerley, who pipped the South African to the bronze medal in the Olympic 100m final last month. Kerley ran a season’s best 9.81 at the Stade de France in Paris to hold off Simbine, who clocked a new SA record of 9.82. Simbine missed out on another podium finish, but finally broke that bogey by leading the…