Cape Times 2025-07-15

Former Absa board member Sipho Pityana is bracing for another bruising battle with the bank as well as the South African Reserve Bank (Sarb) in the court of law in his fight for reform in the banking sector. This comes as Absa and the Sarb’s Prudential Authority (PA) both filed applications for leave to appeal the Pretoria High Court ruling last month that vindicated Pityana in his claim that the PA broke the law in interfering with his possible nomination as Absa chair in 2021. The PA controversially consulted with third parties regarding his suitability for the chairperson role, particularly following inquiries into his resignation from AngloGold Ashanti amid allegations of sexual harassment - claims he firmly denies. The court found that the PA acted unlawfully by adopting an informal…

On March 31 Amsa said that it had received a R1.68 billion funding facility from the IDC ArcelorMittal South Africa (Amsa), which continues to pay heavy prices for government infrastructure and policy failures, may be left with no option but to prepare for the wind down process of its Longs Business, well in advance of September 30, 2025. This announcement, and despite a forecast of slightly reduced headline earnings losses for the six months to June 30, caused the share price to slump 7.89% to 105 cents on the JSE by Monday afternoon - considering that three years ago the price traded above R5 a share. On March 31, Amsa announced its decision to wind down the Long Steel Business had been deferred for at least 6 months to September…

The Department of Agriculture has confirmed a new outbreak of Foot and Mouth Disease (FMD) at a commercial farm located in Moqhaka Local Municipality, part of the Kroonstad State Veterinary area in the Free State. The situation arises as the region battles against a series of ongoing outbreaks across the country. On 10 July, authorities confirmed the outbreak, which led to the immediate placement of the affected farm under quarantine. The department on Monday said stringent control measures have been implemented, including enhanced surveillance and vaccination exercises to curb any potential spread of the disease, in response to the crisis. It said trace-back activities were currently underway to identify the source of the infection, with additional precautions taken to monitor farms within a 10-kilometre radius. This proactive approach aims not…

The European Commission on Monday said it was putting forward a new list of US goods worth €72 billion (R1.5 trillion) that could be targeted by EU levies if tariff talks with Washington fail. The bloc's trade chief, Commissioner Maros Sefcovic, announced the proposal, "accounting for some €72 billion ' worth of US imports", at a meeting with EU ministers in Brussels. The move came after US President Donald Trump threw months of painstaking negotiations with the EU into disarray by threatening to impose tariffs of 30% on the bloc's goods if there is no deal by August 1. EU trade ministers agreed they were still keen to secure an agreement with Washington before that deadline to head off the damaging duties. But at the same time Brussels is moving…

The G20 Finance and Central Bank Deputies meeting on Monday outlined how the upcoming discussions will revolve around enabling a conducive environment for constructive dialogue on pivotal global trade issues. This comes as the United States, the world's largest economy, has created uncertainty across global trade by imposing hefty reciprocal import tariffs on its trading partners, including emerging economies whose size pales in comparison to the US. Dr Rashad Cassim, deputy governor of the South African Reserve Bank, said the World Trade Organisation was the global institution that has been working for decades to create fairness in the global trading system. However, Cassim said the G20 has a broader mandate than the world trade system. "So, the challenge we're going to face at this meeting is really having a…

The stock market has learned to love President Donald Trump’s tariffs. Wall Street revolted in April after the president unveiled plans for the highest US import taxes in more than a century. Stocks lost nearly 12% of their value in less than a week, while the rate on the 30-year Treasury bond made its biggest jump since 1982. The financial market gyrations caused the president to back off and pause the tariffs to open a 90-day negotiating window. The weeks that followed were a blur of tariff attacks, retreats and confusion emanating from the White House. But since its early April low, the S&P 500 has shrugged off its disquiet over trade policy to gain an astonishing 26%. The president has celebrated the market rebound as validation of his disruptive…