Indholdsfortegnelse for 2025-02-24 i Mercury

Efforts must be made to ensure that the benefits of growth are equitably distributed across society The World Bank Group has called on the South African government to enhance the efficiency of public spending to facilitate high-quality and affordable infrastructure services, a move essential for driving inclusive economic growth. This call comes in light of Finance Minister Enoch Godongwana's recent decision to postpone the tabling of the 2025 Budget Review in Parliament to allow for further consultations over proposed tax increases, including a potential two-percentage-point rise in value-added tax (VAT) due to persistent spending pressures. In a forthcoming report, titled “Driving Inclusive Growth in South Africa: Quick Wins with Competitive Markets and Efficient Institutions,” the World Bank emphasises that recent political and economic shifts present a pivotal opportunity for policymakers.…

The government has committed to continue exploring all possible avenues to avert job losses in the steel industry and support affected workers on the back of ArcelorMittal South Africa’s (Amsa) decision to wind down its long steel business. This comes after the National Union of Metalworkers of South Africa (Numsa) staged a picket outside the Industrial Development Corporation (IDC) on Friday to voice their demands. The picket was also joined by workers from SA Steel Mills who are demanding that the business rescue process must be wrapped up quickly so that workers can get the money due to them. The Department of Trade, Industry and Competition (the dtic) on Saturday said the government was doing all it can to ensure the resilience of South Africa’s steel sector. The dtic said…

South Africa is hopeful about boosting tourist arrivals from China following the arrival of the first group of 15 tourists visiting the country under the recently implemented Trusted Tour Operator Scheme (TTOS) just six months after announcing the rollout of the programme. The TTOS initiative was launched by the Department of Home Affairs in response to the ongoing visa challenges that have historically deterred tourists from countries with significant travel potential, such as China and India. The department said the first group of 65 successful tour operators from South Africa, China, and India, who were accepted in the first phase of the TTOS have been able to start making visa applications for individuals and groups. In 2023, South Africa welcomed only a mere 37 000 tourists from China and 79…

The government needs to deliver a Budget that will capacitate the state, unlock economic growth and create jobs when it returns to Parliament on March 12. While Wednesday’s events at Parliament were clumsy, it was better to stop a Budget that would have inflicted the pain of a 2% VAT hike upon the working class and allow space for more progressive alternatives. Cosatu is pleased that Cabinet showed the humility and political maturity to listen to its objections to a VAT hike. A little humble pie for government is never a bad thing, especially when workers have long been aggrieved that their voices have been ignored. With the exception of unacceptable proposal to hike VAT by 2% and a callous refusal to adjust the SRD Grant for inflation, the…

Harmony Gold on Friday confirmed the loss of an employee following a severe fall of ground caused by a seismic event at its Mponeng mine, near Carletonville. This incident underscores the inherent dangers linked with underground mining, an industry that has faced scrutiny over safety standards in recent years. The miner said all relevant authorities and stakeholders have been informed and an investigation, led by the Department of Mineral and Petroleum Resources (DMPR), has begun. Beyers Nel, Harmony Gold CEO, committed the company to zero harm. “The safety and wellbeing of our employees is, and will always be, our number one priority. This tragic loss of life is devastating. We extend our heartfelt condolences to his family and friends. “We are committed to zero harm, and yet recent events remind…

Sibanye-Stillwater slumped nearly 7% on the JSE on Friday despite narrowing down losses for the year to December although it opted not to pay a dividend, with adjusted earnings before interest, tax, depreciation and amortisation from its South African gold operations surpassing that from its platinum group metals (PGM) activities in the country. Market analyst Martin Rodgers said the gold and PGM company “dropped over 9% on their results” on Friday morning after profitability as expressed on an adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) basis “came in lower than analyst estimates and management decided to not pay” a final dividend. Sibanye-Stillwater’s shares on the JSE fell 6.96% to R15.90 by the close of Friday’s trade session, extending its 9.45% and 16.05% weaker run in the past seven…

Stress in the workplace is a common challenge that can affect productivity, mental health and overall job satisfaction. Whether it stems from tight deadlines, heavy workloads or interpersonal conflicts, stress can take a toll on employees. However, there are effective strategies to manage workplace stress and create a healthier work environment. Here are some practical tips to help you cope with stress at work Identify the source of stress Understanding the root cause of your stress is the first step in managing it. Keep track of situations that trigger stress and analyse patterns. Whether it’s an excessive workload, unrealistic expectations, or conflicts with colleagues, identifying the cause can help you take proactive measures. Prioritise and organise your workload A cluttered workspace and unorganised tasks can increase stress levels. Use tools…

This year, World Wetlands Day (February 2) was celebrated under the theme Protecting Wetlands for Our Common Future. The theme underscores the urgency of bold action to protect these natural habitats to ensure that future generations continue to benefit them. Wetlands continue to be destroyed all over the world and humans are the main culprits. Pollution, unsustainable development and climate change threaten the health and existence of these essential ecosystems. We have turned our wetlands into dumping sites. We are destroying wetlands for human settlements. Wetlands are destroyed for economic benefits such as building shopping malls and for mining activities. It is painful to see what humans are doing to wetlands. Wetlands survival is in our hands. We have to act now. Wetlands have many critical benefits for us. Healthy…

THE newly appointed board of the National Student Financial Aid Scheme (NSFAS) vowed that those who have been involved in corruption and maladministration would be brought to book. The board said it has been instructed and mandated to clean the system after it was appointed by the Minister of Higher Education and Training, Dr Nobuhle Nkabane, this week. The department said the appointment underpins Nkabane’s unwavering commitment to ensuring that the financial scheme is led by qualified individuals with the expertise necessary to drive efficiency, accountability and transparency. In recent years, NSFAS has faced many challenges, including unpaid loans from graduates, reduced funding for current students, and an ongoing corruption crisis. The challenges resulted in the institution being placed under administration and the dissolution of the previous board. The board’s…

As the Royal AM saga reaches a dramatic climax, the famous quote by American statesman Benjamin Franklin, "Nothing is certain except death and taxes," rings true. All signs point to the end of the road for Royal AM under its flamboyant and controversial owner, Shauwn 'MaMkhize' Mkhize. Barring a miracle, which seems highly unlikely, she is set to lose ownership of the club as it prepares to change hands. SARS will recover the outstanding debts she owes – an outcome she cannot avoid. However, while the odds are stacked against Mkhize, she won’t go down without a fight. Since purchasing the First Division franchise of Real Kings FC and renaming it Royal AM, she has challenged football authorities at every turn. After failing to secure automatic promotion to the Premiership,…

Willie le Roux has been called many things in his illustrious rugby career, but not always positive. There should be much more respect on his name, though, for everything he has achieved – not the least of which are 98 Test caps for the Springboks. Now in the late autumn of his time on the pitch at the age of 35, he has been asked to not only reinvent himself as a flyhalf, but pull the strings of a Bulls team missing three captains due to injury. Le Roux had a few hairy moments against the Stormers and Sharks in the last fortnight, but showed his class in conducting the Bulls orchestra in the 31-19 bonus-point victory over the Lions at Loftus Versfeld on Saturday. It was almost as if…

With US tariffs threatening global trade and South Africa’s fiscal reserves depleted, Nedbank chief economist Nicky Weimar laid out a pragmatic plan for economic survival on Friday. She called for sharp cuts in government spending, a boost in efficiency, and a deft diplomatic strategy to counter America’s economic pressure—warning against populist tax hikes or a reckless tit-for-tat with the Trump administration. Her remarks come amid a fiscal crisis underscored by last week’s unprecedented delay of Finance Minister Enoch Godongwana’s Budget, now postponed to March as Government of National Unity partners scramble for consensus. A proposed 2% VAT hike—scrapped after backlash over its impact on the poor—exposed the government’s dire straits. “They’re finally out of money. Solidly,” Weimar said, noting debt at 76% of GDP and a struggle to shrink the…

Looking at South Africa’s macro outlook, consensus expectations are for GDP growth to come in between 1.5% and 2.0%. This would be a respectable improvement from the circa 1% growth the country has experienced over the past decade, being driven by improving confidence in the wake of a broad-based coalition government (fundamental policy differences amongst the major parties aside). As a result, optimistic expectations for businesses tied to the domestic economy appear reasonable, and most domestic assets have rerated meaningfully from what had been undemanding levels. South African listed property has been one of the major beneficiaries of this turn in sentiment. SA economic prospects compare favourably to Europe’s Juxtaposing SA’s growth expectations with those of advanced economies, where some JSE-listed property companies generate all their earnings (such as the…

As South Africa prepares for the unveiling of the revamped Consumer Price Index (CPI) on Wednesday, there is growing concern about the increasing costs of staple food items, particularly for the nation’s most vulnerable communities. The new basket reflects significant shifts that could have lasting implications for household budgets, especially in poorer areas. According to early insights released by Joe de Beer, deputy director-general for economic statistics in the Department of Planning, Monitoring and Evaluation, cereal products such as maize meal, white and brown bread, and white rice show the most considerable increase by weight. Expenditure on these essential food items has risen from 17.1% to 18.2% of total expenditures. While a 1.1% shift may seem minor, the nuanced impacts can be transformative for families already grappling with tight budgets.…

I ended 2024 with a busy schedule that was accompanied by an unending series of accolades from authorities in South Africa and Lesotho and institutions of higher learning. Kind of nice. This affirmation always compels one to look at the person in the mirror to seek balance. But I had a bitter moment that I had to endure. I took time to think it through and to come to conclusions that are not different from the time I decided that I would respond. As I worked on this in the passage of time, my initial commitment to respond, which I communicated with Pew Research Centre was affirmed. The Pew Research Centre is a non-partisan American think tank based in Washington, DC. It provides information on social issues, public opinion, and…

Warren Buffett’s Berkshire Hathaway, opens new tab on Saturday said operating profit set a record in the fourth quarter and for the third straight calendar year, bolstered by improved underwriting and higher investment income in its insurance businesses. Much of that income came from Berkshire’s enormous cash stake, which ended 2024 at a record $334.2 billion, twice as much as a year earlier. In his annual letter to Berkshire shareholders, the 94-year-old Buffett assured that Berkshire would prefer investing in businesses to holding cash. But he also said his Omaha, Nebraska-based conglomerate “did better than I expected,” though 53% of its 189 operating businesses posted lower earnings. He attributed the improvement in part to higher yields on U.S. Treasury bills, and improvement at the Geico car insurer, which benefited from…

We’ve all been there – that uncomfortable, bloated feeling where nothing seems to be moving. Whether you call it being “bunged up” or just plain constipated, it’s a frustrating experience that nobody likes to talk about. Constipation is a common issue that affects people of all ages. It happens when bowel movements become infrequent or difficult to pass, often leaving you feeling sluggish and out of sorts. So, why does this happen, and more importantly, how do you fix it? What causes constipation? Constipation can be triggered by several factors, many of which are tied to our daily habits. Here are some of the most common culprits: Dietary choices: If you love your white bread and processed snacks. A diet low in fibre and high in junk food can cause…

POLITICAL and economic analysts have described Eskom’s announcement of stage 6 load shedding as a blow to the Government of National Unity (GNU) and a crisis for the economy. This was after Electricity and Energy Minister Dr Kgosientsho Ramokgopa announced yesterday that the country’s power utility has implemented stage 6 load shedding due to the loss of four units at Camden Power Station in Mpumalanga. Ramokgopa vowed that the issues would be resolved by the end of the week. Detailing the sequence of events, Ramokgopa said five units tripped at Majuba on Saturday, taking about 3 000MW off line, which prompted stage 3 load shedding. He said four units went down at Camden Power station at about 1.30am yesterday which resulted in the escalation of load shedding to stage 6,…

The Lions and Bulls will host the final double header of local derbies on Saturday afternoon in Gauteng as the race to claim the South African Shield in the United Rugby Championship (URC) heats up. After disappointing in their Jukskei derby loss, the Johannesburg side find themselves under pressure and fighting to stay in contention in the competition. Ellis Park should be a welcome sight for the Lions this weekend, but after losing that winning momentum and knowing the exploits the Sharks pulled off after their last visit to Gauteng, the home side will be wary. The two teams will meet in back-to-back clashes over the following couple of weeks, with the return game scheduled for next Saturday at Kings Park Stadium in Durban. So, there will be no time…

Jose Riveiro is a realistic coach. As such, he knows games in hand are not points guaranteed, hence he wishes they were on the same league games as most teams. Pirates have been tipped to knock Mamelodi Sundowns off their perch, and win the Betway Premiership this season, ending a 13-year wait. But such has been the roller-coaster of their schedule in the league, Pirates have had to deal with the postponement of some matches. These include against Royal AM whose matches have been suspended indefinitely due to the club’s curatorship by SARS. Their last postponed game was against Golden Arrows last Wednesday due to severe rains which poured in KwaZulu-Natal resulting in the Mpumalanga Stadium being waterlogged. Meanwhile, the Brazilians haven’t had such concerns, which they've capitalised on as…

Newcastle blew Nottingham Forest away with four goals in 11 minutes as Alexander Isak’s double inspired a vital 4-3 win in the race to finish in the Premier League’s top four. Eddie Howe’s side recovered from Callum Hudson-Odoi’s early opener to run riot with a first half goal spree at St James’ Park on Sunday. Lewis Miley bagged Newcastle’s equaliser, sparking an astonishing spell of dominance as Jacob Murphy put the hosts ahead. Isak netted twice in less than two minutes to reach 50 Premier League goals and leave Forest in tatters. The Sweden striker has 19 league goals this season, taking him level with Manchester City’s Erling Haaland in second place behind Liverpool’s Mohamed Salah in this season’s scoring chart. Nikola Milenkovic and Ryan Yates scored for Forest in…

South Africa is on course to exit the Financial Action Task Force’s (FATF) greylist by October after having addressed nearly all the deficiencies that were identified in the country’s financial security systems, National Treasury said Friday. To meet the final obligations that will enable South Africa to exit the greylist, the FATF wants South Africa to demonstrate “a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF (terrorist financing)” - these are usually the most demanding goals of every country’s systems. On Friday, the FATF announced the upgrade of four of the six outstanding action items for South Africa at the conclusion of its latest plenary meetings in Paris, France. South Africa was now deemed to have addressed or largely addressed…

Through a three-step dance, Steinhoff and related companies managed to fudge the purchase and sale price of a group of furniture companies and related properties. This process allowed Steinhoff to reduce the value of receivables that it created for “various business reasons” as well as use the rationale of commission on the sale of the properties to manipulate money flows. One of the accounting techniques Steinhoff used before it imploded to manipulate its accounts included selling technical “know how,” or expertise from one Steinhoff entity to another, when this knowledge was without economic value. In the case of the kika Leiner property companies, a lengthy PwC investigation lays bare how Steinhoff moved money around to balance its books and to appear to comply with German regulations. The three-step process started…

The news that the National Budget that could not be presented by the Minister of Finance last Wednesday brought much controversy amongst politicians, economists, market analysts and investors during the latter part of last week. The Rand exchange rate, bond rates and share prices on the JSE initially reacted in a sceptical and negative manner after the announcement by the speaker of parliament that the Budget Speech would not be read and was postponed. The JSE All Share Index (ALSI) quickly lost 0.8% of its value and the Rand depreciated by 20c against the dollar. As the main reason for the postponement became clear — that the 2.0% increase in VAT was not acceptable to opposition parties and even members of the ANC — sentiment started to turn positive as…

Shares in Altvest Capital, a JSE-listed investment firm, plunged after it announced it has made its first foray into cryptocurrency, acquiring Bitcoin as part of its treasury strategy. The shares closed 9.23% lower at R5.90 on Friday on the JSE. According to a Stock Exchange News Service (SENS) announcement released on Friday, Altvest, through its subsidiary Altvest Bitcoin Strategies Proprietary Limited, purchased 1.00464 Bitcoin for R 1.81 million. The Board of Altvest said it has conducted a comprehensive risk assessment and determined that Bitcoin aligns with Altvest’s alternative asset investment philosophy. “It offers long-term growth potential while serving as a hedge against macroeconomic risks, particularly the depreciation of the South African Rand. Additionally, Altvest has implemented a structured risk management framework to monitor and optimise Bitcoin exposure in line…

Dis-Chem Pharmacies increased group revenue by 7.2% in the five months to January 31, 2025, and the recovery in retail that was seen in January continued into February. "The retail revenue recovery seen in January, largely driven by the availability of medical aid benefits, continues into February, countering weaker November trade," chief executive Rui Morais said in a trading update on Friday. Group revenue increased by 7.2% during the period, with retail revenue rising by 5.6% and wholesale revenue increasing by 11.1%. External wholesale revenue saw a significant increase of 18.8%. Morais noted that efforts to better manage retail employment costs, the group's largest expense, are ongoing. The group now operates 333 retail stores, including 286 Dis-Chem Pharmacy stores and 47 Dis-Chem Baby City stores in South Africa. “These incremental…

Proteas all-rounder Wiaan Mulder was elated to have made a significant impact in the team’s success against Afghanistan on Friday, following his recovery from a broken middle finger. Mulder, however, was more effective with the ball this time around than with the bat. Arguably, he only got to face the tail end of the innings because the Proteas’ top order delivered stellar performances across the board, led by Ryan Rickelton’s maiden ODI century. Mulder finished unbeaten on 12 and bowled an economically effective spell of 2/36 from nine overs. “I wouldn’t say I’ve added a lot to my game – just a lot of opportunity to power-hit, I guess. That’s been my role in the SA20, so I just tried to keep it simple and generate as much power as…

Star batsman Virat Kohli struck an unbeaten 100 to lead India to a six-wicket win over arch-rivals Pakistan yesterday and push the title holders to the brink of elimination from the Champions Trophy. Chasing 242 for victory, Kohli hit a boundary to seal the match with 45 balls to spare and register his 51st ODI ton after an innings which also saw him pass 14 000 runs in one-day international cricket. Kohli, 36, removed his helmet and raised his bat to the Dubai International Stadium crowd after taking India closer to the semi-finals with two wins in two outings in Group A. Pakistan have lost both their matches and will need Bangladesh to beat New Zealand on Monday to have any chance of staying in contention for a last-four spot.…

AmaZulu co-coach Arthur Zwane has attributed some of their struggles this season to self-inflicted setbacks. Despite a resounding victory against relegation battlers Magesi FC that saw them reclaim their footing in the league, Zwane remains critical of his side's failure to capitalise on their potential. On Saturday, the KwaZulu-Natal outfit delivered what can be described as their best performance of the season, overpowering Magesi FC and registering a crucial win after back-to-back defeats. These vital three points brought AmaZulu up to fifth place in the Betway Premiership, drawing them closer to a coveted CAF Confederation Cup spot with eleven matches still left to play this season. Since taking over the technical head role alongside Vusumuzi Vilakazi, Zwane has implemented a strategy that has yielded tangible improvements. Under their guidance, the…

GAVIN Hunt was nonchalant about it all. Deep in the bowels of this Atteridgeville venue – named after one of South Africa’s greatest exponents of the game, the late Lucas "Masterpieces" Moripe – Hunt accepted the fate that had befallen him on the occasion of his milestone 1 000th match as an elite coach. SuperSport United’s Betway Premiership clash against Arrows was abandoned prior to the start of the second half after load-shedding plunged the venue into darkness. Match referee Siyabulela Qunta blasted his whistle to signal the abandonment at a time when he should have been blowing for the restart. Incredibly, just three minutes later, the lights came back on while both teams were still in the dressing rooms. However, SuperSport United officials' pleas to match commissioner Lebogang Daniels…