Innehållsförteckning för 2024-07-10 från Mercury

MSC Cruises was on track to hire 2 000 South Africans as crew this year, Ross Volk, managing director of MSC Cruises South Africa said yesterday. “We want to get to 2 000 South Africans on board ships this year; 1 000 next year; and by 2027 to 2028 around 5 000 South Africans on board our vessels.” MSC South Africa has some specific metrics, such as hiring 70% of people from previously-disadvantaged communities, he said. This enabled these employees to earn dollars and then spend that money within South Africa. “We had a bit of a (hiring) gap with Covid-19, but we’re pushing towards those goals. So we are on track at the moment to reach 2 000 South Africans this year,” Volk said. South Africans as crew members…

It is no secret that load shedding has kick-started the solar revolution in South Africa. As it gathers momentum, it is placing strain on a tariff system designed for the past. The monthly fixed prepaid electricity charge of R200 City Power introduced is just the latest symptom. South Africa’s electricity tariffs are designed to be progressive. Our “incline block tariffs” ensure the more electricity you consume, the higher the rate you pay. For instance, in Johannesburg, the first 350 kWh in a month costs R2.36 per kWh, the next 150 kWh costs R2.71 per kWh, and beyond that, it’s R3.09 per kWh. The funds are then used to cross-subsidise free basic electricity for poorer households. However, the advent of solar energy is challenging the model. Wealthier households are increasingly installing…

There is an increasing risk of South Africa being used as a conduit for illegal financing, according to a report published by the Financial Intelligence Centre (FIC) in June. This of course makes getting off the Financial Action Task Force (FATF) greylist, on which South Africa is flagged as a high-risk country due to the ease of illicit financial flows and money laundering, more difficult. Last month, the FATF said South Africa would not be ready to be removed from the greylist. A simple way to reduce the money laundering and illicit financing risk could be by enforcing the Regulation of Interception of Communications and Provision of Communication-Related Information Act (Rica). Another way would be a simple amendment to the existing Rica legislation, which would require tamper-proof packaging and control…

Earlier this year, the Department Mineral Resources and Energy (DMRE) now Energy and Electricity, released the South African Renewable Energy Master Plan (Sarem) as a government-led initiative and a strategic framework for the industrial development and integration of renewable energy sources into the country’s energy-mix. Even though the new department in the 7th administration is yet to publicly sign it off, as far as the social partners are concerned the master plan is moot, and its implementation needs to be ramped up. The foundation of Sarem rests on four core pillars: enhancing local capacities, fostering inclusive development, advancing industrial growth, and stimulating market demand. While progress has been made in certain areas feasibility varies, some objectives appear attainable given existing groundwork, while others face significant barriers hindering their realisation. The…

Game, livestock and horse insurer Kuda has announced the strategic joint venture (JV) with SwiftVEE, the largest online livestock and game-trading platform in Africa by integrating the process for a participating bidder to request an insurance quote with ease during a SwiftVEE online auction (live or online). Traditionally, the purchase and insurance of livestock and small-stock has been an extremely manual, paper-based and cumbersome process. The integration enables the information required by Kuda to be pre-populated on the request form, making it easy for the bidder to verify his/her details and select which lots to insure – from all their lots purchased during the auction. Once the bidder has purchased a minimum of one lot, they are able to request an insurance quote from Kuda. “One of the key requirements…

ANCYL Provincial Executive Committee (PEC) member and spokesperson in the Free State, Phiwe Mathe, has stepped aside from participating in any roles within the ANC and the Youth League. Mathe’s decision to step aside follows reports that he assaulted his “baby mama”, and has been charged. Initially, Mathe refused to step down claiming that the party’s step-aside rule did not apply to the young lions. He was supported by the ANCYL provincial secretary, Mayibuye Bangani but after the national leadership’s reported intervention, Mathe relinquished his positions. ANCYL national spokesperson, Zama Khanyase, said Mathe’s decision was in line with the ANC’s resolution on fighting crime and corruption from the 54th National Conference. The resolution mandated that ANC leaders and members who were formally charged with corruption or other serious crimes must…

The Durban University of Technology (DUT), in collaboration with the Energy and Water Sector Education Training Authority (EWSETA), made history as the Siyahamba solar boat became the only South African and African team to compete at the 2024 Monaco Energy Boat Challenge. Alan Khan, senior director of corporate affairs at DUT, said Siyahamba showcased its capability to compete on a global stage in its first attempt. “Although the team did not secure a victory last week, Siyahamba’s positive performance in Europe highlighted the team’s potential and competitive spirit. “The experience and lessons learned from this year’s event are set to inspire further research and innovation, driving the pursuit of excellence at DUT.” Professor Ian Lazarus, team leader of DUT Siyahamba, said he was extremely proud of what the team achieved.…

Springbok coach Rassie Erasmus says that if the Springboks do not evolve between now and the 2027 World Cup, they will “die a slow death”. Erasmus was speaking at his team announcement ahead of Saturday’s second Test against Ireland in Durban and answered a question about the less-than-subtle nuances to their game added by attack coach Tony Brown. “We have to understand where rugby is headed with the law changes and where World Rugby wants the game to go,” Erasmus said. “If we don’t adapt we will die a slow death, so we must adapt and there is bound to be a few mistakes while we do that.” The coach added that it is not just growing the attack that is a challenge in the build-up to the 2027 World…

AmaZulu FC have kicked off their preparations for the 2024/25 campaign with intentions to revitalise and refresh their squad for head coach Pablo Martin’s second season. One of the major decisions already made by the Usuthu is to lock down club captain Veli Mothwa for at least another two seasons. There had been suggestions that the Bafana Bafana international would remain at Usuthu as no discussions were initiated in the final six months of last season. The rumour mill went into overdrive as he watched on from the bench for more than seven games as coach Martin preferred the young Olwethu Mzimela shortly before the Africa Cup of Nations tournament. However, the club’s public relations officer, Philani Ndlela, revealed that the club never considered Mothwa’s exit, given his role at…

Argentine authorities were yesterday mulling over charges against two members of the French national rugby team who were arrested after an allegation of sexual assault on their tour of South America. Hugo Auradou, 20, and Oscar Jegou, 21, who featured in France’s 28-13 Test victory over Argentina on Saturday, were to be transferred from Buenos Aires to the city of Mendoza where the crime allegedly took place. “A commission from the province of Mendoza is travelling to Buenos Aires to bring them and carry out the relevant investigations,” said Martin Ahumada, a spokesperson for the Mendoza prosecutor’s office. “If the investigations align with the victim’s testimony, the related charge will be made,” he said. He said the charges carry a jail term of up to 20 years. The men, who…

In a landmark move to address South Africa’s escalating water crisis, Nedbank Corporate and Investment Banking (Nedbank CIB) says it has successfully closed a R4.5 billion term loan facility to the Trans-Caledon Tunnel Authority (TCTA) for the Mokolo-Crocodile River Water Augmentation Project Phase 2A (MCWAP-2A). “The MCWAP-2A project is a lifeline for the Limpopo province, a region plagued by severe water shortages that limit industrial growth and social development,” Nedbank CIB said in a statement. The programme involved constructing an abstraction weir, state-of-the-art pump stations and a 160km pipeline to channel water from the Crocodile River (West) to Lephalale. Once completed, the project would provide 75 million cubic metres of water a year, benefiting sectors including Eskom power stations, Exxaro mining operations and municipalities. Phuti Mokwatedi, the sector lead of…

Pick n Pay will announce the terms of its R4 billion rights offer underwritten by Absa, Rand Merchant Bank, and Standard Bank tomorrow, as the troubled South African retailer bids to raise capital to turnaround its fledgling business. It said yesterday that it had concluded a standby underwriting agreement with Absa, RMB and Standard Bank. The South African banks have agreed to jointly underwrite the Pick n Pay rights offer in equal proportions. “Pick n Pay is targeting gross proceeds of R4bn through the rights offer which will constitute an offer of renounceable rights to subscribe for new Pick n Pay ordinary shares recorded in the register on the record date for the rights offer expected to be on or about Friday, July 19, 2024,” the company said yesterday. The…

Imagine walking into a restaurant known for its incredible variety of dishes. You could feast on just one item, but the real magic lies in sampling a bit of everything, creating a meal that balances flavours, textures and nutrients. Investing is similar. Instead of putting all your money into one type of asset, diversifying your portfolio through prudent asset allocation is the secret sauce to achieving financial success. Asset allocation, simply put, is the strategy of spreading your investments across various asset classes such as shares, bonds, real estate and cash. The approach could dramatically impact your returns and, more importantly, manage your risk. A lack of appropriate exposure to risk assets (such as shares) could result in inadequate returns to meet your retirement needs, despite saving enough each year.…

THE AFRICA energy market is maturing and becoming more de-centralised as renewable energy projects have surged. While much of the focus has been on infrastructure in the generation and transmission parts of the value chain, power trading companies and power aggregators are emerging as important new role-players. With new business models and opportunities coming to market, the question of how power trading businesses will be funded becomes an important topic. Historically, African energy markets have been very centralised in their structure with a state-owned entity (SOE) effectively responsible for generation, transmission and distribution. This resulted in limited price discovery and consumers were ultimately forced to take the price – and associated increases – from a single supplier. With generation capacity now being extended to private power producers, this creates a…

Stellantis South Africa has been awarded Most Improved in the National Automobile Dealers Association (NADA) Dealer Satisfaction Index (DSI) for having the most-improved relationship with their dealer network over the past 12 months. The award was received by Stellantis at a ceremony hosted by sponsors WesBank. The intensive DSI survey forms a vital link in the relationship between dealers and manufacturers by providing a platform for the dealer body to provide robust feedback to manufacturers and importers. The results provide a management tool to address areas of concern and amplify successes to ultimately improve service delivery throughout the value chain translating into customer satisfaction. Stellantis SA MD Mike Whitfield extended his gratitude to the head office team and the dealer network for their dedication in realising how crucial customer satisfaction…

BANK of America (BofA) analysts said yesterday that South African equities alongside Türkiye recorded stronger inflows in June, bucking emerging market trends that are largely dominated by outflows. In the last trade session of June, a net of R3 billion worth of equities was purchased by non-residents, with market analysts saying they would be watching these inflows over the next few weeks as investor confidence rebounds following the Government of National Unity (GNU) and appointment of the Cabinet. “(It) will be interesting to see what the figure will be today after the formation of the GNU. We need to see this trend stay in place as foreign liquidity is key to our market pushing up further,” said Marco Olevano, a South African market analyst. According to Vladimir Osakovskiy, emerging markets…

The decision by the Department of Sports, Arts and Culture to publish the names and amounts given to South African artists has received support from some corners of the South African music and arts industries. Yesterday, newly-appointed Minister of Sport, Arts, and Culture Gayton McKenzie announced plans to publish a comprehensive list of individuals and entities receiving financial support from his department. “I have given an instruction that a list be published of all artists, creatives and sports people who have been receiving money from the Department of Sports, Arts and Culture, inclusive of amounts and reasons. “The time where only a select connected few benefit is over,” the minister said on X. According to McKenzie, this list will include the amounts disbursed and specific reasons for the funding. Professionals,…

Build One South Africa (Bosa) has distanced itself from commitment to support the ANC in the Gauteng legislature. Party spokesperson, Graham Charters,said Bosa was not part of the Gauteng Provincial Government of Unity (PNU). However, the party would vote with the ANC on issues that it felt were in the best interests of South Africans. The reasons for the party snubbing the Gauteng PNU were the same as the reasons for its refusal to join the GNU at national level, Charters said. “It is inaccurate that we agreed to support them (in provincial discussions). We will vote on an issue by issue basis for the best interests of the 16 million people who voted.” Bosa leader Mmusi Maimane had previously asked the ANC to fine-tune its GNU Statement of…

The media contributes to the distortion of truth and erosion of justice The “new” South Africa’s conceptualisation of what constitutes truth, fairness and justice not only has soft corners but has also become increasingly ambiguous and pliable. This shift is troubling because it undermines the core principles guiding a democratic society, that we are always reminded of what the “new” South Africa is all about. At the heart of these concerning shenanigans is the media, which has chosen to relocate from the Fourth Estate to immerse itself in the political wars. The media play a role in this storytelling of untruths and fanning lies with a straight face, pretending that all is going well. This implies that the media has decided to embed itself in this storytelling of untruths. It…

South Africa: 84 all out Brits 20, Bosch 17, Vastrakar 4-13 India: 88-0 Mandhana 54*, Varma 27* India won by 10 wickets, and tied the series 1-1 The Proteas Women’s team failed to capitalise on an opportunity to rescue a disastrous tour of India yesterday at the Chepauk Stadium in Chennai with India’s sublime opener Smriti Mandhana once again stamping her authority on proceedings. Having been swept 3-0 in the ODI series and crushed in the one-off Test by 10 wickets, the Proteas headed into the final match of the tour with a chance at redemption. But they will instead head home after suffering another heavy 10-wicket defeat as the hosts levelled the T20 series yesterday. India were controlled with the ball, assertive with the bat, and if…

ELROY Gelant dreams of Olympic glory. Unrealistic as it might seem to most, the South African Marathon champion has ambitions of standing on the top podium in Paris next month. It is in his competitive make-up. The 37-year-old wants to be the best in every undertaking. In any case, why else should an athlete line up for an event when they have no ambitions of winning it? Gelant knows just how good it feels to win, and will toe the start line for the 42.195km race in Paris on August 10 with the goal of being the first man to cross the finish line. “I know I’ve told you top 15 is the goal,” Gelant said, immediately after his victory in the Absa RUN YOUR CITY DURBAN 10K on Sunday.…

Belgian Jasper Philipsen won a mass sprint ahead of Eritrean Biniam Girmay on stage 10 of the Tour de France yesterday after a flat 187.3km ride south from Orleans to Saint-Amand-Montrond. Before today’s potentially explosive stage, man-to-beat Tadej Pogacar protected his 33-second overall lead over Remco Evenepoel with defending champion Jonas Vingegaard 1min:15sec behind in third. Last year’s green jersey winner Philipsen closed the gap slightly on current occupant Girmay, who has two stage wins and 267 points to the Alpecin-Deceuninck rider’s 193. Philipsen was guided to victory by teammate and world road race champion Mathieu van der Poel. “When you have a world champion to lead you out in your Tour de France sprint it is magnificent,” said Philipsen, after hitting a speed of 75km/h. After Monday’s rest day…

SHELL Offshore Upstream South Africa has formed a joint venture partnership that is applying to drill for exploration and appraisal off the West Coast of South Africa, joining a race by global oil majors to expand activity south of Namibia’s Orange Basin. Last year, South Africa gave the nod for TotalEnergies to drill offshore, though environmental and other lobby groups resisted the company’s drilling exploration plans. Fitch Solutions has noted that South Africa’s bid to grow investment into exploration offshore “faces significant downside risk due to the precedents set by previous successful legal cases ruling against oil gas” companies. Despite this setback and risks, Shell Offshore Upstream South Africa “is applying to undertake exploration and appraisal activities” off the country’s West Coast under its partnership that holds exploration rights for…

THE JUDGE who voided Elon Musk’s record-setting Tesla Inc pay package must now make another momentous decision – whether the lawyers who took the case to trial should be paid what may be the largest fee in the history of US litigation. Attorneys from four firms who claimed Musk’s 2018 compensation plan for running the electric-vehicle maker was excessive are asking to be awarded 29 million shares of Tesla stock – worth about $7.3 billion (R132bn). Musk’s lawyers oppose that argument, claiming only a tiny fraction of that amount is justified. On Monday, Delaware Chancery Court Judge Kathaleen St J McCormick heard testimony from experts on both sides, but she isn’t expected to issue an immediate order. That’s because McCormick must tackle an even bigger issue – whether to reinstate…

THIS decade is set to see a large push towards environment, social and governance (ESG) by banks, which are not only taking advantage of the opportunities in Africa to provide sustainable solutions, but also pushing towards ensuring they meet their own developmental goals as the UN’s Sustainable Development Goals draw closer. A recent KPMG Southern Africa Banking Survey found ESG is a priority in the global banking environment and this trend is especially important for African banks, which have unique opportunities to integrate ESG into their offerings over the next decade. KPMG noted that Africa was poised to be the second fastest growing regional economy, with more than 10 African countries experiencing substantial economic growth. KPMG’s survey indicated that green financing, offering affordable housing solutions through tailored bonds, skills development,…

There’s trouble in the Government of National Unity (GNU) paradise. It has been just over a week since President Cyril Ramaphosa announced the new Cabinet and ministerial line-up. The wheels of the GNU, which has been highly praised by the markets, have started showing signs of falling off. As I predicted in last week’s column, potential ministerial conflict could dim SA’s lights in the fight for control of Eskom. There is a huge clash of egos between Minister of Electricity and Energy Kgosientsho Ramokgopa (ANC) and Deputy Minister of Electricity and Energy Kevin Mileham (DA) over the proposed 2 500 megawatt nuclear procurement programme and policy trajectory. Before the end of the sixth administration and the 2024 national general elections, the DA took the National Energy Regulator of South…

The Dube TradePort Special Economic Zone (SEZ) has introduced a long-term leasehold ownership model to unlock new opportunities for emerging property developers who often face considerable challenges in getting projects off the ground. Andile Mnguni, head of property investment at the Dube TradePort SEZ, said yesterday that property development should not be confined to big business, especially during tough economic times. Speaking at the South African Institute of Black Property Practitioners conference, Mnguni noted that emerging property developers often faced substantial challenges in getting their deals off the ground, especially in the lucrative commercial and industrial segment of the market, due to unaffordable land and inadequate access to the necessary capital. However, Mnguni said Dube TradePort SEZ has noted a growing awareness and interest in the benefits of the long-term…

Orion Minerals, which is developing copper mining assets in South Africa, said yesterday that there was potential to add more high-grade tons from shallow deposits such as at its Flat Mine project in the Northern Cape. At the beginning of this month, Orion announced that it had completed a R92.3 million capital raise to advance its SA copper and zinc operations. In May, the Industrial Development Corporation approved a R43.7m financing facility for Orion Minerals’s acquisition of a controlling stake in the Okiep copper project in the Northern Cape. Now, Orion has received “outstanding assay results for the first diamond drill holes completed at Flat Mine South”, which it described as “a virgin discovery that is blind” to surface. Flat Mine South will make up “a key part of Orion’s…

Incoming UCT vice-chancellor, Professor Mosa Moshabela, will now assume office on August 1, 2024, two months earlier than initially planned. The announcement follows a decision by UCT’s Council on May 24, 2024, to appoint Moshabela as the new vice-chancellor. Originally slated to begin his tenure on October 1, 2024, Moshabela’s early availability prompted the advancement of the transition, the university said. Moshabela, the current DVC for research and innovation at the University of KwaZulu-Natal, was appointed after he received 89% approvals from the Senate’s meeting. Moshabela held the position of full professor in Public Health at UKZN and from 2021 to date had been the faculty member at the HIV, Infectious Disease and Global Health Implementation Research Institute (HIGHIRI) at Washington University in the US. Moshabela will now take over…

Greenwood Park police are investigating a case of illegal possession of explosives after two home-made explosive devices were thrown into the Durban North Mosque (Musjidur Rahman) in the early hours of Monday. KZN provincial spokesperson, Brigadier Jay Naicker said “preliminary investigations indicate that on July 8 at 1.30am, unknown suspects were on Kenneth Kaunda Road when they were interrupted by a security vehicle patrolling the area. “The suspects fled and threw the devices into the mosque premises,” he said. Naicker said the mosque security guard suspected that they were explosive devices and contacted the authorities. “Police bomb technicians confirmed they were home- made explosive devices that consisted of commercial explosives,” he said. However, the devices were not set up to explode. “It is suspected that the men were on route…

The serious knee injury sustained by hooker Dan Sheehan is a major blow to Ireland as they try to square the series with the Springboks in the second Test in Durban. The Irish have also lost scrumhalf Craig Casey to concussion but there is a top-quality replacement in the vastly experienced Conor Murray, who replaced Casey at Loftus Versfeld and scored a gem of a try. Coach Andy Farrell has called up Connacht hooker Dave Heffernan and Ulster scrumhalf Nathan Doak to the team and the pair have arrived in Durban. Sheehan suffered the injury when he tackled Bok bruiser Eben Etzebeth and he was replaced by the man at Leinster who backs him up, Ronan Kelleher. The latter is likely to start at Kings Park. Scrumhalf Casey was taken…

Daniil Medvedev defeated world No 1 Jannik Sinner in five sets yesterday to reach a second successive Wimbledon semi-final, subduing the gallant challenge of the Italian, who suffered a worrying mid-match health scare. The fifth-ranked Medvedev triumphed 6-7 (7/9) 6-4 7-6 (7/4) 2-6 6-3 to avenge his Australian Open final loss to Sinner in January. His four-hour victory also ended a five-match losing streak against the Italian as Medvedev reached his ninth Grand Slam semi-final. The 28-year-old former US Open winner will face either defending champion Carlos Alcaraz or Tommy Paul of the US for a place in Sunday’s final. In a tight first set in which neither man gave up a break point, Medvedev edged ahead in the tiebreak on the back of a lung-busting 33-shot rally. However, he…