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After achieving the fastest 10km time of his career with a second-place finish at the iconic Absa RUN YOUR CITY DURBAN 10K on 7 July 2024, Kabelo Mulaudzi is confident in his chances of successfully defending his title at the Absa RUN YOUR CITY TSHWANE 10K on Sunday, 25 August. Mulaudzi’s confidence soared with his …
World faces era of new economic challenges
The world is entering an era of new economic challenges, even as the recent ones have yet to be overcome, says South African Reserve Bank (SARB) Governor Lesetja Kganyago.
“The global economy continues on a long recovery path from the pandemic. This path has been a troubled one, and despite better prospects in recent months, remains beset by risks and vulnerabilities built up during the pandemic.
“Inflation remains stubbornly high, and public debt levels globally are at record levels,” the Governor said on Tuesday.
Addressing the 104th annual Ordinary General Meeting of the SARB shareholders in Pretoria, Kganyago asserted that technological development carries both risks to cybersecurity and the hope of large and sustained boosts to global productivity.
“Inflation remains a major policy concern for central banks globally. Although global inflation declined from 8.7% in 2022 to 6.8% in 2023 and continues to ease in 2024, it remains high relative to the 2–3% inflation targets that many countries are trying to achieve.
“Restrictive monetary policy, along with the recovery in supply chains and other pandemic-related bottlenecks, has helped inflation to recede from its 2022 highs. However, global disinflation has slowed recently, as is well illustrated by consumer price inflation in the United States (US) still sitting at 3% relative to their 2% target,” Kganyago said.
He said the slow pace of disinflation reflects a pattern of lower imported inflation but higher services inflation across most economies.
“In some [economies], rising wages and sustained pent-up demand for services have been key factors. In emerging markets specifically, fiscal challenges and sustained currency depreciations have played more of a role.
“Policy commitment to reduce inflation back to targets has been strongly signalled around the globe, and central banks have generally been cautious in their approach to policy. Deepening geo-economic fragmentation, higher temperatures and other supply-related risks raise concerns about the long-term prospects for inflation, and considerable effort is going into reassessments of neutral real rate levels,” the Governor said.
While inflation remains higher than desired, global economic activity has proven to be more resilient than expected.
“Global growth surprised higher at 3.3% in 2023, despite considerable divergence in growth across individual economies. Generally, however, global growth rates are expected to remain below pre-pandemic trends. This reflects the impact of protectionist measures on global trade, relatively tight financial conditions as well as uncertainty of future policy trajectories,” Kganyago said.
Domestic real economy developments
Despite South Africa’s low economic growth, employment levels have recovered the 2.2 million jobs lost during the height of the pandemic.|
“As of the first quarter of this year, total employment surpassed its 2019 level. Nonetheless, job creation has been too slow and not enough to offset the growth in the labour force, leaving the unemployment rate elevated at 32.9% in the first quarter of this year,” the Governor said.
The South African economy slowed to 0.7% in 2023 from 1.9% in 2022, and remains well below growth in peer emerging markets.
“Load shedding and logistical challenges have been weighing heavily on economic activity, depressing the credit appetite of businesses and the spending of households.
“South Africa’s tailwind for growth coming from strong terms of trade continued to fade, despite still remaining at historically good levels. Exports also suffered over the past 12 months from energy and logistics challenges as much as price factors. Imports were also muted by logistics.
“As energy and logistics constraints continue to ease, the growth outlook will also improve. The domestic economy is expected to grow by 1.1% this year, rising to 1.7% by 2026, as both household spending and investment start to strengthen,” Kganyago said.
Domestic inflation dynamics
As with the global trend of moderating inflation, South Africa’s headline inflation decelerated over the past year, falling from 6.9% in 2022 to an average of 6% in 2023.
“These annual averages, however, hide the ongoing volatility in the underlying components of inflation, in turn demonstrating the risks and uncertainty marking the disinflation path.
“Since September of last year, headline inflation has been fluctuating between 5% and 6%, with frequent monthly setbacks coming from fuel, food and services prices.
“In February, core inflation rose by 0.4 percentage points to 5%, propelled sharply higher by medical insurance inflation. Encouragingly, as of June, core inflation has moved to 4.5%,” Kganyago said.
The SARB sees core inflation averaging 4.6% this year, from 4.8% last year. Inflation expectations eased in the first half of this year, but still remain well above the midpoint of the target band.
“While headline inflation came out between 5% and 6% for much of the past year, our current forecast shows it easing to 4.9% this year, pulled lower mainly by softening food and fuel inflation, and resting at the midpoint in 2025 and 2026.
“Even with some quantitative and qualitative adjustments to risk perceptions over time, the Monetary Policy Committee (MPC) has felt it appropriate to maintain the repurchase (repo) rate at 8.25% – a level set in May of 2023,” he said. - SAnews.gov.za
nosihle
Tue, 07/30/2024 - 14:14
Saving is one of the most important aspects of personal financial management, offering many benefits and serving as a vital part of a sound financial strategy. However, saving is different from investing. Investing is an effective way to make your money work for you. Kerryn Campion, COO of Aions Exchange, states that, “Through smart investment …
It is time for the next body revolution brought to you by leading sports nutrition brand, Nutritional Performance Labs (NPL). That’s right, entries open on 29 July 2024 for BodyRev 7.0, the ultimate health and fitness challenge which runs for 12 weeks from 27 August 2024. By signing up, participants can shed unwanted body weight …
Eastern Cape police lauded for tracing CIT suspects
The provincial head of the police in the Eastern Cape, Major General Mboiki Obed Ngwenya, has welcomed efforts by the Interim Cash-In-Transit (CIT) task team of the Hawks and the provincial Tactical Response Team (TRT) in locating cash-in-transit (CIT) suspects on Monday.
The suspects were located within hours after the incident occurred.
It is alleged that on Monday around 06:00, an SBV armoured vehicle (AV) from East London, enroute to Stutterheim, was ambushed on the N6 near Macleantown by a number of suspects in a fleet of vehicles.
“It is further alleged that during the incident, three guards were injured as the AV landed on its side during the attack. An SBV escort vehicle was also allegedly shot at and a backup to the scene was called,” the police said in a statement.
The suspects allegedly fled the scene with an undisclosed amount of money and abandoned three vehicles from their fleet, which were later circulated and discovered to have been reported stolen in other provinces. Explosives were also recovered on the scene.
“A few hours later, information was received which led the team to Kom location in a homestead of Keiskammahoek.
“The team was received with a hail of bullets from the assailants in the suspicious homestead and the police were forced to retaliate with the same force which ended with five of the assailants fatally wounded,” the police said.
Cash in original money bags,3xAK 47 riffles, 1x R1 riffle, 4 x R5 riffles,17 magazines with a large number of live rounds of ammunition were recovered and seized in the household.
A 58 year old suspect who happened to be the owner of the homestead was arrested and will appear in King William’s Town Magistrate’s court soon.
A follow up investigation ensued which led to the arrest of three suspects driving in a suspicious Porsche vehicle with GP registration between Queenstown and Cradock.
A quick roadblock was set up by Gqeberha Serious Organised Crime Investigation of the Hawks jointly with Cradock SAPS K9 (Dog Unit), Cradock Visible Police (Vispol), Cradock Public Order Police (POP) and Local Criminal Record Centre (LCRC) members outside Tarkastad where the suspicious vehicle failed to stop.
The chase ensued and conventional methods were used to bring it to a halt.
Three suspects aged between 44 and 48 were arrested. Cash in stacks of R100 and R200 notes in original cash bags, four burner cellphones and a Porsche Cayenne vehicle were seized during the arrest. On circulation the Porsche was found to be reported stolen in Gauteng.
The three suspects will make their first court appearance before Cradock Magistrate’s court on Thursday. – SAnews.gov.za
Edwin
Tue, 07/30/2024 - 14:45
Round five of the 2024 HYPROP MTN SHIFT Gaming Experience took place at Woodlands Boulevard in the City of Tshwane, from 19 to 21 July 2024. The country’s biggest mall-based gaming showdown turned into a magnet for the region’s most devoted gamers, who came together for a weekend packed with epic battles and a sense …
Social Department reaffirms its commitment to protecting children from trafficking
The Department of Social Development (DSD) has reaffirmed its commitment to combating human trafficking, focusing on the protection of children as the world commemorates World Day Against Trafficking in Persons.
This year’s theme focuses on leaving no child behind in the fight against human trafficking.
The World Day Against Trafficking in Persons is observed annually on 30 July to raise awareness about human trafficking and to promote and protect the rights of trafficking victims.
The department has since taken the time to remind South Africans especially caregivers about the prevalence of human trafficking and appeal for their vigilance when it comes to protecting children.
Citing the June 2023 publication by the Human Sciences Research Council (HSRC), the department said it was estimated that a possible 250 000 people have fallen victim to human trafficking in South Africa alone.
“This serves as a grave violation of human rights and dignity. On this World Day Against Trafficking in Persons, the Department of Social Development stands united against this heinous crime,” the department said.
According to the department, children represent a significant proportion of trafficking victims worldwide, with girls being disproportionately affected.
In terms of the United Nations Office on Drugs and Crime’s Global Report on Trafficking in Persons, children are twice as likely to face violence during trafficking than adults.
Sub-Saharan Africa, North Africa, and the Caribbean, according to the department, make up 60% of detected trafficking victims.
“In addition to conflicts, pandemics, economic hardships, and environmental challenges, the proliferation of online platforms poses risks as children often connect to these sites without adequate protection.”
The department explained that traffickers exploit online platforms, social media, and the dark web to recruit and exploit children.
They also use technology to evade detection, reach wider audiences, and disseminate exploitative content.
“Countries including South Africa, are required to prioritise child protection, bolster legislation, improve law enforcement, and allocate more resources to combat child trafficking.”
The department has since called for prevention efforts to target root causes of human trafficking such as poverty and inequality to reduce children’s vulnerability with special attention paid to trafficking of children on the move or in transit.
According to the department, South Africa remains a source, transit, and destination country for men, women and children subjected to the crime of trafficking for forced labour and sexual exploitation.
“This means South Africans are being trafficked to other parts of the globe while the country is also used by traffickers to harbour victims in transit to other countries where they are going to be exploited.
“Victims of trafficking are also brought into the country to be exploited.”
Meanwhile, traffickers are said to control victims through deception, intimidation, threats, use of force, withholding of passports, debt bondage, and forced use of drugs and alcohol.
The department has described the Prevention and Combating of Trafficking in Persons Act (PACOTIP) of 2013 as a critical legislative tool in South Africa’s fight against human trafficking.
The South African government, through the Department of Social Development has implemented various measures to prevent child trafficking. The PACOTIP Act aims to align with international agreements and provides for the prosecution of traffickers, protection of victims, and coordination of anti-trafficking efforts.
The Department of Social Development’s Gyan Dwarika said the significance of the PACOTIP Act, in conjunction with the Children’s Act, in safeguarding vulnerable children and ensuring their rights and safety are upheld.
“The Act ensures that any child identified as a victim of trafficking is treated as a child in need of care and protection mandates immediate reporting and investigation of suspected cases, and provides for the safe placement and care of trafficked children,” Dwarika said.
Dwarika’s roles in the department include focusing on child labour, commercial sexual exploitation of children, online safety, and child marriages.
The department said they also offer victims of child trafficking comprehensive support and rehabilitation services.
These include psychological counselling, medical care, legal assistance, and placement in Child and Youth Care Centres (CYCCs).
She said community involvement was crucial in preventing and combating child trafficking.
“International cooperation strengthens the response to the repatriation process of children trafficked into and out of South Africa. It ensures that children are repatriated safely and in line with international standards, considering factors like the best interests of the child and the safety of the repatriation process.”
Victims are also placed in accredited shelters where they are cared for by shelter staff and social workers to determine if they were trafficked.
Through the Criminal Assets Recovery Account (CARA) fund, the department is procuring a fleet of 10 vehicles to be distributed to gender-based violence (GBV) shelters accredited to accommodate victims across all nine provinces.
The Western Cape has partnered with the Passenger Rail Agency of South Africa (Prasa) to create awareness at the Cape Town bus rank. – SAnews.gov.za
Gabisile
Tue, 07/30/2024 - 15:11
Webness, South Africa’s premier web design company, is renowned for its ability to deliver custom websites in an impressively short timeframe of just three days. This capability underscores Webness’s commitment to providing rapid, high-quality web design solutions tailored to meet the specific needs of businesses in today’s fast-paced digital landscape. Rapid Development for Modern Businesses …
Dear Editor The recent motion of no confidence (MONC) against Mayor Cilliers Brink highlights the urgent need for the re-introduction of the DA’s coalition stability bills. The attempt by the ANC to oust Mayor Brink was once again a clear example of how such motions can be misused by political parties seeking to disrupt effective …
[Listen to Cllr Kwena Moloto – DA Tshwane Spokesperson on this] [Related: Willie Aucamp on EFF’s Hate and Racism] Dear Editor On 29 July, the Democratic Alliance (DA) in Tshwane filed a case with the South African Police Service (SAPS) against Economic Freedom Fighter (EFF) Tshwane Councillor Obakeng Ramabodu for his racist remarks during July’s …
[Listen to Ian Cameron MP – DA Spokesperson on Police on this] Dear Editor Amidst a surge in gun violence that has plagued the country, the DA is delighted that the overdue crime statistics will finally be released next month. Over two months ago, former Minister of Police Bheki Cele failed to release the crime …
Ja well, no fine … R625,000 is too much to pay says Piekenierskloof Vrugte
Vaal Bulk Bags, a leading provider of high-quality bulk bags, is dedicated to offering durable and reliable storage solutions for various industries. With a strong emphasis on safety and efficiency, Vaal Bulk Bags provides comprehensive guidelines on how to stack bulk bags properly for storage and insights into the longevity of these essential containers. Proper …
Special Tribunal sets aside R1.6bn IDT contracts
The Special Tribunal has reviewed and set aside two Independent Development Trust (IDT) contracts, worth some R1.6 billion, and has ordered the five companies, who received the contracts, to pay back all profits gained from the contracts.
According to the Special Investigating Unit (SIU), the five companies were awarded the contracts by the IDT to implement projects at the Department of Correctional Services.
“The decision of the Special Tribunal… follows an investigation by the Special Investigating Unit (SIU) into the affairs of the Department of Correctional Services.
“This investigation revealed that the IDT failed to follow the applicable statutory and regulatory procurement provisions governing public procurement as set out in the Constitution of the Republic of South Africa, in concluding the contracts with the companies,” the SIU said.
According to the SIU, the department had appointed the IDT as an implementing agent to “manage the implementation of security fencing, parameter fencing, intercoms and conditions audits, and other infrastructure projects at various correctional centres in South Africa”.
“Following its appointment as an implementing agent, the IDT contracted Secelec Consulting Engineers (Pty) Ltd, Bakone Consulting Engineers (Pty) Ltd, and Bakone Secelec Consulting JV 2011 as transactional advisors to implement the building of fences around various prisons at a cost of R492 960 564.66. The contract was later cancelled.
“In 2012, the IDT appointed Manyeleti Consulting SA (Pty) Ltd and SA Fence and Gate JV as transactional advisors for a similar job. The budget for the initial tender increased with R72 454 350.62 or 15.2%.
“However, the total budget increased to R861 255 544.40. This escalation represents 81% of the approved budget and way above the permitted 20% deviation as per the National Treasury regulations. The Tribunal found that the tender/contract award was predetermined,” the SIU explained.
The corruption busting unit welcomed the Special Tribunal’s ruling on the matter and added that any criminality will be reported to the National Prosecuting Authority (NPA).
“The Special Tribunal had ordered the five companies to render the full accounts of all the payments they received under the contracts awarded by IDT and reasonable expenses incurred, supported by necessary vouchers.
“Following the calculations of expenditure to service the now illegal contracts, the companies shall pay whatever profits that were earned. Furthermore, the companies were ordered to cover the legal costs of the review application brought by the SIU.
“The SIU welcomes the decision of the Special Tribunal, as it forms part of the implementation of investigation outcomes and consequence management to recover financial losses suffered by the State…[and] will refer any evidence pointing to criminal conduct it uncovers to the [NPA] for further action,” the SIU said. – SAnews.gov.za
NeoB
Tue, 07/30/2024 - 12:34
Data from information and insights company TransUnion shows that South Africa’s car market is in flux. A growing number of households are opting for one multipurpose car instead of maintaining multiple cars, with many substituting their transport demands with ride-hailing services or using subscription services As a consequence, sales of both new and used cars …
Civil society asks new Home Affairs minister for a meeting to raise concerns about the unrepresentative electoral reform panel. OUTA has joined a collective call by civic society to meet with Minister of Home Affairs Dr Leon Schreiber to raise concerns about the inadequacy of the new electoral reform panel. “The process of setting up …
Tiger Wheel & Tyre today announced a remarkable milestone in its ongoing growth and expansion strategy. Over the course of just six weeks, the company will open six new stores across South Africa, showcasing its strength and commitment to serving motorists nationwide. Credited with reinventing the wheel and tyre retail and fitment experience, in its …
By now you’ve probably heard that as of 1 September this year, National Treasury is introducing changes to the rules around accessing your retirement funds, known as the two-pot system. But what are these pots, why are there three pots in a two-pot system and what does this all mean for you? Natasha Huggett Henchie, …
As South Africa revels in Tatjana Smith’s triumphant gold medal win at the Olympics, eight more gold medals were recently awarded for unbelievable performances in the water. The National Sea Rescue Institute (NSRI) awarded three gold bravery awards to members of the public and, for the first time ever, five Gold Gallantry awards to NSRI …
DMPR notes withdrawal of TotalEnergies from offshore blocks
The Department of Minerals and Petroleum Resources has expressed confidence that a suitable investor will come on board and “be able to monetise” gas discoveries off the south coast of South Africa.
This after international energy giant, TotalEnergies, announced its withdrawal from offshore Block 11B/12B and 5/6/7.
“The Department of Mineral Resources and Energy (DMRE) notes TotalEnergies' announcement to exit from offshore blocks 11B/12B and 5/6/7. We are confident that a suitable investor will come on board and be able to monetise the gas discoveries.
“The department remains committed to the exploration of the country’s oil and gas resources and will intensify engagements with key role players to ensure the development and sustainability of the sector,” the department said in a statement.
Furthermore, the DMPR said it was pleased that the company is not totally withdrawing from South Africa.
“Additionally, we are pleased that TotalEnergies is not entirely leaving oil and gas opportunities in South Africa as they still hold exploration rights over Blocks Deep Water Orange Basin and Orange Basin Deep, Outeniqua South, and recent entry in Block 3B/4B east of Deep Water Orange Basin,” the department said. – SAnews.gov.za
NeoB
Tue, 07/30/2024 - 09:58
Stian de Witt, Head of Financial Planning at financial advisory firm NMG Benefits, says that having honest conversations with your financial adviser isn’t just a right; it’s a responsibility. “In much the same way that you explain your health concerns to your doctor and then question the treatment plan, you should be comfortable sharing your …
The Arts & Culture Trust (ACT) is pleased to announce the successful candidates for the fourth iteration of the ACT Thuthukisani Programme Atologa 2024. This fourth iteration of the programme, with training provided by the The ICRD Group Foundation and Startup Business Campus, sees 50 participants selected from all 9 provinces of South Africa. Leading …
Exactly one month after setting a new South African all-comers record and personal best at the Absa RUN YOUR CITY DURBAN 10K, Kenya’s Christine Nalimo Njoki will be aiming for an even more impressive performance when she competes in one of South Africa’s most iconic Women’s Month celebrations, the Totalsports Women’s Race in Durban, this …
Tatjana Smith stormed to Team SA’s first medal in the Olympic pool in Paris on Monday night, claiming gold in the 100m breaststroke in a time of 1:05.28. The 27-year-old was fourth at the turn but rocketed back into medal contention in the second 50m to go one better than the silver she won in …