Cape Times 2026-04-14

The Supreme Court of Appeal (SCA) has delivered a significant ruling in favour of a coal mining joint venture involving Glencore Operations SA and African Rainbow Minerals (ARM) Coal, overturning a decision by the South African Revenue Service (Sars) that had denied millions in diesel fuel levy refunds. The unanimous judgment, penned by SCA Judge President Justice Mahube Molemela and handed down last week, centres on whether the Goedgevonden Joint Venture (JV) was entitled to claim diesel rebates under Section 75(1A) of the Customs and Excise Act. The Goedgevonden JV is a major South African open-cut coal mining operation near Ogies in Mpumalanga, formed between ARM Coal and Glencore (formerly Xstrata). The mine produces thermal coal for export and domestic markets, with ownership split 51% (ARM Coal) and 49% (Glencore).…

Sub-Saharan Africa’s fragile economic recovery is losing momentum, with fresh warnings that growth is failing to translate into enough jobs for a rapidly expanding population. According to the latest Africa Economic Update released by the World Bank Group, growth for the region is projected to remain flat at 4.1% in 2026, unchanged from 2025, but increasingly exposed to mounting global and domestic risks. The report, coming on the eve of the International Monetary Fund/World Bank Annual Meetings this week, highlights a combination of geopolitical tensions, rising debt burdens, and structural inefficiencies as key factors constraining the region’s economic trajectory. Chief among these risks is the ongoing conflict in the Middle East, which continues to drive up fuel, food, and fertilizer prices. These cost pressures are expected to push inflation higher,…

Global markets rattled over increasing tensions in the Middle East, sending oil prices higher Global markets have been rattled after Donald Trump announced a US-led blockade of the Strait of Hormuz, sending oil prices sharply higher and intensifying fears of inflation, interest rate hikes, and a broader economic slowdown. The global price of Brent crude oil jumped 7% to $103 per barrel (bbl) following the announcement, reflecting immediate concerns over supply disruptions in one of the world’s most critical energy corridors. The Strait of Hormuz, which handles between 17 and 20 million barrels of oil daily, has effectively been constrained since the escalation of tensions between the US and Iran, limiting global energy flows. Trump escalated rhetoric further, warning that Iranian vessels and “fast-attack ships” approaching the blockade would be…

Higher global oil prices, resulting from the failed peace talks between the United States (US) and Iran, along with President Donald Trump's announcement of a US blockade at the Strait of Hormuz sent markets plunging on Monday. Bianca Botes, managing director at Citadel Global, yesterday said that while what was initially reported as a constructive negotiation failed to transpire into an agreement, as the US prepared for a naval blockade of the Strait of Hormuz. "Markets are back on edge with Wall Street futures sinking as much as 1%. The dollar and oil prices capitalised on the breakdown in talks, with oil gaining over 7% to trade at $102/barrel," she said. "Gold prices, while still at elevated levels, declined by 0.6% this morning, to trade at $4,718/ounce." In a stark…

The rising cost of fuel is driving businesses to significantly rethink their labour costs. A permanent workforce is becoming challenging to sustain, and many organisations are shifting toward more flexible staffing models to enable them to scale more easily while maintaining operational continuity. Temporary Employment Services (TES) offer a strategic solution, creating shared value and ongoing advantages for companies and workers. Agility is key to survival With the current level of uncertainty, it has become difficult for businesses to accurately predict demand. Costs are also increasing in all sectors, driven by the fuel price hikes. A large permanent workforce quickly becomes a fixed overhead that cannot adapt when conditions shift, putting pressure on margins and potentially leading to job loss down the line. Operating costs are rising, change happens faster,…

I have long believed that those who have travelled a path are best placed to guide others on it. It was at a recent masterclass at GIBS Business School where Dr Andile Sangqu, the chairperson of Transnet, reflected on the organisation’s turnaround journey. The discussion extended beyond the scale of the challenge and pointed to something deeper about governance when institutions come under severe strain. He described the organisation he inherited in 2023 as one in distress, where fundamental performance signals had deteriorated. The image he used was striking. Describing himself as a very visual leader, he likened the situation to an aircraft in rapid descent, requiring decisive intervention to avoid collapse. Turnarounds of this nature bring governance into sharp focus. They expose the limits of passive oversight and require…