Cape Times 2026-01-22

Minister of Electricity and Energy Kgosientso Ramokgopa said on Wednesday his energy delegation has engaged with global and local CEOs of ferrochrome smelters at the World Economic Forum (WEF) in Davos, Switzerland, in a bid to cushion and develop the industry for beneficiation. The intervention aims to sustain a proposed tariff of 62 cents per kilowatt-hour for smelters, as the sector faces retrenchments driven by high electricity costs. Ramokgopa said stakeholders — including government, Eskom, labour unions and smelters — had worked to restructure the tariff from R1.35 per kilowatt-hour to save jobs, and that the WEF was being used to facilitate high-level discussions. “We are here engaging global CEOs of some of these entities. We have already engaged domestic CEOs, and we are aligned. Of course, the details still…

Minister de Lille says SA’s presence in Davos is meant to reposition tourism economic growth Minister of Tourism Patricia de Lille has urged international investors to look into South Africa as a potential destination for global meetings, conferences and entertainment events, and thus replicate the Club Med model across the country. Club Med SAS, commonly known as Club Med and previously known as Club Méditerranée SA, is a French travel and tourism operator headquartered in Paris, specializing in all-inclusive holidays. The multinational hospitality group is opening a R2.5 billion beach and safari resort in KwaZulu-Natal in July, the most expensive destination-scale tourism venture in the country’s history and reinforcing economic prospects in critical logistics infrastructure in the province. Speaking on the sidelines of the World Economic Forum (WEF) Annual Meeting…

The stalemate between the South African Social Security Agency (Sassa) and Postbank over the former’s stipulation of a three-month extension of a master service agreement (MSA), affecting about three million beneficiaries, has landed before the Constitutional Court after behind-the-scenes disputes overtook a Presidency-appointed inter-ministerial committee (IMC) process. This follows the expiry of the three-month MSA extension at the end of December, while the IMC has yet to conclude its deliberations, leaving the fragile relationship to be resolved through submissions to the Constitutional Court. Sassa spokesperson Paseka Letsatsi confirmed in an update that the matter is currently before the Constitutional Court. “The Court ordered that the status quo be maintained pending further directions. “The passing of 31 December 2025 does not alter Sassa’s legal position, but since the matter is before…

Tourism Minister Patricia de Lille has defended the stability and governance of South African Tourism (SA Tourism), dismissing allegations that her intervention at the entity undermined its independence through questionable board appointments. SA Tourism has been under intense scrutiny following the dissolution of its previous board and the suspension of its chief executive officer, Nombulelo Guliwe, developments that have fuelled concerns about governance instability at the state-owned tourism marketing agency. Democratic Alliance spokesperson on tourism, Haseena Ismail, on Wednesday said she had written to Parliament calling for urgent intervention and oversight following serious concerns about SA Tourism’s handling of Meetings Africa. Meetings Africa is South Africa’s flagship Pan-African business events trade show, hosted by SA Tourism, and plays an important role in securing future business events for the continent. Ismail…

Karooooo, the JSE and New York-listed owner of vehicle telematics and fleet management company Cartrak, accelerated its growth in the three months to November 30 even as it continued to build distribution capacity, CEO and founder Zak Calisto said yesterday. Cartrack's quarterly subscription revenue increased 20% to R1.24bn and ARR (annual recurring revenue) increased 22% to R5.11bn, representing a significant acceleration in growth, compared to the 2024 third quarter, where subscription revenue and ARR each increased 14%. There were record Cartrack subscriber additions of 111 478, versus 86 617 in the third quarter of 2024. Third quarter ARR growth of 22% also accelerated compared to 20% in the previous quarter, and ARR increased 28% in US dollars to $298 million. "This growth, and growth in earnings, came even though we…

UK wealth management company Quilter shares surged on the JSE Wednesday after it reported record net inflows of £9.1 billion for 2025 due to elevated client activity following speculation in markets about the UK Budget in November 2023. Directors of the JSE and London listed company said in a trading statement that quarterly inflows consistently above £2bn through the year also reflected the strength of their platform. The share price increased 4.07% to R42.74 in the afternoon - the price has increased by more than 11% over 12 months. "We finished the year with strong momentum. The fourth quarter was our strongest quarter of the year, despite market uncertainty caused by speculation on potential tax changes ahead of the UK Budget at the end of November," said CEO Steven Levin.…