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IOL News
06-07-2025
- Business
- IOL News
SACTWU reduces stake in HCI while acquiring three key properties worth over R500 million
The South African Clothing and Textile Workers Union (SACTWU) has reached agreement with Hosken Consolidated Investments (HCI), in which it owns a large shareholding, for a cash injection of over R100 million and the purchase of three investment properties. Image: David Ritchie The South African Clothing and Textile Workers Union (SACTWU) will lower its stake in Hosken Consolidated Investments (HCI) as part of two agreements that include buying three HCI properties, including Gallagher Estate, for R549.7 million in total. HCI stated in a regulatory, related party announcement to the JSE on Friday that the reason for the transactions was that SACTWU wished to increase its cash holdings for its operations, and to increase its interests in additional investment properties to generate more regular, ideally monthly cash flow to fund its operational and member benefit programs and other related employment projects. Because HCI only distributes cash dividends to shareholders on a six-monthly basis, SACTWU had recently been disposing of HCI shares on the market through the JSE order book to enable it to fund its ongoing obligations. However, these disposals were not sustainable over a longer period, and SACTWU engaged HCI to find solutions for its cash flow requirements. In terms of a cash share purchase agreement, HCI subsidiary Squirewood Investments 64 Proprietary concluded an agreement with its material shareholder SACTWU, in terms of which Squirewood will purchase 1.1 million HCI shares owned by SACTWU, for R131 per HCI share, or R144.1m in total. HCI's share price closed 2.12% lower at R127.27 on the JSE on Friday. In another transaction, HCI will sell its shares in and shareholder loan claims against three owned property subsidiaries in the HCI group: Gallagher Estate Holdings, HCI Rand Daily Mail, and HCI Solly Sachs House, to SACTWU for R549.7m in total. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Squirewood will purchase 4.2 million HCI shares beneficially owned by SACTWU, which represents about 4.9% of the total HCI shares in issue, for a purchase price of R131.00 per HCI share, or R549.7m in total. SACTWU is the beneficial owner of about 23.8% of the total HCI shares, and should the Squirewood share transaction and property purchase be implemented, the trade union will be left holding about 18.4% of the total HCI shares in issue. SACTWU has held its interest in HCI since 1997, primarily as an income-generating asset and significant investment vehicle to fund the trade union's objectives, aiming to benefit union members through investments in, inter alia, media, hotels, casinos, coal mines, and transport. SACTWU holds significant property interests outside of its investment in HCI, with most of its properties being occupied by the union itself. 'The parties agreed, given SACTWU's desire to increase its interests in property, that investments in immovable property generating sustainable monthly cash flows would likely be the most appropriate asset class for SACTWU to acquire to service its needs,' HCI said. SACTWU conducted due diligence on HCI's property assets, two independent valuations were done, and 'pursuant to their investigation, SACTWU selected the three subject companies it wishes to acquire,' HCI stated.
IOL News
30-06-2025
- Business
- IOL News
Fuel price increase: Here's how much you're likely to pay for petrol and diesel in July
fuel price petrol price Fuel prices are set to increase from Wednesday, July 2. Image: David Ritchie / Independent Newspapers Following four consecutive months of decreases, fuel prices are set to increase again in July following a spike in international oil prices. Month-end data from the Central Energy Fund (CEF) shows that the price of petrol is likely to rise by between 50 cents (93 Unleaded) and 53 cents (95 Unleaded), while diesel looks set to go up by between 82 cents (500ppm) and 84 cents (50ppm). Following the increases, a litre of 95 Unleaded will cost around R21.09 at the coast and R21.88 inland, with 93 Unleaded costing around R21.74. The wholesale price of 50ppm diesel is likely to rise to around R18.65 at the coast and R19.41 inland. Keep in mind that these predictions are based on unaudited data. The final, and official, fuel price adjustments will be announced by the Department of Mineral Resources and Energy early this week. The increases come as a result of higher international oil prices. Brent crude fluctuated between $62.90 and $75.40 during the month of June, with prices surging following attacks on Iran's nuclear facilities by Israel and the US. However, oil retreated to around $66 in the latter part of the month following the ceasefire. Brent Crude averaged $63.95 during the preceding review period, and given that prices hovered above that level for most of June, significant under-recoveries developed on both petrol and diesel. This was mitigated to a degree by a stronger rand. Were it not for gains made by the local currency, motorists would have faced increases in the region of 68 cents for petrol and R1 for diesel. However, the fuel price situation in South Africa has been aggravated by a rise in fuel taxes, which came into effect at the beginning of June, leading to smaller-than-expected fuel price decreases that month. The general fuel levy rose by 16 cents per litre for petrol and 15 cents per litre for diesel, raising total fuel taxes in South Africa to R6.37 for petrol. This raises serious cost-of-living concerns for South Africans who are already overburdened. Continually turning to fuel levies to fill budget gaps is unsustainable, the Automobile Association said, particularly in the absence of full transparency on how these funds are allocated and used. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL
IOL News
26-06-2025
- General
- IOL News
Behind the scenes of South African politics: Betrayal, manipulation, and survival
Ayanda Mdluli is the editor of the Daily News. Image: Picture: David Ritchie/ Independent Newspapers I remember when I was still in high school as a troubled and rebellious youth, my father would try to inflict discipline with his long lectures and life stories whenever I stepped out of line. He would always lecture me about the value of not making stupid mistakes in life. His argument was that "stupid mistakes" were preventable and that they did not have to happen at all, as long as you had the strategic foresight to see them coming. He would try to drill this in my head for as long as I can remember over quite a number of years, all the way through university and right into corporate. When I look back at my life and how far I have come, I look at all the "stupid mistakes" that I have made and have come to the realisation that each and every trial and tribulation that I have been through was very preventable had I applied strategic foresight. Yes we make mistakes, but in almost every instance, the stupid ones are those that could have been prevented had you gone with your original gut feeling. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading However, be that as it may, the important thing is how you learn and grow from that experience and whether or not you take accountability for you actions and the consequences that come with it. When I flip the script on these life lessons and compare them with the murky waters of South African politics, I draw the conclusion that the stakes have never been higher, and simultaneously, the mistakes have never been "stupider". What has emerged from the corridors of the MK Party regarding the recent spat between key figures Floyd Shivambu and Nhlamulo Ndlela serves as a cautionary tale, illustrating that trust, loyalty, and alliances can dissolve in an instant, leaving chaos and intrigue in their wake. The dramatic fallout from their conflict highlights a fundamental truth about the political landscape, and that is even the people closest to you may have hidden agendas that can lead to betrayal. As someone who has been a political, financial and investigative journalist in my career, through the lens of my pen, I cannot help but recall some sobering lessons that I have learned over the last 17 years or so. Here are a few hard truths about playing politics in the South African context: Our bedfellows can be fickle, which means you better sleep with one eye open. Those you share your life with are not immune to the allure of power and money. In politics, "loyalty" can often be an elusive concept. What we do know now though is that, in politics there are no permanent enimies, but only permament interests. Secondly, your best friends may be your worst enemies. The very people you trust may take compromising photos or evidence of your vulnerabilities, wielding them as dangerous weapons in the cutthroat game of political chess. Who can forget, the "imagine this in your mouth" saga not too long ago which is a case in point. Lastly, In this brutal arena, the threats extend far beyond political rivalry. In the world of Izinkabi and hitmen in KZN, for a fee, colleagues might collude against you, ready to orchestrate a personal demise, whether through sly ambitions or acts of violence. Usually, all it takes is one or two bullets to get you out of the way; look no further than the Sindiso Magaqa murder and its impact in modern day politics. The immoral underbelly of politics is further complicated by the presence of manipulators and smoke screens that disguise true intentions. How is it so easy for politicians to give their word on something, and then a few minutes later change colours like a chameleon and continue to smile in your face like nothing happened? That is just diabolical.
IOL News
22-06-2025
- Politics
- IOL News
US joins Iran-Israel conflict: Essential travel advisories for South Africans to note
Travellers queue at Cape Town International Airport. Image: David Ritchie/Independent Newspapers (File) The escalating conflict between Iran and Israel, which now includes the United States (US), which carried out attacks on three nuclear sites in Iran on Sunday, has resulted in a number of travel advisories and alerts that SA travellers should note. On Sunday, the US joined Israel's bombing campaign after days of speculation over whether they would be involvedin the conflict. In a televised address from the White House, after the strikes, US President Donald Trump said: "Iran's key nuclear enrichment facilities have been completely and totally obliterated. Iran, the bully of the Middle East, must now make peace." Previously, on 15 June, the Department of International Relations (Dirco) urged all South Africans in Iran to contact the Embassy in Tehran to ensure that they are registered with and that their whereabouts are known to the Embassy. 'It is important to note that South Africa's support in the country is limited and that it could be assumed that no face-to-face consular assistance will be possible in an emergency, and the South African Government may not be able to help you if you get into difficulty, depending on your location. 'Therefore, citizens are further encouraged to assess their own safety and security and act accordingly.' Following Israeli strikes on Iran in the early hours of 13 June, airspace in Iran, Iraq, Jordan, Syria, and Israel has been closed. According to Flightradar24, the closures affect approximately 3,000 flights per day through cancelled flights or re-routes. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ According to Flightradar24, the closures affect approximately 3,000 flights per day through cancelled flights or re-routes. Image: Flightradar24 Emirates and Qatar Airways are among the few airlines that have issued travel advisories for travellers and have had to suspend their flights. Emirates said on Saturday that due to the regional situation, they have temporarily suspended all flights to Iran (Tehran) and Iraq (Baghdad and Basra), until and including Monday, 30 June 2025. 'Customers connecting through Dubai with final destinations in Iraq and Iran will not be accepted for travel at their point of origin until further notice. Customers impacted by flight cancellations must contact their travel agency for rebooking. If booked directly with Emirates, please contact us.' They also urged travellers departing or arriving at Dubai International Airport to check their flight status on for the latest information. 'We apologise for any inconvenience caused to our customers. We continue to closely monitor developments. The safety of our passengers, employees and operations will always be our top priority.' The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. Image: Morteza Nikoubazl/Reuters Qatar Airways said they have temporarily cancelled flights to Iran, Iraq and Syria. The affected airports in Iran include Imam Khomeini Airport (IKA), Mashhad Airport (MHD), and Shiraz Airport (SYZ). In Iraq, the affected airports are Baghdad Airport (BGW), Erbil Airport (EBL), Basra Airport (BSR), Sulaymaniyah Airport (ISU) and Najaf Airport (NJF). In Syria, the affected airport is Damascus International Airport (DAM). The United Kingdom's Foreign, Commonwealth & Development Office (FCDO) has advised against all travel to Iran. 'If you are a British national already in Iran, either resident or visitor, carefully consider your presence there and the risks you take by staying. British and British-Iranian dual nationals are at significant risk of arrest, questioning or detention. Having a British passport or connections to the UK can be reason enough for the Iranian authorities to detain you,' they said.
IOL News
16-06-2025
- Business
- IOL News
When South Africa says YES, youth move forward
South Africa is not short of ambition, nor of young people who are willing to work, to learn and to lead. The real shortage is in pathways that convert potential into progress. Image: David Ritchie/African News Agency South Africa's youth unemployment crisis is as structural as it is personal. It cuts across geography, education levels and industry sectors, affecting the country's growth trajectory and the individual dreams of millions of young people. According to the latest Quarterly Labour Force Survey, 46.1 percent of young South Africans between the ages of 15 and 34 are unemployed. That is not just an economic indicator. It reflects lost potential, diminished hope and the urgent need for systemic change. What lies at the heart of this challenge is not a lack of talent. It is a lack of access. Access to networks, to credible experience, and to the kind of opportunities that allow people to demonstrate their value in real-world settings. South Africa is not short of ambition, nor of young people who are willingto work, to learn and to lead. The real shortage is in pathways that convert potential into progress. This is precisely the gap the Youth Employment Service (YES) was created to bridge. Since its launch in 2018, YES has created more than 187,000 full-time, 12-month work experiences for previously unemployed youth across the country. Backed by more than 1,800 corporate partners and entirely funded by the private sector, the programme has injected over R10.84 billion into the economy in the form of salaries. These are not internships or short-term placements. They are structured, quality work experiences designed to build capability, expand opportunity and catalyse long-term inclusion. At Nedbank, our involvement with YES is not limited to financial support or compliance metrics. We have embedded the programme into our broader strategy to attract, grow and retain young talent. Since 2019, we have placed more than 13,500 youth through YES, with a further 3,873 to be onboarded in 2025. These opportunities are offered both within Nedbank and through implementation partners aligned to our purpose-led focus on sustainability, transformation and inclusive growth. What makes the programme effective is not just its scale. It is the intentionality behind it. YES, participants are placed in future-facing sectors such as digital, finance, environmental sustainability and green energy. These are areas where demand is growing and where the right investment in young people today can yield lasting returns for the economy tomorrow. Our joint Youth4Green initiative with YES is a case in point, opening up work experiences in solar energy, environmental management and conservation – areas with critical skills shortages and high development potential. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The socioeconomic profile of the youth we support reveals just how vital these interventions are. More than 85 percent of Nedbank YES participants come from grant-recipient households, and 86 percent have financial dependents. In many cases, the stipend provided through YES is the only consistent income in the household. But the value of the programme goes beyond the salary. It lies in the transformation that happens when someone enters a workplace for the first time, develops a professional identity, and begins to imagine themselves not only surviving, but that transformation is measurable. Thirty-six percent of Nedbank YES alumni are employed after completing the programme, well above the YES benchmark and another 21 percent have gone on to start their own businesses, signalling that entrepreneurship, too, is a viable pathway when confidence, exposure and support are present. For the private sector, YES offers more than reputational value. It provides a mechanism to earn up to two levels on the B-BBEE scorecard, while also contributing to ESG priorities and sector-building strategies. In other words, it aligns social impact with strategic advantage. This is increasingly important in a business environment that expects organisations to demonstrate real, sustained contributions to transformation and inclusive growth. At the same time, government cannot solve youth unemployment alone. The public sector has neither the absorption capacity nor the agility to respond to the fast-changing needs of the labour market. That is why partnerships matter. YES, works because it is business-led, but nation-minded. It invites the private sector to be not just employers, but active co-creators of the country's future workforce. As we reflect on Youth Month 2025, we are reminded that progress is cumulative. It happens one placement at a time. One conversation at a time. One young person at a time. When someone walks into their first job, it is not just their future that shifts – it is the trajectory of their family, their community, and in time, the economy. Our country is at a critical juncture. We can continue to treat youth unemployment as an intractable crisis, or we can respond to it as a call to innovate, to partner and to invest with purpose. At Nedbank, we choose the latter. Our work with YES reflects that choice, and of our belief that young people deserve more than just a chance. They deserve a system that works for them. Youth employment is not a social obligation. It is a strategic imperative. And when we get it right, everyone benefits. Lerato Mathibela, Head of Group Human Resources Young Talent, Nedbank Group. Lerato Mathibela, Head of Group Human Resources Young Talent, Nedbank Group. Image: Supplied.
