Latest news with #R1.2bn
TimesLIVE
07-07-2025
- Politics
- TimesLIVE
R1.2bn allocated to rebuild flood-hit communities
The government has allocated R1.2bn to help provinces and municipalities respond to the damage and restore critical infrastructure after parts of the country were hit by floods. On Monday, co-operative governance and traditional affairs minister Velenkosini Hlabisa said municipalities and provinces receiving the grants have been told they must use the money strictly for disaster response and recovery work. Hlabisa said funds may not be redirected to other expenses, such as staff travel. He made it clear that if any organ of state does not comply with the grant framework, future allocations could be denied. 'We insist that state organs submit comprehensive monthly, quarterly and annual reports to the NDMC, covering every financial and non-financial aspect of their disaster management initiatives,' Hlabisa said. Hlabisa noted problems like poor infrastructure planning and execution, inadequate workmanship, diversion or alteration of the scope of work, delays in appointing service providers that lead to municipalities underperforming, and the misallocation of funds to operational matters instead of the designated projects, all of which expose communities to risks. 'The National Disaster Management Centre [NDMC] forges strong collaborations with the Municipal Infrastructure Support Agency [Misa] and various sector departments. By using Misa's engineering resources, we ensure a thorough assessment and verification of damages, alongside essential technical advice required for funding approval', said Hlabisa. He said regular site visits and tighter monitoring systems would be put in place to help ensure projects were completed efficiently, enabling affected communities to receive the essential support they needed to recover and thrive. Hlabisa added the government was collaborating closely with the South African Weather Service (SAWS) and other stakeholders to enhance the early warning systems, ensuring communities receive timely and accurate information. He confirmed on Monday that 107 lives were lost in the country due to severe weather conditions, with the Eastern Cape suffering the greatest tragedy, accounting for 103 deaths. KwaZulu-Natal recorded three fatalities, and one person died in the Western Cape. 'The government urges communities in affected areas to remain alert and follow early warning advisories issued by the SAWS, as a critical measure to safeguard lives, property and livelihoods,' said Hlabisa. The grant would be allocated in phases, starting in July, he said. The total allocations for the 2025/26 financial year will be R 1.2bn, made up as follows: July:
TimesLIVE
20-06-2025
- Business
- TimesLIVE
Wimbledon 2025 prize money: how much do tennis winners receive?
The four Grand Slams in the sport of tennis offer a trophy, a place in the history books and significant prize money. Here is what you need to know about the prize pot on offer at Wimbledon 2025, the third major of the year: The Championships will run from June 30 to July 13. The total prize money is a record £53.5m (R1.2bn) , a 7% increase on 2024 and double what was offered a decade ago. Men's and women's single players will earn: First round: £66,000 (R1.6m) Second round: £99,000 (R2.4m) Third round: £152,000 (R3.6m) Round of 16: £240,000 (R5.8m) Quarter-finals: £400,000 (R9.7m) Semi-finals: £775,000 (R18.8m) Runner-up: £1.5m (R37m) Champion: £3m (R73m). The winners of the men's and women's singles in 2024, Spaniard Carlos Alcaraz and Czech Barbora Krejcikova, received £2.7m (R65.5m) each in prize money. Australian Open 2025 singles champions, Italian Jannik Sinner and American Madison Keys, received A$3.5m (R40.6m) each in prize money. French Open 2025 singles champions, Alcaraz and American Coco Gauff, took home €2.55m (R52.7m) each. US Open 2024 singles champions, Sinner and Belarusian Aryna Sabalenka, received $3.6m (R64.4m) million each. Significant pay hikes at the Grand Slams were central to the demands of the world's top players in their letter to the four majors recently. The prize money on offer in men's and women's doubles at Wimbledon 2025 is: First round: £16,500 (R3999,000) Second round: £26,000 (R629,000) Third round: £43,750 (R1m) Quarter-finals: £87,500 (R2.1m) Semi-finals: £174,000 (R4.2m) Runners-up: £345,000 (R8.3m) Champion: £680,000 (R16.4m). The prize money offer in mixed doubles is: First round: £4,500 (R109,000) Second round: £9,000 (R218,000) Quarter-finals: £17,500 (R423,000) Semi-finals: £34,000 (R823,000) Runners-up: £68,000 (R1.6m) Champion: £135,000 (R3.2m). Reuters
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Mandate, not mismanagement: PIC clarifies position on unlisted investments and Daybreak
There are ongoing allegations that the Public Investment Corporation (PIC) has 'squandered R33bn' of pensioners' money on politically motivated investments. The PIC strongly denies these claims, arguing they misrepresent and oversimplify a complex investment process aimed at identifying opportunities in a broad market, where outcomes cannot be guaranteed. While acknowledging the inherent risks associated with these investments, the PIC asserts that it remains committed to seeking opportunities with the highest likelihood of positive results. This issue has come to public attention recently due to the challenges faced by Daybreak Foods, which the PIC acquired in 2015 for R1.2bn. This investment was intended to achieve long-term sustainable returns while contributing to food security in the country and supporting economic transformation. The PIC emphasises that the claims against it oversimplify the complexities of long-term developmental investing and the inherent risks that come with it. The PIC manages more than R3-trillion in assets, with about R2.5-trillion allocated for public servants through the Government Employees Pension Fund (GEPF). The remainder of the assets represents clients whose beneficiaries are contributing workers across the country. The PIC acknowledges the seriousness of its responsibilities and operates under a clear mandate that goes beyond simply maximising financial returns. This mandate includes making investments that foster economic development, industrialisation, job creation and broader transformation in South Africa. Unlisted investments, such as Daybreak Foods, play a crucial role in our developmental mandate. Though there are operational and governance challenges at Daybreak Foods — currently undergoing business rescue — the PIC believes the criticism it has received presents an incomplete and misleading view of the situation. The PIC asserts that the ongoing business rescue process should not be seen as a sign of impending liquidation or a total loss. Rather, they view it as a strategic and legally sound method to stabilise the company, preserve more than 3,000 jobs and ultimately recover value for its clients, primarily government pensioners. Daybreak Foods supplies 7% of South Africa's poultry, making its ongoing operations essential for national food security.
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Mandate, not mismanagement: PIC clarifies position on unlisted investments and Daybreak Foods
There are ongoing allegations that the Public Investment Corporation (PIC) has 'squandered R33bn' of pensioners' money on politically motivated investments. The PIC strongly denies these claims, arguing they misrepresent and oversimplify a complex investment process aimed at identifying opportunities in a broad market, where outcomes cannot be guaranteed. While acknowledging the inherent risks associated with these investments, the PIC asserts that it remains committed to seeking opportunities with the highest likelihood of positive results. This issue has come to public attention recently due to the challenges faced by Daybreak Foods, which the PIC acquired in 2015 for R1.2bn. This investment was intended to achieve long-term sustainable returns while contributing to food security in the country and supporting economic transformation. The PIC emphasises that the claims against it oversimplify the complexities of long-term developmental investing and the inherent risks that come with it. The PIC manages more than R3-trillion in assets, with about R2.5-trillion allocated for public servants through the Government Employees Pension Fund (GEPF). The remainder of the assets represents clients whose beneficiaries are contributing workers across the country. The PIC acknowledges the seriousness of its responsibilities and operates under a clear mandate that goes beyond simply maximising financial returns. This mandate includes making investments that foster economic development, industrialisation, job creation and broader transformation in South Africa. Unlisted investments, such as Daybreak Foods, play a crucial role in our developmental mandate. Though there are operational and governance challenges at Daybreak Foods — currently undergoing business rescue — the PIC believes the criticism it has received presents an incomplete and misleading view of the situation. The PIC asserts that the ongoing business rescue process should not be seen as a sign of impending liquidation or a total loss. Rather, they view it as a strategic and legally sound method to stabilise the company, preserve more than 3,000 jobs and ultimately recover value for its clients, primarily government pensioners. Daybreak Foods supplies 7% of South Africa's poultry, making its ongoing operations essential for national food security.
IOL News
29-05-2025
- Business
- IOL News
Spar Group explores sale of Spar Switzerland and Appleby Westward Group
The entrance to a Spar grocery shop. The group has predicted flat to slightly lower earnings growth of its continuing operations for the 26 weeks to March 28, 2025 Image: Africa News Agency (ANA) The Spar Group said Thursday it is exploring the sale of Spar Switzerland and Appleby Westward Group (AWG), the regional distribution business in the southwest of England. The group announced in a trading statement for the 26 weeks ended March 28, 2025, in which flat to lower interim earnings growth was forecasted, that the decision to divest from the businesses had followed a strategic review of its European operations. Consequently, Spar Switzerland and AWG would be classified as discontinued operations in the financial statements. Regarding AWG, Spar's board said they were in talks with a UK-based business regarding AWG, which was well positioned to develop and grow AWG in South West England. In Switzerland, "established parties with business interests in the region and experience in European food retail and distribution," were being engaged with, the board said. 'The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,' Spar's directors said. Interim diluted headline earnings per share (Heps) for Spar Southern Africa and Spar Ireland, excluding the results of Spar Switzerland and AWG, were expected to decline between 0% and 10%, to between 409.4 cents to 454.9 cents, compared with 454.9 cents previously. Diluted Heps for group total operations were expected to decline by between 34% to 24%, to between 275.9 cents to 317.8 cents a share. The board said the Southern Africa groceries and liquor segment delivered modest top-line growth, while operating profit maintained solid momentum. The KwaZulu-Natal distribution centre continued a positive trajectory, with improved profitability. This, with a focus on cost discipline, translated into modest operating margin expansion on a comparable basis. Ireland delivered a resilient performance in a tough trading environment, supported by improved gross profit and operating margins in local currency terms, as well as reduced interest expenses driven by lower gearing. These were partially offset by adverse foreign currency translation effects. Total impairments of about R4.2 billion were recognised, including R3bn in Switzerland and R1.2bn in AWG. The impairments take into account the fair value of the disposal groups, less costs to sell.
