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The Citizen
2 days ago
- Politics
- The Citizen
Will Ramaphosa act? DA lays criminal charges against perjury-accused Nkabane
The DA has accused Ramaphosa of having double standards by failing to take action against corruption-accused ministers. Pressure is mounting on President Cyril Ramaphosa to take action against Minister of Higher Education, Nobuhle Nkabane. Ramaphosa's government of national unity partner, the DA, has filed criminal charges against Nkabane at the Cape Town Police Station. Nkabane is accused of lying to parliament and being involved in alleged corruption linked to the Sector Education & Training Authority (Seta) boards. DA spokesperson and member of the portfolio committee on higher education and training, Karabo Khakhau, accused Nkabane of lying to parliament to protect the appointments of ANC-linked individuals to various Seta boards. 'Minister Nkabane told parliament that the appointment process was overseen by an 'independent' evaluation panel. However, it has now been exposed that the so-called panel was stacked with individuals from her own department and political allies, including her chief of staff and an ANC Youth League leader,' said Khakhau. Nkabane is also accused of attempting to conceal her alleged corrupt activities. This comes after Terry Motau SC denied being part of an advisory panel that oversaw these appointments. 'This is a claim he (Motau) has unequivocally denied in writing. He made it clear he had no knowledge of, nor participated in, the process,' she said. Khakhau said Nkabane has broken the law and violated her oath of office. 'The DA will not stand by while ministers who lie, manipulate processes, and protect ANC cronies remain in office,' she said. DA boycotts Nkabane's budget vote As a result, the DA said it will not support the budget of the Department of Higher Education and Training. The party is also expected to vote against the budgets of departments headed by other corruption-accused ANC ministers. 'We will use every legal and parliamentary tool at our disposal to root out this rot from government,' Khakhau said. Nkabane accused of incompetence Meanwhile, the South African Students Congress (Sasco) has called for Nkabane's resignation. They accused her of lacking ethical leadership and incompetence. The organisation also questioned her failure to ensure the appointment of the National Student Financial Aid Scheme (Nsfas) board. ALSO READ: Minister's misstep demands accountability The EFF has also complained about irregular financial activities at Nsfas. They have written to the acting CEO complaining about some irregular payments. 'Given that Nsfas spends over R14 billion on student accommodation, a figure that will undoubtedly grow, it is outrageous that hundreds of millions, if not billions of rands, could be diverted to a handful of companies without ethical and transparent processes or regulatory oversight,' the party said. Analyst weighs in Political analyst Theo Neethling told The Citizen that Ramaphosa is under immense pressure to act on several complaints against Nkabane. 'The South African Students Federation (SASF) accused the minister of undermining public trust and failing to serve the interests of students. 'The uMkhonto weSizwe (MK) party has echoed these calls, stating that Minister Nkabane is unfit to serve in her current role. 'With multiple political and civil society actors joining the chorus of criticism, both Minister Nkabane and President Ramaphosa now face mounting pressure from several quarters,' he said. The Citizen contacted Nkabane's office for comment but received no response by the time of publication. This story will be updated once a response is received. NOW READ: 'A lying minister in Cabinet': Why has Ramaphosa not fired Nkabane?
The South African
3 days ago
- Business
- The South African
uShaka Marine World gets R14 million cash lifeline
The eThekwini Municipality has approved a R14 million financial injection for uShaka Marine World, in a bid to keep the iconic Durban theme park operational amid ongoing financial distress. The majority of councillors voted in favour of the funding, which will go to Durban Marine Theme Park (DMTP), the municipal entity that manages uShaka's operations. The park, once a crown jewel of Durban tourism, has been plagued by cash flow constraints linked to its current business model and institutional structure. Officials say that during low trading periods, the park fails to generate enough income to cover mandatory expenses – causing it to rely heavily on peak-season surpluses. Historical debt has further weakened the park's ability to remain solvent throughout the year. Thembo Ntuli, ANC councillor and Chairperson of the Economic Development and Planning Committee, defended the move, calling it a 'strategic investment' rather than a bailout. 'Without this funding, the park may be forced to scale down or suspend operations, putting jobs, tourism revenue, and the city's reputation at risk,' Ntuli said. The funding aims to stabilise uShaka Marine World as a 'going concern', warding off the risk of job losses and a potential decline in domestic and international tourism revenue for the city and province. The DMTP has committed to finalising a turnaround strategy by July 2025, which will outline measures to resolve the theme park's operational inefficiencies and improve long-term sustainability. A new credit agreement is also being explored to help restructure and settle the park's existing debt burden, with a view to enhancing liquidity and operational capacity. uShaka Marine World remains a key tourism anchor for both Durban and KwaZulu-Natal. The facility, which includes a water park, aquarium, and entertainment complex, draws thousands of visitors annually and contributes significantly to local economic activity. Operations at the park are overseen by the South African Association for Marine Biological Research (SAAMBR), a non-profit organisation focused on marine education and conservation, while the municipality continues to fund the park's broader operations. With the approved funding, the city hopes to preserve one of its most recognisable attractions and secure its role as a driver of economic growth, employment, and tourism in the region. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
7 days ago
- Business
- IOL News
Durban's uShaka Marine World receives R14 million cash injection to keep it afloat
uShaka Marine World, the Durban Marine Theme Park (DMTP), is experiencing financial challenges and will receive a R14 million cash injection from the eThekwini Municipality. Image: Picture: Gcina Ndwalane uShaka Marine World is experiencing financial challenges and will receive a R14 million cash injection so that it remains a going concern. The majority of eThekwini councillors approved the payment to the Durban Marine Theme Park (DMTP) which is controlled by the municipality, at a council meeting on Thursday. uShaka Marine World is located along the City's main beachfront and was conceived as part of the redevelopment of the Waterfront in 2003. The objectives of the creation of uShaka Marine was for it to be a strategic tourism facility for the City of Durban as well as the province of KwaZulu-Natal as a whole. uShaka Marine World entered into an indefinite agreement with the South African Association for Marine Biological Research (SAAMBR), a Non-Profit Organisation, in which SAAMBR is responsible for the operations of Sea World. In return and provided for in the Heads of Agreement, the Municipal Entity is responsible for providing funding for their operations, stated a municipal report. As per the addendum to the heads of agreement, this annual amount is a grant to the municipal entity by the eThekwini Municipality. In a council meeting held in 2024, council resolved that the DMTP is operating on or close to a break-even level. According to the municipality the cashflow challenges are attributed to the current business model as well as institutional arrangements. These issues become much more pronounced during the low trading periods of the park wherein the monthly cash generated is less than the cash required to meet the mandatory expenditure for the corresponding period. 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 This meant that the entity has to accumulate sufficient cash during the high peak season to carry it through its off-peak season. This, coupled with historical debt, has had a huge drain on cash resources. Due to very slow cash flow, the entity has not been in a position to pay both the credit agreements as well as the current billing on utilities since October 2024. To address the negative impact of the repayment of the utilities on the entity's cash flow, a new credit agreement is being explored to settle the debt. This will result in the terms of the settlement agreement being re-determined in a manner that is more optimal for the liquidity of the DMTP. The DMTP is working on a turnaround strategy that will be concluded in July 2025 said Thembo Ntuli, ANC councillor and Chairperson of the Economic Development and Planning Committee. Ntuli emphasised that the decision taken to give the utility R14 million is not a 'bail out' but rather a strategic investment. "Without this funding, the park may be forced to scale down or suspend operations putting jobs, tourism revenue and city reputation at risk. Let us remember, uShaka Marine World is more than a theme park. It is a tourism magnet and a source of pride for eThekwini," Ntuli said. Saneli Zuma, ActionSA councillor, was concerned about how much longer the municipality will inject millions into the DMTP theme park while ignoring the real issues that keep tourists away. 'If we are serious about turning things around, the city must first invest in resuscitating its tourism ecosystem—revive the beachfront, ensure clean and safe public spaces, and improve basic infrastructure. Only then will tourists return,' she said. Zuma also suggested that the DMTP must improve on its marketing campaigns and partnerships.
IOL News
25-06-2025
- Business
- IOL News
Take-home pay slides for the third month as job opportunities and earnings outlook remain grim
The nominal average take-home pay declined to R17 296 in May, 1.3% lower than the previous month as job opportunities and earnings outlook remain grim. Image: File The nominal average take-home pay declined to R17 296 in May, 1.3% lower than the previous month as job opportunities and earnings outlook remain grim, according to the latest BankservAfrica Take-home Pay Index (BTPI). The index tracks approximately 3.8 million salary earners in South Africa. However, this figure remained significantly higher than the R15 903 recorded in May 2024. This was third consecutive month that take-home pay slowed reflecting the impact of a subdued economic environment with stalled growth in quarter and a weakening global outlook, currently fuelled by the heightened volatility in the Middle East. Elize Kruger, an independent economist, said, 'The upward trend in take-home pay from mid-2024 to early 2025 has been a positive development. However, recent months reflect a U-turn, with 2025 proving to be a volatile year so far – marked by multiple global shocks accompanied by a good dose of local challenges." BankservAfrica said downward revisions to both global and local economic growth prospects have lowered confidence levels and put a pause on investment decisions, as both investors and households hold back on their spending decisions. Together, these could hurt employment and earnings prospects of salary earners in the coming months. In real terms, take-home pay, adjusted for inflation, moderated by 1.1% month-on-month to R14 832 in May 2025, compared to R15 003 in April, but remained 5.8% higher on year-ago levels. The significant moderation in consumer inflation continues to have a positive impact on salary earners and their purchasing power with the latest headline CPI figure for May 2025 at only 2.8%. However, the recent spike in international oil prices - due to the escalating conflict in the Middle East - could result in higher-than-expected headline CPI in the coming months and into 2026. 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 Petrol and diesel prices are forecast to increase by about R1/l and R1.30/l, respectively on July 2, and further increases could be expected in August. These will push headline CPI upwards towards 5% by year-end, ahead of the 3.6% forecast for 2025. Concerningly, with the higher base calculation of 2025, the forecast average headline CPI for 2026 could be well above 4.5%, eroding the positive effects of lower inflation and likely triggering more conservatism from the South African Reserve Bank. 'Any further monetary loosening looks unlikely at this stage, in light of the intensifying Middle East conflict and the resultant negative impact on local fuel prices. Still, despite the negative developments outlined, 2025 is expected to be the second consecutive year of positive real take-home pay growth, supporting demand in the economy,' says Kruger. Meanwhile, The Remchannel Salary and Wage Movement Survey, a biannual report by Old Mutual published in April 2025, indicated the average salary increased by 5.82% in 2025, compared to 6.09% in the previous year. This trend suggests a more cautious approach by employers, who must also prioritise cost control amidst a constrained economic environment. BankservAfrica said interestingly, the report revealed a reduced overall staff turnover rate of 13.5%, reflecting a market with fewer new job opportunities due to widespread downsizing by companies. This data confirms the financial pressures employees are under, as 39% of those who resigned were seeking better pay and career growth, while 31% left due to dissatisfaction with their current roles. BUSINESS REPORT Visit:
IOL News
23-06-2025
- Business
- IOL News
Why the Western Cape property market is thriving: Insights and trends
Cape Town's property market continues to outpace other regions. Image: Ayanda Ndamane The Western Cape property market continues to outperform other regions by a significant margin, particularly within the Cape Town metropolitan area, and experts believe this trend is likely to continue. Lightstone data shows that Western Cape property prices grew by 8.7% in the year to January 2025, compared to the national average of 5.2%. According to The African Investor, Cape Town residential properties, in June 2025, showed year-on-year price growth of 8.5%. Moreover, Cape Town boasts an average prime property price of R31,000 per square, which is more than double Johannesburg's figure of R14,000. Particularly telling is that the Western Cape accounted for more than 38% of national real estate transaction value in 2024, according to Stats SA, despite having just 11% of the population. 'This concentration of capital speaks volumes about where investors are placing their confidence,' says Arnold Maritz, of international realtor Lew Geffen Sotheby. This is especially evident in the luxury segment. 'In our office, buyers with budgets exceeding R15 million have become the norm rather than the exception. We repeatedly see clients inquiring about specific properties, only to learn they were sold within days - sometimes hours - of listing. The speed at which quality stock moves in these neighbourhoods is remarkable,' Maritz explained. He added that buyers also displayed a growing appetite for luxury residential estates in the Southern Suburbs, with buyers being drawn to their combination of space, privacy and proximity to top schools and the CBD. Why Cape Town property prices are outpacing other cities The reasons for Cape Town's property boom are numerous, and now include greater comparative incomes. According to the latest figures from Stats SA, Cape Town's average household income of around R387,000 per year is higher than any other city in the country, with Johannesburg trailing at R282,000. Cape Town's unemployment rate of 23.4% is also well beneath the national average, and the nature of employment also differs markedly. For instance, formal sector jobs in the Western Cape grew by 3.1% in 2024, versus 1.2% nationally. 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 so-called 'semigration' trend is playing a significant part in driving up property prices in the region. Stats SA reveals that the Western Cape experienced a net migration of 92,000 working age adults in the past two years, with some 68% holding tertiary qualifications and 42% occupying professional or managerial roles. But will the bubble burst anytime soon? 'As with any strong market, questions arise about sustainability. Yet most indicators suggest Cape Town's growth has firm foundations,' Lew Geffen Sotheby's commented. According to an FNB Property Insights report, economists are predicting a 7-9% annual price growth in their base case scenarios, with potential for 10-12% in the prime segment. Lightstone says the 'undersupplied' market continues to present opportunities, particularly in the Southern Suburbs, where areas like Bishopscourt, Constantia, and Claremont have seen significant yields. Cape Argus
