Latest news with #R54
IOL News
3 days ago
- IOL News
Former Transnet CEOs arrested over R93 million locomotive fraud linked to Gupta network
The Investigating Directorate arrests former executives Brian Molefe and Siyabonga Gama over alleged misconduct in the R54 billion Transnet locomotive contract Former Transnet Chief Executive Officers Siyabonga Gama and Brian Molefe have surrendered to authorities in connection with serious fraud, corruption, and money laundering charges arising from a controversial R93 million locomotive deal. The two are scheduled to appear in the Palm Ridge Magistrate's Court on Monday. The arrests were executed by the Investigating Directorate Against Corruption (IDAC) and relate to a 2015 tender for the procurement of 1,064 locomotives—part of a broader R54 billion contract plagued by irregularities and alleged violations of the Public Finance Management Act.
IOL News
18-06-2025
- Business
- IOL News
Agribusiness Confidence Index shows slight decline amid global uncertainties
Agricultural Business Chamber said that despite the slight decline, the current level of the ACI, implies that South African agribusinesses remain optimistic about business conditions in the country Image: Supplied South Africa's Agricultural Business Confidence Index (ACI) edged down by five points to 65 in the second quarter, reflecting a slight dip in sentiment across the agribusiness sector, the Agricultural Business Chamber (Agbiz) said on Wednesday. The chamber noted that concerns over global trade uncertainty, persistent geopolitical tensions, and ongoing domestic animal disease outbreaks were among the main factors weighing on industry confidence. "Despite the slight decline, the current level of the ACI, implies that South African agribusinesses remain optimistic about business conditions in the country," said Wandile Sihlobo, the chief economist at Agbiz. 'The better summer rains and improvements at the ports which have enabled exports with minimal interruptions, are some of the positives. This survey was conducted in the second week of June, covering various agribusinesses operating in all agricultural subsectors across South Africa." The ACI comprises ten subindices; six of them declined in quarter two, while the rest remained unchanged. The turnover subindex confidence was down by 5 points to 55. There was a deterioration in sentiment among agribusinesses operating in the red meat sector, while others maintained a roughly unchanged view from the previous quarter. Similarly, the net operating income subindex fell by 5 points to 65 points. The drivers were the same as the turnover. The sub-index measuring export sentiment volume fell by 40 points to 60. Sihlobo said, 'This is still a relatively favourable level. For example, in quarter one, South Africa's agricultural exports totalled $3.36 billion (R54 billion), up 10% from the same period a year ago, according to data from Trade Map. Thus, the decline in sentiment in quarter two is a normalisation.' The general economic conditions subindex fell by 15 points to 50 in quarter two. "This indicates concerns about growth prospects this year due to both domestic and global constraints. The market share of the agribusiness subindex fell by 5 to 65 points in quarter two," Sihlobo said. "Most respondents maintained an essentially unchanged view, which enabled the high base to lead to a mild decline in sentiment.' Sihlobo said the second-quarter ACI results for 2025 reflect an overall optimistic sentiment in the agricultural sector, with expectations of a recovery continuing through the year. However, he cautioned that the rebound is likely to be uneven, as certain key subsectors remain under pressure from ongoing animal disease outbreaks. 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 ✕ "The dominance of geopolitical concerns amongst respondents' views illustrates South Africa's agricultural sector's strong dependence on export markets and the need to work to diversify markets," Sihlobo noted. 'China, India, Saudi Arabia, and Egypt are among the key markets we should expand into.' Francois Rossouw, the CEO of Southern African Agri Initiative (Saai), said the slight decline in the ACI is understandable given the pressures facing the sector. 'While confidence remains in positive territory, ongoing threats like foot-and-mouth disease, amongst others, continue to weigh heavily on the red meat industry. Globally, escalating geopolitical tensions and uncertainty over key trade relationships- especially with major partners like the United States, raise concerns for export-driven agribusinesses," he said. These dynamics, alongside regional conflicts in Ukraine and the Middle East create planning difficulties for producers. 'While confidence remains resilient overall, strengthening biosecurity and maintaining stable, trade-friendly diplomacy will be essential to support continued recovery,' Rossouw said. TLU SA general manager, Bennie van Zyl, is in agreement with most of the findings of ACI by Agbiz. 'It must be noted that the agricultural sector is in a fluctuation of seasonal realities especially with rain. Some years we have better rain , some years we have late rain and some years we have no rain," Van Zyl said, "This is something that has a huge influence on the climatic side of the agricultural sector. There's also the impact of crime on the agriculture sector such as produce theft and theft of cattle which is stock theft.'
IOL News
14-06-2025
- Business
- IOL News
Hot property, cold dreams: Cape's soaring home prices freeze out first-time buyers
Houses are simply getting more expensive – positive for sellers – yet leaving prospective first-time buyers out in the cold and stuck in the rental market. Image: Unsplash Houses are simply getting more expensive – positive for sellers – yet leaving prospective first-time buyers out in the cold and stuck in the rental market. Statistics South Africa's latest data shows that residential property increased by a whopping 5.2% in January from the prior year, faster than the official inflation rate of 3.2% in that month. There were, however, differences as to where prices increased the most, with those looking to buy in the Western Cape set to pay a hefty 8.5% more, while property in Johannesburg was less popular, with price points growing at only 2.3%. Put another way, a property that cost R1 million a year ago would have been sold at a price point of at least R1 023 000 in Johannesburg and R1 085 000 in Cape Town – stripping out any compounding of inflation or other factors. Denese Zaslansky, CEO of the FIRZT Realty group, explained, 'at the current average home price of around R1.6m, for example, the gross monthly income required to qualify for a home loan is around R54 200, which is R3 600 less than it was at this time last year because of the rate cuts. 'But if prices continue to rise even at an average of around 5% a year… buyers who delay now will not only have to contend with a bigger monthly bond repayment but will also need to earn about R2 700 more a month to qualify for their home loan. They will thus lose most of the advantage of the recent rate decreases,' said Zaslansky. Berry Everitt, CEO of the Chas Everitt International property group, told IOL that, while these increases are positive for those who are selling their homes at this stage, they are 'also steadily creating a shortage of homes that are affordable for first-time buyers and investors, despite the recent interest rate cuts'. 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 ✕ The South African Reserve Bank started incrementally cutting interest rates last September in 25 percentage point increments to its current level of 10.75% at the prime rate. Zaslansky noted that 'demand has strengthened with every rate decrease since September last year, stock is drying up rapidly in popular areas and we have seen a 38% increase in sales and an average 6% price increase in our markets in the past six months'. Everitt adds that 'we worry that there are many young people who are earning well but still in danger now of being priced out of the formal market, and thus also out of their future opportunities to build equity in real estate and upgrade as their employment and financial prospects improve'. Advising anyone who can afford to buy or invest at current prices to do so without delay, Everitt says they otherwise 'risk finding themselves left out in the cold'. Zaslansky concurred: 'This means that there is no time to waste for prospective buyers and investors.' IOL
IOL News
10-06-2025
- Business
- IOL News
Court orders wife to adjust her lavish lifestyle amid divorce proceedings
The Gauteng High Court, Johannesburg, told a divorcing woman to tighten her belt as she made financial demands from her husband pending their divorce Image: File An elderly woman who is in the process of divorcing her husband was advised by the court to tighten her belt as she can no longer live the lavish life she is used to since she and her husband had parted ways. The woman turned to the Gauteng High Court, Johannesburg, in a bid for her husband to increase the monthly maintenance he is paying her, pending their divorce. Apart from the nearly R54,000 a month she is demanding from him, she also insisted that he pay all her other expenses, such as her gym membership and furnishing her new home. The husband said his company mostly paid for her luxuries in the past, but the now cash-strapped company had been sold, and the money had dried up. He suggested that the wife curb her expenses and tone down her lavish spending, which the court agreed with. 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 ✕ The applicant (wife) and the respondent (husband) were married to each other in community of property in 2012, but the wife instituted divorce proceedings last year. Both are in their late 60s. The wife asked for an order forcing her husband to pay her R53,800 per month, and that, additionally, he should continue to pay all her direct expenses. These included R6,800 a month for the domestic worker, the wife's medical aid premiums, her car's premiums and maintenance, as well as her gym membership. Apart from this, she wants him to pay for the monthly lease of a townhouse selected by her, as well as a one-off contribution towards appliances and related household items to furnish her home in the sum of R193,000. Finally, she wants R1 million from him towards her legal costs in the divorce proceedings. The respondent contends that he does not have the means to pay the exorbitant amounts claimed from him by the applicant, who, according to the respondent, is living beyond her means. The applicant, so the respondent contends, is insisting on a lifestyle that was sustained by his company, which in recent times had fallen on hard times, making it necessary for them, as a family, to tighten the proverbial belt. The respondent tendered a cash payment of R28,700 per month, to include the applicant's Audi A3 instalment and its maintenance limited to R4,000 per month. He also agrees to pay for the domestic worker as well as to pay the R1,500 a month towards her gym membership. The claim by the applicant for payment of R193,000 for household accessories is also rejected by the respondent, who made it clear he also cannot afford to pay for her monthly rental.
IOL News
02-06-2025
- Business
- IOL News
Buy now or miss out: Johannesburg property market heats up
As interest rates decline, Johannesburg's property market is heating up, presenting a golden opportunity for buyers and investors. Don't get left behind—find out why experts are urging immediate action! Image: Karen Sandison / Independent Newspapers In a decisive move that could reshape the real estate landscape in Johannesburg, the South African Reserve Bank has cut interest rates by 25 basis points, bringing the home loan interest rate to an unprecedented low of 10.75%—the most favourable level since February 2023. This announcement has sparked urgent calls from property experts for prospective buyers and investors to act swiftly in this buoyant market. Denese Zaslansky, CEO of FIRZT Realty Group, emphasised the growing momentum in property demand since rates began to decline in September last year. 'We have witnessed a remarkable 38% surge in sales and an average price increase of 6% over the past six months,' she noted, pointing out that desirable locations in Johannesburg are already seeing diminishing stock levels. The implications of today's rate cut are significant for both first-time buyers and seasoned investors. Given that the current average home price in the city is approximately R1.6 million, qualifying for a home loan currently requires a gross monthly income of about R54,200. This figure is R3,600 less than it was this time last year, offering a golden opportunity for many who may have previously felt locked out of the market. Zaslansky warns, however, that time is of the essence. 'If property prices rise by just 5% in the next year, prospective buyers will face higher monthly bond repayments and will need to increase their monthly income by R2,700 to qualify for a home loan, should interest rates remain stable. This will erode the advantages gained from the recent rate cuts,' she cautioned. Today's interest rate decline comes in response to inflation metrics consistently lingering below the Reserve Bank's target range of 3% to 6%. With inflation reported at 2.8% in April, and economic growth failing to gain real traction, the decision reflects a broader shift aimed at boosting consumer confidence and justifying spending amid turbulent market conditions. 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 According to Zaslansky, a turnaround is imminent. 'We are highly optimistic that we will see rapid advancements in the property market as demand escalates. The number of new developments sprouting across Johannesburg is a clear indicator of rising investment in property, stimulating both job creation and overall economic growth in the region.' With the property market in Johannesburg offering rare opportunities for savvy buyers, Zaslansky's message is clear: the time to act is now. Ignoring this window may mean relinquishing the chance to secure a home at today's favourable rates and prices—an opportunity that may not last long as the market continues to evolve. BUSINESS REPORT
