Latest news with #CTICC
IOL News
22-05-2025
- Business
- IOL News
South Africa's National Budget: Stability in the Rand amid muted market reactions
Finance Minister Enoch Godongwana delivers the Budget speech in National Assembly held at CTICC in Cape Town. Image: Kopano Tlape/GCIS Following Finance Minister Enoch Godongwana's muted presentation of the National Budget, for the third time, on Wednesday, markets haven't been seriously agitated, and the fiscal framework is being seen as broadly investor friendly. The rand was stable early on Thursday morning at R17.97, after closing at a similar level after the National Budget was presented. It had opened at R17.89 on Wednesday, which signifies no major movement. The JSE's All Share Index, by late morning, was 0.56% down on the day, coming off its 1% gain and seven-day high at Wednesday's close. Old Mutual wealth investment strategist, Izak Odendaal, said the 'decidedly uneventful' and 'boring' National Budget was good and the financial market response was muted. The rand was stable early on Thursday morning at R17.97, after closing at a similar level after the National Budget was presented. Image: Morningstar 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 ✕ Godongwana proposals included limiting direct tax increases to so-called 'sin' taxes, an increase in the fuel level, although he did say that gross domestic product (GDP) for the year would come in at 1.4% this year, down from a previously predicted 1.9%, markets haven't moved dramatically. At the same time, he said it was not an 'austerity' budget, indicating that he did not seek to reduce expenditure dramatically. He did, however, warn that subsequent budgets would need to ensure that government received more revenue, and that government would continue to pay large amounts to service debt, which would amount to more than R1.3 trillion over the next three years. South Africa's two previous Budget attempts failed to gain approval because of proposed VAT hikes, and markets had been concerned over DA threats to leave the multi-party government. Investec chief economist, Annabel Bishop, said that – with revenue and expenditure projections revised lower, and genuine potential for upside on revenue – the credit rating agencies are unlikely to react negatively. Casey Sprake, economist at Anchor Capital said, post the National Budget, National Treasury has made a significant policy pivot by cutting R70 billion in spending over the period between fiscal 2026 and 2028, which offsets the lower revenue trajectory and helps stabilise the main budget deficit. 'In an environment where fiscal credibility is under strain, such restraint is likely to be well received by financial markets,' she noted. Odendaal said that the 'key thing from investors' point of view is that fiscal consolidation remains the priority'. Sprake added that the 2025 National Budget is 'broadly seen as marginally bond-positive and moderately supportive of the rand over the medium term, primarily due to its emphasis on expenditure restraint amid lower revenue projections'. What is crucial, Sprake added, is that government has chosen to rein in spending rather than implement broad-based or distortionary tax increases which is 'an approach that sends a constructive message to investors'.
IOL News
21-05-2025
- Business
- IOL News
Budget 3. 0: reactions highlight hope and concerns for South Africa's economy
Finance Minister Enoch Godongwana on Wednesday delivered the Budget speech in the National Assembly held at CTICC in Cape Town Image: Kopano Tlape/GCIS The 2025/26 budget presented by Finance Minister Enoch Godongwana on Wednesday has sparked a wave of mixed reactions from South African experts. While the reversal of the VAT hike provides relief to citizens facing mounting living costs, the introduction of fuel levy increases has raised concerns about the impact on household budgets amidst an already challenging economic landscape. On the surface, the budget appears to address some critical issues confronting ordinary South Africans. With global economic forecasts dimming due to rising geopolitical tensions and trade barriers, the International Monetary Fund recently adjusted its growth projections for 2025, lowering them by 0.5 percentage points since January. Boipelo Ndimande, Chief Financial Officer at Consult by Momentum Image: Supplied Video Player is loading. 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Next Stay Close ✕ "This precarious backdrop puts immense pressure on local fiscal policies," said Boipelo Ndimande, Chief Financial Officer at Consult by Momentum, emphasising the volatility of the current financial landscape. "The importance of having a well-diversified, long-term financial plan cannot be overstated," she said. Ndimande cautioned investors against making hasty decisions in response to the changing economy, urging them to consult financial advisers to ensure their portfolios are protected against impending economic headwinds. Nkosinathi Mahlangu, Youth Employment Portfolio Head at the Momentum Group Foundation Image: Supplied Nkosinathi Mahlangu, Youth Employment Portfolio Head at the Momentum Group Foundation, noted the government's struggle to balance priorities under tough economic conditions. While he welcomed sustained investments in education, early childhood development, and infrastructure, he expressed disappointment at the lack of targeted measures for the youth labor market, particularly given the country's staggering youth unemployment rates. The absence of discussion regarding the Youth Employment Tax Incentive was concerning, along with a lack of clarity on transitioning Social Relief of Distress grant recipients into jobs. Mahlangu praised the proposed job-seeker allowance and the reassessment of Active Labour Market Programmes but insisted that these initiatives require urgent implementation and alignment across government departments to create tangible job opportunities. He highlighted the R1 trillion infrastructure pipeline as a silver lining, asserting that its success hinges on reaching underserved communities and providing visibility and pathways to employment for young South Africans. Arno Jansen van Vuuren, Managing Director at Futurewise Image: Supplied Emphasising the importance of education, Arno Jansen van Vuuren, Managing Director at Futurewise, applauded the budget's focus on early childhood education through significant fiscal investments. The additional R10 billion allocated to expanding ECD access is expected to assist 700,000 more children, while R9.5 billion is earmarked for teacher retention and staffing in provincial education. van Vuuren said that these strategies signal a commitment to long-term economic growth through educational resilience, urging families to plan ahead for their children's futures. The renewable energy sector has also expressed optimism in light of this budget. David McDonald, CEO at SolarAfrica Image: Supplied David McDonald, CEO of SolarAfrica, described the R219.2 billion allocation for enhancing South Africa's electricity supply as a "breath of fresh air" for the industry. The focus on renewable energy projects, particularly those that stabilize power supply and mitigate loadshedding, highlights the crucial function of Independent Power Producers (IPPs) in building energy resilience. McDonald indicated that the forthcoming multi-line transmission package and the implementation of public-private partnership regulations will reduce bureaucratic barriers and better enable private sector participation in energy solutions. He emphasised that in a tight fiscal environment, leveraging private capital and expertise is essential for growth and infrastructure development. SUNDAY TRIBUNE
Eyewitness News
09-05-2025
- Entertainment
- Eyewitness News
Road closures for the Absa Run Your City Cape Town 10K on Sunday, 11 May
Tasleem Gierdien 9 May 2025 | 5:37 City of Cape Town Cape Town events The 10th anniversary of the Absa Run Your City Cape Town 10K takes place this Sunday, 11 May 2025 from Milnerton. The City of Cape Town would like to advise residents and participants on logistics for race day. A sold-out field of approximately 15,000 people will take to the streets from Woodbridge Island in Milnerton to Lower Long Street in the CBD. The Absa Cape Town 10K brings together a diverse group of runners from the elites to recreational runners and those who are in it for the vibes. Runners will enjoy iconic views of Table Mountain as they make their way along the coastline, onto the N1, and into the vibrant city bowl, passing some of the Mother City's famed landmarks before crossing the finish line on Lower Long Street. As one of South Africa's most loved mass participation events, the race transforms Cape Town's roads into a high-energy course with entertainment, music and support zones that bring the route to life with good vibes for runners and spectators alike. The race will set off from Woodbridge Island at 09:00. Road closures: To safely host this major event, a series of road closures will be in place over the weekend. Motorists are advised to plan and take note of alternative routes. Some major roads on the route or intersecting with the route will be closed for several hours on Sunday. These include: The N1 inbound from the Marine Drive off-ramp Marine Drive (between Loxton Road and Boundary Road) Marine Drive (between Boundary Road and the N1 off ramp) Heerengracht Street (between FW De Klerk Boulevard and Walter Sisulu Avenue) Long Street (between Hans Strijdom and Wale streets) Adderley Street (between Hans Strijdom and Strand streets) A full list of road closures can be found here. Park and Ride A dedicated MyCiTi shuttle service will transport participants from the Grand Parade to the start line in Milnerton. Buses depart from 05:30, with the final bus leaving at 08:20. Parking is available on and around the Grand Parade. Runners are encouraged to park early, make their way to the Grand Parade, and hop on the MyCiTi buses for a smooth and stress-free trip to the start. Post-race, there's a shuttle to return participants to the start venue at Woodbridge Island from 10:30 until 14:00. The bus will run from Walter Sisulu Avenue in front of the CTICC. "The City of Cape Town has been with the Absa RUN YOUR CITY SERIES since its inception 10 years ago and it has been an event that has showcased our city's natural beauty, its vibrant energy and our people's passion for sports. This milestone is a celebration of the enduring spirit of the thousands of athletes who have taken part in the race, those who have enhanced their healthy lifestyle thanks to the event and a wonderful reminder of the fun times we've had over the last decade. We are looking forward to seeing the athletes back on the iconic route this weekend and the vibe that brings the running community together. We have worked hard with the event organisers over the last couple of months to provide a safe and smooth experience on race day, ensuring that both participants and spectators can enjoy the event with confidence." - JP Smith, Mayoral Committee Member - Safety and Security
IOL News
02-05-2025
- Entertainment
- IOL News
The Jazz Was a Prayer, and We Were the Amen
Black Coffee and Nduduzo Makhathini closed their show strongly, elevating the spirit of CTIJF to new heights. Image: Armand Hough / Independent Newspapers By Faiez Jacobs It's been a full week since we stood shoulder to shoulder beneath red lights and ancestral drumbeats at the Cape Town International Jazz Festival 2025. And still, it lingers. Not the hype. Not the Instagram stories. The feeling. The texture. The truth. It lives in our bones, in our softened chests and quiet thoughts. Because what we experienced at CTIJF wasn't just a was a collective remembrance. A necessary cleansing. A deeply Cape Town communion. Acid jazz pioneers, Incognito during their stint on stage, at Thursday night's CTIJF free concert on Greenmarket Square. Image: Fuad Esack Where We Began On Thursday, I attended the People's Concert the perfect prelude. It was warm, easy, full of hugs and long-overdue greetings. It felt like a homecoming. I hadn't seen many of my comrades and old friends in years. To reconnect, to feel, to breathe in that atmosphere it meant everything. Friday night, April 25, began not just with the last rays of sun but with a shared energy, a readiness. Inside the CTICC, Lira gave us more than melody. She gave us light. She gave us affirmation. The enigmatic Lira in action at the Cape Town International Jazz Festival. Image: Ayanda Ndamane / Independent Newspapers "Feel Good" wasn't just a hit it was a permission slip to hold joy again. "Let There Be Light" became an invocation. And when she smiled, we saw our own resilience reflected back. At Manenberg, Ramon Alexander Trio delivered a tight, rooted, unapologetically Cape set. He didn't perform for us; he played with us. Ghoema rhythms echoed stories from the Flats, vinyls spinning on Sunday afternoons, laughter around mosques and kitchens. Ramon is familiar, a brother. I say this with deep respect and gratitude. Then the energy shifted. Renowned saxophonist and composer Nubya Garcia on the Kippies stage on Saturday evening during the 22nd Cape Town International Jazz Festival. Image: Armand Hough / Independent Newspapers Nubya Garcia took the Kippies stage like a spiritual warrior. Red backdrop. Braids. Sunglasses. Saxophone in hand. Yoh! Wow. She's young, fearless, and emotional —bringing power, technique, and ancestral echo into every note. She opened with 'Source', and within minutes the room was spellbound. Her set wasn't smooth. It was alive diaspora longing and ancestral defiance braided into sound. You don't dance to Nubya. You surrender. Malcolm Jiyane performing at the 22nd Cape Town Jazz Festival, which was held at the Cape Town International Convention Centre (CTICC). Image: Ayanda Ndamane / Independent Newspapers Malcolm Jiyane Tree-O followed and I need to speak honestly here. He didn't entertain. He made us uncomfortable in the most necessary way. He reminded me of my post-'94 time at Yeoville. A trombonist, pianist, composer, and bandleader from Katlehong, he represents a new wave of South African jazz deeply rooted in Soweto's revolutionary music traditions. He played grief. He moaned put his left hand inside the piano and pulled out ghosts. "No More" wasn't a song. It was a scream from a man who's survived addiction, poverty, betrayal. It was a spiritual protest: • No more injustice. • No more pain without healing. • No more forgotten voices. • No more suffering without recognition. I closed my eyes — not to escape, but to carry the weight of it. This wasn't 'Friday night out.' This was the gut of the thing. The Kyle Shepard Trio on the Rosies stage during the 22nd Cape Town International Jazz Festival. Image: Henk Kruger / Independent Media Then came Kyle Shepherd Trio. He reached into the belly of the piano literally and plucked the strings with his bare hands. Not for show. For truth. In that moment, I witnessed: • The world above and below seen and unseen. • Control and surrender key and string. • Rationality and intuition mind and soul. • Cape Town's past and future tradition and freedom. His playing was a prayer. Sparse. Tender. Profound. 'Silence is music too,' it seemed to whisper. 'Trust the space. Let it hold you.' His fingers painted landscapes: rivers, deserts, streets, memories. I didn't overthink. I felt. Kyle once said:'I come from a place where silence was dangerous. You had to find a way to speak without words.' He isn't just a pianist. He's a healer. A memory-keeper. A spiritual architect. A dreamer of freedom. Festinos enjoying the Cape Town International Jazz Festival events at the CTICC. Image: Armand Hough / Independent Newspapers After that, I needed DJ Masoodah. Our own soulful selector. Beloved curator. Fierce. Soft. Duidelik. She reclaimed space — for Black, Brown, Woman, Queer energy. She healed — by mixing sounds carrying ancestral memory. She connected jazz to the streets — reminding us that jazz is life, not just stage. I danced. I let go of needing to 'understand.' I felt. And I connected to everyone around me. All of us vibrating together. Because dancing together in this city, in this moment, is an act of radical joy. Masoodah is a healer. A rebel. A celebrant of spirit through sound. Then I went inside. Thandiswa Mazwai captured the audience with a powerful performance at CTIJF. Image: Armand Hough / Independent Newspapers Thandiswa Mazwai was calling. She is not an artist. She is a movement. A mother. A priestess of the people. She didn't headline. She claimed the space. Unapologetically African. Politically militant. Spiritually rooted. Feminist and fierce. From the moment she called 'Nizalwa Ngobani?!',we were not at a concert; we were inside a ritual. Beadwork like battle armour. And truth on her tongue. She called out the AmaSellout; those who drank the revolution and pissed on its roots. I felt ashamed. But I also felt the power of the people to remember, correct, and love again. "Amanz' Amanzi" was mourning for stolen futures, poisoned water, and broken promises. She chanted 'Hela Hé' 'Call upon! Strengthen us! Witness us, ancestors!' And 'Dinekè' spiritual endowments, divine gifts. And we answered her, as congregation. "Jiki Jela" transported me back to my own political detention. Was I still in prison? Had I given up? She triggered us. Ambushed us. And we surrendered gratefully. Thousands of people from across the globe attended the CTIJF 2025 where top local and international artists took to the stage. Image: Armand Hough / Independent Newspapers Then Came Bongisiwe Mabandla Under the bridge. Quiet space. Sacred air. Bongisiwe Mabandla, the African soul mystic. His voice holds veld loneliness, spiritual yearning, and quiet hope. He sang: • "Mangaliso" — a prayer for small miracles. • "Yaka" — calling to the absent father, or spirit. • "Zange" — mourning lost innocence. • "Ndiyakuthanda" — I love you. Simply. Deeply. • "Masiziyekelele" — Let us surrender. He didn't shout. He whispered us whole again. Not Just a Line-Up. A Lifeline. This was more than music. It was a map: • Of what we've lost. • Of what we still carry. • Of what we dream. From ghoema to gospel-infused jazz, from sweat to tears —we held joy and rage. Memory and movement. Pain and purpose. TKZee rocked the crowd with their nostalgic tracks and dynamic stage presence. Image: Armand Hough / Independent Newspapers
Eyewitness News
28-04-2025
- Entertainment
- Eyewitness News
Cape Town International Jazz Festival has officially come to a close
CAPE TOWN - A weekend filled with great music and good company, the Cape Town International Jazz Festival has officially come to a close. The two-day event brought together international acts and South African musical legends, creating a lively atmosphere in the heart of the Mother City. ALSO READ: CTICC abuzz as CT International Jazz Festival in full swing Festivalgoers danced the night away and shared their excitement with Eyewitness News. "We're at the CTICC for the Cape Town Jazz Fest - the first time here and the first time at the Cape Town festival, and yeah, just excited seeing how it goes with my girls," one festivalgoer said. "We just entered. We don't know what is inside, but as always, it's fireworks," said another. "I haven't been to any other jazz festivals. I think it's my first time coming to the Cape Town Jazz Festival, so not sure what to expect though," another said.
