Latest news with #Cilliers
IOL News
6 days ago
- Business
- IOL News
Rand gains strength despite US trade tariffs as commodity prices surge
The rand continued to strengthen on Wednesday morning, supported by firmer gold prices and a weaker dollar, even as a 30% tariff on South African imports to the US is scheduled to come into effect at midnight US time. Image: Pixabay The rand continued to strengthen on Wednesday morning, supported by firmer gold prices and a weaker dollar, even as a 30% tariff on South African imports to the US is scheduled to come into effect at midnight US time. As of noon on Thursday, the local currency was trading at R17.72, having continued its improved trajectory since a spike above R18 last Saturday. The JSE's ALSI, too, has been doing well, having again breached 100,000 points to a new record. According to Andre Cilliers, currency strategist at TreasuryONE, the dollar remains on the back foot against major currencies as expectations of interest rate cuts by the US Federal Reserve increase. Cilliers said dovish commentary from Fed Governors Daly and Kashkari, who both called for immediate cuts in response to weak labour market data, has shifted sentiment. The growing prospect of US interest rate cuts is weakening the dollar, which supports the rand. Nolan Wapenaar, co-chief investment officer at Anchor Capital, said the financial market is now pricing in the possibility that the Fed could cut rates three times in 2025. Recently, there were serious concerns that President Cyril Ramaphosa was setting South Africa's economy on fire, as trade tariffs would hit an economy already reeling and unable to grow and create jobs. Wapenaar added that China's exports unexpectedly rose by 7.2% in July compared to a year ago, which is helping emerging market currencies to trade with a positive bias. This has further supported the rand's recovery, despite South Africa's failure to negotiate an alternative trade arrangement to avoid the incoming US tariffs. Gold prices have also gained, underpinned by safe-haven demand following tariff announcements and rate cut expectations. Cilliers said the combination of a weaker dollar and heightened tariff uncertainty is supporting the metal. Traders are now pricing in a 95% probability of a 25 basis point interest rate cut by the Fed next month. Commodity movements have also played a key role in the local market's performance. Peter Little, fund manager at Anchor Capital, said the ALSI is up 22% for the year-to-date, with performance concentrated in a few sectors that are largely unaffected by domestic economic conditions. Little said precious metal miners, which make up around 15% of the ALSI by market capitalisation, have more than doubled in value this year and contributed about 60% of the index's total performance. He noted that this was driven by strong rallies in gold and platinum prices, which are up 29% and 46% respectively for the year to date. Video Player is loading. 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Next Stay Close ✕ Naspers and Prosus, which also account for about 15% of the index, are up 35% for the year and have added another 25% to the ALSI's performance. The gains were largely attributed to the performance of Tencent, the Chinese technology company in which they are invested, which has risen 38% so far this year. Little said the telecommunications sector, though it makes up less than 5% of the ALSI, has gained 68% this year and contributed roughly 12% of the index's return. Combined, these three segments – precious metal miners, Naspers/Prosus, and the telcos – represent around a third of the ALSI's market cap but account for approximately 95% of its total gains in 2025. In contrast, Little said companies whose earnings are primarily linked to the domestic economy have been flat overall this year. He noted that sectors focused on the South African consumer, such as discretionary retailers, are down 20% so far this year, reversing most of the gains seen after the formation of the government of national unity. Oil prices rose by 1% on signs of steady demand in the US, although uncertainty around the impact of the newly announced tariffs limited further gains. Brent crude was trading at $67.32 per barrel, while West Texas Intermediate was at $64.80. IOL
The Citizen
19-07-2025
- Politics
- The Citizen
DA lodges human rights complaint over Merafong water crisis
The Democratic Alliance (DA) in Merafong has officially submitted a formal complaint to the South African Human Rights Commission (SAHRC), calling for urgent intervention in the municipality's persistent water crisis. This follows continued service failures that have left many residents — particularly in high-lying areas of Carletonville, Fochville, and surrounding suburbs — without a stable water supply for weeks and, in some cases, even months. By this week, areas such as Carletonville Extension 8 were again without water. 'Paul Kruger Street also does not have water. This situation is making me really angry as it has been going on for five weeks,' a resident known only as Lea expressed on social media on July 11. According to the DA's Merafong constituency head, Ina Cilliers, the formal SAHRC submission includes 560 affidavits from affected residents, detailed survey data, and other documentation showing the sustained violation of residents' constitutional rights. 'For months, the high-lying areas have been without a stable water supply, with some taps being dry for over three months. This is a clear violation of our residents' human rights,' said Cilliers. The DA cites Section 27 of the Constitution, which guarantees access to sufficient water as a basic human right. Alarmingly, some of the most severely affected areas are also those with the highest payment compliance — often exceeding 90%. The party attributes the ongoing crisis to a combination of infrastructure failure by the Merafong City Local Municipality and deliberate water throttling by Rand Water. As a result, while some wards have relatively stable supply, others are subjected to long-term dry taps. Adding to residents' frustration is the complete lack of transparency. Neither Rand Water nor the municipality has provided clarity on water flow data or the decision-making process behind water distribution. 'Residents are left in the dark, both literally and figuratively,' Cilliers noted. In response, the DA is escalating the issue at multiple levels: In Parliament, DA MPs are putting direct pressure on Rand Water for answers. In the Gauteng Provincial Legislature, the party continues to hold the Department of Cooperative Governance and Traditional Affairs (COGTA) accountable. A resident-led survey is ongoing to map outage patterns across affected areas. A petition has also been submitted to National Treasury, urging urgent intervention into Merafong's debt, which may be contributing to the throttled supply. 'The DA Gauteng has made it clear that this is not a partisan issue but one about dignity, life, and basic human rights,' Cilliers concluded. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
01-07-2025
- Sport
- IOL News
Jakkie Cilliers' boot could be key to Bok Women's chances of success against Canada
Springbok Women and Bulls Daisies goal-kicking specialist Jakkie Cilliers is pleased with her recent return to form as the Boks gear up to take on Canada on Saturday at Loftus Versfeld. Image: AYANDA NDAMANE Independent Newspapers Springbok Women's goal-kicking ace Jakkie Cilliers' recent uptick in form could be crucial to the team's chances against Canada, and in the tight matches at the World Cup. The 24-year-old wing, who sometimes plays at outside centre, is the first-choice goal kicker for the Boks and the Bulls Daisies. The Springbok Men's team has demonstrated the value of an accurate goal kicker on the biggest stage of all, especially when matches are decided by one or two points. At the 2023 Rugby World Cup in France, a hat-trick of one-point wins led them to a historic fourth title. The Springbok Women, like the men, play a forwards-dominated game, and the ability to capitalise on the penalties that accrue from the often relentless pressure is crucial. 'I am kicking well again,' said Cilliers. 'I did go through a bit of a tough patch and had help from a couple of people, but on our recent tour to Europe, coach Swys de Bruin just tweaked something small and suddenly I am kicking them from all over the place again.' Cilliers hopes her name is read out on Thursday when the team is announced for the first Test against Canada – the Bok Women's second at Loftus Versfeld. If she is in the matchday 23, it will be the second time she takes on the North Americans and this time, Cilliers believes, they have a chance to pull off a surprise win. Two years ago, Cilliers was part of the squad that lost 66-7 to Canada in Madrid. She is a perfectionist when it comes to her kicking, and she hopes to have a chance to make up for the penalty attempt she missed in the Spanish capital. Former England-based forward Catha Jacobs was able to offer her Springbok Women teammates valuable insights into Canada's players ahead of this Saturday's Test match. Image: BackpagePix Intimate knowledge of the home conditions will count in the left-footed kicker's favour. The clash at Loftus (1.30pm kick-off) will be the first between the Bok Women and the North Americans on South African soil. 'Loftus is not the easiest place to play, especially if you are not used to the altitude and once that gets to you, it is tough,' Cilliers said. 'Most of our players know the surface well, how the ball bounces and even how easy it is to lose your footing, so that is something that could add to the small margins in any game. 'We know Canada are really playing well but having firsthand knowledge of the stadium and the surface and being used to the altitude will certainly be to our benefit.' Having played against most of the Canadian team on a regular basis in England, Springbok Women's utility forward Catha Jacobs is in a good position to act as a sounding board for her teammates. Jacobs, who just completed a three-year stint with the Leicester Tigers Women, where she played with Canadian flyhalf Claire Gallagher – but also against 14 other Canadians plying their trade in the English league – had some good insights to share with the rest of the South African side. 'Individually, they are really skilful and one can see why – if you put them all in one team – they are number two in the world,' said Jacobs.
IOL News
17-06-2025
- Business
- IOL News
Gold dips despite escalating Israel-Iran conflict as volatility looms
Gold, traditionally a safe haven for investors, has seen its value drop below $3,400 amid rising tensions between Israel and Iran. Experts warn of increased market volatility as geopolitical conflicts unfold. Image: File photo Gold – the metal investors flee to in times of turmoil – slipped below its Friday close on Tuesday even as the conflict between Israel and Iran escalated and market watchers warned of more volatility. The precious metal, long seen as a safe place to store money, was trading at around $3,394.49 as of lunch time on Tuesday, down 0.08% on its opening price. Andre Cilliers, currency strategist at TreasuryONE, said in a note that gold had dropped below Friday's close of $3,450 level despite these geopolitical tensions. The metal is still off its $3 500 record high in April. Cilliers said that US President Donald Trump's warning to Iranians to evacuate Tehran has raised fears of an escalation in the Iran/Israel conflict and is keeping markets on edge. 'Iran has warned that it will unleash the biggest ballistic missile attack on Israel in the next few days while Israel is targeting government facilities,' he noted. Bianca Botes, director at Citadel Global, has also cautioned that there may be 'heightened volatility as markets react to fast-moving developments in the Middle East.' 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 ✕ Information from axi indicated that gold was worth just under $19 an ounce in the years between 1833 and 1849, only moving above $1,000 in 2010. It stated that gold rose dramatically in January 1980, 'reacting not only to high inflation but also to geopolitical tensions with the Iranian Revolution and the Soviet Invasion in Afghanistan'. During the Global Financial Crisis of 2008, the metal soared more than 50% in just nine months to $1,011 an ounce. Concerns over the economic impact of the COVID-19 pandemic pushed the metal past $2,000 and it pushed higher again in 2023 when central banks started a rate-hiking cycle. On Monday, the rand closed 1.7% stronger at R17.81, even though trade was thin due to the holiday. It opened at R17.82, and was trading at R17.83. Cilliers expected a range of R17.70/R17.90 as traders watch the Middle East developments. IOL
IOL News
17-06-2025
- Business
- IOL News
Gold dips despite escalating Israel-Iran conflict as volatility looms
Gold, traditionally a safe haven for investors, has seen its value drop below $3,400 amid rising tensions between Israel and Iran. Experts warn of increased market volatility as geopolitical conflicts unfold. Image: File photo Gold – the metal investors flee to in times of turmoil – slipped below its Friday close on Tuesday even as the conflict between Israel and Iran escalated and market watchers warned of more volatility. The precious metal, long seen as a safe place to store money, was trading at around $3,394.49 as of lunch time on Tuesday, down 0.08% on its opening price. Andre Cilliers, currency strategist at TreasuryONE, said in a note that gold had dropped below Friday's close of $3,450 level despite these geopolitical tensions. The metal is still off its $3 500 record high in April. Cilliers said that US President Donald Trump's warning to Iranians to evacuate Tehran has raised fears of an escalation in the Iran/Israel conflict and is keeping markets on edge. 'Iran has warned that it will unleash the biggest ballistic missile attack on Israel in the next few days while Israel is targeting government facilities,' he noted. Bianca Botes, director at Citadel Global, has also cautioned that there may be 'heightened volatility as markets react to fast-moving developments in the Middle East.' 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 Information from axi indicated that gold was worth just under $19 an ounce in the years between 1833 and 1849, only moving above $1,000 in 2010. It stated that gold rose dramatically in January 1980, 'reacting not only to high inflation but also to geopolitical tensions with the Iranian Revolution and the Soviet Invasion in Afghanistan'. During the Global Financial Crisis of 2008, the metal soared more than 50% in just nine months to $1,011 an ounce. Concerns over the economic impact of the COVID-19 pandemic pushed the metal past $2,000 and it pushed higher again in 2023 when central banks started a rate-hiking cycle. On Monday, the rand closed 1.7% stronger at R17.81, even though trade was thin due to the holiday. It opened at R17.82, and was trading at R17.83. Cilliers expected a range of R17.70/R17.90 as traders watch the Middle East developments. IOL
