Latest news with #Fourie
The Citizen
3 days ago
- Sport
- The Citizen
Currie Cup result: Boland stun Cheetahs in Wellington
Both teams scored five tries in a hugely entertaining game. The Boland Cavaliers got their 2025 Currie Cup campaign off to the perfect start when they stunned the Cheetahs 37-35 in their opening game in Wellington on Sunday afternoon. Hawies Fourie's team qualified for the top-eight Premier Division of the Currie Cup after performing well in the SA Cup competition some months ago. The newcomers to the Premier Division dominated the opening half of the match and led 27-14 at half-time. But the Cheetahs responded with an energised second half performance and looked to have sewn the match up deep into the half. But two late tries by the Bolanders, the final one well into over-time, secured a dramatic win for Fourie and his charges. Both teams scored five tries in a hugely entertaining game. The Cheetahs' coaching staff of Frans Steyn and Ruan Pienaar will not be happy after their side got back into the game in the second half, just to give it away at the end. The Cheetahs are next up against the Pumas at home on Friday, while Boland take on Griquas in Kimberley next Sunday. In the other matches this weekend, the Pumas beat Griquas 49-28 in Mbombela, the Lions beat the Sharks 46-5 in Joburg and the Bulls beat Western Province 48-23 in Cape Town.
The Citizen
5 days ago
- Business
- The Citizen
Gerrie Fourie's tearful farewell to Capitec family
At an emotional AGM, the bank's long-serving CEO and founding member stepped down after 25 years. Fourie thanked his executive team and the Capitec board for their trust and support at his final AGM as CEO. Picture: via Capitec's website On Friday, 18 July, Capitec's now-retired CEO Gerrie Fourie stepped onto the stage at the bank's annual general meeting (AGM) in Stellenbosch for the final time, marking the end of a 25-year journey with the company he helped build from the ground up. From the outset, Capitec chair Santie Botha made it clear that this would not be a routine AGM. Botha's opening address set the tone for an emotionally significant farewell to one of the bank's most influential figures. She said Fourie was hand-picked by Capitec co-founder Michiel le Roux in 2000 to be part of the executive team that would build a new kind of bank. 'Over the past six years, I've had the privilege of working closely with Gerrie and observing his modus operandi first-hand,' Botha added. 'He is a phenomenal leader and CEO. His approach to business is unique and he sets a very specific tone from the top.' ALSO READ: Is South Africa's unemployment rate really only 10%? Fourie built what Botha called an 'A-team' of leaders, with zero tolerance for non-performance. He demanded a deep understanding of the business and was known for challenging assumptions, asking difficult questions, and drilling into the detail when needed, she added. He recognised when the numbers didn't add up and always pushed for clarity and accountability. Although he was guided by vision and long-term strategy, Fourie believed nothing beats decisiveness and execution delivered at speed. 'Thank you, Gerrie, for dreaming big and showing South Africa what is possible with dedication and focus. Over to you,' said a visibly emotional Botha. ALSO READ: Government meets with Capitec CEO about unemployment statistics Reflection Fourie's presentation began in his characteristic relaxed and engaging manner, as he shared the latest performance statistics and milestones achieved under his leadership. But the tone soon shifted as he began to reflect on the people who made the journey meaningful. 'To the Capitec team, it was a tremendous 25 years working with you,' said Fourie. He recounted how, during a systems outage in August 2022, staff worked around the clock to restore services. Further, 'Our consultants don't close a branch at 5pm. They wait until the last client leaves. That is our family.' ALSO READ: Capitec's outgoing boss bemoans SA's high real interest rates Gratitude and pride Fourie thanked his executive team and the Capitec board for their trust and support. 'You know, I actually thought this morning – everything I asked for, I got. And I know it sounds windgat [like a braggart],' he said, laughing. He highlighted the decision to invest in 2020, during the uncertainty of the Covid-19 pandemic, when other companies were pulling back. 'It was scary. But over three years, we invested an additional R6 billion – and that is how we created what Capitec is today. 'The board's boldness and decisiveness helped us get there.' Fourie then turned to his family. 'This is the difficult part,' he said, his voice wavering. He thanked his wife, Reinie, for supporting his career and creating the space he needed to focus entirely on Capitec. 'From my side … thank you. And to my dad – my biggest supporter.' He concluded with a tribute to his successor, Graham Lee. 'Graham started in 2002 as my business analyst. He couldn't speak a word of Afrikaans,' Fourie joked. But, he said, Lee brought all the right qualities to lead Capitec into the future – from technological insight and data fluency to execution ability and, 'most importantly, a passion for people'. 'It's a privilege to hand the baton to you,' he said tearfully as the audience rose in a standing ovation. Capitec share price This article was republished from Moneyweb. Read the original here.
The Citizen
15-07-2025
- Business
- The Citizen
Why SA has 32.9% unemployment and Zimbabwe 8%
We're counting different things. Someone growing vegetables in their garden for their own consumption is counted as employed in countries such as Zimbabwe, but not in SA. Picture: iStock Capitec CEO Gerrie Fourie recently claimed South Africa's unemployment is closer to 10% than the official 32.9% if we count the enormous informal sector – which, by some accounts, represents more than 15% of GDP and 2.7 million jobs. Fourie suggested the actual unemployment rate may be closer to 10% based on observations of informal economic activity. With 24 million customers, Capitec has a fair grasp of the transactional activity of nearly half the SA population and estimates the informal sector at nearly nine million – far larger than estimates by Statistics SA. Stats SA hit back at this claim, pointing out that it does in fact measure the informal sector in its various surveys, but added that improvements could be made by gathering better data. It says in a statement that it is 'committed to advancing data integrity and is evaluating additional statistical tools, including a register for informal enterprises'. ALSO READ: Is South Africa's unemployment rate really only 10%? This is no idle debate. Unemployment figures are highly politicised. They are a useful battering ram to shame the government – rightly so – and advance various political agendas. Stats SA says it recognises that its unemployment figures are among the most scrutinised in the country, and that it welcomes this. In South Africa, informal employment, defined by tax registration status and enterprise size, is captured in the Quarterly Labour Force Survey (QLFS) using International Labour Organisation (ILO) methodology. To qualify as part of the informal sector, employees must be unregistered for income tax and work in establishments with fewer than five individuals. This encompasses employers, own-account workers, and those providing unpaid assistance in household businesses who do not register for income tax or value-added tax (Vat). ALSO READ: Government meets with Capitec CEO about unemployment statistics Same methodology, different results? How we measure unemployment is of vast importance. It makes no sense that Zimbabwe claims an unemployment rate of around 8%, a quarter of that of SA, when it supposedly uses the same ILO methodology used by Stats SA. In other words, you are considered unemployed if you are without work, available to work and have been actively looking for work in the last four weeks. The Zimbabwe informal economy accounts for 70-80% employment according to stats collection agency ZimStat, with millions involved in subsistence farming or small-scale trading. Brazil and India, both fellow Brics countries, measure their unemployment at 6.2% and 7.9%. These seem extraordinarily low in countries with populations of 213 million and 1.46 billion respectively. Both also adhere to ILO methodology, but India defines the informal sector as 'unorganised or unregistered enterprises' employing fewer than 10 workers, or without social security benefits. You are also counted as employed if you worked sporadically over the last year. On this basis, India's low unemployment rate is flattered by its inclusion of a massive informal sector. Brazil, too, includes its huge informal sector in its employment data. You are considered employed if you worked at least one hour for pay or profit in the week in which the survey is conducted – or had a job but were temporarily absent. It separately measures underemployment as workers desiring more hours within the informal sector. On this measure, roughly a quarter of informal workers are underemployed. Clearly, we need to know what is being measured when comparing national employment rates. ALSO READ: Are you employed if you work an hour a week? Stats SA says yes Stats vs bank accounts 'We do not intervene in the labour market,' says Stats SA in a statement in response to Fourie's comments. 'We do not regulate the informal sector. We do not enact economic policy or comment about policy due to the independent nature of our work. 'We measure. And in measuring, we provide the data that allows others – government, business, civil society – to act with insight and intent.' Capitec – the country's largest bank in terms of customers – has unique insights into the transactional nature of much of the population. Many customers appear to be receiving irregular income that seems to signify informal sector activity. 'The problem with this is that they could also have accounts with other banks where salaries are received,' says Solly Molayi, acting deputy director-general of population and social statistics at Stats SA, speaking to Moneyweb. 'Then there's remittances to family members, such as siblings, from those who may be working in other parts of SA or other countries. 'So one has to be careful when talking about the informal sector. This is a term with widely differing meanings in different parts of the world.' For example, someone growing vegetables in their garden for own consumption would be considered part of the informal sector in countries such as Zimbabwe – and therefore counted as employed – but not in SA. ALSO READ: SA youth not unemployed, rather under-employed Youth stats? Evans Maphenduka, executive coordinator for the Development Microfinance Association (DMA), an umbrella body for several microfinance organisations, notes that youth unemployment at 62.4% is especially worrying. Very few of the three million odd informal businesses in SA are owned by the youth. What's needed, he adds, is a dedicated and appropriate microfinance and informal sector policy framework that separates them from small and medium businesses. 'Only then can we, as a country, know how many informal businesses there are, and what their contribution to employment is,' he says. 'Right now, statements made by different people such as those made by Capitec CEO Gerrie Fourie cannot be substantiated, and may be regarded by some as speculation and bordering on neglecting our responsibility to create the needed employment in our country.' ALSO READ: How SA's youth make and (should) spend their money Standardised global measurement Measuring employment and the informal sector is an issue that has seized the attention of the ILO, which in 2023 passed a resolution to standardise stats on the informal sector across the world. Not everyone has yet adopted this new definition of informal employment which is 'any activity of persons to produce goods or provide services for pay or profit that is – in law or in practice – not covered by formal arrangements such as commercial laws.' Informal employment would also cover anyone not covered for formal procedures to report economic activities, income taxation, labour legislation and social security laws and regulations. That would cover family members helping out in the business without any formal employment arrangement, as well as employees and 'dependent contractors' not formally recognised by the employer. Molayi says Stats SA is now implementing this definition, the real benefit of which will be to provide more granular detail on the informal sector which is already well measured. As more countries adopt the same measure, cross-country comparisons of unemployment and the informal sector will become more meaningful. This article was republished from Moneyweb. Read the original here.
The Citizen
15-07-2025
- Sport
- The Citizen
Jockey bans stuck in ‘due process'
Some fans are indignant as Lerena heads for the title. Gavin Lerena is galloping towards a national jockey championship but will have the very slow, grinding gears of legal 'due process' to thank if he does clinch the title. After the past weekend, Lerena was nine winners clear of defending champ Richard Fourie with less than three weeks – and 15 race days – to go in the 2024/25 season. The Joburg ace's agent is earning his crust, with his man heavily booked around the country throughout this week, so the odds are with him to land a first crown since 2015. Bookmakers recently closed their books on the race – interestingly at a stage when Fourie was still the favourite. Fourie, who set a new record of 378 winners last season, does not appear much engaged in the contest and isn't travelling as much as he did in 2024 – or as much as Lerena is doing now. Nevertheless, he does have retainers and/or arrangements with prolific trainers Alan Greeff and Justin Snaith and could still trim the lead – especially if his rival suffers a mishap (God forbid, of course). Neither of the riders have imminent suspensions to worry about – unlike third-placed jockey Craig Zackey, who is currently forced to sit on the sidelines. But herein lies the rub. Suspensions Lerena has an effective 47 days of suspensions in abeyance due to appeals he has lodged with the National Horseracing Authority and which have yet to be heard. The most serious of these is an effective 30-day ban for an incident involving himself and colleague Jason Gates at Turffontein on 26 January this year. The racing world was shocked when, during a race, Lerena stood up in his irons and lashed at Gates with his whip. The NHA took until mid-April to convene a hearing on this 'road rage' moment. It found him guilty of various counts and imposed a 90-day suspension with 60 days suspended for two years. He also got a R200,000 fine with half suspended. Lerena issued a public apology for losing his rag but still appealed against the findings and the penalty. That appeal is still to be heard – due to 'due process'. The popular rider has three other appeal cases pending, involving suspensions and cash fines. It's obvious things would have been very different if he'd been forced to serve his bans during the season in which they were incurred. Racing website comment sections are full of indignation. But the law's the law. Most newly crowned champions take a well-earned vacation after the frenetic efforts required to get the job done. It's possible Gav won't have much choice in the matter.
The Citizen
12-07-2025
- Sport
- The Citizen
Follow Gavin Lerena this weekend
Leading jockey looks strong on Saturday and Sunday. Gavin Lerena has climbed above his two closest rivals, Richard Fourie and Craig Zackey, in the 2025 jockey championship log – but it's still a close race. That's good news for punters, who can cash in as the top jockeys pull out all stops in the three weeks that remain of the season. Lerena made the right decision in opting to ride at Turffontein on Thursday, instead of at a postponed Kenilworth meeting, where he had a very promising book of rides, including five outright favourites. In the end, Lerena booted home five winners at the Big T, while Fourie got two at an ultimately rain-curtailed Big K. Zackey drew a blank in Joburg but is probably glorying so much in his Durban July triumph to bother too much. This saw Lerena pulling nine wins clear of both his rivals. Lerena has eight engagements at Turffontein on Saturday – all with excellent winning chances. Also keep an eye on Greyville on Sunday Win, Eachway and All To Come bets on all his mounts is not the worst idea under the circumstances. More discerning players will try to narrow down the Lerena splurge. Molotov Cocktail (R3.75 a Win), which Lerena rides for James Crawford in Race 6, is possibly the standout. Prime Venture (R4.50) for Barend Botes in the eighth is another deserving attention. Echoes of War (R4.20) for Fabian Habib in Race 3 and Saigon Suzie (R6.00) for Johan Janse van Vuuren in Race 6 can be added to the list. Lerena also has a number of promising rides at Greyville on Sunday – and a similar feasting strategy is advised for punters. Fourie will probably be cashing in at Fairview on Monday but, at the moment, Lerena is in the box seat coming around the final bend. Betting on the jockey championship itself has been suspended by most bookmakers following this week's developments. Most of them have had Fourie as a short-priced favourite for the title for many months.
