Latest news with #LeonLestrade
IOL News
2 days ago
- Sport
- IOL News
KZN pushes to host crucial Bafana Bafana vs Nigeria World Cup qualifier at Moses Mabhida
Durban to host Bafana Bafana? Durban's Mose Mabhida Stadium could host the World Cup qualifier between South Africa and Nigeria in September. Photo: Leon Lestrade/Independent Media Image: Leon Lestrade/Independent Media KwaZulu-Natal are desperate to host the crucial Group C World Cup qualifier between South Africa and Nigeria, scheduled to take place in September. With Bafana Bafana holding a five-point advantage over second-place Rwanda, a win against the Nigerians could all but seal their place in next year's global showpiece in the United States, Mexico, and Canada. They'd have to make sure they get maximum points against Lesotho first. Regardless, the clash against the Super Eagles is expected to be an important one for Bafana Bafana, and the KZN government wants to make sure that it's hosted in Durban, the venue for last month's sold-out Nedbank Cup final between Kaizer Chiefs and Orlando Pirates. Get your news on the go, click here to join the IOL News WhatsApp channel. 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 ✕ 'We wish to host that game because this is one game where we would see a huge attendance like that of the Nedbank Cup final between Kaizer Chiefs and Orlando Pirates,' SAFA eThekwini president Mazwi Mkhize said, as per FARPost. 'But you have to bid now because other provinces want the game as well. The rights to host the match go to the highest bidder. 'If a government from another province is saying I've got these millions, that's where the thing is. But the Nigeria clash, we want it here.' Mkhize added that KZN Sports MEC Mntomuhle Khawula had spoken to SAFA president Danny Jordaan about playing the game at Durban's Moses Mabhida Stadium. 'But all in all, that's the game that we earmarked when we heard that Nigeria would come to SA. We want them to play at Moses Mabhida — you'll see the crowd.' The buildup to the match is also clouded by lingering controversy after the yellow card debacle involving Teboho Mokoena during the last round of qualifiers. In March, Mokoena featured in South Africa's 2-0 win over Lesotho in Polokwane. It was later revealed that the midfielder was supposed to be serving a one-match suspension, having been given a yellow card in their opening match against Benin, and another in the following match against Zimbabwe. However, Hugo Broos' men escaped without sanction, as Lesotho missed the deadline to lodge a complaint. Nigeria's efforts to have South Africa docked three points also proved fruitless. IOL Sport
IOL News
3 days ago
- Politics
- IOL News
Time is wealth: reclaiming the hours lost to congestion, collapse and inequality
Every day, millions of South Africans lose hours to inefficiency. Image: Leon Lestrade/ Independent Newspapers South Africa's most undervalued resource is not land or minerals; it is time. Every day, millions of South Africans lose hours to inefficiency. Businesses bleed 140 million hours annually due to logistics delays, costing the economy R248 billion. Individual commuters forfeit an average of 144 hours a year stuck in traffic. Six million tons of coal are pushed onto roads due to rail collapse, worsening gridlock and damaging infrastructure. Women, in particular, carry a disproportionate burden, spending 30 percent more time travelling than men, often in unsafe, unreliable systems that restrict their access to work and education. In rural areas alone, residents lose up to 20 hours each week simply trying to access essential services. These are not isolated inconveniences. They are structural inefficiencies with systemic costs. The cumulative national loss is staggering. Yet, within this crisis lies the opportunity to build an economy that runs on time rather than with delays. South Africa urgently requires a coordinated national strategy to address time poverty, anchored in transport reform, port revitalisation, digital public services and inclusive mobility. This is not simply about efficiency; it is a matter of equity, dignity and competitiveness. Stats SA's 2022 Time Use Survey confirms that women in South Africa spend an average of 4.5 hours a day on unpaid travel, compared to 3.5 hours for men—a 30 percent time penalty that compounds daily. Over a year, this is equivalent to 28 full working days lost simply due to inefficient, unsafe and unequal transport access. This stolen time limits women's access to employment, education and entrepreneurship. In South Africa's startup ecosystem alone, transport barriers have been shown to reduce productivity in women-led businesses by up to 10 percent. This burden is compounded in low-income and rural households, where inadequate public services, childcare responsibilities and long distances between essential points of access trap women in a daily cycle of unproductive mobility. Beyond gender, time poverty cuts across all segments. Due to port inefficiencies, businesses lose 120 million hours annually in logistics delays and an additional 20 million. Commuters lose 144 hours in congestion and public service queues cost the population 50 million hours annually. A core contributor to this loss is the collapse of South Africa's freight rail network. With freight volumes down Inequality 24 percent, coal and minerals are being rerouted onto roads, adding an estimated 400 trucks per day to already congested highways. Durban's port delays alone result in R150 billion in lost exports annually, while portside communities like Wentworth lose up to 10 hours per week to traffic-related gridlock. In response, some private sector leaders have stepped up their interventions where the public sector has fallen short. Anglo American's R10 billion investment in revitalising freight corridors marks a significant intervention which is expected to shift millions of tons of coal off the roads and save over 10 million hours annually. Transnet's integration of AI-based freight tracking has led to a 15 percent reduction in shipment delays. Globally, Singapore's Tuas Port offers a powerful benchmark. Its automated systems and AI-driven scheduling have reduced processing time by 40 percent, recovering over 15 million hours yearly. This is the model South Africa must adopt if it intends to remain competitive under the African Continental Free Trade Area. However, digitisation must extend beyond ports and rail to everyday life. An estimated 50 million hours are lost annually in queues at clinics, government offices and payment centres. With only 41 percent internet penetration, many communities are still excluded from time-saving e-services. Yet the success of platforms like WhereIsMyTransport, used by over 500,000 South Africans for real-time route information, demonstrates the potential. eThekwini's digitised municipal services saved an estimated one million hours in 2024 alone. Expanding broadband and localised transport tech can reduce wait times, cut transport costs and enhance productivity at scale. Time reclamation must also be anchored in community solutions. In Khayelitsha, informal ride-sharing networks have reduced average commute times by 20 percent. Cape Town's 2024 pilot of women-only train carriages saw a 40 percent drop in harassment reports, reinforcing the need for gender-sensitive transport planning. Rural e-bike delivery hubs, based on successful models like Rwanda's Zipline, could reduce last-mile travel times by up to 30 percent. Micro-innovations can contribute to a broader inclusion, safety and economic participation ecosystem. While some argue that port automation and AI threaten jobs, international evidence increasingly suggests otherwise. Smart ports create higher-value employment in engineering, digital maintenance and supply chain optimisation, provided that retraining and education investments are made in parallel. This is not an either-or decision. It is an opportunity to build a dual economy where time and technology work in tandem to uplift rather than exclude. Economically, the dividends are substantial. According to the Department of Higher Education and Training, reviving rail and port infrastructure could save the country R160 billion annually, with an additional R30 billion in GDP gains from time savings. These infrastructure investments could generate 60,000 new jobs and support over 10,000 in portside communities. Environmentally, coal-to-rail shifts are expected to reduce carbon emissions by at least 35,000 tons annually. With transport contributing 10.8 percent of South Africa's total emissions, time reform is not just an economic or gender issue, it is a climate imperative. Globally, South Africa ranks 101st out of 139 countries on the World Bank's Logistics Performance Index, trailing regional peers like Kenya and Ethiopia. This inefficiency costs more than money; it costs time, credibility and investment. Under AfCFTA, time efficiency is not optional. If South Africa reduced border and port delays by just 30 percent, it could unlock a 20 percent increase in exports, according to the United Nations Economic Commission for Africa. Failure to act carries broader strategic risks. Global exporters are already diverting supply chains to more efficient East African ports. If South Africa does not modernise its time infrastructure, it risks being bypassed in the very continental trade bloc it helped to shape. Time poverty, if left unchallenged, becomes a risk to national stability, not just a drag on GDP. Solving South Africa's time crisis also accelerates progress on the UN's Sustainable Development Goals, especially SDG 5 (Gender Equality) and SDG 9 (Industry, Innovation and Infrastructure), where transport, access and inclusion converge. Time is not infinite. It is not neutral. And in South Africa, it is not equally distributed. We must start by reclaiming the hours stolen by dysfunction, delay and neglect to rebuild this nation. Time, like freedom, should not be a privilege. It is the currency of dignity and South Africa must fight to restore it. Nomvula Zeldah Mabuza is a Risk Governance and Compliance Specialist with extensive experience in strategic risk and industrial operations. She holds a Diploma in Business Management (Accounting) from Brunel University, UK, and is an MBA candidate at Henley Business School, South Africa. Nomvula Zeldah Mabuza is a Risk Governance and Compliance Specialist with extensive experience in strategic risk and industrial operations. She holds a Diploma in Business Management (Accounting) from Brunel University, UK, and is an MBA candidate at Henley Business School, South Africa. Image: Supplied BUSINESS REPORT Visit:
IOL News
3 days ago
- Business
- IOL News
How recent interest rate cuts are alleviating post-pandemic inflation in the property market
With the South African Reserve Bank (SARB) might cutting interest rates, it was decreasing borrowing costs and potentially increasing demand in the property market. Image: Leon Lestrade. While the current interest rates are still more than double what they were during the pandemic, the ongoing reductions signal to the property sector that post-pandemic inflationary pressures are easing and that the South African Reserve Bank (SARB) is actively encouraging investment. On Thursday, the Reserve Bank's Monetary Policy Committee (MPC) cut the interest rates, dropping by 0.25%, taking the repo rate to 7.25% and the prime lending rate to 10.75%. They anticipated that those who adopted a wait-and-see approach over the past year, delaying home purchases or portfolio expansions, would now view this as a favourable time to commit, according to Dr Farai Nyika, an academic at the Management College of Southern Africa (MANCOSA) He said that in addition to the monthly savings on instalment payments resulting from lower interest rates, landlords are also feeling optimistic. 'The previous tightening cycle since the pandemic had placed significant pressure on renters (who are heavily indebted), and the current environment offers some much-needed relief, and it will be easier to collect rentals,' Nyika said. He said that they also anticipated an expansion in property construction and an increase in rental stock coming online over the next year, driven by improved credit extension to investors resulting from lower interest rates-particularly in the Western Cape. 'That province's property market has proven to be highly resilient despite the rate hikes of recent years. However, the current rate cut will not necessarily lead to rental increases below the inflation rate. "This is because demand for property in the Western Cape remains intense, fuelled by the province's desirable lifestyle, quality of services, and growing interest from digital nomads who compete with locals for housing. In short, we foresee a mini property boom over at least the next two years.' With regards to other provinces, Nyika said they expected greater stability, especially in the Eastern Cape and KwaZulu-Natal. He said these provinces face distinct challenges - outmigration in the Eastern Cape, which puts downward pressure on house prices, and natural disasters in KwaZulu-Natal. 'Lower interest rates will certainly support ongoing rebuilding efforts in KwaZulu-Natal following the floods experienced over the past three years.' The property sector also received this rate cut as a welcome boost, particularly as many municipalities have announced their annual tariff and rate hikes. The property sector will welcome the news of a resumption of the Reserve Bank's rate-cutting cycle; however, the 25 basis points reduction indicates that the prime rate remains significantly higher than it was before Covid, when inflation levels were also elevated, according to Dr Roelof Botha, an economist and advisor to the Optimum Investment Group. He said the BetterBond Index of home loan applications remains much lower than before the restrictive monetary policy kicked in at the end of 2021. 'A significant percentage of residential property sales are related to owners who cannot afford the sharp increase in the debt service costs/disposable income ratio, which is still 33% higher than at the beginning of 2022. The past three years have witnessed a relentless rise in the prime rate (via the repo rate), despite the complete absence of demand inflation,' Botha said. He said that with the current real prime rate (prime minus inflation) at a level of 156% higher than the average during the tenure of Gill Marcus, the previous Governor of the Reserve Bank, it is clear that the buyer's market will remain intact in the property sector. Interest rates will have to be lowered faster and more aggressively before a meaningful recovery can be expected in the property market, he added. The economist warned that unless the economy manages to recoup the loss of 245 000 jobs that occurred in the first quarter of this year, it would be tantamount to self-inflicted economic sabotage if the MPC does not continue with its rate-cutting cycle, which he said is progressing at a snail's pace. The benefit to the property sector is gradual, as a significant portion of South African debt is hedged at high rates, with the full earnings benefit materialising when interest rate swaps or caps mature and are renewed at lower rates, according to Ridwaan Loonat, a senior analyst for Property at Nedbank. 'The SARB has also implicitly announced its preference for a 3% inflation target. If this target is reached, then this could potentially see another 125bps of cuts in this cycle. We forecast another 25bps cut in July 2025,' Loonat said. The Monetary Policy Committee's (MPC) decision to cut interest rates was largely anticipated and underscores a greater emphasis on domestic fundamentals, according to Siphamandla Mkhwanazi, a senior economist at FNB. He said inflation remains below the bottom of the inflation target range and high-frequency data reflects a weak start to 2025 from a productive sector perspective, which will be worsened by faltering global prospects. He added that ultimately, the macroeconomic outlook is benign, providing ample space for a continued cutting cycle. 'That said, the impact of heightened uncertainty on investor confidence and capital flows will likely continue to drive gyrations in capital and currency markets, exacerbating external vulnerabilities and keeping the South African Reserve Bank (SARB) cautious. "Furthermore, South Africa's difficult fiscal trajectory is delaying any improvements in sovereign risk and borrowing costs. The outlook on interest rates will continue to reflect these risks. "Should muted local inflation, and expectations that the Fed will resume its cutting cycle before year-end prevail, our current view that another 25bps cut is probable this year would be supported,' Mkhwanazi said. The MPC's decision to cut the interest rate by 25 basis points is a welcome relief for consumers and is expected to bolster homeowner sentiment, according to Nondumiso Ncapai, the managing executive at Absa Home Loans. She said the recent Absa overall homeowner sentiment index showed a slight decline in the overall homeowner confidence by 2 percentage points to 85% in the first quarter of this year. 'This rate cut is expected to improve affordability for current and aspiring homeowners; however, consumers' finances remain strained in the short term, with time needed for consumers to gradually recover financially. "Absa's baseline view is for one further interest rate cut of 25bp at the July MPC however, the ongoing global policy and economic uncertainty will remain top of mind for the MPC,' Ncapai said. Nyika said it is still a bit early to say with certainty what the outcome of the next MPC announcement will be in three months. At this stage, he said he was undecided on whether there would be a further interest rate cut or if rates would remain unchanged. He said this uncertainty stemmed from two main factors: US President Donald Trump's global tariff hikes and the future of the African Growth and Opportunity Act (AGOA). 'The tariff increases could have a deflationary and potentially recessionary impact on the global economy. If that materialises, the South African Reserve Bank may opt to cut rates further to support a weakening economy. "Additionally, if South Africa loses its AGOA status within the next three months, the Reserve Bank may also be prompted to cut rates in response to the resulting economic strain. However, if neither of these scenarios occurs, I expect interest rates to remain unchanged. "Governor (Lesetja) Kganyago is generally regarded as hawkish, so I would not be surprised," Nyika said. Independent Media Property
IOL News
26-05-2025
- Business
- IOL News
Whites still dominate top jobs in South Africa
The statistics contained in the 2025 Commission for Employment Equity (CEE) annual report forms part of the Department of Employment and Labour's basis to forge ahead with legislative amendments despite pushback from opposition parties, in particular the DA. Image: Leon Lestrade/ Independent Newspapers WHITES are eight times their Economically Active Population (EAP) at top management, while the black African population representation at just 18.0% is four times below their EAP. The white population in top management represents 61.1%, Indians 11.9% (four times their EAP) and Coloureds 6.2% while foreign nationals make for 2.8% at this occupational level. The statistics contained in the 2025 Commission for Employment Equity (CEE) annual report forms part of the Department of Employment and Labour's basis to forge ahead with legislative amendments despite pushback from opposition parties, in particular the DA. The party has confirmed it will legally challenge the government's attempt to narrow this inequality, which the department maintains does not bode well for the future sustainable economic growth of the country. 'Despite 31 years of democracy and progressive transformative legislation, there remains a need for further transformation and equality in the workplace. Diversity and inclusivity for all those persons previously disadvantaged in the workplace must now be heard, seen and felt. 'Moving forward, radical measures must be taken to capitalise on the opportunities in the workplace by developing, recruiting and promoting persons from the designated groups,' read the report. 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 ✕ Part of this includes amending the Employment Equity EE (Act), with a view of introducing a provision that allows for the setting of five-year sector targets. Speaking at a recent workshop in East London, the department's employment equity director, Ntsoaki Mamashela said: 'We have had more than enough engagement and consultation on the setting of sector numerical EE targets with various sector stakeholders, including through the publication of two sets of Draft EE Regulations on proposed sector EE targets for public comment in May 2023 and February 2024, respectively.' 'Let us give sector targets a chance to be implemented, and after five years we will review progress,' Mamashela said. The CEE report also shows that male representation remained dominant at the top management level, which is more than two-and-a-half times the female representation. Males are over represented in terms of their EAP (53.9%) and females are under-represented in terms of their EAP (46.1%). Only Africans and Coloureds are below their EAP in the private sector at this occupational level. The representation of the African population group (74.6%) is slightly below their EAP in government, while in the private sector the African representation continues to lag behind (14.7%) at top management level.
IOL News
26-05-2025
- Business
- IOL News
UNTU prepares for possible strike as Transnet wage negotiations reach deadlock
Transnet's workers unions United National Transport Union (UNTU) confirmed on Friday that the three-day S150 Commission for Conciliation, Mediation and Arbitration (CCMA) process on Transnet salary/wage 2025/26 impasse remains in deadlock after three days. Image: Leon Lestrade/ Independent Newspapers Transnet's ongoing wage negotiations have reached an impasse, confirming fears of looming industrial action by workers as the United National Transport Union (UNTU) made a clear statement on Friday. After three days of mediation by the Commission for Conciliation, Mediation and Arbitration (CCMA) through the section 150 of the Labour Relations Act, UNTU reported that no progress had been made, compelling them to consider striking if their demands remained unmet. On Thursday, UNTU completed a ballot process with its members that disclosed a consensus to mobilise for industrial action should the wage negotiations fail. The union said the CCMA has committed to present a revised salary/wage offer by close of business on Monday. 'If no revised offer is forthcoming, UNTU will issue Transnet with a 48-hour notice of industrial action,' it said in a statement. UNTU general secretary, Cobus van Vuuren, said the majority of ballots cast by the majority union's members was in favour of taking to the streets to demand a wage increment that reflected the deepening economic crisis facing Transnet employees and job security. Van Vuuren said the three-day S150 CCMA intervention facilitated by two senior commissioners failed to break the Transnet salary/wage 2025/26 impasse; therefore, the status quo remained in terms of this deadlock. 'The proceedings spanning over three days concluded on Thursday, without the parties reaching consensus on a revised salary/wage increase offer. UNTU participated in the S150 process in good faith, fully committed to securing a fair and sustainable outcome amid the rising cost of living and the ongoing operational and structural challenges facing Transnet,' he said. UNTU is demanding a 10% wage increase for 2025/26, a R2 500 housing allowance, R2 500 medical aid allowance, and the removal of a cap on overtime from Transnet. The union has also rejected a proposed wage increase of 6% over two years and 5.5% in the third year. Van Vuuren said that throughout the process, UNTU tabled a variety of salary/wage proposals for Transnet's consideration. 'We are confident we are in line with the economic and financial pressures facing our members, with a high emphasis on job security while at the same time paying due cognisance to the challenges Transnet faces. The proposals, which UNTU presented, cannot be disclosed at this time due to the confidential nature of the S150 process,' he said. 'We had hoped that Transnet and its mandate-givers would seriously consider these proposals, particularly given the potential economic impact of industrial action and the value of securing a longer-term agreement securing labour peace during this critical time in Transnet's turnaround into a sustainable self-funded entity.' Van Vuuren said that the resolution of the deadlock now rested with the CCMA, which he said has committed to present a revised salary/wage offer by close of business on Monday. 'Should no revised offer be forthcoming, UNTU will issue Transnet with a 48-hour notice of industrial action. This could potentially result in industrial action commencing on Thursday, 22 May 2025, in line with the overwhelming mandate secured from its members,' he said. 'UNTU has made the necessary logistical preparations to ensure our readiness for industrial action. If a revised offer is received, UNTU will initiate a structured mandating process to determine if our members accept or reject the tabled revised salary/wage offer.' The Federation of Unions of South Africa (Fedusa) has backed UNTU as its affiliate in the wage negotiations with Transnet. 'Should the intervention by the CCMA fail and UNTU members find themselves compelled to embark on industrial action to secure fair wages, Fedusa will support them,' said the federation.
