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IOL News
5 days ago
- Business
- IOL News
Interest rate cut welcomed by motor industry amid economic pressures
The South African Reserve Bank's (SARB) decision to lower interest rates by 25 basis points – bringing rates to their lowest level in more than two years – has been welcomed by the retail motor sector. Image: Pixabay The South African Reserve Bank's (SARB) decision to lower interest rates by 25 basis points – bringing rates to their lowest level in more than two years – has been welcomed by the retail motor sector. The cut puts the repo rate at 7.25% and the prime lending rate will be 10.75%. The SARB's Monetary Policy Committee said it had decided on a cut of 25 basis points because higher trade barriers and elevated uncertainty was likely to weaken the world economy. "While the inflation outlook appears benign, we considered an adverse scenario, which illustrates the upside risks. This was based on a global slowdown, triggered by escalating trade tensions, where the rand depreciates sharply. The scenario showed how a country with some fundamental vulnerabilities, like South Africa, risks stagflation, with growth moving lower while inflation rises due to currency weakness. In these conditions, monetary policy tightens to stabilise the macroeconomy." 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 ✕ Brandon Cohen, chairperson of the National Automobile Dealers' Association (NADA), said the rate cut is a "positive move at a time when South African consumers are under immense financial pressure." 'While it's not a dramatic kick-start to the economy, it does serve as a much-needed nudge in the right direction.' NADA said the reduction in interest rates, although modest, could offer some short-term relief for stretched households – particularly with the fuel levy and other cost increases looming in June. 'Even small savings on monthly bond repayments, credit cards, and vehicle finance do add up,' Cohen said. 'They can make a meaningful difference for consumers who are having to make every rand count.' The automotive industry, which has experienced subdued demand amid a flat economy, may also benefit from the easing of monetary policy. 'Historically, it takes several months before we see the effects of a rate movement reflected in vehicle sales,' Cohen added. 'A rate cut helps to build consumer confidence and creates slightly more room for discretionary spending.'
IOL News
7 days ago
- Automotive
- IOL News
From an Open Monza to a Pontiac Trans Am Firebird, enthusiasts share their love for classic cars
Sanjay Laljith with his 1981 Pontiac Trans Am Firebird. Image: Yoshini Perumal Classic car enthusiasts showcased their iconic cars - from 1980 to 2005 - at a classic motor show at the Greyville Racecourse on Saturday. The only female exhibitor was Chatsworth resident, Verona Arumogam, 33. Verona Arumogam with her 1991 Opel Monza CD 16. Image: Yoshini Perumal 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 ✕ 'I obtained my driver's licence straight out of school and saved to buy my dream car, a 1991 Opel Monza CD 16. Due to it being a high maintenance vehicle, I do not drive it around much. It's my pride and joy. My car is a garage queen,' she said. Arumogam bought the car in 2018 for R60 000 after owning another Opel for about 10 years. 'I bought the car modified but down-tuned it as I wanted it to be as reliable as possible. However, it still has a few modifications like the upgraded cams, branch and exhaust and running of a dictator manager system." She said she had loved classic cars since she was little. 'My passion for cars started from a young age as I used to attend car shows with my family. I was always fascinated with speed and sound and hope to one day own a race car. I also enjoy the thrill of modifying and building my car. I chose this car, an Opel Monza, as it's unique and not owned by many females." She is in the process of building a caddie bakkie to honour her late brother. 'I prefer building a car than buying and my next goal is building a MK1 Golf with a R32 conversion,' she added. The oldest car at the show was a 1981 Pontiac Trans Am Firebird, which was owned by Sanjay Laljith, 53, of New Germany. Sanjay Laljith's car is similar to the car used in the filming of the American action comedy, Smokey and the Bandit Image: Yoshini Perumal He said he had a passion for American muscle cars and when he saw the Trans Am for sale two years ago, he had to buy it. 'The car is similar to the car used in the filming of the American action comedy, Smokey and the Bandit, which was released in 1977 and starred Burt Reynolds. 'It has always been my dream to own the Trans Am. Over the years, I have owned many classic cars but this one is my favourite. I enjoy entering the car shows and seeing people have a chance to take in its beauty." Tyson Pillay, 35, of Springfield, showcased his 1980 BMW 635 CSI, which he said was dream car. Tyson Pillay showcased his 1980 BMW 635 CSI Image: Yoshini Perumal 'I bought the car about 10 years ago. I have a passion for BMWs and became a BMW collector because of my dad. It was something we had shared a connection with. Since he died, I have been collecting e34 5 series BMWs and the 6 series was one of the vintage classic BMWs to have. 'It was one of the rare gems that I managed to collect. The car is still stock standard. I put a custom wheel on it, which is a three-piece split wheel, but other than that, it is still in its original form. It is a motorsport edition, so it is a manual which is rare." Phoenix resident, Shabeer Karim, with his classic BMW e30 325is Image: Yoshini Perumal Phoenix resident, Shabeer Karim, 51, was proud to show off his classic BMW e30 325is. He said he owned the car for 20 years and would never sell it. 'My son also drives it. We both love classic cars. This car is every boy and man's dream car,' he said. Magashlen Pillay's 1983 Cortina XR6 had been a family heirloom. Image: Yoshini Perumal
IOL News
7 days ago
- Politics
- IOL News
Malusi Booi on why safety boss JP Smith and City manager ‘targeted' him
Former Mayoral Committee Member for Human Settlements, Malusi Booi. Image: File Picture: David Ritchie/African News Agency (ANA) Safety and Security mayco member JP Smith has defended himself against claims by his former human settlements colleague Malusi Booi's that he was central to a political witch-hunt, which led to his downfall including being arrested over charges that have been subsequently withdrawn. The Cape Times reported this week that Booi had implicated two senior City officials as being behind the raid to his offices last year, leading to his arrest over alleged tender collusion. The two officials he implicated are Smith and City manager Lungelo Mbandazayo. 'I know it's the two of them. I've got it on record.' He said Smith had made statements saying he was the one who gave police information while Mbandazayo made remarks in a CCMA case that 'he wanted to deal with me harshly'. Booi believed that his woes began when he did not support Mbandazayo's reappointment amid social delivery concerns. He said Smith and the municipal manager were friends, which he believed could have motivated alleged moves against him. 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 ✕ JP Smith Image: File picture Smith told the Cape Times on Tuesday that he reported any wrongdoing to relevant authorities as he was 'ethically bound' to do. Mbandazayo did not respond to requests for comment. 'As stated previously, each time potential wrong doing within the City of Cape Town came to my attention, I reported the allegations to the relevant authorities for investigation as I am legally mandated and ethically bound to do. I am not privy to any details regarding the SAPS investigations into the allegations against Mr Booi. The public statement issued by the NPA makes it clear that the criminal charges against Mr Booi have only been provisionally withdrawn pending investigations into newly discovered evidence,' said Smith.
IOL News
26-05-2025
- Business
- IOL News
South Africa to buy gas from US in proposed new trade deal
Oil pump jacks are shown in a field in Stanton, Texas, US. Image: AFP South Africa said Monday it plans to buy liquefied natural gas from the US in a proposed deal worth around $1 billion (R17.9bn) a year, after a tense televised encounter between the countries' presidents. In return for agreeing to buy the gas (LNG), South Africa would avoid paying duty on exports of 40 000 vehicles a year to the US, cabinet minister Khumbudzo Ntshavheni wrote in a newspaper comment piece. The proposals followed tense talks between South Africa's President Cyril Ramaphosa and his US counterpart Donald Trump at the White House last week, which aimed to reset plummeting relations and save trade ties vital to South Africa's sputtering economy. Under the terms of a deal yet to be finalised, South Africa would import LNG from the US for 10 years, Ntshavheni wrote in the country's Sunday Times newspaper. The US would also invest in gas infrastructure development in South Africa, including in fracking, said Ntshavheni, who was in the delegation that accompanied Ramaphosa at the talks on Wednesday. South Africa would in turn be able to export 40 000 vehicles a year to the US without duties as well as 385 000 tonnes of steel and 132,000 tonnes of aluminium, she said. 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 ✕ She said the deal would yield about $900 million to $1.2bn in trade a year. South Africa has a vast trade deficit with the US, which has threatened to impose 30-percent tariffs. The proposed deal would also allow duty-free imports of automotive components from South Africa for US car production. "These are numbers contained in the trade deal proposal that South Africa has presented to the USTR (US Trade Representative) for consideration and further negotiations," Ramaphosa's spokesman Vincent Magwenya told AFP. Ramaphosa said in his weekly newsletter Monday that a key outcome of the talks was "agreement on an economic cooperation channel between the US administration and South Africa to engage further on tariffs and a broad range of trade matters". "There is potential to increase and diversify trade between our two countries in areas such as gas, mining and critical minerals, agriculture and nuclear products," he said. It was also agreed that Washington would be represented at a summit of the Group of 20 leading economies in Johannesburg in November, Ramaphosa said. Trump had threatened to skip the meeting hosted under the South African presidency this year, as ties frayed over a range of domestic and international policy issues. During the talks in Washington, Trump confronted Ramaphosa on camera with unfounded claims of genocide against white farmers in South Africa. But Ramaphosa insisted "the overarching aim of our visit was to deepen our strategic economic partnership with the US as our second-largest trading partner." AFP
Yahoo
24-05-2025
- Entertainment
- Yahoo
A time warp? How you can see 'Rocky Horror' on the big screen in Michigan
"Rocky Horror Picture Show" fans, now's your chance to book a screening and meet the original cast as the musical film celebrates its 50th anniversary with a pair of Michigan events. The cult classic film featuring the "Sweet Transvestite from Transsexual Transylvania" will mark the anniversary with a North American tour this fall, according to a news release. In the decades since its release, the movie has continually been screened, including interactive showings with audience participation and live performances with shadow casts, Rocky Horror Wiki notes. The latest tour will include stops in New Buffalo and Detroit, featuring an appearance from three original cast members: actors Barry Bostwick (Brad), Nell Campbell (Columbia) and Patricia Quinn (Magenta). "I never would have thought all these years later we'd be touring our little ole film. I'm so thrilled to get back on the road and to meet several generations of fans. Looking forward to a lot of fun just like it always was!" Campbell said in a statement. Here's what to know. The touring movie will be shown at the Four Winds Casino in New Buffalo at 8 p.m. Oct. 17, 2025, with all three touring cast members on hand. The tour also will include a 7 p.m. Oct. 18, 2025, showing at the Masonic Temple Theater in Detroit. All three touring cast members will appear in Detroit. The "Rocky Horror Picture Show" is a 1975 musical film known as the world's longest-running theatrical release and a midnight movie. The movie was adapted from the 1973 musical "The Rocky Horror Show," according to Stage Agent. The musical features an engaged couple, played by Bostwick and Susan Sarandon (Janet), who become stranded in a remote area when their car breaks down during a storm. They end up seeking a phone at the strange mansion of Dr. Frank-Furter, played by Tim Curry, according to Rotten Tomatoes. The movie follows their bizarre stay at the home and the strange characters they meet, with themes ranging from science fiction and horror to sexuality. "(L)ittle by little, as the effervescent transgressive force gobbles up whole the unsuspecting visitors of the night, Brad and Janet slowly begin to embrace the potent fascinations of seduction," IMDB explains. The "Rocky Horror Picture Show" is celebrating its 50th anniversary in 2025. To mark the occasion, the film and cast members are on a 40-plus city tour across the U.S. and Canada in 2025, the news release said. More: Shakira dazzles at Little Caesars Arena as world tour brings reenergized star to Detroit More: Detroit-based Shinola no longer making bicycles, once a core part of its identity The tour will include original cast member appearances, costume contests, live performances by the local shadow cast during the film screenings and in some cities a traveling museum with film artifacts and costumes. To attend the local screening in Michigan, you can purchase tickets online. Limited VIP tickets offer a meet and greet with original cast members Bostwick, Campbell and Quinn. Meatloaf appeared as ex-delivery boy Eddie, who dates Columbia. Richard O'Brien, the film's creator played Riff Raff. Peter Hinwood appeared as "Rocky Horror." The Michigan Rocky Horror Preservation Society hosts showings twice each month in Wayne. The next showing is June 14 at Phoenix Theaters State Wayne, 35310 Michigan Ave. Contact Jenna Prestininzi: jprestininzi@ This article originally appeared on Detroit Free Press: 'Rocky Horror' cast to visit Michigan on anniversary tour: Get tickets
