Latest news with #R170
Eyewitness News
a day ago
- Business
- Eyewitness News
Whisky & vodka, a sheep & shoes: MPs beat deadline to declare financial interests to Parliament
CAPE TOWN - Parliamentarians have all made the deadline to declare their financial interests to Parliament and none will run the risk of being sanctioned this year. Perhaps a sign of the times, but far fewer MPs have received gifts as was often the case in the past. Owing to the nature of their jobs, ministers are mostly the ones on the receiving end of gifts of alcohol, artworks, scarves, handbags and blankets. The register is the second since the start of the seventh administration. International Relations Minister Ronald Lamola has racked up a considerable list of donations, mostly of whisky and some vodka, while National Assembly Speaker Thoko Didiza has declared an ostrich leather handbag, and Water and Sanitation Minister Pemmy Majodina, a sheep and shoes. Deputy President Paul Mashatile, whose property ownership has in the past come under the spotlight, has declared three residential properties - in Constantia in Cape Town, and Midrand and Kelvin in Johannesburg. Meanwhile, the MK Party's parliamentary leader, John Hlophe, has made no disclosures whatsoever in the public section of the register, claiming neither to own nor rent land or property. Several ActionSA MPs have declared sponsored travel to Taiwan in March, from the local trade office, at a time when government has been under pressure to downgrade Taiwan's embassy status in Pretoria. In a more unusual donation received by an MP, the Democratic Alliance (DA)'s Mlondi Mdluli received dog food donations worth more than R170,000. But it appears it was not for personal benefit and that the food was all donated to animal welfare organisations.
IOL News
2 days ago
- Business
- IOL News
LOOK: Inside the R157 million record-breaking sale on Cape Town's elite Nettleton Road
The design of the home allows for the abundance of natural light which is amplified by way of the double-volume entertainment area. Image: Supplied / Lance Real Estate Nettleton Road in Clifton in Cape Town is regarded as the country's most exclusive street, and now a luxury house there has just been sold for a whopping R157 500. Number 5 Nettleton Road is an architectural masterpiece boasting breathtaking views of the Atlantic Ocean and the iconic Twelve Apostles. This luxurious property features its own cinema, gym, and elevator, along with five en-suite bedrooms, each offering sweeping views and a private balcony. There are parking bays for five cars as well as two self-contained staff quarters. The home is also temperature-controlled throughout - ideal for those balmy days or when the south-easter howls across the peninsula. A vast deck with a rim flow pool add to the splendour of the designer home. Image: Supplied / Lance Real Estate "In a nutshell, it is the most expensive house sold this year in South Africa, but I cannot divulge the South African buyer's name," said Lance Cohen, owner of Lance Real Estate. Known as the Pentagon, this home was designed by world-renowned architect Stefan Antoni, who lives next door, Cohen shared. 'It has been on the market for a while with an asking price of R160 million, and was quite a process, with two prospective buyers," he said. Each of the five bedrooms are en-suite and have uninterrupted views of the ocean. Image: Supplied / Lance Real Estate "Boasting lavish interiors throughout the home along with a double volume entertainment area that merges effortlessly with the mountain and garden, which leads onto a large terrace with a rim flow pool overlooking Clifton," he said. Nestled between the forested foothills of Lion's Head and Clifton Beach below, the home also offers a tranquil back garden. Cohen added that Nettleton Road has seen a few significant recent sales, with three vacant plots fetching a total of R170 million. Cohen believes that interest in this area, along with the broader Atlantic Seaboard, is likely to remain buoyant, with inquiries from both foreign and local buyers. "Cape Town is much in favour with the world right now across various publications, but when you look at London and Paris, Barcelona and parts of Europe, they're looking a lot more unsafe," he said. "A few weeks ago, the most expensive apartment was sold (on the Atlantic Seaboard), and basically it is saying that the market is reaching new highs, demand has never been higher in Cape Town, rentals are off the charts, everyone wants to come here," he said. Cohen said the shortage of residential property stock will inevitably keep prices elevated, as more people decide to invest in the city or relocate there.
The Citizen
3 days ago
- The Citizen
Hercules cable theft suspects arrested after alert resident tips off police
An armed robbery at a storage site west of Pretoria has led to arrests, after community vigilance and a rapid response from both police and private security helped intercept stolen goods. Three suspects are in police custody after stealing about R1.5-million worth of cables from a municipal storage depot in Hercules. The robbery took place on July 28, when four armed men stormed the depot and held the four on-duty security officers at gunpoint. The security officers were tied up, their mobile phones confiscated, and they were taken to the back of the building, where two of the suspects guarded them. 'The remaining two suspects moved to the front of the building and were later joined by additional accomplices. Two trucks arrived on the scene and began loading electrical cables, with an estimated value of R1.5-million,' said SAPS spokesperson, Captain Johan van Dyk. Van Dyk said thanks to a vigilant community member, who saw the suspicious activity and immediately alerted the Hercules SAPS, two patrol vehicles, along with private security guards, responded swiftly and began searching for the trucks. One of the trucks, accompanied by a silver BMW, was located in Bremer Street. As SAPS officers intercepted the vehicles, the suspects tried to flee on foot. A chase ensued, resulting in the successful arrest of three suspects. After finding and searching the truck, police recovered a large quantity of electrical and copper cables, as well as three pairs of gloves. A search of the BMW yielded seven Mandrax tablets and false number plates. The arrested suspects have been charged with business robbery and possession of suspected stolen property. An investigation is continuing to identify and trace other suspects. Ward 1 councillor Leon Kruyshaar believes the suspects fled into a nearby informal settlement when intercepted by the police, and that the perpetrators are members of a larger syndicate responsible for cable theft in the area. 'As you know, cable theft is quite a continuous issue in our area. They have been stealing cables for the longest time, and not only have they been stealing from our ports, but they've also been stealing the cables underground,' said Kruyshaar. 'There are trenches they dig in the middle of the night and steal them [cables]. Overhead cables as well, the theft of municipal infrastructure is just out of hand in our area, and an arrest like this is exactly what we need. 'The criminals need to know that we are not just going to sit back; eventually, they'll be caught. It takes time, it takes a lot of investigations and so forth, but they are curbing this. 'Probably not at the rate that we want, because the price of copper is currently at R170 a kilogram, so the theft will continue, but we'll do everything we can to stop this.' Kruyshaar expressed his gratitude for the authorities' efforts, as he said that cable theft is an issue that won't stop in his ward. Residents with any information regarding the fourth suspect or anyone else involved with the crime are asked to contact their local authorities. SAPS urges the public to remain alert and to report any suspicious activity or information that may assist ongoing investigations. Tip-offs can be reported anonymously via Crime Stop on 08600 10111 or through the MySAPS App. Watch: Do you have more information about the story? Please send us an email to [email protected] or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok.
IOL News
21-07-2025
- Business
- IOL News
Why Trump's 30% blow to South Africa is a wake-up call for a new economic order
On August 1, 2025, South African exporters will wake up to a 30% tariff on all goods entering the United States, a decision announced by the administration of President Donald Trump. Image: File On August 1, 2025, South African exporters will wake up to a 30% tariff on all goods entering the United States, a decision announced by the administration of President Donald Trump. This is not a sector-specific sanction, nor the outcome of any formal trade dispute. It is a sweeping penalty imposed on all products, citing trade imbalances and regulatory barriers imposed by South Africa. But this is not the end of trade. It is the beginning of South Africa's trade adolescence, the moment we decide to grow up or continue being disciplined by our 'partners.' The justification provided by the US administration rests on the claim that South Africa runs a trade surplus with the United States. In truth, South Africa exported around R170 billion worth of goods to the US in 2023 (Stats SA, 2024), largely in automotive components, citrus and minerals, while importing just over R100 billion in return. The surplus exists but it is relatively small in the context of overall bilateral trade. Trade imbalances are also not inherently unfair; the US itself enjoys surpluses with many countries. What this tariff reveals is not a fiscal grievance but a display of geopolitical leverage, an assertion of economic power with limited regard for multilateral process. The tariff appears partly aimed at appeasing domestic political interests ahead of the 2026 midterm elections, particularly in states where trade unions are concerned about foreign competition. However, the consequences for South Africa's economy will be profound and immediate. South Africa is already under pressure to reindustrialise and this penalty could not come at a worse time. The automotive industry alone accounts for over 4% of GDP and more than 110 000 jobs (Naamsa and Department of Trade, Industry and Competition, 2024). With the US as a key destination for vehicle parts and assembled models, this tariff will deal a serious blow to sectoral stability. Reports indicate that companies relocating production to the US may receive expedited regulatory approvals. In effect, this risks incentivising capital flight and weakening local value chains. This policy shift is taking place while South Africa holds the presidency of the G20 (G20 Secretariat, 2025). That irony is difficult to ignore. We are presiding over a global forum committed to equitable development while being subjected to unilateral economic pressure by one of its most powerful members. This is more than a diplomatic discomfort; it is a direct challenge to the credibility of multilateralism. If the G20 cannot protect developing economies from arbitrary market exclusion, it must ask itself what kind of influence it truly holds. While this move falls outside the scope of Agoa, it nonetheless underscores how preferential trade access can shift at the stroke of a pen. 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 ✕ Past threats to South Africa's participation in Agoa, such as the poultry trade dispute of 2015 (USTR, 2016), highlight how even codified benefits remain vulnerable to political shifts. Critics of South Africa's trade policy may point to the use of technical regulations and local content rules. However, these are allowed under World Trade Organisation (WTO) guidelines, as outlined in the Technical Barriers to Trade Agreement (WTO, 2020). Developing countries are within their rights to protect and promote industrial growth through policy instruments that stimulate domestic value addition. The United States also protects its own industries through farm subsidies, defence procurement and steel tariffs. To frame South Africa's approach as uniquely restrictive is not only unfair; it reflects a double standard embedded in the global trade architecture. This situation reflects a deeper structural issue in South Africa's trade exposure. Our economy remains disproportionately dependent on the EU, the US and China. Even beyond the US, our exposure to external shocks is growing from the EU's carbon border taxes to shifting Chinese demand. Diversification must be structural, not just diplomatic. There is also a domestic reckoning to be had. South Africa's industrial policy remains constrained by loadshedding, underinvestment in ports and rail and persistent skills mismatches. If we are to reposition ourselves globally, these internal constraints must be addressed with equal urgency. A resilient economy cannot rely solely on favourable trade preferences beyond its control. It must be built on a foundation of functional infrastructure, competitive inputs and policy certainty. South Africa faces a choice. It can wait out the Trump presidency in the hope that future leadership will reverse course or it can act decisively now. This is not a call for isolationism. South Africa should not abandon global trade nor retaliate blindly. However, we must negotiate from a position of design rather than deference. We must ensure that this is the last time our national strategy is disrupted by external political cycles. Our trade strategy must pivot. Already, trade with BRICS+ partners has rivalled that of individual Western blocs in recent quarters, accounting for more than 22% of South Africa's exports in 2024 (SARB, Q4 2024). This is a foundation we can build upon. The African Continental Free Trade Area (AfCFTA) remains our continent's most ambitious economic project. While its infrastructure is still maturing, its potential cannot be deferred any longer. Trade corridors, payment systems and regulatory alignment must be fast-tracked in practice, not just policy. The World Bank estimates AfCFTA could lift 30 million people out of poverty by 2035 (World Bank, 2020). Parliament and the economic cluster must now take this seriously not as a trade spat but as a strategic inflection point for the country's long-term development path. The legality of this tariff under WTO rules remains debatable, especially given its blanket nature and lack of arbitration. However, legality aside, the message it sends is unmistakable. The global playing field remains unequal and South Africa must protect itself accordingly. This is not an argument for withdrawal. It is an argument for resilience. We cannot afford to build a 21st-century economy on the hope that global goodwill will prevail. We must design for volatility, prepare for shocks and root our trade agenda in real production, regional depth and economic clarity. US President Donald Trump may eventually give way to a different leader but the conditions that made this tariff possible are not tied to any single administration. The unpredictability of external markets, the asymmetry of trade power and the fragility of our supply chains are structural issues. They will not be resolved with the next election. The tariffs may be American but the decision before us is South African. Do we keep asking permission to grow or do we take the blows and build something of our own? 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 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. *** The views expressed here do not necessarily represent those of Independent Media or IOL. BUSINESS REPORT
The South African
10-07-2025
- Business
- The South African
Clifton's crown jewel: Why Nettleton Road is SA's priciest street
High above Cape Town's dazzling Atlantic Seaboard, Nettleton Road isn't just another scenic street; it's the pinnacle of luxury in South African real estate. This secluded stretch is home to jaw-dropping mansions, ultra-wealthy residents, and property prices that regularly break national records. But why is this particular road one of South Africa's most exclusive addresses? Views over Clifton. Image: canva Nettleton Road has long been associated with wealth, but its real estate prices have surged into the stratosphere in recent years. In early 2025, two adjoining vacant plots, comprising just 2 700 square metres, sold for a staggering R170 million. That's not a typo! That's the price of nothing on Nettleton: just the land, no house, no finishes, JUST location. And this deal follows a pattern. In 2017, a six-bedroom mansion on the road sold for R120 million, then one of the most expensive residential property sales ever recorded in South Africa. And in 2021, a 1 200 square metre villa, featuring a cinema, gym, wine cellar, and cantilevered pool, reportedly sold for over R150 million. Sunset skies in Clifton. Image: canva It's not just the ocean views, as fantastic as they are! Every home on Nettleton Road faces west, soaking in those famous Cape Town sunsets over the Atlantic. Below are the iconic Clifton beaches; above looms Lion's Head. There's also security, privacy, and scarcity. Only a handful of homes line this quiet cul-de-sac. And, of course, you could add in architectural bragging rights. Nettleton Road has become a blank canvas for South Africa's top architects, Greg Truen, Stefan Antoni, and others, to showcase gravity-defying, glass-walled masterpieces. Most homes come with luxury specs as standard: think heated infinity pools, private cinemas, wellness spas, multi-car garages, and staff quarters. But more importantly, they offer something rarer: status. You won't find names on buzzers on Nettleton Road. Privacy is the norm. But it's no secret that tech entrepreneurs, mining magnates, and international investors have snapped up properties along the exclusive road. There's heavy foreign interest too, especially from German, UK, and Middle Eastern buyers looking for high-end African investment properties or holiday homes. Interestingly, though, while it exudes wealth, Nettleton Road hasn't always been ultra-premium. In the 1970s and '80s, Clifton was already desirable, but Nettleton itself was mostly undeveloped. Over the past 25 years, as Cape Town transformed into a global destination, the road's potential was recognised and monetised. Now, it's Cape Town's answer to Malibu's Carbon Beach or London's The Bishops Avenue. But with better views and better weather. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
