Latest news with #R59
The Citizen
4 days ago
- Business
- The Citizen
R1m for a watch? Johann Rupert's Cartier proves luxury is alive
The most expensive Cartier watch is worth R4 230 654. Richemont, owned by Johann Rupert, one of South Africa's billionaires, has seen remarkable growth for the quarter ended 30 June 2025, a time when luxury goods are not a priority for many. In a time when most people are struggling to make ends meet and are living hand-to-mouth, one would assume that everyone is struggling. However, just beneath the surface of this collective hardship lies a vastly different reality where luxury is thriving. Richemont is a luxury goods holding company that owns brands such as Cartier. Watches from this brand range between R59 000 and R4 million. Rupert's company's sales went up by 6% at constant exchange rates and by 3% at the actual exchange rate. ALSO READ: Johann Rupert the wealthiest person in SA according to two rich lists Rupert is richer, thanks to watches According to a media statement by Richemont, sales from the jewellery division increased by 11%. However, analysts had predicted an 8% growth. Richemont's jewellery division includes Cartier, Van Cleef & Arpels, and Buccellati. One item from any of these brands would cost more than R100 000, showing that the economic crisis experienced by people does not apply to everyone. This unsettling truth echoes the message from George Orwell's Animal Farm, where the animals rise for equality, only to find that some are more equal than others. While many line up for groceries, a few browse exclusive boutiques, untouched by the economic strain that defines the daily life for most. Watches are an investment People who can often afford high-end jewellery buy it as a form of investment. A Cartier watch, after a few years, can be worth more than it was purchased for. Richemont's data show that for the first quarter, Europe led in sales, while the Middle East and Africa contributed the least to growth. ALSO READ: Jannie Mouton back on Forbes' list – Here are South Africa's dollar-billionaires 'Retail sales accounted for 69% of Group sales, with growth across all regions, excluding Japan. 'Wholesale sales growth was driven by solid increases in the Americas, Europe and Middle East and Africa. Online retail sales showed robust growth across almost all regions.' How much is it worth? According to Cartier's website, the cheapest watch is Tank Must de Cartier, which is worth R59 156,63 ($3 300). The most expensive is Santos de Cartier wwatch,worth R4 230 654 ($236,000). However, there are some older collections worth significantly more than the ones available in-store and online. Like the Cartier Cheich Montre Bracelet in Yellow Gold Circa 1983, which was sold for $1.1 million in 2022. One of the most popular items from Cartier is their Love bracelet. The bracelet is worth R109 326,03 ($6 100). NOW READ: 'Imagine if he took the Guptas': Is Rupert's place in US delegation double standards or good for business?
The Citizen
27-06-2025
- Business
- The Citizen
Old Mutual says it pays an average of R59 million per working day in life insurance claims
Old Mutual has paid out more than R14.7 billion in claims. Insurance giant Old Mutual has revealed that it paid an average of R59 million per working day for life insurance and other life underwriting claims. The insurer published claim statistics for 2024 on Friday, showing that it has paid out more than R14.7 billion in claims, with a 95% payout ratio on underwritten claims. Breakdown of claims paid out is underwritten policies, corporate claims and non-underwritten policies. ALSO READ: Here is how much it cost Old Mutual to build its near-to-launch bank Old Mutual underwritten policies According to the insurer's stats, underwritten policies include life, disability and illness claims. For these, Old Mutual paid out more than R7.3 billion in 2024. Most of the money, R6.2 billion, went to death claims. Old Mutual reported a 98% claim payout for 2024. Illness claims cost the insurer R888 million, while disability claims cost R297 million. 'Causes of underwritten claims include: cancer, trauma, cardiovascular disorders, central nervous system disorders, respiratory system disorders and musculoskeletal disorders,' said Old Mutual. Since 2002, Old Mutual has paid out more R91 billion in underwritten claims. Reasons why some claims were not paid out are due to non-disclosure, fraud, suicide exclusion, among others. Old Mutual death claims The insurer reports that death claims increased in 2021, reaching R9.73 billion, an 88% rise from R5.16 billion in 2020, primarily due to the Covid-19 pandemic. However, claims went back to normal levels after that, as Old Mutual paid R5.8 billion in 2022 and R5.6 billion in 2023. 'Life insurance includes a terminal illness benefit that pays the full cover amount if the insured person is diagnosed with a terminal illness and has less than 12 months to live.' 44% of death claims are due to car accidents, followed by crime and violence, accounting for 28% of death claims. 17% of death claims are due to shooting accidents, 6% due to accidents (unspecified location), 3% burns and 2% drowning. Disability claims 'According to the World Stroke Organization, stroke is a leading cause of death and disability worldwide. Globally, one in four adults over the age of 25 will have a stroke in their lifetime,' said the insurer. According to the claim stats, 23% of the disability lump sum claims were due to musculoskeletal disorders, 21% central nervous system disorders, 15% cancer, 10% psychiatric disorders, 7% cardiovascular disorders, 5% connective tissue disorders, 5% sensory and communication, and 14% other. The stats show that cancer (50%) is the leading cause of illness claims, followed by cardiovascular disorders (25%), central nervous system disorders (13%), respiratory system disorders (3%), connective tissue disorders (2%), sensory and communication (2%), Musculoskeletal disorders (1%) and other (4%). NOW READ: Former Sanlam CEO to replace Iain Williamson as Old Mutual CEO after 32 years
The Citizen
24-06-2025
- General
- The Citizen
PowerBall and PowerBall Plus results: Tuesday, 24 June 2025
R59 million in jackpots are up for grabs! Here are your PowerBall and PowerBall Plus results for 23 June 2025. Get the PowerBall and PowerBall Plus results as soon as they are drawn on The Citizen, so you can rest easy and check your tickets with confidence. Estimated jackpots for Tuesday, 24 June 2025: PowerBall jackpot: R36 million guaranteed. PowerBall Plus jackpot: R23 million estimated. PowerBall and PowerBall Plus results for Tuesday, 24 June 2025: PowerBall: 00, 00, 00, 00, 00. Powerball: 00. PowerBall Plus: 00, 00, 00, 00, 00. Powerball: 00. The winning PowerBall numbers will appear after the draw. Usually within 10 minutes of the draw. You might need to refresh the page to see the updated results. While great care has been taken to ensure accuracy, The Citizen cannot take responsibility for any error in the PowerBall or PowerBall Plus results. We suggest verifying the numbers on the National Lottery website. How much does it cost to play PowerBall? Lottery outlets close at 8.30pm on the day of a draw, which happens at 9pm. The terms and conditions may differ from other service outlets. Visit for more information. You can find the historical winning numbers for PowerBall and Lotto draws here. How much does it cost to play PowerBall? PowerBall entries cost R5 per board including VAT. PowerBall Plus costs an additional R2.50 per board. You can also play PowerBall on selected banking apps (T's & C's apply). Visit and go to the How to Play section to find out more.
TimesLIVE
23-06-2025
- TimesLIVE
As gold prices surge, West Africa mine operators launch drones to detect wildcat miners
As the afternoon sun beats down on Gold Fields' sprawling Tarkwa gold mine in southwestern Ghana, three men launch a drone into the clear sky, its cameras scanning the lush 210-square-kilometer tract for intruders. The drone spotted something unusual, and within 20 minutes a 15-person team including armed police arrived on the scene. They discovered abandoned clothing, freshly dug trenches, and rudimentary equipment amid pools of mercury and cyanide-contaminated water. The equipment was left behind by so-called wildcat miners, who operate on the outskirts of many of the continent's official mining ventures - putting at risk their own health, the environment and the official mine operator's profits. The team confiscated seven diesel-powered water pumps and a "chanfan" processing unit used to extract gold from riverbeds. The high-tech cat-and-mouse game is playing out with increasing frequency as record gold prices, now sitting above $3,300 (R59,639,18) per ounce, draw more unofficial activity - intensifying sometimes deadly confrontations between corporate concessions and artisanal miners in West Africa, according to dozens of mining executives and industry experts interviewed by Reuters. "Because of the vegetation cover, if you don't have eyes in the air, you won't know something destructive is happening," explains Edwin Asare, Gold Fields Tarkwa Mine's head of protection services. "It's like you first get eyes in the sky to help you put boots on the ground.' Almost 20 illicit miners have been killed in confrontations at major mining operations across the region since late 2024, including at Newmont and AngloGold Ashanti's sites in Ghana and Guinea and Nordgold's Bissa Mine in Burkina Faso. There have been no reports of official mine staff injured. In some cases, clashes at corporate mines caused production halts of up to a month, prompting companies to press governments for more military protection.
IOL News
20-06-2025
- Business
- IOL News
Green Shoots: When having a flutter is no longer fun
I was caught up in Johannesburg traffic the other day, and crawling along the M1 highway allowed me to take in the many billboards whose sole purpose is to convince you to buy what it is they are offering. And most of these offerings were from online gambling services. I saw Betway and Hollywood Bets promising me great excitement and wealth with minimal effort – I can place my bet anywhere, anytime, and on almost anything. You will have seen these adverts all over our television screens, and heard them on radio. Some of our favourite sports teams have been renamed according to their sponsors – Hollywood Bets Sharks is my rugby team of choice, and they play their home games at Hollywood Bets Kings Park Stadium, up the road from Hollywood Bets Kingsmead Stadium where cricket is played. And fan favourite rugby world cup winner Makazole Mapimpi is their brand ambassador, along with soccer legends like Teko Modise and Jerry Sikhosana. Gambling in this country is big business. Gross gambling revenue (GGR) was R59 billion in 2024. Since COVID in 2020, this revenue growth has been at 42% per year. Gambling is a significant contributor to economic activity and apparently supports 32 000 jobs, with most revenue generated in the Western Cape, Gauteng and Mpumalanga. I'm a little concerned about this phenomenon. We are suckers for a slick advertising campaign, and the saturation messaging of these betting platforms should be cause for concern – indeed, alarm – in more sections of our community, including government and the appropriate regulatory authorities. I found online information on gambling fairly easily, and so I clearly am not alone in feeling uneasy. Industry research says that the reasons respondents give for their gambling appear to be increasingly connected to financial strain, with more than half of surveyed punters saying they gambled because they needed the money. This survey clearly provided the option for multiple answers, because more than two thirds were hoping to win a large sum of money, and down the list somewhere 14% said they had lost their job. When the bet is placed because you need to survive, you know you're in trouble. The online source of my data is an investment firm, and they say that 'problem gambling' prevalence has increased five-fold since 2017, with 21% of problem gamblers unemployed and 84% earning under R15,000 per month. People, we have a problem. And this isn't even considering those for whom gambling is an addiction they cannot beat. Imagine trying to quit a habit when every corner and screen and broadcast is almost brow-beating you to place the bet. Some may say the tax revenue that is generated should be able to ameliorate the social costs ofgambling. Apparently casinos paid about 10% of their revenue in taxes last year, and betting platforms a paltry 7%. Is that supposed to ease the destruction that this practice has for people who are not recreational gamblers? For perspective, cigarettes are taxed at 40% and spirit alcohol at 36%. You don't see your favourite tipple on the telly anymore, and we're a short step from having cigarette packets with no branding expect really disturbing pictures of what happens to your gums when you smoke (I saw those in Thailand recently). I am no prude, and I have been known to wager a bit every now and then. I am no advocate for a nanny state – we cannot over-regulate the choices and behaviour of grown up people. And I know that jobs are at stake. Apparently Tsogo Gaming and Sun International employ half the gambling industry's workforce. With the lower cost and greater accessibility of online platforms, there is a real danger of job losses. For all these reasons, will the authorities please see reason and common sense, and control the bombardment of advertising of these online betting platforms.
