Latest news with #R65m
eNCA
18-05-2025
- Sport
- eNCA
Can SA end trophy drought?
JOHANNESBURG - The Proteas have 65 million more reasons to end the county's trophy drought when they face Australia in the World Test Championship final at Lord's next month. The ICC announced the official prize money, for the much-anticipated clash, with the winners walking away with $3.6million (R65m). During the week, coach Shukri Conrad announced the 15-player squad who will represent South Africa in the final. Cricket analyst Lungani Zama believes the ultimate goal is to get a probable squad in 2027 to get a chance to win the trophy.
TimesLIVE
16-05-2025
- Sport
- TimesLIVE
Massive prize pot awaits Proteas for winning World Test Championship
Temba Bavuma's Proteas have 65-million more reasons to end the country's trophy drought when they tackle the Australians in the World Test Championship final at Lord's next month. The ICC announced the official prize money for the keenly anticipated clash, with the winners walking away with $3.6m (R65m). 'The increase in prize money exhibits the ICC's efforts to prioritise Test cricket as it looks to build on the momentum of the first three cycles of the nine-team competition,' the ICC said on Thursday. The runners-up return is not too shabby either, with Bavuma's team guaranteed $2.1m (R37.9m) . Naturally that won't be at the forefront of the players' minds, with the prestige ranking higher and the desire to lift a world cricket title a sufficiently strong enough source of motivation.
The Citizen
08-05-2025
- Business
- The Citizen
City of Ekurhuleni makes financial recovery
City of Ekurhuleni MMC of Finance Jongizizwe Dlabathi said the city is on the path to financial recovery, with encouraging signs of progress in revenue collection, expenditure control, and cash flow management. However, while significant strides have been made, he acknowledges that the road to full financial health is far from complete. A recently released report reflecting the city's financial performance for the third quarter of the 2024/25 financial year signals a shift from past fiscal instability toward improved governance and accountability. ALSO READ: City of Ekurhuleni calls for water conservation at car washes 'When I assumed responsibility for leadership and oversight of the finance portfolio, the city was facing a concerning financial trajectory, exemplified by a staggering R3.1 billion under-collection in electricity sales during the 2023/24 financial year. 'This was due to a lack of strategic focus. Our primary objective has since been to drive financial recovery by rebuilding effective revenue systems and enhancing operational efficiency,' said Dlabathi. Encouraging revenue gains One of the most notable developments is the improved revenue collection in the electricity sector, which had previously suffered major shortfalls. The city reduced its electricity revenue under-collection from R2 billion in the first quarter to R417 million by the third quarter. ALSO READ: City of Ekurhuleni responds to alleged R65m worth of unused inventory This improvement is closely linked to increased meter reading accuracy, which rose from 76.2% to 85.9%. Efforts to curtail interim billing—especially among large power users—have also yielded results. The number of interim electricity readings dropped from 1904 to just over 1000, demonstrating a commitment to accurate, accountable billing practices. Financial discipline paying off On the expenditure front, the city has reinforced financial discipline. ALSO READ: City of Ekurhuleni says medication was not stolen in Klopperpark Clinic robbery Operational spending dropped by 19% in the third quarter, with no overspending on bulk electricity purchases or consumables. While overtime spending remains an area of concern, a council resolution is in place to reduce these costs by half going forward. The city has also managed to stabilise its cash flow. Cash on hand increased to 22 days—double what it was in the first quarter—reducing the city's reliance on overdraft facilities. All bulk service invoices, totalling R3.1 billion, have been settled, and repayment plans with Eskom and Rand Water are progressing without default. Addressing long-term debt ALSO READ: City of Ekurhuleni urges for water conservation this National Water Week Dlabathi said that despite the improvements, the city faces a daunting debt landscape. Outstanding consumer debt has reached R30.9 billion, with households responsible for over 76% of the amount owed. In response, the city has intensified its credit control campaigns and launched the Debt Relief and Rehabilitation Incentive Programme, which offers up to 70% write-offs for qualifying historic debt. 'To date, more than 6,300 residents have applied for the programme—an encouraging sign that the city's message is resonating,' expressed Dlabathi. Restoring trust and accountability The city's leadership has attributed much of the past fiscal decline to strategic missteps, such as the misallocation of the meter reading function, which was previously moved from the Energy Department to ICT. This decision has since been reversed to restore accountability and operational integrity. Independent forensic investigations are ongoing into allegations of account manipulation and meter tampering—issues that had previously eroded public trust and undermined revenue. Additionally, capital spending, currently at just over 50% of the total capital budget, will be bolstered by increasing the maintenance allocation in the 2025/26 draft budget. ALSO READ: City of Ekurhuleni says R21 bus was roadworthy Call to action 'While financial indicators are stabilising, the city is calling on all residents, businesses, and government departments to meet their payment obligations. 'Non-payment undermines our ability to deliver services. Sustainable service delivery relies on consistent revenue collection,' said Dlabathi. He said the city is not out of the woods yet, but the tide is changing course. 'The city's financial picture is improving, with key metrics showing positive movement. 'Yet, the task ahead remains substantial. Continued fiscal discipline, enhanced service delivery, and community co-operation will be critical in ensuring the city's long-term financial resilience,' he added. ALSO READ: Demands made for City of Ekurhuleni manager to step down Executive endorsement Executive Mayor Nkosindiphile Xhakaza praised Dlabathi for the work he has been doing. 'These are not just numbers; they are evidence that the city's recovery is real, governance is being restored, and trust is being earned through action—not demanded by title. 'We are under no illusions about the scale of the work ahead, but the direction is right and the momentum is building,' said the mayor. He said his executive is committed to taking the city back to its former glory. 'We remain resolute, energised, and focused, because the people of Ekurhuleni deserve nothing less—and because the renewal of our public service must be more than a promise; it must be a lived reality in every department, every ward, every day,' said Xhakaza. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
07-05-2025
- Business
- The Citizen
City of Ekurhuleni coffers indicate improvement
City of Ekurhuleni MMC of Finance Jongizizwe Dlabathi said the city is on the path to financial recovery, with encouraging signs of progress in revenue collection, expenditure control, and cash flow management. However, while significant strides have been made, he acknowledges that the road to full financial health is far from complete. A recently released report reflecting the city's financial performance for the third quarter of the 2024/25 financial year signals a shift from past fiscal instability toward improved governance and accountability. ALSO READ: City of Ekurhuleni calls for water conservation at car washes 'When I assumed responsibility for leadership and oversight of the finance portfolio, the city was facing a concerning financial trajectory, exemplified by a staggering R3.1 billion under-collection in electricity sales during the 2023/24 financial year. 'This was due to a lack of strategic focus. Our primary objective has since been to drive financial recovery by rebuilding effective revenue systems and enhancing operational efficiency,' said Dlabathi. Encouraging revenue gains One of the most notable developments is the improved revenue collection in the electricity sector, which had previously suffered major shortfalls. The city reduced its electricity revenue under-collection from R2 billion in the first quarter to R417 million by the third quarter. ALSO READ: City of Ekurhuleni responds to alleged R65m worth of unused inventory This improvement is closely linked to increased meter reading accuracy, which rose from 76.2% to 85.9%. Efforts to curtail interim billing—especially among large power users—have also yielded results. The number of interim electricity readings dropped from 1904 to just over 1000, demonstrating a commitment to accurate, accountable billing practices. Financial discipline paying off On the expenditure front, the city has reinforced financial discipline. ALSO READ: City of Ekurhuleni says medication was not stolen in Klopperpark Clinic robbery Operational spending dropped by 19% in the third quarter, with no overspending on bulk electricity purchases or consumables. While overtime spending remains an area of concern, a council resolution is in place to reduce these costs by half going forward. The city has also managed to stabilise its cash flow. Cash on hand increased to 22 days—double what it was in the first quarter—reducing the city's reliance on overdraft facilities. All bulk service invoices, totalling R3.1 billion, have been settled, and repayment plans with Eskom and Rand Water are progressing without default. Addressing long-term debt ALSO READ: City of Ekurhuleni urges for water conservation this National Water Week Dlabathi said that despite the improvements, the city faces a daunting debt landscape. Outstanding consumer debt has reached R30.9 billion, with households responsible for over 76% of the amount owed. In response, the city has intensified its credit control campaigns and launched the Debt Relief and Rehabilitation Incentive Programme, which offers up to 70% write-offs for qualifying historic debt. 'To date, more than 6,300 residents have applied for the programme—an encouraging sign that the city's message is resonating,' expressed Dlabathi. Restoring trust and accountability The city's leadership has attributed much of the past fiscal decline to strategic missteps, such as the misallocation of the meter reading function, which was previously moved from the Energy Department to ICT. This decision has since been reversed to restore accountability and operational integrity. Independent forensic investigations are ongoing into allegations of account manipulation and meter tampering—issues that had previously eroded public trust and undermined revenue. Additionally, capital spending, currently at just over 50% of the total capital budget, will be bolstered by increasing the maintenance allocation in the 2025/26 draft budget. ALSO READ: City of Ekurhuleni says R21 bus was roadworthy Call to action 'While financial indicators are stabilising, the city is calling on all residents, businesses, and government departments to meet their payment obligations. 'Non-payment undermines our ability to deliver services. Sustainable service delivery relies on consistent revenue collection,' said Dlabathi. He said the city is not out of the woods yet, but the tide is changing course. 'The city's financial picture is improving, with key metrics showing positive movement. 'Yet, the task ahead remains substantial. Continued fiscal discipline, enhanced service delivery, and community co-operation will be critical in ensuring the city's long-term financial resilience,' he added. ALSO READ: Demands made for City of Ekurhuleni manager to step down Executive endorsement Executive Mayor Nkosindiphile Xhakaza praised Dlabathi for the work he has been doing. 'These are not just numbers; they are evidence that the city's recovery is real, governance is being restored, and trust is being earned through action—not demanded by title. 'We are under no illusions about the scale of the work ahead, but the direction is right and the momentum is building,' said the mayor. He said his executive is committed to taking the city back to its former glory. 'We remain resolute, energised, and focused, because the people of Ekurhuleni deserve nothing less—and because the renewal of our public service must be more than a promise; it must be a lived reality in every department, every ward, every day,' said Xhakaza. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Zawya
09-04-2025
- Business
- Zawya
South Africa: Cape Town's luxury homes market skyrockets with $50mln sales in Q1
Sales of luxury trophy homes priced over R20m surged to a record high for the first quarter of this year. These sales have been predominantly in the high-end suburbs of the Atlantic Seaboard and Southern Suburbs, according to the Seeff Property Group. Propstats data shows a record 53 high value sales worth over R1.6bn in the first three months of this year. Half of this value comes from just 25 sales in the Atlantic Seaboard suburbs, the latest being a luxury 383m² apartment in The Aurum in Bantry Bay, sold for R65m by Seeff to a local buyer, says Ross Levin, licensee for Seeff Atlantic Seaboard. Seeff concluded nine high value sales in the first quarter, and Levin says wealthy buyers are currently seeing Cape Town property as a good store of wealth. Properties are selling much faster with sole mandate properties averaging just five weeks on the market. Even older properties which have been on the market for a while are now selling. Adrian Mauerberger and Bryan Ginsberg who sold the R65m apartment, say the majority of buyers are locals, but there is still a big semigration market. For sellers still contemplating, there is no better time than now due to a shortage of stock across all sectors and price ranges, say the agents. The iconic location and lifestyle is drawing buyers from all over. We're seeing an influx of locals, as well as buyers from Gauteng, KZN, the UK and Germany especially who are investing here right now, mostly cash buyers. Further sales include three homes in Camps Bay sold for R45m (local buyer), R21m (German buyer), and R33.75m (UK buyer, shared sale). Additionally, sales of R20m and R23m in Fresnaye (both local buyers), and at the Waterfront of R29.5m (local buyer), R33m (KZN buyer), and R29m (German buyer). As a result of the high value sales at least eight of Cape Town's top 10 suburbs for wealthy buyers currently boast a luxury house price of over R20m, the remaining two being over R15m. Here's a look at how Cape Town's luxury suburbs stack up in terms of average selling price for Q1 2025, according to Propstats and Seeff – with a comparison to what those prices looked like back in 2020: Clifton – R42m vs R37m Bishopscourt – R24.65m vs R15.84m Camps Bay – R24.14m vs R13.18m Llandudno – R23m vs R20.06m Waterfront – R21.61m vs R11.2m Bantry Bay – R21.58m vs R20.45m Higgovale – R21.51m vs R22.51m (massive R85m sale) Constantia – R21.07m vs R12.565m Fresnaye – R17.4m vs R15.07m Oranjezicht – R16.56m vs R9.97m Seeff also made six high-value sales in the Southern Suburbs, mostly Bishopscourt and Constantia Upper. Francois Venter, lead agent for Seeff in the area says here too, agents are seeing a mix of new and old listings selling, with his team scooping six recent high-value sales. These include a vacant plot in Bishopscourt sold for R20.25m (local buyer), along with homes sold in Constantia for R42m (Polish buyer), R24.7m (German buyer), and three sales to local buyers at R36m, R31m and R20.5m respectively. "We're seeing tremendous confidence in the property market right now," says Venter. "Cape Town is also the only city in the country that frequently ranks in top global city indices for tourism and property-value growth. "With its scenic location between mountain and sea—every bit as beautiful as the French Riviera or Monaco—and its cosmopolitan lifestyle and top-quality real estate, the Atlantic Seaboard is the jewel of South Africa's property market," says Levin. Venter says that Constantia and Bishopscourt likewise offer the allure of a picturesque setting with the mountain, lush greenery, and access to the nearby historic wine estates. Properties offer privacy, expansive gardens, and luxurious amenities such as tennis courts and swimming pools, and easy access to leading schools, combining country charm with urban accessibility. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
