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IOL News
6 days ago
- Politics
- IOL News
ANC faces criticism over lenient approach to corruption in municipalities
African National Congress faces backlash over lenient corruption approach in South African municipalities Image: Siphiwe Sibeko The African National Congress (ANC) has come under criticism for what analysts describe as a lenient approach to tackling widespread corruption and governance issues within South Africa's municipalities. This follows the party's announcement that it will deploy senior leaders to address pressing local government challenges amid ongoing concerns about service delivery and municipal accountability. The ANC's National Executive Committee (NEC) convened over the weekend in Germiston, Ekurhuleni, where discussions centered, among other issues, on the upcoming local government elections scheduled for next year. During a media briefing on Monday, the NEC revealed plans to hold a special session within the next two weeks focused explicitly on addressing issues plaguing local governments. This move follows the party's April Election Strategy Workshop and marks the beginning of election preparations. However, critics argue that the ANC's response appears reactive rather than proactive. Geopolitical analyst Joe Mhlanga voiced strong disapproval, stating, 'This sends a negative message to South African communities. It suggests that the ANC only pays attention to issues when seeking votes.' He stated that many communities have been waiting for basic services for decades, yet little tangible progress has been made. 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 ✕ Ad loading 'Since 1994, residents have been promised clean water, proper roads, and basic infrastructure, but are still waiting. The same officials accused of corruption remain in power, and accountability is lacking.' He pointed out that municipalities accused of misconduct continue to operate without consequences, fuelling public frustration. 'People protest weekly, demanding essentials like water, roads, and functioning healthcare facilities. Yet, the ANC seems to be acknowledging these challenges only now, which should have been addressed long ago,' he said. Mhlanga also criticised the apparent lack of concrete action, citing the significant amounts of money stolen from municipalities over the years. 'Billions meant for critical development have been siphoned off, but there's little accountability. This systemic corruption undermines efforts to develop the economy and improve living conditions,' he argued. He warned that the ongoing failure to tackle corruption could impact the ANC's support in the upcoming elections. 'Voters are increasingly getting frustrated. They see no real effort to hold officials accountable, and many are ready to vote for opposition parties instead,' he said. 'Residents want basic services, water, roads, clinics, hospitals, and they're not getting them.' Adding to the concerns, Mhlanga questioned the ANC's broader priorities, suggesting that the government's focus should extend beyond internal politics.
The Star
6 days ago
- Business
- The Star
South Africa's Telkom profit rises on subscriber growth and fibre services
FILE PHOTO: Shoppers walk past a branch of South Africa's mobile operator, Telkom, in Johannesburg, South Africa, April 17,2025. REUTERS/Siphiwe Sibeko/File Photo JOHANNESBURG (Reuters) -South Africa's Telkom reported a 6.5% rise in quarterly core profit on Tuesday, helped by subscriber growth and increased use of its "next-generation network" (NGN) offerings as it ditched legacy services. Earnings before interest, tax, depreciation and amortisation (EBITDA), came in at 2.8 billion rand ($155.62 million) in the first quarter ended June 30, South Africa's third-largest telecom company said in a statement. Overall group revenue rose 1.1% to 10.82 billion rand with mobile service revenue and Openserve's fibre data revenue up 7.8% and 11.3%, respectively. Telkom said mobile data subscribers surged 27.5% to 17.2 million, while there was a 17.5% increase in the number of homes connected with fibre. The majority state-owned company has been investing in migrating customers away from copper-based technology to offerings such as fibre and long-term evolution - a 4G wireless standard - as customers seek faster internet services. ($1 = 17.9928 rand) (Reporting by Sfundo Parakozov;Editing by Kirsten Donovan)
IOL News
31-07-2025
- Business
- IOL News
Woolworths Holdings warns of earnings drop amid restructuring challenges
Woolworths' food business delivered above-market turnover and concession sales growth of 11% and 7.7% on a comparable-store basis for the 52 weeks to June 20, 2025. Price movement averaged 5.3%, with volume growthdriven by increased footfall and average basket size. Image: Siphiwe Sibeko, Reuters Woolworths Holdings has warned that its adjusted headline earnings per share (aHEPS) will fall between 17% and 22% for the year to June 29 after a restructuring impacted its Australian business, and despite continued revenue growth in South Africa. The grocery and fashion, health and beauty retailer warned in a trading statement Thursday that aHEPS will likely be between 292.8 cents to 311.6 cents, compared with 375.4 cents at the same time last year. As of this month, more than 24 000 Woolworths employees have access to health insurance, the first group in the retail sector to offer benefits of this scale. Turnover for the group increased by 6.4% and concessional sales by 7.3% in the 52 weeks to June 29, despite the tough macroeconomic conditions and significant uncertainty arising from global trade relations. Woolworths financial director Zaid Manjra said in the trading statement that in South Africa, consumer sentiment and discretionary spend remains subdued despite moderating inflation and interest rate cuts. However, Woolworths South Africa delivered strong turnover and concession sales growth of 9.4%. Within this, the food business delivered above-market turnover and concession sales growth of 11% and 7.7% on a comparable-store basis. Price movement averaged 5.3%, with volume growth driven by increased footfall and average basket size. Excluding Absolute Pets, acquired in the fourth quarter of the prior period, food sales increased by 9.2%. Sales growth in the second half was 10.6% (9.4% excluding Absolute Pets), with price movement of 4.2%. 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 ✕ Ad loading Trading space increased by 2.4%. The on-demand Woolies Dash offering grew by 41.6%, with overall online sales increasing by 32.9% and contributing 6.6% to total food sales. Fashion, beauty and home turnover and concession sales increased by 4.7% and by 5.1%. Trading momentum improved and second half sales increased to 7%, after the product flow challenges in the first half were resolved. Price movement averaged 2.2%. The beauty business gained market share, delivering growth of 14.7%. Net trading space in this segment fell by 2.3%, while online sales increased by 22.8%. The Woolworths Financial Services book decreased by 2.7% year-on-year and increased by 0.5% excluding the sale of part of the legal book of R1.6 billion. The impairment rate for the 12 months ended 30 June 2025 improved to 6.1%, compared to 7.0% in the prior period, and 'remains sector leading,' the directors report. Following its separation from David Jones, Country Road Group (CRG) completed a restructuring to reconfigure its operating model and reset as a standalone business. This was undertaken in an accelerated timeframe and within an unconducive macro backdrop, as pressure from high interest rates and living costs impacted consumer footfall and spending. The short-term business disruption saw sales decline by 5.4% and by 6.8% on a comparable-store basis. Trade performance in the fourth quarter improved significantly, declining by a lesser 0.3%, with second half sales declining by 4.5%. The Country Road and Trenery brands traded ahead of the rest of the CRG brands. Trading space decreased by 0.8%, while online sales contributed 28.6% of total sales for the period, up from 27.7% in the prior comparable period. The group successfully disposed of property in Australia for A$223.5m, recognising a R792m profit on disposal. BUSINESS REPORT
IOL News
20-06-2025
- Business
- IOL News
Denel's turnaround strategy shows promise as it seeks foreign contracts
Denel told Parliament it is looking to secure new revenue streams, improve management, commercial skills, and governance, as well as to source other funding sources. Image: Siphiwe Sibeko / Reuters State-owned manufacturing company Denel told Parliament on Friday that it was making good progress in revenue generation. Briefing the Joint Standing Committee on Defence, CEO Tsepo Monaheng said they were concluding contracts amounting to billions. 'We hope this trend continues. The countries that place orders with us have trust in that Denel has turned the corner. We can't disappoint in terms of non-performance, so performance is critical for us,' Monaheng said. Speaking on the entity's turnaround plan, Monaheng said they have looked at restructuring the business to get cash. 'One of those areas was to ensure we go through Section 189 and have the right people in the business,' he 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 Next Stay Close ✕ Although he did not go into detail on the retrenchments, the presentation to the committee indicated that Denel has completed the initial Section 189 process and filed critical vacancies. 'Further Section 189 process is going to be initialised,' reads the presentation. Monaheng told the MPs that Denel has lots of debtors and that debt was still a challenge. 'Even when we make money, the creditors take the money, while the banks demand their payments. It makes it difficult for us to execute the turnaround strategy,' he said, adding that their debts were four to five years old. 'When they threaten us with liquidation, we prioritise them. It hampers our progress.' In its presentation, Denel said it was looking to secure new revenue streams, improve management, commercial skills, and governance, as well as to source other funding sources, including the collection of outstanding debtors such as Armscor. Monaheng said they were looking for partnerships in new markets and develop innovative products. 'We are careful who we partner with.' He told the MPs that the sale of non-core assets and shares in associate companies did not materialise. 'We were not able to sell non-core assets, but we have started a process to make sure they are value-creating,' he said, adding that they planned to achieve shareholder control at Rheinmetall Denel Munition and Hensoldt. Monaheng stated that they were reviewing the cost of sales and operating costs as well as implementing cost containment measures. 'We have to spend better and spend on value creation.' On Denel's business performance, Monaheng said in 2015/16, Denel posted R8.4 billion in revenue, but this went down to R1.3 billion in 2021/22. In 2023/24, they were sitting at R1.3 billion with R223 million in profit. Monaheng said their target was to reach the R8 billion and that was possible if they could get more contracts. 'We have to make sure at operational level, the business is profitable. We want to make sure we move to sustainable profitability.' He reported that during the 2023/24 financial year, R1.4 billion orders were placed with Denel, and this increased to R4.3 billion in 2024/25. 'If we continue on this trajectory, we should realise the Denel we want. This is dependent on the happiness of the customers. We are ready to get more orders. We hope to continue on this trend.' Earlier, Monaheng observed that Denel had asked for bailouts, but things have changed. 'If it operates well, it should fund its operations, and that can be achieved through foreign businesses we get because the margins are better.' He also said one of the reasons that Denel collapsed in the past was due to the weak internal controls. 'We are building to make sure that there are no leakages in the business. We do want to make sure we do what we are supposed to do and we are compliant all the times.' Monaheng stated that Denel had operated without leadership, resulting in instability at the entity. 'We have a full team except the CEO of Denel Dynamics.' While MPs welcomed the presentation by Denel, they were concerned about the scant detail in the presentation. ANC MP Tidimalo Legwase wanted to know about its plan to reach the planned revenue targets. Freedom Front Plus' Tammy Breedt said the presentation was of a high level and filled with lots of fluff and a to-do list. 'We don't see how you will address internal control issues that have been an issue,' Breedt said. She also said Monaheng had, in his presentation, stated that Denel started taking a nose dive in 2020 during Covid-19, but the entity was last profitable in 2015/16. 'What was the reason for the initial five years of Denel not being profitable?' Breedt asked. Defence Minister Angie Motshekga said the term of office for the current board of directors was due to expire. 'We are consulting in government structures and the department in a strong Denel board,' Motshekga said. She also said the board chairperson, Gloria Serobe, has handed a letter asking to be released from the company.
IOL News
19-06-2025
- General
- IOL News
Black Rhino founder population return to Mozambique
10 additional critically endangered black rhinos were successfully translocated from South Africa to Zinave National Park in Mozambique to secure the first founder population of black rhinos since becoming locally extinct five decades ago. Image: Reuters, Siphiwe Sibeko This week marks a monumental step in wildlife conservation as ten critically endangered black rhinos were successfully translocated from South Africa to Zinave National Park in Mozambique. This significant effort aims to establish the first founder population of black rhinos in the region, a remarkable comeback after the species was declared locally extinct five decades ago. The initiative was made possible through the generous donation of five male and five female rhinos from Ezemvelo KZN Wildlife, South Africa's provincial conservation authority, in collaboration with Mozambique's National Administration for Conservation Areas (ANAC) and the Peace Parks Foundation. The translocation has also been financially supported by players of the UK People's Postcode Lottery. With the introduction of these ten rhinos, alongside 37 already thriving in the park, the initiative intends to bolster biodiversity and establish Zinave as Mozambique's only 'big five' national park. Dr. Dion George, the South African Minister of Forestry, Fisheries, and the Environment, hailed the successful transfer as a tremendous conservation milestone. "Establishing new founder populations is vital for securing the future of these species," he said, praising the efforts of the Mozambican authorities and peace conservation partners. The journey that led to this success story began in 2024, with Ezemvelo's esteemed Game Capture Unit capturing the selected rhinos at various game reserves. After being housed in specially prepared facilities at Hluhluwe iMfolozi Park, the rhinos were well cared for while awaiting their 48-hour journey to the lush habitats of Zinave. Pejul Calenga, Director General of ANAC, expressed immense gratitude to the South African Government and their partners for facilitating this pivotal restoration of Mozambique's wildlife. "We are pleased with this process and invite everyone to contribute to protecting our conservation areas," Calenga stated, highlighting the complexities of this translocation as the first of its kind in 2025. Moreover, on-the-ground management and meticulous planning were vital to ensuring compliance with international regulations. The Department of Forestry, Fisheries and the Environment Management Inspectors collaborated closely with officials from the Border Management Authority to verify all necessary permits were in order before the rhinos embarked on their journey. This successful operation follows the initial translocation of rhinos to Zinave in 2022, which launched Mozambique's efforts to restore its black and white rhino populations. Significant support from the UK People's Postcode Lottery, including a £800,000 funding initiative in 2023, has been instrumental in enabling this latest important phase. 'Our commitment to rewilding critically endangered species is at the heart of our mission,' stated Clara Govier, Managing Director of the UK People's Postcode Lottery. 'This historic translocation wouldn't have happened without the collective efforts of many.' The overarching aim of this collaborative rewilding project, initiated with a co-management agreement between ANAC and Peace Parks signed in 2015, strives to create a healthy ecosystem while attracting tourism and enhancing the livelihoods of local communities. Thus far, 2,540 game animals from 16 different species have been introduced to Zinave, and the recent addition of black rhinos is considered a pinnacle achievement within this wildlife reintroduction programme. Peace Parks CEO, Werner Myburgh, extended heartfelt thanks to all those involved in this initiative. He affirmed that such conservation successes underscore the significance of partnerships in achieving ambitious wildlife restoration goals. 'With thanks to our supporters, we continue to work towards reviving thriving wildlife populations, fostering hope for future generations,' Myburgh declared. As these black rhinos find their new home in Mozambique, a crucial part of the African ecological tapestry, their presence heralds an encouraging future for biodiversity restoration efforts. With the establishment of viable breeding populations of both black and white rhinos in Zinave National Park, the collaboration serves as a testament to the power of teamwork in conserving endangered wildlife. BUSINESS REPORT Visit:
