The Government Employees Pension Fund has written off 3.6 billion rand in losses from underperforming investments managed by the Public Investment Corporation. These losses were primarily linked to its unlisted asset portfolio, which includes troubled ventures related to Lanseria Airport and several agricultural and property enterprises.
Despite these specific setbacks, the fund reported robust overall growth. Its total assets increased by 13.1 percent to reach 2.69 trillion rand, a performance driven by strong returns from listed equities and bonds. This financial position allows the fund to remain fully funded and meet all its pension obligations.
The GEPF continues to provide benefits to its members and pensioners, having processed...
Two Department of Labour registration supervisors and a third individual have been charged with defrauding the Unemployment Insurance Fund of over 53,000 rands. Simphiwe Dube, Fekeza Mathe, and Mathews Pitse appeared in the Klerksdorp Magistrate’s Court following their arrest by the Hawks’ Serious Corruption Investigation unit.
Authorities allege the fraud involved a fake unemployment claim submitted with falsified documentation. Pitse, a supervisor, is accused of processing the claim using an incorrect center number to facilitate the illicit payout. Investigators stated that the principal claimant, who remains at large, subsequently transferred funds to Dube and Mathe.
The court granted each accused person bail of 2,000 rand and...
President Cyril Ramaphosa has refused to conduct the ceremonial G20 handover to the United States if its delegation is led by a chargé d'affaires. He stated that the symbolic transfer of the presidency requires a representative of appropriate diplomatic stature. This position emerged after the US, having reversed its initial full boycott, decided to send a low-level official solely for the closing ceremony.
White House officials clarified that Chargé d’Affaires Marc D. Dillard’s attendance would be a formality and did not signify participation in the summit's substantive discussions. They denied reports of a broader re-engagement as inaccurate. The situation has created a diplomatic standoff, underscoring the continued strain in...
The Mr Price Group reported a 7.7 percent increase in net profit, reaching 1.82 billion rand for the first half of its financial year. Revenue grew by 5.4 percent to 18.6 billion rand, driven by a 2.1 percent rise in comparable store sales and the addition of 91 new outlets. Chief Executive Officer Mark Blair attributed this performance to the company’s diverse business model and its focus on customer needs.
The retailer’s expansion to a total of 3,100 stores and a 6.5 percent dividend hike to 323.2 cents per share highlighted its strong operational results. Its telecoms and Yuppiechef segments were noted as particularly strong contributors. The group maintained a dominant cash-sales model and continued to see growth in its online channel.
The Investec Group reported steady financial results for the first half of its fiscal year, demonstrating resilience amid challenging market conditions. Group CEO Fani Titi credited the firm’s diverse operational model and client-focused strategy for its stable performance. Revenue remained consistent at 1.1 billion pounds, showing a slight decrease in sterling but a 2.4 percent increase when measured in South African rand. Earnings per share held firm at 36.7 pence, while the interim dividend to shareholders rose by six percent.
The group’s adjusted operating profit saw a modest decline, primarily due to lower net interest income following interest rate cuts. This was counterbalanced by robust client activity, including significant...
A former South African ambassador to the United States, Ebrahim Rasool, has reaffirmed his accusation that President Donald Trump promotes a white supremacist agenda by propagating false claims of a white genocide in South Africa. Rasool stated he has no regrets about his remarks, which resulted in his expulsion from the U.S. earlier this year. He argued that Trump's persistent dissemination of this disinformation, widely debunked by experts, demonstrates a deep-seated bias.
The diplomat linked this behavior to domestic political strategies within the United States. He suggested that amplifying such false narratives aligns with a supremacist instinct aimed at mobilizing certain voter demographics. Rasool's comments highlight ongoing...
The World Changers Mental Health Organisation has appointed a new board, including Thabang Mokoka from the Free State, to advance its mission. The board’s composition brings together expertise in project management, business strategy, law, and community work to guide the organization's expansion of mental health support services across South Africa.
Mokoka, holding an MPhil in Business Studies and postgraduate qualifications in project management, will serve as an advisory and executive member. His background is expected to help shape strategic initiatives aimed at increasing the organization's reach, particularly in underserved communities.
The organization, founded by Nigel Jeche, focuses on mental health education, advocacy, and...
Maksim Oreshkin, a Deputy Chief of Staff for the Russian Presidential Executive Office, has arrived in South Africa to lead the Russian delegation at the G20 Leaders’ Summit. His appointment by President Vladimir Putin ensures Russian representation at the gathering, which is the first to be held on the African continent. President Putin is not attending personally due to an outstanding International Criminal Court warrant.
The Russian Embassy confirmed Oreshkin’s role, highlighting Russia’s continued engagement in the international forum. The delegation under his leadership is expected to participate in discussions on global economic cooperation and other key summit agenda items. This high-level participation occurs alongside a...
A political commentator, Moses Kau, has characterized President Donald Trump's reversal of his boycott of the G20 Summit in South Africa as a sign of weakness. Kau suggested the initial boycott was an unsuccessful attempt to isolate the host nation over its foreign policy positions. He argued the decision to now attend, after other world leaders confirmed their participation, reveals a failed strategy.
The commentator believed the original boycott related to South Africa's support for Palestine, its case against Israel at the International Court of Justice, and its alliances with nations like Russia and China through BRICS. He predicted the United States would still attempt to obstruct certain agenda items during the summit...
