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IOL News
a day ago
- Business
- IOL News
South Africans face currency shock as rand stays stagnant against US dollar
Many South Africans were hopeful that their local currency would mirror this decline, allowing them to capitalise on the weakening greenback Image: Armand Hough/Independent Media South Africans who expected to score massively from the fact that the greenback has lost 10% against every other major currency this year are set for a sore surprise because the rand has barely budged against the dollar year-on-year. In fact, investors would have been better off putting R10,000 into pounds or even euros, with euros having provided the best return of R555.67 – or 5.6% year-on-year, IOL's calculations show. Based on a linear equation that doesn't include transaction costs, fees, or reinvestment of gains, the pound would have provided a return of R405.12, or 4.1%. While the rand had been gaining against the US currency given the greenback's weakness, the exchange rate went over R18 to the dollar again this week – effectively on par with a year ago. As a result, a R10,000 investment into the dollar would provide a negative return. Andre Cilliers, currency strategist at TreasuryONE, explained that the rand had lost ground as the dollar firmed and there was uncertainty over any US military action against Iran, which is keeping the local currency on the back foot for now. US President Donald Trump has variously indicated he would support Isreal in its fight against Iran, while also stating that this may not happen. 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 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. Next Stay Close ✕ Bloomberg data indicated that, since Trump was inaugurated for his second term on January 20, the greenback has declined in value against the euro, pound and Swiss franc. This, it stated, was due to Trump's tariffs and his insistence that Federal Reserve Chaiman Jerome Powell lower interest rates. The Fed voted overnight to keep rates unchanged, the same position for all of 2025 so far. The last time the dollar plunged this much and this fast was in 2010 when the US Federal Reserve pumped more money into the economy to help deal with the ravages of the 2008 Global Financial Crisis, Bloomberg data showed. South Africa's rand is notoriously volatile. IOL
IOL News
a day ago
- Climate
- IOL News
Climate change: New study reveals alarming flood and storm patterns in KwaZulu-Natal
The April 2022 floods left hundreds dead and caused a trail of destruction to infrastructure, businesses, homes, and communities. Image: Doctor Ngcobo / Independent Media In a stark revelation about climate challenges facing South Africa, a comprehensive study analysing weather-related disasters over the past 43 years has identified floods and storms as the most pervasive threats, particularly impacting KwaZulu-Natal (KZN). This was announced just days before severe weather struck, causing at least 90 deaths due to flooding in the Eastern Cape. Torrential rains and freezing temperatures also lashed KZN, where flooding events have become a tragic norm following the tragic devastation of the April 2022 floods. With research led by Mary-Jane Bopape, managing director of the South African Environmental Observation Network (NRF-SAEON), the study sheds light on the urgent need for enhanced climate resilience strategies in a province grappling with the devastation of heavy rainfall. The research, utilising extensive data from the Emergency Events Database (EM-DAT), along with information from the South African Weather Service and European weather forecasting systems, has highlighted KZN's position as the most disaster-prone area, specifically the eThekwini Metropolitan Municipality, which has recorded the highest number of these weather-related events. Flood-related events were the most common during this period, occurring 49 times, followed by storms, which were reported 33 times. The study noted that this pattern is consistent with global disaster trends, where hydrological and meteorological hazards are the most frequently recorded natural disasters, according to the EM-DAT methodology. Weather-related disasters in South Africa from 1980 to 2023 were published in the Environmental Development journal by Mary-Jane Bopape, managing director of the South African Environmental Observation Network (NRF-SAEON), and her team. Image: Supplied Flooding includes riverine floods, which occur when rivers overflow, and flash floods, which are caused by intense, short-duration rainfall. Storms are diverse events, such as landfalling ex-tropical cyclones (frequently bringing floods and high winds), convective storms with tornadoes, lightning, and severe thunderstorms, as well as winter storms. 'With these insights, we can better inform climate resilience strategies and proactive disaster management efforts. This important contribution to the field paves the way for more effective responses to climate challenges and disaster preparedness in our communities,' Bopape remarked, emphasising the research's potential impact. The study found that, although KZN receives substantial rainfall, no evidence suggests that eThekwini experiences more rainfall than other districts in the province, which 'suggests human influences associated with urbanisation in disaster patterns'. KwaZulu-Natal is bordered by the Indian Ocean to the east and the Drakensberg Mountains to the west. The province has experienced numerous flood-related disasters, it said. Tropical cyclones have caused some of the most damaging events in the region. For example, Domoina in January 1984 brought extreme rainfall to northern KwaZulu-Natal, Swaziland, and eastern Mpumalanga. Analysis of events from 1984 to 2019 indicates that most of these were due to tropical lows. The region is also highly susceptible to severe convective storms, with the eastern coastal zone as a hotspot for these events due to its proximity to the Agulhas Current, which provides significant latent heat for convection. Cut-off low systems, known for causing prolonged heavy rainfall, have been linked to major floods like the April 2022 disaster and other historical flood events in the country. 'The catastrophic April 2022 floods in Durban caused extensive damage to infrastructure and claimed over 430 lives, making it the worst flood disaster in South Africa's history,' stated the study. It also found that the Cape Town metro reports the highest number of disasters in the western part of the country, associated with more rainfall, yet human factors may also contribute. Weather Systems responsible for floods and storms in SA from 1980 to 2023 with abbreviations indicated as follows: cut-off lows (CoL), upper troughs (UT), surface troughs (ST), ex tropical cyclones (ETC), upper perturbations (UP), surface lows (SL) and continental low (CTL). Image: Supplied It emerged that cut-off low systems and upper troughs, which are classified as mid-troposphere mid-latitude systems, triggered the most floods and storms, while ex-tropical cyclones (ETCs) caused only four disasters during the study period. However, the study noted that upper perturbations, which are disturbances in the upper atmospheric flow pattern usually associated with clouds and precipitation, also resulted in floods and storm disasters, indicating a need for forecasters to also pay attention to smaller-scale processes, the study found. 'These findings enhance our understanding of weather-related disaster risks in South Africa, providing valuable insights for climate resilience and proactive disaster management.' It stated that South Africa is among the most disaster-prone countries on the African continent and ranks among the nations with the highest exposure to extreme weather events. South Africa and Libya experience the most significant economic losses from disasters in Africa, according to further economic analyses. The study indicates that coastal cities in South Africa have experienced a statistically significant increase in flooding. This rise is attributed to a combination of natural occurrences and human-induced factors such as insufficient urban drainage systems, rapid population expansion, and improper land-use strategies. In 2022, according to the study, there was a doubling in the record number of reported flood disasters, amounting to a total of eight incidents, giving a record number of disasters reported in a year. 'Four flood disasters were documented in 2019 and 2023, with three occurrences in 2000. It is noteworthy that until 1996, the number of reported flooding disasters did not exceed one.' Droughts ranked third, with a total of 11 reported events. Unlike floods and storms, droughts do not have subcategories in EM-DAT. It was reported that all municipalities in South Africa experienced drought over the past three decades, with rain-fed farming suffering more than irrigated farming. Climate change projections indicate an increased risk of drought due to reduced mean precipitation across much of southern Africa, attributed to global warming, it stated. Consequently, proactive measures such as reducing land degradation and enhancing dam and irrigation capabilities are essential. Wildfire disasters were reported 10 times, nearly as frequently as droughts. These have been associated with droughts and the proliferation of invasive alien plants. During the analysis period, only three temperature-related disasters were reported, comprising two cold spells (July 1996 and May 2007) and one heatwave (January 2016). The cold spells are generally associated with mid-latitude systems, including cold fronts, cut-off low (CoL) systems, and upper troughs and occasionally Type S ridging Atlantic high-pressure system, which all act as mechanisms to transport cooler air from the poles to the north impacting the subcontinent. Both cold spells were associated with a CoL system, while the May 2007 event is also associated with a Type S ridging high. South Africa has experienced numerous environmental disasters in the past three decades, including droughts, wildfires, geological events such as earthquakes/tremors and temperature extremes. 'Droughts have been the most frequent, significantly impacting agriculture and likely to worsen with climate change. Wildfires are often linked to droughts and exacerbated by invasive plants.' Geological events, though less frequent, have caused damage and casualties while temperature extremes have been less reported but show a trend towards more frequent heatwaves. Overall, the study found that South Africa faces increasing disaster risks due to climate change, requiring proactive measures such as infrastructure strengthening, sustainable land management, improved public health, and better early warning systems. [email protected]
IOL News
2 days ago
- Sport
- IOL News
As conflict rages in the Middle East, Orlando Pirates starlet Relebohile Mofokeng linked with move to Israel
Rele off to Israel? Orlando Pirates starlet Relebohile Mofokeng has been linked with a transfer to Israel. Photo: Itumeleng English/Independent Media Could Orlando Pirates starlet Relebohile Mofokeng be moving to Israel? Israeli publication Sport5 reports that Maccabi Haifa have registered an interest in the 20-year-old Mofokeng, who has also been courted by Spanish giants Barcelona recently. As a result, Pirates are said to have slapped a €1.5 million (R31.2 million) price tag on the youngster, plus a percentage on any future sale. The report suggests Maccabi Tel Aviv are also keeping tabs on Mofokeng. Last year, it was reported that Barcelona were keen on the player and had made inquiries. However, nothing concrete has come from that interest to date.
IOL News
2 days ago
- Automotive
- IOL News
We're racing at Zwartkops this weekend as the journey in the Toyota GR Cup Challenge continues
After three rounds, the Toyota Gazoo GR Cup Challenge moves to its 'home' base at Zwartkops Raceway outside Pretoria for the fourth installment of the National Extreme Festival this weekend. It's been almost six weeks since we first set eyes on our new GR Yaris' with its slick eight-speed Direct Automatic Transmission (DAT) at the Aldo Scribante Circuit in Gqeberha, and I must say, I've missed being behind the wheel of the pink-liveried Independent Media and IOL car #60, affectionately dubbed Tinkerbell by the rest of the Media Challenge racers. Gazoo HQ Zwartkops is also the headquarters of Toyota Gazoo Racing South Africa (TGRSA) which brings with it the added pressure of performing in front of some of their executives, VIP guests, friends and family. As we head into the weekend I'm a lot less nervous than I was at the beginning of the season. Our race craft has improved significantly but you're still behind the wheel of a race car alongside 19 other GR Corollas driven by dealers and GR 86s piloted by GR Academy drivers so anything can happen, especially since most of us call Zwartkops our home circuit. There's a difference though between driving around the track at a launch with an instructor next to you as opposed to donning a race suit and then going hell for leather and side by side in a race.
IOL News
3 days ago
- Business
- IOL News
KwaZulu-Natal introduces innovative e-procurement system to combat corruption
KwaZulu-Natal Finance MEC Francois Rodgers and the head of his department Carol Coetzee introducing e-procurement system to curb corruption in the provincial government. Image: Bongani Hans / Independent Media KWAZULU-Natal Finance MEC Francois Rodgers has on Tuesday introduced a first-of-its-kind system to stop corruption and politically-connected favouritism in the procurement system, which has kept him frustrated since he took over the position. The Electronic Procurement System (e-Procurement), which was announced during a press briefing held in Pietermaritzburg, was designed to block unscrupulous tenderpreneurs from undeservedly dominating government tenders that have earned them a multimillionaire or multibillionaire status. Rodgers said KwaZulu-Natal was the first province to implement the e-procurement system, which he believed was unlikely to be corrupted. 'We are trying to deal with fruitless and wasteful expenditure, fraud, and corruption. 'The system would be monitored and controlled by the treasury, and each department would no longer be able to do its procurement,' he said. The provincial government adopted the system from the Department of Forestry, Fisheries, and the Environment (DFFE). 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 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. Next Stay Close ✕ Rodgers said the system would help the government to cut down on wasteful expenditure that has robbed the provinces of billions of rands through irregular awarding of tenders to unqualifying bidders. 'I don't need to tell you that when you look at fraud, corruption and wasteful expenditure, it is normally in the supply chain management, and those problems are around the human interaction within the supply chain. 'This electronic system is going to take away the human factor out of the awarding of tenders and procurement,' said Rodgers. He said the system would have a significant impact on building a capable and ethical state. He said e-procurement would take effect at the beginning of the 2026 financial year. He said his department was in a desperate move to save money after Finance Minister Enoch Godogwana's announcement that provinces would no longer be allowed to borrow money. He said Godogwana's announcement was based on the fact that the country had already reached an exorbitant figure of repayment of interest on loans, meaning that it was spending around R1.2 billion a day repaying loans, 'which is more than we spend on education and health in the entire country.' He said that willy-nilly spending by the departments through budgeting on money that they do not have would come to an end 'because if we continue to do that, health, education and social development would continue to struggle'. He said taking extra caution in expenditure was meant to make sure that health, education and social development, which are frontline departments, have enough money to operate properly. 'That means other departments, other than the front-line departments, are going to have to relook at how we allocate the money,' he said. Explaining how the e-procurement functions, provincial finance head Carol Coetzee said applying information technology in the procurement would be the province's fundamental shift from the corruptible manual system. She said the department had analysed all the systems that the various government spheres used to run procurement and found that the DFFE was the best. She said since it was owned by the national department, the province did not have to spend exorbitant money buying it. 'Departments are buying assets without a budget. We want to stop that. 'When you log into the system and you put in a requisition of what you need, then the system would ask you 'Do you have a budget' and the budget control would have to authorise the budget on the system and say 'yes, there is a budget' and the system would lock the estimated amount before you even start the process,' said Coetzee. She said the e-system would prevent the department's procurement officials from contacting suppliers they prefer for favours. She said the officials would indicate how many quotes they were looking for, and the system would go to the central supplier database to draw the number of suppliers that provide the commodity. 'Those quotations would not be accessible to anyone until the date for the quotations is closed. 'Currently, what is happening is you source five quotations, you get four quotations and you phone your friend, you tell him that you have received four quotations and these are the prices, and say if you give us your price below that, you are going to be rewarded,' said Coetzee.
