Latest news with #R2.5
IOL News
4 days ago
- Business
- IOL News
DA slams Joburg council's approval of R2. 5 billion loan
The City of Johannesburg council in Braamfontein has approved a R2.5 billion loan from the African Development Bank. Image: Nhlanhla Phillips / Independent Newspapers The City of Johannesburg council has approved a R2.5 billion loan from the African Development Bank (AfDB) for capital expenditure projects. The R2.5bn loan is amortising, unsecured, and payable over 15 years, and its indicative total cost will be about R4.94bn and quarterly repayments of just above R81.8 million. 'The total front-end fee of 1.15% of the total loan amount is due to the AfDB before loan signature. This equates to about R28.75m for a loan of R2.5bn,' read documents presented in council on Wednesday. The council also gave the green light to the city's top officials to negotiate and effect changes on the debt agreement should they be required to protect the city's interests as well as execute on the final terms of the long-term loan to be provided by the AfDB. 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 ✕ However, DA shadow finance MMC Chris Santana said the party does not believe the city is in a position to take on more loans. 'It's with regret that I find the City of Johannesburg consistently trying to get long-term funding, in essence, trying to fund short-term funding. We are currently in a position where we do not have a funded budget,' he said. According to Santana, the collection rate is still behind the budgeted collection rate of 89%. He said it currently stands at 85% and that the repayments due per quarter on all loans will be almost over R400 million based on three loans. 'We are already sitting with a cash crisis and a cash crunch. We don't need this loan; the only reason I think we need this loan is to settle the short-term loan of R2.8bn from the DBSA (Development Bank of Southern Africa) that's coming up at the end of this month, June 30. 'We are stealing from Peter to pay Paul at this point,' Santana explained. He accused the municipality of sending back free money to the National Treasury. 'If we are sending back free money, why must we go loan money?' he asked.
The South African
6 days ago
- Business
- The South African
The SA city that foreigners spent over R1 billion buying property in
International property buyers have already poured over R1 billion into Cape Town's real estate market so far in 2025, proving that the city is more attractive than ever to foreigners wishing to invest. According to BusinessTech and Seeff Property Group, sales to international buyers hit R600 million in February and R700 million in April this year, bringing the year-to-date figure to well over R1 billion. Data also showed that overall property sales in Cape Town reached nearly R2.5 billion in the first five months of 2025 – the highest level seen in the past five years. And it seems foreigners are interested in purchasing property in particular areas in the city. Ross Levin, licensee for Seeff Atlantic Seaboard, noted that foreign buying has been especially strong in the Atlantic Seaboard and City Bowl, which together accounted for around 67% of all international transactions. In April alone, overseas buyers spent R530 million on properties in the Atlantic Seaboard. 'We've seen sales across just about all suburbs, with Camps Bay and Bantry Bay commanding the highest values, and Sea Point and the CBD leading in transaction volumes,' Levin said. Data also indicated that foreigners from over 40 countries have invested in Cape Town this year. These included buyers from Germany, the UK, Netherlands, Switzerland, and other European nations. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
7 days ago
- Business
- IOL News
South Africa: the World Bank's fattened lamb for slaughter
The hubris of dividing Africa along borders drawn on lunch break napkins, for no other reason than to cannibalise it, seemed eerily similar to the ways of the World Bank and the IMF today. Image: Yuri Gripas/Reuters/File LEE Camp of the programme Unredacted makes incisive observations about the dark manoeuvres of the 1884 Berlin Conference. The hubris of dividing Africa along borders drawn on lunch break napkins, for no other reason than to cannibalise it, seemed eerily similar to the ways of the World Bank and the IMF today. From the same actors, continuing with the same insidious plans of plundering the vast mineral resources of the African continent, these Bretton Woods contraptions, with innocuously sounding names, became the latter-day agents of the Berlin Conference conspirators. If wild hogs, for whatever sinister reason, were to conference on the neighbour's corn yard, Lee calls it the Orgy of Pillaging. In the Mandela and Mbeki successive administrations, the clarity of the vision and the determination of the resolve were unequivocal. It was to square the apartheid debts, grow the economy and bolster the fiscus, a strategy that yielded an average of 4.2% growth year on year. The way to trivialise the success of this strategy, notwithstanding its weaknesses in reducing joblessness, was to claim that the prices of commodities were favourably high. Were this trivialisation rooted in political sentiment only, it would be understandable. But it has no bearing on scientific fact or economic reality. And the Zuma administration was heralded into office with a bountiful surplus. And for purposes of context, commodity prices have been way higher since 2009, or at least the prices of those commodities on which the 'favourably high' claim is predicated. Yet to the collective shock of all citizens, they have helplessly witnessed a diminishing economic growth, recording a few recessions along the way. To date, the country has borrowed oodles of money, eye-watering and mouth-dropping amounts! The gross loan debt has increased from R2.5 trillion in 2017 to R4.3trln in 2021. This means the government has borrowed an additional R1.8trln from both domestic and international investors. The debt has been so heavy on the country's purse, so much so that the Treasury honchos have to borrow an estimated R2 billion every day to service the interest on capital borrowed and to keep the failing heart of their ICU patient ticking. The Government of National Unity (GNU) is determined to borrow as much money as it can possibly sustain their mind-numbing vaudeville. It would have been entertaining if it were not so tragic. The chronology of events is disturbing. First, the exchequer announced that the taxman had over-collected taxes in 2025, to great applause. Then the sequence of events and their timelines get blurred and indistinguishable. Either before that announcement or contemporaneous to it, the geniuses at the Treasury went to Washington DC to apply for a loan of R26bn. Or how does the Minister account for the speed of approval of this amount shortly after the Constitutional Court ruled against a planned VAT increase? But someone or something had to keep the masses entertained. And the famous stage is our Tower of Babel, the parliament of the people. And the captivating showdown of all, between the two main endearing partners of the GNU, is guaranteed front row television viewership. The masses were entertained with a VAT increase imbroglio. It was rejected. And the World Bank approved the loan, all in great effort to avoid imposing the beneficiation tax on a sliding scale. John Perkins, renowned author of Confessions of an Economic Hitman, has an insider articulation acuity. The World Bank and the IMF are frontline agents in the early stages of a regime change strategy. Beyond that stage, the creditors will take over the decision-making capabilities of the country or some government will be couped or someone will be swiftly murdered. For a country that boasts of the best constitution in the world, how does it account for the fact that its eminent provisions determining the powers of different branches of government are silent about the most egregious executive abuse of power? This is when the executive branch contracts into foreign debt on behalf of the state secretly, pledging the entire sovereignty of the people as collateral? It is not even helped by the fact that the preeminent conditionality for loans with the World Bank and the IMF is secrecy. Not even the representatives of the people convened in Parliament can know. It is very secret, they say. According to the late Minister of Public Enterprises, parliamentarians have to sign non-disclosure agreements. So much for voting. At least we now know what the term 'ruling elite' means. It refers to those people who have been given privileged sight of the loan terms of the World Bank and the IMF. Thomas Jefferson, from the vantage of his political heights, addressing his countrymen and countrywomen, once observed that banking institutions are more dangerous to our liberties than standing armies. And for a country led by the ANC, a political party with a long and profound history, spanning over a century of various political and economic stages of the forging of this country's nationhood, its incumbent leaders are determined not to learn anything about money or debt or even the mastery of their predecessors. It is a fairly documented epic of South Africa's complex historic narrative that the straw that broke the apartheid camel's back wasn't a straw. It was a crushing debt, and an irate mob of creditors beating at Darius Fourie's and Chris Stals' doors, Finance Minister and Reserve Bank Governor, respectively, who were at the service of the apartheid ignominy.
The Citizen
13-06-2025
- Sport
- The Citizen
Cell C wraps up Comrades 2025
11 June 2025, Durban, South Africa – The 2025 Comrades Marathon reached the finish line, and Cell C is proud to reflect on a week marked by purpose, partnership, and powerful impact, on and off the road. As a Tier 1 partner of the Comrades Marathon, Cell C not only stood proudly in support of this iconic event but also contributed meaningfully through community upliftment and recognition of the champions who give the race its soul. Turning speed into support: R350,000 raised for charity At the Comrades Expo, Cell C turned speed into social good through its interactive #RunForGood challenge. This high-energy activation invited visitors to run on a smart treadmill, with each sprint converting into a donation. Participants selected one of five partner NGOs to support, and Cell C donated based on the distance covered. The initiative raised a total of R350,000, equally benefiting the following organisations: iNkanyezi Creche and Community Centre – Offering early learning, nutrition and support services to children and families in need. – Offering early learning, nutrition and support services to children and families in need. Ethembeni Crisis Care Centre – Providing shelter, safety and empowerment to women and children affected by abuse. – Providing shelter, safety and empowerment to women and children affected by abuse. Humanity South Africa (Khidmatul Khalq Foundation) – Supporting humanitarian relief efforts across vulnerable communities. – Supporting humanitarian relief efforts across vulnerable communities. Summerhill House Orphanage– Creating a nurturing, structured home for orphaned and abandoned children. Cell C's Managing Executive: Corporate Affairs, Lethiwe Hlatshwayo said: 'This handover marks more than the end of a campaign; it's a celebration of purpose in motion. It reflects Cell C's belief that nothing should stop you from making a difference and that collective effort has a positive impact. Through Cell C's Treadmill #RunForGood Challenge at the Comrades Expo, every kilometre ran was a commitment to something bigger, with heart and intent.' Recognising champions: R2.5 Million in prizes awarded Building on its ongoing commitment to recognising champions of the Comrades Marathon, Cell C once again sponsored several key prize categories for the 2025 race. The total prize value exceeded R2.5 million. These awards honour the grit, determination, and endurance of the runners – qualities that reflect Cell C's own values and belief that nothing should stop you. As Cell C continues its partnership with the Comrades Marathon Association, the focus remains clear: to champion the people who give the race its soul and uplift the broader community of KwaZulu-Natal. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
10-06-2025
- Entertainment
- IOL News
Comrades Marathon runners chipped in with over R6 million for local charities
The CHOC Cows were looking udderly amoozing at their water point in Hillcrest. Image: Supplied This year's Comrades Marathon not only saw thousands of runners pounding the pavement from Pietermaritzburg to Durban, but it also became a powerful catalyst for change, raising over R6 million through the Comrades Marathon Association's Amabeadibeadi Charity Drive. The funds generated during Sunday's event will benefit six deserving charities, each represented by passionate participants aimed at making a difference in their communities. Since its inception in 1996, the Amabeadibeadi initiative has been integral in supporting vital organisations, including the Childhood Cancer Foundation South Africa (CHOC), SANParks Honorary Rangers, Community Chest, Rise Against Hunger, Hillcrest AIDS Centre Trust (HACT), and Childline KwaZulu-Natal. CHOC has emerged as a leading beneficiary this year with R2.5 million raised, thanks in large part to the enthusiasm of the runners known as the "CHOC Cows." 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 Manager Jayde McCarthy expressed pride in the fundraising effort. 'We did super well with our cows being absolutely amoozing!' she said. McCarthy highlighted the remarkable contribution of fundraiser Ida van de Wetering, who single-handedly secured R165,000. 'It's incredibly motivating to consider that we are running on behalf of children battling cancer,' she added. The CHOC Cows at their water point in Hillcrest during the Comrades Marathon. Image: Supplied The festive mood at the CHOC water station in Hillcrest was palpable, where participants and supporters danced, mooed, and shared joy with high fives and hugs. 'Our sponsor, Balwin, made that spot possible, and we are so grateful!' McCarthy exclaimed, as vibrant cow prints adorned the space. The SANParks Honorary Rangers team at their watering hole in Camperdown. Image: SANParks Honorary Rangers/ Facebook This year marked the second occasion that SANParks Honorary Rangers participated in the marathon, with representative Peter Zietsman sharing insights about their commitments: 'Due to financial limitations, we have certain capital expenditure requirements that cannot be met. Events like these allow us to fill those gaps for SANParks to achieve its objectives in terms of community responsibilities.' Their watering hole, featuring two grand blow-up elephants, served as a reminder of their mission to protect South Africa's natural heritage. Community Chest's executive director, Gordon McDonald, also spoke passionately about their purpose for the funds raised. 'The money will be spent on early childhood development because there's a critical problem with children not receiving enough early education,' he explained. The Community Chest team at their refreshment station. Image: Community Chest/ Facebook With a focus on offering nutritious food and stimulating educational programmes, Community Chest supports approximately 7,800 children daily in vulnerable areas around Pietermaritzburg and Durban. Their refreshment station, strategically placed 1.5 km from the finish line, became a point of encouragement for runners along the challenging route.
