Latest news with #RIM
IOL News
4 days ago
- IOL News
Robben Island Museum set for R150m upgrade before G20 summit
Robben Island Museum is set for a R150 million renovation, closing its doors for three months to prepare for the G20 summit, enhancing its historical significance as a UNESCO World Heritage Site. Image: Independent Newspapers Archives In what has been described as a sad sight by many visitors, the Robben Island Museum (RIM) is set to regain its former glory through a substantial R150 million renovation approved by the Department of Public Works and Infrastructure. The long-awaited refurbishment, which has been a decade in the making, will lead to suspended tours for nearly three months, marking a significant moment in the preservation of South Africa's rich historical narrative. Robben Island has been a crucial part of South African history, reflecting on from 385BCE, through the 15th-20th centuries of Portuguese, Dutch and British colonisation, and the recent apartheid crime against humanity. As a National Site of Memory and United Nations Educational, Scientific and Cultural Organisation, (UNESCO) World Heritage Site, Robben Island, stands as a living heritage symbolising the resilience of the human spirit and the triumph of democracy and freedom over oppression and racism, RIM said. Late last week, RIM council chairperson, Professor Saths Cooper, announced operational changes aimed at enhancing service delivery at the museum. Cooper also delivered the good news that Robben Island will host delegations from around the world as South Africa becomes the first African country to host the G20 later this year. 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 Robben Island will undergo a complete shutdown for essential maintenance and upgrades from 16 June to the end of August 2025, as announced by Council Chairperson Prof. Saths Cooper during a media briefing aimed at enhancing service delivery at the Museum. Image: Ian Landsberg/Independent Newspapers 'Hosting G20 dignitaries at Robben Island is deeply symbolic, allowing the world to witness the legacy of those who sacrificed everything for freedom and the country that rose in their honour. "In preparation for this historic event, Robben Island Museum will suspend all public tours from June 16, 2025, until September 1, 2025, to perform necessary maintenance and renovations,' said RIM. 'The decision to suspend tours was not taken lightly. Robben Island remains one of South Africa's most treasured national heritage sites, attracting hundreds of thousands of visitors annually. While this temporary closure may disrupt some plans, it prioritises safety, preservation, and long-term benefit. 'Visitors are welcome to learn more about the history of Robben Island by visiting our exhibition at the Nelson Mandela Gateway at the V&A Waterfront.' While addressing the media, Cooper said it was a long road waiting for the much needed revamp. 'What we are attempting to do is restore the site to ensure that the living heritage there is protected.' While the Island hosts over 1 500 visitors on a daily basis, Cooper said operationally, it was suitable to shut down tours during the winter period, which sees many cancellations due to the weather. He added that red tape and navigating through various departments also placed delays and pressure on the upgrade and renovation. "To mediate all of these does take a lot of bureaucracy and time and from the period of 2014, there has not been a concerted effort to repair and refurbish Robben Island to the state of originality it was in and to preserve it for future generations,' Cooper said. 'Given that South Africa hosts G20 in November and you are aware that there are delegations that have been having bilateral from different sectors from the beginning of the year, we felt we should take advantage of the winter period and do a shut down in order to effect these changes which are necessary and long overdue and required to retain the tangible heritage, in the way that UNESCO and all of you want it to be. 'We will be having people from different spheres working on the island to make sure these changes take place so it would not make sense to continue to have visitors to the island while workmen and women are in the space due to rubble and construction. 'Staff will continue with their work, we do not have a large number of staff but it will change after this period. 'Some staff will be taking leave.'
Time Out
06-06-2025
- Time Out
Robben Island closes for upgrade ahead of G20 Summit hosting
Robben Island, the world-renowned heritage site and symbol of resilience, is pressing pause on public tours from June 16 to September 1. Why? The island is getting spruced up in preparation for a rather distinguished guest list - G20 dignitaries from around the globe. Think presidents, prime ministers, and finance bigwigs swapping ideas (and handshakes) on global issues. The Robben Island Museum (RIM) announced in a statement that it would be carrying out essential maintenance and renovations ahead of the G20 Summit, scheduled to take place in November. This year, South Africa gets to play host, shining an important spotlight on our country - and the chance to show off our best beaches, braais, and breathtaking landscapes. "We look forward to welcoming visitors back... with renewed purpose, enhanced facilities and an enriched visitor experience," RIM states. Booked a tour during the closure? They've promised a full refund. Your card payment will be automatically reversed, and EFT refunds require your confirmation. In the meantime, why not turn your attention to the rest of Cape Town's treasure trove of things to do: you can hop on a ferry to Seal Island or sip your way through the Constantia wine route.
IOL News
05-06-2025
- IOL News
Robben Island to host G20 delegations, tours suspended for renovations
A complete shut-down of Robben Island for maintenance and upgrade from 16 June to the end of August 2025 was announced at a media briefing hosted by the Robben Island Museum (RIM) Council. Robben Island, a cornerstone of South Africa's historical and cultural identity, is about to step into the global spotlight as the nation gears up to host the G20 summit later this year. As part of the preparations to welcome dignitaries from around the globe, the Robben Island Museum has announced a crucial decision: all public tours will be suspended from June 16, 2025, until September 1, 2025. This temporary closure aims to facilitate essential maintenance and renovations necessary for the preservation of this iconic site.
New Straits Times
04-06-2025
- Business
- New Straits Times
#SHOWBIZ: AIM24 returns with new categories and greater rewards
KUALA LUMPUR: The 24th edition of Anugerah Industri Muzik (AIM) is back this Sept 13 at the Arena Of Stars in Resorts World Genting. AIM 24 was announced by the Recording Industry Association of Malaysia's (RIM) chairman Rosmin Hashim at the Bukit Kiara Equestrian Club here today, and it will be broadcast live at 9pm from Radio Televisyen Malaysia (RTM). Rosmin said that the nation's premiere music awards show, which has upheld artistic merit and industry standards since 1993, continues to evolve in tandem with the country's rich and diverse music scene, and will be introducing three new award categories. They are the Best Unity Song that recognises musical works that promote Bangsa Malaysia, the Best Traditional Song which honours compositions rooted in traditional music, and the Best Collaboration By A Local Artiste And Foreign Artiste/Composer which shines a spotlight on Malaysian artistes who go global. Rosmin said that in a significant boost to the industry, the Communications Ministry will be awarding RM700,000 to 11 award winners. "These funds are part of My Creative Ventures' (MyCV) Creative Content Fund to support the production, promotion and distribution of creative content of high commercial and artistic value," he said. RTM television programme division director Reza Sariman Othman said: "We are pleased to work with RIM and serve as the official broadcaster of Malaysia's premiere music awards show. "We strongly believe in the power of music as a cultural force and a unifying element in society." The nominations for awards are for songs in Malay, English, Chinese and Indian, released from July 1, 2022 to Dec 31, 2024. The submission of nominations ends at 5pm on July 4. There are 31 award categories in three segments namely the main categories, the pre-award categories, and the Sri Wirama Award for lifetime achievement in music. The main categories are Best New Artiste, Best Male Vocalist, Best Female Vocalist, Best Group, Best Band, Best Duo/Collaboration, Best Music Video, Best Original Soundtrack, Best Rock Song, Best Pop Song, Best Hip-Hop Song, Best Electronic/Dance Song, Best English Song, Best Chinese Song, Best Indian Song, Best Malay Song By A Foreign Artiste, Best Collaboration By A Local Artiste And A Foreign Artiste/Composer, Best Nasyid Song, Best Ethnic Song, Best Unity Song, Best Traditional Song, Album Of The Year and Song Of The Year. The pre-award categories are Best Album Cover, Best Engineered Song, Best Engineered Album, Best Musical Arrangement In A Song, Most Streamed Song, Most Watched Music Video On YouTube and Most Viewed Song On TikTok. The final five nominees for each category will be announced in August.
Yahoo
20-05-2025
- Business
- Yahoo
Walmart's warning of higher prices puts spotlight on ‘RIM accounting' practice favored by big retailers
Retail giant Walmart is known for low prices, but those prices are about to go up. On its latest earnings call, CEO Doug McMillon and CFO John David Rainey warned that the company cannot absorb all the cost increases resulting from President Trump's tariffs, even after some rates were reduced following negotiations. The executives said Walmart will begin raising prices on certain products as early as the end of May, with more noticeable increases expected in June. 'The level of tariffs that result from those discussions and the timing of when they ultimately become final may cause larger swings in our financial performance from one quarter to the next,' Rainey said on the May 15 call. The veteran CFO also gave a brief lesson on Walmart's method of accounting for the cost of inventory for the majority of its U.S. business. Known as the retail inventory method, or RIM, this practice makes these swings more difficult to forecast. 'We've always used RIM in Walmart U.S.,' Rainey said. 'It's not new for us, and it's a common method of accounting in the retail industry.' RIM accounting applies a ratio of the actual cost of the inventory to its retail price to calculate ending inventory and, therefore, derive cost of goods sold, he said. Rising prices can lead to higher inventory markups and increased margins, but later markdowns may offset these gains, Rainey explained. The resulting fluctuations in costs are unprecedented for Walmart and could cause significant swings in quarterly margins and earnings, he said. According to Sang Hyun 'Sam' Park, an associate professor at Augusta University's Hull College of Business, U.S. GAAP gives retailers two main ways to price inventory at period-end: the use of RIM or tracking every SKU's exact cost. Walmart isn't the only big box retailer to use RIM, which means the implications of see-saw tariffs on this accounting method may be wide-reaching. RIM is popular at chains that sell millions of low-ticket items, like Walmart, Target, and Home Depot, because management already knows each product's shelf price but not its precise landed cost until weeks later, Park told Fortune. 'By applying a single 'cost-to-retail' percentage to the ticket price, the accountant can finish the books quickly without scanning every purchase order,' Park explained. Modern enterprise resource planning (ERP) systems, which automate core processes such as accounting, can handle item-level data, he said. 'But for high-volume, low-margin general merchandise, the faster, cheaper RIM shortcut still wins,' Park said. He further explained how RIM is affected by tariffs. Landed cost is the all-in amount it takes to bring goods to the shelf: a total of supplier invoice, freight, insurance, import duty (tariff), and brokerage fees. Under RIM, that amount feeds the 'cost' side of the cost-to-retail ratio. Tariffs wind up squeezing the margin. 'Tariffs inflate landed cost, nudging the cost-to-retail ratio higher,' Park said of Walmart's situation. 'A quick shelf-price hike can mask that hit for a while, but markdowns later force the higher cost back into earnings.' During the earnings call, Rainey also said he is concerned about the possibility of LIFO-related charges as prices go up. LIFO, short for Last-In, First-Out, is an inventory accounting method where the most recently purchased or produced goods are assumed to be sold first. To address these accounting challenges, Park foresees Rainey using a new playbook when it comes to data granularity, scenario planning, and governance—but not an accounting policy overhaul. 'What Walmart's CFO hints at is the need for supplementary tools,' he said. That includes more frequent recalibration of cost complements, layered RIM pools (such as separating tariff-sensitive imports), richer disclosure, and tighter forecasting analytics. For the first quarter, Walmart's revenue increased 2.5% year over year to $165.6 billion, U.S. same-store sales increased 4.5%, and its e-commerce business reached profitability for the first time. This story was originally featured on
