Cape Times

Global luxury brands group Richemont saw slow sales growth in China in the third quarter to December 31, 2023, despite global sales showing "strong momentum" with an 11% increase. The group said in an update Thursday its overall sales had seen a "very solid calendar year end", especially compared with "demanding double-digit comparatives in the prior-year period." Sales in China, Hong Kong and Macau combined had increased by 2%, mostly led by activity in Hong Kong, the group said. Growth elsewhere in the group's Asia Pacific operations however was "robust", with noteworthy performance in the South Korean and Australian markets, directors said. China has been a critical growth driver for luxury goods companies over the past two decades, but the market slowed sharply in 2024 after years of double digit…

Dr François Bonnici, Director of the Schwab Foundation for Social Entrepreneurship and a member of the World Economic Forum’s (WEF) Executive Committee, has warned that the world’s emerging “age of competition” must not descend into paralysis, calling for stronger partnerships between governments, business, philanthropy and social innovators to confront escalating global risks. Speaking in response to the WEF’s Global Risks Report 2026, Bonnici said the findings confirm what social innovators and entrepreneurs are already experiencing on the ground: a convergence of geopolitical shocks, climate disruption and an information-integrity crisis. “The age of competition must not become an age of paralysis,” Bonnici said. “We urge governments, business and philanthropy to partner with social innovators to turn risk into resilience at scale. We must back leaders who champion business models that are…

Closure of BATSA plant seen as damning proof that authorities have failed to curb illicit cigarettes The planned closure of British American Tobacco South Africa's (BATSA) manufacturing plant is damning proof that authorities' failure to curb the illicit cigarette trade is destroying jobs, draining public revenue, and eroding the rule of law, according to Tax Justice SA (TJSA). BATSA announced Thursday it will shut its factory in Heidelberg, Gauteng, after years of plummeting sales caused by the illicit cigarette market, which now accounts for an estimated three out of every four cigarettes sold in the country. The cease factory shut by one of the country's largest tax contributors puts at least 230 jobs at risk, and threatens the livelihoods of employees' families and their wider communities. The illicit cigarette trade,…

Scammers Target South Africans as New Year Expenses Mount As South Africans return from the festive season with renewed energy, many households face the financial realities of a new year. For thousands of families, January is marked by registration fees, textbook purchases, and accommodation deposits for students entering universities and colleges, according to the Southern African Fraud Prevention Service (SAFPS). It says yet, alongside this excitement, fraudsters are seizing the opportunity to exploit vulnerable consumers.“Continuing from Black Friday and the Festive Season, this is one of the busiest times for scammers. The combination of high expenses and the urgent need for cash makes people more susceptible to scams,” says Manie van Schalkwyk, CEO of the SAFPS. Loan Scams The SAFPS says fraudsters lure victims with promises of quick loans and…

As South African children return to school, parents and caregivers are urged to place road safety at the top of their back-to-school checklist. Road accidents remain one of the most serious threats to children in South Africa, with devastating and often lifelong consequences for families. Road crashes are the leading cause of death for otherwise healthy children in the country, with an estimated three children under the age of 15 losing their lives every day. They are also the second leading cause of death for children aged 5 to 14 years. Many of these tragedies are preventable and linked to factors such as failure to wear seatbelts, overcrowded vehicles, unsafe scholar transport, and poorly maintained cars. Beyond fatalities, road accidents frequently result in Traumatic Brain Injuries (TBIs) and other serious…

Raising any child is costly, but when a child has special needs, the financial planning process takes on an added layer of complexity. Every diagnosis, prognosis, and expectation around life expectancy shapes the plan, and in many cases, the time horizon must extend beyond your own lifetime to include that of your child. Financial planning for a special needs child is therefore both deeply personal and highly specialised. Mapping an expense timeline: Before putting a budget in place, it is useful to plot a timeline of expected expenses unique to your child’s condition. By mapping out anticipated treatments, therapies, medical equipment, and possible hospitalisations, you can identify the large costs that may arise in the short to medium term. This timeline can then be overlaid on your household budget to…