Cape Times 2026-01-19

Cosatu Parliamentary Coordinator Matthew Parks says sentencing of Steinhoff executive Iwan Peter Schelbert is cold comfort Cosatu has called for better funding of the National Prosecuting Authority (NPA) and the judiciary in the pending 2026/27 budget to address the massive backlog of serious commercial crimes. This follows the conviction of former Steinhoff At Work executive Iwan Peter Schelbert, who was sentenced to five years’ imprisonment for his role in a R376 million fraud case. Cosatu Parliamentary Coordinator Matthew Parks said on Friday that Schelbert’s sentencing was welcome but amounted to cold comfort, as key perpetrators in the more than R24 billion scandal had escaped justice due to delays. He criticised the NPA for offering, over the past eight years, “meaningless platitudes to the public that it is busy building a…

Team South Africa will use the global spotlight of the World Economic Forum (WEF) Annual Meeting in Davos to project a renewed image of economic stability, reform momentum and investment readiness, as a high-level government delegation prepares to attend the gathering. The delegation will be led by Minister of Finance Enoch Godongwana and includes Minister of International Relations and Cooperation Ronald Lamola, Minister of Electricity and Energy Dr Kgosientsho Ramokgopa, Minister of Tourism Patricia de Lille, and Minister of Small Business Development Stella Tembisa Ndabeni. Their participation comes as the WEF convenes under the theme “A Spirit of Dialogue”, reflecting growing global concern over geopolitical fragmentation, economic volatility and weakening multilateral cooperation. The government on Friday said South Africa’s engagement in Davos is aimed at positioning the country as a…

There is a mixed industry reaction after the Competition Commission of South Africa confirmed that they are investigating alleged cartel behaviour linked to the prime rate among South African banks. The prime interest rate is the benchmark interest rate that banks and financial institutions use to set the interest they charge you on loans and credit cards. Siyabulela Makunga, the spokesperson of the Competition Commission, said that the Commission confirms that it is investigating a matter on prime lending rate. “The investigation commenced in 2021 and it is at an advanced stage. The Commission is looking into establishing whether or not there is a contravention in terms of section 4(1)(b) of the Competition Act.” Daniel Munslow, Absa Managing Executive: Group Communications, said that Absa supports constructive, industry-wide dialogue on matters…

When I attended the World Economic Forum in Davos last year, what struck me most was not only the scale of the challenges confronting the world, but the growing realisation among global leaders that the old ways of thinking are no longer sufficient. Davos 2025 was characterised by a sense of urgency — an acknowledgement that economic growth, technological progress and sustainability can no longer be pursued in isolation from one another. In my engagements throughout the week — from formal panels to informal discussions at Africa House — my impression was clear: there is a renewed appetite for meaningful collaboration, particularly with emerging markets, but also a deep concern about global fragmentation. Conversations repeatedly returned to the same questions: How do we restore trust? How do we ensure that…

The global economic outlook has shown modest improvement heading into 2026, but uncertainty remains high as a complex mix of elevated asset valuations, rising debt burdens, geoeconomic realignment and the rapid deployment of artificial intelligence (AI) continues to reshape growth prospects. This is according to the World Economic Forum’s (WEF) latest Chief Economists’ Outlook published on Friday. While caution still dominates sentiment, the survey points to a measurable easing in pessimism compared with late 2025. Some 53% of chief economists now expect global economic conditions to weaken over the coming year, down sharply from the 72% who held this view in September 2025. The shift suggests a growing belief that the global economy may avoid a severe downturn, even as structural vulnerabilities deepen. "The Chief Economists survey reveals three defining…

The National Red Meat Producers Organisation said that they welcomed any strategy to try and curb and address the devastating outbreak of Foot and Mouth Disease. This follows Minister of Agriculture John Steenhuisen announcing last week the Department's 10-year plan to vaccinate the entire herd and get South Africa FMD free. Steenhuisen said that their strategy will be phased over 10 years, beginning with stabilisation and consolidation, before moving toward the eventual withdrawal of vaccination and final recognition of national freedom through vaccination by the World Organisation for Animal Health (WOAH). Dr Frikkie Mare, the CEO of the National RPO, said while the Minister and Dr Mogajane outlined the vision of what they want to achieve and promised that a detailed plan would be shared, the confusion and uncertainty regarding…