Star 2025-05-30

Finance Minister Enoch Godongwana has congratulated three newly appointed deputy Directors-General (DDGs) at the National Treasury, marking a significant step in bolstering leadership and institutional stability within the department. The appointments, announced by Cabinet on Thursday, include Ulrike Britton as DDG for Public Finance, Ogalaletseng Gaarekwe as DDG for Intergovernmental Relations (IGR), and Christopher Axelson as DDG for Tax and Financial Sector Policy. “These strategic appointments reflect our commitment to maintaining institutional stability while fostering innovation and fresh perspectives,” Godongwana said in a statement. “Strong leadership and a pipeline of talented public service professionals are essential to serving our nation effectively.” Ulrike Britton, a veteran of the National Treasury since 2006, steps into the role of DDG for Public Finance. She began her career as a Senior Budget Analyst for…

Lewis Group’s robust 66.9% increase in operating profit to R1.2 billion for the year to March 31 was driven by strong credit sales, expanding margins and good growth in the debtors’ portfolio. The exceptional results saw investors drive up the share price by 6.28% on Thursday afternoon to R83.45, bringing the rally in the price to 83% over 12 months. Satisfactory paying customers for the retailer of furniture, home appliances, electronics and homeware reached a new record high. The operating margin improved significantly by 790 basis points to 22.7% from 14.8%. CEO Johan Enslin said in an interview that sales and collections in April and May were in line with their expectations. He said that exclusive new ranges in August and September would boost sales, and the group was on…

Outgoing national lottery operator Ithuba Lottery is considering the legal implications of Minister of Trade, Industry, and Competition Parks Tau’s decision to award the operating licence to Sizakhaya Holdings. Ithuba stated that this decision disregards the progress made in building a truly home-grown lottery ecosystem that empowers small businesses, drives local job creation, and maximizes revenue for good causes. In response to the decision announced on Wednesday, Ithuba expressed deep disappointment, stating that it undermines the principles of localisation and inclusive economic growth outlined in the Request for Proposal. As a fully South African-owned and black-empowered operator, Ithuba has invested significantly in developing the first African Central Lottery System, owned and developed for Africa by South Africans. “Ithuba Lottery has the necessary infrastructure, financial resources, and distribution systems to deliver…

Some economists welcome the cut, others criticise its timidity in addressing issues South Africa Reserve Bank (SARB) Governor Lesetja Kganyago announced a 25 basis point cut to the repo rate on Thursday - that was widely expected - bringing it down from 7.50% to 7.25% with some economists welcoming the cut and others criticising its timidity in addressing the nation’s pressing economic woes. This decision, made by the Monetary Policy Committee (MPC) offers modest relief to borrowers in an economy grappling with sluggish growth and rising unemployment. The decision to cut rates was unanimous, with one MPC member voting a 0.5% cut. Kganyago said they have now trimmed GDP projections and currently expect growth of 1.2% this year, rising to 1.8% by 2027. “The outlook for structural reforms remains…

While excluding South Africa from the African Growth and Opportunity Act (Agoa) would have dire consequences, the emigration of real Afrikaner farmers would be even more damaging to the agricultural sector and the rural economy. Since the departure of 49 white people, who are supposedly farmers, seeking refuge in the US, the country and the agricultural sector have been concerned with the potential Afrikaners exodus to the US. Interestingly, the departure of the 49 self-designated refugees to the US coincided with the NAMPO period, the biggest agricultural show in South Africa. For the past 57 years, NAMPO draws attention of farmers, traders, bankers, technocrats, and other service providers to gather in the Bothaville town and celebrate the grain harvest, appreciate new technologies and agricultural equipment, and welcome new research. The…

In a remarkable academic achievement, a 17-year-old student obtained a degree in Actuarial Science. Mongiwa Hazel Ntuli graduated with a degree in Actuarial Science from the University of Pretoria. The Minister of Higher Education and Training, Dr Nobuhle Pamela Nkabane, extended a heartfelt congratulations to Ntuli, on Thursday. This extraordinary milestone made Ntuli one of the youngest graduates in the university’s history, and a shining example of academic excellence, resilience and the transformative power of education. Originally from Rosettenville in Johannesburg, Ntuli's story is one of exceptional talent, discipline, and vision. Her ability to excel from an early age, her courage to navigate university life years ahead of her peers, and her determination to push through challenges are deeply inspiring. "Her pursuit of a qualification in Actuarial Science, a demanding…