Business

By Lehlohonolo Lehana. Finance Minister Tito Mboweni has forecast growth of 3.3% this year on hopes that a well-managed vaccination program, to fight the COVID-19 pandemic, will help lift the economy. It should be said of course that this positive sounding figure comes on the back of last year's GDP…
Staff Reporter. Photo Credit: Kulula.com South African airline Kulula says it will resume domestic operations at Lanseria International Airport from 1 April 2021. The group will service its Durban and Cape Town routes with a limited schedule, adding additional frequencies over the next couple of months. Customers are now able…
Staff Reporter. The start of the year is a great chance to reboot your personal finances – and that starts with a renegotiation of your insurance policies. Insurers are completely open to this, yet many consumers don't know it's an option. "A consumer can renegotiate their short-term insurance policy as…
Staff Reporter. Photo Credit:123RF/Anyaberkut. Middle-Eastern airline Qatar Airways has announced plans to expand its flight operations in South Africa. The group said that by March 2021 it plans to operate 28 weekly flights from the country, including: Cape Town will see an increase to 7 weekly flights; Durban will see…
Staff Reporter. The North Gauteng High Court ruled that Eskom Holdings SOC Ltd can recover R10 billion ($681 million) from consumers, enabling the state power utility to raise electricity tariffs by 16%. The ruling comes after Eskom and the National Energy Regulator of South Africa reached an agreement on the…
Staff Reporter. Top 5 Tips for Renting a Container Renting containers has increased in popularity as businesses and individuals discover their value as a versatile storage solution with a multitude of functions and innovative uses. If you have decided to rent a container, but find yourself wondering where to start,…
Staff Reporter. Nestle SA is adding its first vegan milk chocolate to its products as the world’s biggest food company expands beyond meat alternatives. The Swiss food giant will start offering plant-based KitKat bars this year, called KitKat V, according to Alexander von Maillot, head of Nestle’s confectionery business. The…
Staff Reporter. Photo Credit: Gallo Images. Government has identified three equity partners for South African Airways (SAA) and will make a decision on which one to pick in the next month or so, says Public Enterprises minister Pravin Gordhan. In an interview with Bloomberg, Gordhan said that the interim SAA…
Staff Reporter. Buying a home is probably one of the most important - and expensive - purchases many people will make. It usually requires a long-term financial commitment in the form of a bond to cover the cost of the home. While most buyers have an idea of how much…
Staff Reporter. Mid-month data from the Central Energy Fund points to another hike in fuel prices in March, following sizeable increases in the first two months of 2021. The CEF data shows an under-recovery in prices across the board, expected to rise around 55 cents per litre for petrol, and…
Staff Reporter. For all of South Africa’s economic struggles, the rand looks set to mark its 60th birthday holding fast as the weather vane of emerging-market confidence. The currency — once a global pariah — punches above its weight. The latest Bank of International Settlements global foreign-exchange report, released in…
Staff Reporter. A year in, the impact of COVID-19 is not only being felt by couples physically and emotionally, but it is also exposing incompatibility in personal finances. There’s plenty of fuel available for a money fight. Living and working in close proximity becomes even harder if your spouse has…
Staff Reporter. Credit ratings agency Moody’s has warned of a number of financial issues facing South Africa in the run-up to finance minister Tito Mboweni’s budget speech later this month. In November 2020, Moody’s cut the nation’s foreign- and local-currency ratings to Ba2, two levels below investment grade, from Ba1.…
Staff Reporter. Having long-lasting symptoms after Covid-19 is dubbed "long Covid" or "long-haul Covid". Employers should be taking note of how this will affect worker productivity and medical incapacity in the workplace, say Anton Engelbrecht, Alexander Forbes Senior Health Risk Consultant and Myrna Sachs, Head of Alexander Forbes Health Management…
Staff Reporter. Coca-Cola Beverages South Africa (CCBSA) has increased its Broad-based Black Economic Empowerment (B-BBEE) ownership to a revised 20% target, with a significant worker ownership component. "This updated agreement will result in employees increasing their current holding of around 5% in CCBSA to an approximate 15% shareholding in CCBSA,"…
Staff Reporter. Mobile operator MTN said in a trading statement on Friday (5 February), that it anticipates strong earnings for the year ended December 2020. The group advised shareholders that headline earnings per share (HEPS) growth is expected to be between 50% and 70% (or 234 cents to 328 cents).…
Staff Reporter. A process is underway to appoint a permanent board for the Public Investment Corporation (PIC) following the departure of some board members. "The shareholder is working on the appointment of a permanent board. The PIC is stable and continues to deliver on its clients’ mandates, " the PIC…
Staff Reporter. Q4 2020 Debt Index: borrowing increased by 32% to supplement eroding incomes. Payment holidays and successive repo rate reductions provided South African consumers significant relief in 2020, but for those reliant on unsecured debt the respite has proved short lived. This is one of the findings from a…
Staff Reporter. Bus company Putco is set to retrench 214 staff members as a result of financial distress. Putco spokesperson Pride Anozie says restrictions to the passenger carrying capacity impacted its profit margin. "I think the rationale around the whole things is purely due to the pandemic itself, Covid-19, which…
Staff Reporter. Photo Credit:123RF/Anyaberkut. Emirates has suspended flights to and from South Africa until 28 February. Flights were meant to resume on Friday. The airline will share updates on South African flights in the upcoming weeks. In the meantime, the airline urged affected customers to contact their travel agent or…
Staff Reporter. The Gautrain Management Agency (GMA) has placed the procurement of its additional rolling stock and depot enhancement project on hold until further notice. The decision was taken in the light of the significant impact that the Covid-19 pandemic and the various lockdowns have had on passenger demand on…
Staff Reporter. Photo Credit: Gallo Images. The Department of Public Enterprises says that South African Airways (SAA) could exit administration at the end of March on the back of fresh funding and a possible equity partner. In a presentation parliament on Wednesday (3 February), the department said that the signing…
Staff Reporter. Banking group Absa has announced its new fee structure for 2021, following a full pricing review. The bank’s fee changes historically align with South Africa’s other big banks – Standard Bank and Nedbank – which would typically see price changes come into effect from 1 January of any…
Staff Reporter. The Department of Energy has published the latest fuel price adjustments for February, showing sizeable increases for all grades of petrol and diesel. The following changes will take effect from Wednesday, 3 February: Petrol 95: increase of 81 cents per litre; Petrol 93: increase of 81 cents per…
Staff Reporter. South Africa’s largest health club chain Virgin Active says that a move to adjusted level 3 lockdown restrictions at the end of December 2020, has led to lower usage rates and an increase in member terminations. The group’s holding company, Brait, said in a note on Monday (1…
Staff Reporter. By now the festive break is a faded memory and even some of your best-intentioned resolutions haven’t made it through January. Perhaps that’s why it’s best to wait until February – when you’re confronting life’s realities, not to mention the possibility of an extended Level 3 lockdown –…
Staff Reporter. Ster-Kinekor Theatres is entering voluntary business rescue, the group’s board announced on Friday (29 January), aiming to rehabilitate the company as it continues to suffer due to the Covid-19 pandemic and lockdown. The group said that up until February 2020, the business was profitable and highly cash generative,…
Staff Reporter. South Africa will grow even more dependent on imports for its fuel needs as the country’s refining sector faces an uncertain future, says Avhapfani Tshifularo, executive director of the South African Petroleum Industry Association (SAPIA). In an interview with S&P Global Platts, Tshifularo said all six of the…
Staff Reporter. Retail group Clicks says that it will be shutting down Musica in South Africa, after several years of decline. Clicks acquired the brand in 1992, where it was a leading entertainment brand in the country for many decades, Clicks said. However, despite a shift in more recent years…
By Lehlohonolo Lehana. Qatar Airways has signed an interline agreement with domestic airline Mango, further expanding its presence in South Africa as the largest international carrier to operate from the region. The agreement with Mango will provide passengers with seamless connectivity via Johannesburg and Cape Town to one international destination…
Staff Reporter. South Africa’s economy, which was struggling before the Covid-19 epidemic, is now reeling and the consequences are dire for consumers burdened with debt as well as salary cuts, retrenchments and businesses closing. Benay Sager, chairman of the National Debt Counsellors’ Association says that for many people in this…
Staff Reporter. Photo Credit: Pixabay. South African Breweries (SAB) says the ripple effect of South Africa’s third alcohol ban is being felt throughout its beer value chain, and that it is nearing its maximum storage capacity at its nine brewing facilities. The company said in a statement on Monday (25…
Staff Reporter. File Photo. African Bank has on Monday announced that Basani Maluleke has resigned as the group’s chief executive officer and as an executive director, to pursue other career opportunities. Maluleke will serve out her notice period until 30 April 2021, during which time she will be available to…
By Lehlohonolo Lehana. File Photo. The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5% per annum, Reserve Bank Governor, Lesetja Kganyago, has announced. Speaking during a virtual media briefing on Thursday, Kganyago said during the MPC meeting, two members of the committee preferred a 25…
Staff Reporter. Photo Credit: Pixabay. Heineken SA, owner of beer brands Amstel and Windhoek, has become the first major company to cut jobs as a result of SA’s third alcohol sales ban, which has stopped trade since late December. Europe’s biggest brewer, which is among SA’s main investors, said it…
Staff Reporter. File Photo. British Airways (operated by Comair) has introduced new booking options, giving customers the flexibility to change the dates and destination of a booking without any change fee. The airline’s book with confidence commitment allows customers to adapt to unforeseen circumstances as they need to. They can…
Staff Reporter. File Photo. Local headlines have made for sombre reading over the last week, and early indications are that things are likely to get worse before they get better. In a research note published on Monday (18 January), Stellenbosch University’s Bureau for Economic Research (BER) pointed to the country’s…
Staff Reporter. Photo Credit: Pixabay. SAB has cancelled a R2.5 billion capital investment in South Africa following government’s third ban on alcohol sales. This brings the brewer’s cancelled capital expenditure in the country to R5 billion since the first alcohol bans were introduced in March 2020. The cancelled investments relate…
Staff Reporter. Mid-month data from the Central Energy Fund (CEF) points to another large fuel hike for South African motorists in February, following a significant increase in January. The CEF data shows an under-recovery in prices across the board, expected to rise around 78 cents per litre for petrol, and…
By Lehlohonolo Lehana. Photo Credit:123RF/Anyaberkut. UAE-based airline Emirates says that it will temporarily suspend all flights to and from South Africa. The airline said in a statement on Thursday (14 January), that the suspension will run from Saturday (16 January) to 28 January 2021 due to operational reasons. It did…
Staff Reporter. Retail group Pick n Pay has announced that its chief executive officer Richard Brasher will retire, and will be succeeded by Pieter Boone. The changes take effect from 21 April 2021. Boone is a former chief operating officer of Metro AG, and a retailer with extensive international experience.…
Staff Reporter. While it has been a volatile year for many industries, the crypto economy is ending the year on a high note. The positive movement in the adoption of cryptocurrencies, regulatory discussions, and developments, as well as several large names in retail and institutional finance dipping into crypto ownership…
Staff Reporter. January can be a very long month for many South African families seeking to stretch December paycheques until the first payday of the New Year. Typically, this is because many companies pay their employees early in December, but this year making it to the end of January is…
Staff Reporter. The World Bank has published its Global Economic Prospects report, detailing how the Covid-19 pandemic has impacted the growth prospects of South Africa and other countries heading into 2021. One of the key findings of the report is how the pandemic has impacted per capita income, with many…
Staff Reporter. Photo Credit: Getty Images. South African-born Elon Musk is now the world’s richest person after Tesla’s shares surged 7.9% on Thursday (7 January). The climbing share price has boosted Musk past Amazon founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.…
Staff Reporter. The Department of Energy has announced the official fuel price adjustments that will come into effect on Wednesday, 6 January 2021. All grades of fuel will see prices increases this month, with petrol climbing between 40 cents and 43 cents per litre, and diesel increasing by 54 and…
Staff Reporter. Fuel prices are expected to significantly increase in January, month-end data from the Central Energy Fund shows. The data shows that petrol prices could be increasing by 39 and 43 cents per litre, while diesel prices could be up by between 54 and 55 cents per litre. According…
Staff Reporter. Discovery Health says funding has been set aside for its members to get the Covid-19 vaccine as it throws its weight behind the country's bid to source a cost-effective supplier. Timelines have not yet been confirmed as the medical insurance giant is in "extensive" negotiations with other private…
Staff Reporter. Photo Credit: Getty Images. British and European Union negotiators sealed a Brexit trade deal on Thursday, just a week before the United Kingdom finally leaves the orbit of the 27-nation bloc, its biggest trading partner. But unusually among trade deals, businesses will face more bureaucratic hurdles than they…
Staff Reporter. Fitch Ratings Agency has upgraded five South African banks Long-Term Ratings to AA+ with a stable outlook. The five banks are Absa, Investec, Nedbank, Standard Bank and FNB. This reflects an improvement in their creditworthiness relative to the best credits in the country. Debt ratings (where applicable) have…
Staff Reporter. After an exceptionally difficult year, consumers may be tempted to reward themselves this Christmas. Resisting the urge to go overboard and spending sensibly could mean a better 2021, especially given that there’s still a lot of economic uncertainty. Benay Sager, Chief Operating Officer at DebtBusters, South Africa’s leading…
Staff Reporter. Splashing out over the festive season as a reward for making it through 2020 might be tempting, but some restraint could ensure the Christmas cheer lasts into the New Year. According to the National Debt Counselling Association (NDCA), many South Africans’ festive season shopping sprees result in them…
Staff Reporter. A snapshot survey by personal finance website JustMoney has revealed that more than 82% of respondents are in debt ‒ with the need to buy food cited by 43% as a reason for this. Personal loans are the most common form of debt. Close to 59% of the…
By Lehlohonolo Lehana, The Department of Public Enterprises (DPE) said it was pleased about the recovery of R1.56 billion from ABB South Africa back into Eskom's coffers. This comes after Eskom and the Special Investigating Unit (SIU) reached an agreement with ABB to pay back in full, money derived from…
Staff Reporter. In a deliberate effort to drive behaviour change, the Association for Alcohol Responsibility and Education (aware.org) and its industry members, are giving South African consumers the opportunity to arrive home safely, while effectively curbing drinking and driving by donating over R500 000.00 in Uber vouchers in the first…
Staff Reporter. Photo Credit: Gallo Images. McKinsey and Co said it would repay all the fees paid to it — estimated to be about R650m — for work done as part of Transnet and SAA contracts. The state capture commission of inquiry made the announcement on Wednesday. This undertaking comes…
Staff Reporter. Ford Motor Company was recognized for leadership in corporate sustainability by CDP, securing a place on the global environmental nonprofit group’s prestigious 'A List’' for tackling climate change and protecting water security. Climate protection and water management are key parts of Ford’s comprehensive approach to long-term sustainability and…
Staff Reporter. File Photo. Comair today again began operating British Airways’ domestic services, providing a choice of more flights, more routes, a full-service offering, lounge offerings, frequent flyer benefits and a business class option. British Airways (operated by Comair) will serve all the domestic routes it did prior to lockdown,…
Staff Reporter. Every December holiday millions of South Africans have to stretch their money further and often end up skipping debt repayments in favour of festive-season shopping. The economic impact of Covid-19 is likely to result in even more missed payments this year. Pre-festive promotions such as Black Friday and…
By Lehlohonolo Lehana. The South African economy began its journey to recovery during the third quarter of 2020 - this after the national lockdown aimed at curbing the spread of COVID-19 had sent it into a tailspin. During this period, the country’s economy rose by an annualised rate of 66.1%,…
Staff Reporter. File Photo. The world’s third-largest gold miner, AngloGold Ashanti, has appointed former Absa chair Maria Ramos to head its board with immediate effect, replacing ANC stalwart and businessman Sipho Pityana. "Ramos brings to the role exceptional experience in leadership roles across both the private and public sectors, "AngloGold…
Staff Reporter. Photo Credit: Gallo Images. The Department of Public Enterprises (DPE) has urged South African Airways labour unions to cooperate with the finalisation of the business rescue process, which includes the full and final settlement of deferred employee salaries. In a statement, the department said while it is sympathetic…
Staff Reporter. Photo Credit:123RF/Anyaberkut. A new airline is preparing to start flights in South Africa next week, entering the industry at a time when carriers near and far are going bankrupt amid the worst crisis in aviation history. Lift, owned by Johannesburg-based leasing company Global Airways, will operate three Airbus…
Staff Reporter. Today, Exxaro hosted an official Rietkuil Housing Handover Ceremony to celebrate the completion of the company's Leeuwpan Mine Rietkuil Resettlement Project after five years of hard work. The auspicious event was attended by key Exxaro executives, the MEC of Human Settlements Mpumalanga, Ms Nora Mahlangu, Victor Khanye Local…
Staff Reporter. Many businesses rely on the business founder or owner for their success. With the Covid-19 pandemic having wreaked havoc the world over, businesses have been highly impacted, and the pandemic has shown that no one is immune to a life altering event. Have you ever wondered what would…
Staff Reporter. Summer’s here and the number of panting joggers, lycra-wrapped cyclists and cars in the gym parking lot suggest that plenty of us are working hard to lose a bit of lockdown flab before we hit the beach. Given the financial impact of the past eight months on just…
Staff Reporter. Absa has laid criminal charges against the employee behind the data breach that resulted in clients' personal information being leaked to third parties. The development came to light following an article published in the Business Insider today that reported the bank has begun contacting clients to inform them…
By Lehlohonolo Lehana. Eskort, the 103-year-old South African brand with an enviable reputation for quality, has partnered with Metropolitan Republic to refresh its corporate identity and launch a new creative platform with an exciting campaign that walks and talks like a truly iconic South African brand. This moment in the…
Staff Reporter. File Photo. Today, for the first time in over eight months, customers boarded kulula flight MN101, the first Comair flight to take off as the company recommences services. The flight followed the vast majority of shareholders voting late last week in favour of the shareholding restructuring proposed in…
Staff Reporter. Motorists will get a mixed bag of fuel prices in December, with petrol prices set to drop and diesel prices climbing next week. The Department of Energy has published the official fuel price changes coming on Wednesday (2 December), which will reflect the following changes: Petrol 95: decrease…
Staff Reporter. An uncertain economy, already high levels of personal debt and the desire to reward oneself in December after a brutal year mean many South Africans either have money problems or may have in the near future. Benay Sager, chief operating officer at DebtBusters, the country’s largest debt counsellor,…
Staff Reporter. Photo Credit:Shutterstock. The South African Reserve Bank (SARB) has issued a warning to consumers to be aware of the risks associated with the use of instant electronic funds transfer (EFT) online payment services offered at e-commerce stores. An instant EFT is a payment method offered by a third…
Staff Reporter. Photo Credit:Warren Krog. Ford Motor Company South Africa (Ford) has agreed to compensate 56 drivers of its Kuga SUV that caught fire due to a mechanical malfunction between 2014 and 2017, with R50 000. The development was confirmed on Thursday by the National Consumer Commission (NCC) after reaching…
By Lehlohonolo Lehana. South African companies spent an estimated R10,7 billion on corporate social investment (CSI) in the 2020 financial year. This represents a marginal 1,2% growth in real terms from R10,2 billion in 2019, according to CSI consultancy Trialogue. The research was published in the latest Trialogue Business in…
Staff Reporter. File Photo. Finance Minister Tito Mboweni has warned that South Africa must find means to control its debt crisis urgently. The Minister made the declaration during a virtual discussion of the Bloomberg Capital Markets Focus: South Africa on Tuesday. "I’m very worried about this because on the current…
Staff Reporter. Woolworths has announced plans to launch a same-day delivery service in South Africa. In a social media post on Monday (23 November), the retailer said that clients can expect the same quality and freshness as experienced in its stores through the service. It did not provide information on…
By Lehlohonolo Lehana. File Photo. Comair has today opened bookings for domestic British Airways’ (operated by Comair) flights. From 9 December, the airline plans to begin serving all the domestic British Airways’ routes it previously operated. Regional services will be reintroduced as it ramps up to full operations over the…
By Lehlohonolo Lehana. South Africa fell deeper into junk territory after Moody’s Investors Service joined Fitch Ratings in lowering the country’s credit ratings. Moody’s cut the nation's foreign- and local-currency ratings to Ba2, two levels below investment grade, from Ba1. The outlook remains negative. Fitch cut the nation's foreign- and…
Staff Reporter. Caption:Diageo SA Corporate Relations Director Sibani Mngadi. The tavern industry should play its role in promoting responsible behaviour and avoid the pressure to immediately recoup the financial losses suffered from alcohol sales ban during the coming festive season. This was among the key conclusions to be drawn from…
Staff Writer. File Photo. The South African Reserve Bank (SARB) has for the second consecutive cycle kept the repurchase rate unchanged at 3.5% per annum. SARB Governor Lesetja Kganyago made the announcement on Thursday, following a Monetary Policy Committee (MPC) meeting. Addressing reporters, Kganyago said the MPC expects economic and…
By Lehlohonolo Lehana. There’ll be a lot of people trying to cash in on Black Friday 2020 as retailers try to make up for lost lockdown sales and consumers desperately seek to stretch constrained budgets. Inevitably not all the deals will be as good as the marketing and people will…
Staff Writer. File Photo. The South African Reserve Bank announced that the South African banks will not accept any cheques for deposit or encashment after 31 December 2020. “The South African Reserve Bank (SARB), Financial Sector Conduct Authority (FSCA), Payments Association of South Africa (PASA) and the Banking Association South…
Staff Writer. What is money? Almost all of the children understood that we need money to buy the things we want or need. As five-year-old Imaad and four-year old Mikail said, we need money to buy food, drinks, and of course ice cream, suckers, pillows and toys. Others such as…
Staff Writer. Lekela, the renewable power generation company that delivers utility-scale projects across Africa, today announced that its 140MW Kangnas wind farm in South Africa has successfully reached commercial operations. This marks the completion of all five wind farms in a Lekela-led consortium across South Africa. Together, these total over…
Photo Credit:Shutterstock. The Protection of Personal Information Act (POPIA) has been in the making for a while, with certain aspects already introduced. It is finally set to come into full effect after President Cyril Ramaphosa said, in June, that the effective date for compliance is 1 July 2021, and most…
Debt counselling is an effective way of helping South Africans who are struggling with debt, but a lack of understanding about the process, misinformation and concerns about being stigmatised mean some consumers don’t seek help or leave it too late. To address the problem the National Debt Counsellors’ Association (NDCA),…
File Photo. Comair today begins taking new bookings for kulula.com ahead of its planned take off again on 1 December. “We are excited to be returning to the skies and with competition being restored in the domestic market, the flying public can once again expect to achieve low airfares. We…
Caption:Support for agro-ecology, food and water security in the lower Olifants River Basin. An R100 000 prize for a non-profit organisation’s excellent monitoring and evaluation (M&E) methods has made a world of difference to rural Limpopo households battling to survive the ravages of drought and the COVID-19 pandemic. The Association…
The efforts by Eastern Cape Premier Oscar Mabuyane to try to avert the closure of Bridgestone’s 84-year-old tyre plant in Port Elizabeth have failed. Mabuyane said the provincial government was not willing to see the factory close down and was exploring various ways to keep it operating so that jobs…
Capitec Bank has partnered with SA Home Loans to launch its first full home loan offering. The bank said that its new offering will enable customers to initiate an application in under 5 minutes – alongside competitive linked interest rates from 6%. "We’ve continually received requests from both clients and…
File Photo. The energy department announced that the retail price of petrol in South Africa will decrease by about 1.8% from November 4, while the price of wholesale diesel will drop by 1%. The price of petrol will decrease by 27 cents to R14.59 rand per litre in the commercial…
File Photo. Comair’s business rescue process navigated past two important milestones this week as the investors secured the required credit approval from various lenders of debt funding, as well as approval from various regulators necessary for their investment in Comair to proceed. Among the suspensive conditions in the Comair business…
Photo Credit:Reuters. Eskom announced that it made a net loss of R20.5-billion in its financial year ending in March 2020, down slightly from R20.9-billion the previous year,with Chief Executive Andre De Ruyter describing the results as disappointing amid capacity constraints and rising debt. The power utility said it expected to…
Caption:Callen Hodgskiss, General Manager of JumpStart, with Angie Maloka, MTN Foundation senior manager, community programmes, at the Trialogue Business in Society 2020 Virtual Conference. Four non-profit organisations (NPOs) that excel in the monitoring and evaluation (M&E) of their programmes have been rewarded with a total of R1 million in prize…
Photo Credit:Airlink. The privately-owned airline previously known as SA Airlink has officially changed its name to Airlink. This is part of its strategy to distinguish itself as a totally independent airline, the company said in a statement. Airlink was in a partnership with SAA for more than 20 years, an…
Arguments about money can put significant stress on a marriage and this is likely to get worse in an underperforming economy where households are struggling to make ends meet. Financial services provider, DirectAxis, runs financial education workshops for hundreds of people and from the feedback has gained some insights about…
Consumer spending has swung from total predictability to subtle shifts in product and store selection throughout the Covid-19 pandemic, and understanding the whys and wherefores behind these choices is valuable to shops, brands, and even the shoppers themselves. At the behest of government, two local businesses joined forces in recent…
The Johannesburg Stock Exchange (JSE) said on Tuesday it would fine Steinhoff International R13.5 million for breaching listing requirements, including by publishing false and misleading information. The JSE said that the company’s financial reports during 2016, 2015 and some prior financial periods did not comply with international financial reporting standards…
South Africa’s #1 boiled candy, Halls, is set to breathe new life into the global brand with a dynamic marketing campaign that repositions Halls from a lozenge to a lifestyle candy with purpose. Whilst Halls has achieved unparalleled success to date as a soothing lozenge for winter coughs, trusted for…
The COVID-19 pandemic is a timely reminder of the importance of ensuring your personal finances are in order – and a key component of this is an up-to-date will. This legal document, that should take into account the current value of your assets, with instructions on how you wish to…
The COVID-19 pandemic has had devastating consequences, but it has also revealed how society at large and business in particular can act in solidarity and collaborate to rebuild South Africa. The country is on the threshold of an important opportunity to “imaginatively reshape its economic landscape”. So says Martin Kingston,…
Shoprite Checkers (Pty) Ltd (Shoprite) has agreed to stop enforcing exclusivity provisions in its long-term exclusive lease agreements with its landlords against small, medium and micro enterprises (SMMEs) and speciality and limited line stores. This is according to a consent agreement between the Competition Commission (the Commission) and Shoprite. “In…
Avalanching, snowballing or consolidating – choose what works for you Which is best? Avalanching, snowballing or consolidating? It depends - but is worth thinking about because your choice could affect your financial future. Nozizwe Fakude, head of consumer insights at financial services provider, DirectAxis, says the terms don’t describe inexpert…
Recent statistics on the number of consumers who have fallen behind on their debt repayments for vehicles and homes make for difficult reading. It is now estimated that the number of vehicle and home loan accounts that will fall into arrears will reach unprecedented heights. Benay Sager, Chief Operating Officer…
File Photo. South African motorists can look forward to a decrease in the prices of petrol and diesel next Wednesday, 7 October. The Department of Energy on Sunday announced the following changes: Both grades of 93 decrease by 23cBoth grades of 95 decrease by 32Diesel 0.05% decreases by 90cDiesel 0.005%…
Photo Credit:Gallo Images. National Treasury wants strict conditions attached to any guarantees it provides for loans to the country’s embattled state airline,SAA,according to people familiar with the matter. SAA halted operations and sought bankruptcy protection in December. The carrier’s administrators say R10.5 billion is needed for the airline to resume…
File Photo. COVID-19 has greatly exacerbated the pressing socio-economic issues facing South Africans ‒ and many of the country's most astute and informed corporate, non-profit, government and academic leaders will engage next month (13 and 14 October) on how to address these challenges. "In response to the pandemic, we have…
A snapshot survey of how women manage their money, conducted by personal finance website JustMoney during Women’s Month, has revealed: 79% of women are in charge of their money; 56% of women drive money management decisions; 86% of women are confident about money management decisions; 85% think it is very…
Gospel singing sensation, Jarrad Ricketts, has launched an exciting new venture with the debut of his TESTIMONY fashion brand. For Cape Town-born-and-raised Ricketts, 33, TESTIMONY is a fashion brand that has been in development for over four years now. After visiting more than 70 schools around the Western Cape doing…
File Photo. Comair today passed another significant waypoint en route to returning to the skies when the vast majority of creditors and shareholders voted to adopt the business rescue plan. In terms of the business rescue plan the preferred investment consortium, comprising a number of former Comair board members and…
File Photo. South African Reserve Bank (SARB) has kept the repurchase (repo) rate unchanged at 3.5% per annum. SARB Governor Lesetja Kganyago made the announcement on Thursday following a Monetary Policy Committee (MPC) meeting. This is the first time the SARB has not decreased the repo rate since the advent…
Photo Credit: Werner Hills. The Competition Commission has recommended that the Competition Tribunal conditionally approve The Foschini Group's proposed transaction to acquire Jet stores. The Foschini Group, also known as TFG, put an offer to buy Jet from Edcon for a cash purchase consideration of R480 million. TFG announced last…
File Photo. The V&A Waterfront has taken the next step in making the Western Cape’s first inclusive kitchen incubator a reality by calling for applications. The kitchen incubator is one part of Makers Landing, a purpose-driven space that will open at the V&A Waterfront later this year and which will…
Debt counselling allows consumers to take advantage of low interest rates. Many South African consumers are wary of seeking help for their financial situation because they’re embarrassed or do not know about the options available to them. Now, with interest rates at historical lows, debt counselling may be too good…
Photo Credit:Gallo Images. The Department of Public Enterprises (DPE) says efforts to finalise the South African Airways (SAA) business rescue process and the restructuring of the airline are ongoing, and a decision on the sources of funding will be announced soon. In line with the directive of Cabinet for the…
File Photo. Capitec clients woke up to a shock this morning after thousands saw that additional deductions had been done from their accounts without their consent. According to the bank, this was due to a technical glitch. Capitec said that it was still trying to establish how a retailer using…
Image Supplied. Woolworths and Pick n Pay are removing TRESemmé products from their shelves after a public outcry over an offensive hair product advertisement. The retailer said given the recent concern about a racist advert released by TRESemme, it would no longer be selling their products while they engage with…
SA’s #1 chewing gum brand, Stimorol, launches its limited-edition Stimorol Retro gum. It’s a refreshing bubblegum flavour that treats your taste buds to a throwback. Stimorol Retro goes beyond just a flavour, it’s all about the nostalgia of the ’80s, '90s and '00s. And if you weren’t there for all…
The South African economy contracted by a staggering 51% in Quarter 2 of 2020, as the country reeled from the consequences of the COVID-19 enforced lockdown, Statistician-General Risenga Maluleke has revealed. In a briefing on Tuesday, Maluleke described the development as a severe punch in the gut of the country’s…
Each year on 8 September, World Literacy Day is a stark reminder of the need for more literate societies that will lead to greater equality in education and employment. According to Our World In Data, 14 percent of the global population over the age of 15 years are illiterate, while,…
Are you in danger of losing your home because of lockdown layoffs? Your flat or house is probably your most important asset and a great source of emotional comfort ‒ but given the pandemic layoffs and precarious economy, you may be concerned that you could lose your hard-earned property. What…
CAPTION: Sun City General Manager Brett Hoppé welcomed the first resort guests in over five months to the resort on 02 September 2020. With provincial borders finally open Sun City will unlock its doors in a phased reopening from 2 September, following five months of lockdown. Speaking about the reopening,…
File Photo. Comair will hopefully begin flying again in December if the business rescue plan published on the 2nd of September is accepted. Creditors and shareholders now have until 18 September to consider and adopt the plan. The publication of the plan follows negotiations with a preferred investor which will…
Just like their customers, Yoco has been massively impacted by COVID. As a consequence, they have had to embrace the beautiful constraints of a (very) limited budget without compromising on quality, or their ambitions with their recently launched ‘Never Stop Starting’ campaign. The campaign initiative was conceptualised and brought to…
Photo Credit:Pixabay. The marketing of alcohol brands has had to adapt significantly during the COVID-19 lockdown and the subsequent bans on alcohol sales, with a renewed focus on ensuring the creation of an alcohol-safe South Africa. Distell has collaborated with Diageo SA to promote synergy between players and constructively promote…
As the lockdown eases it may be tempting to get back to what was once normal as quickly as possible, but a moment of reflection before you do may be worthwhile and could save you money. Shafeeqah Isaacs, head of consumer education at financial services provider DirectAxis, says that while…
File Photo. Mineral Resources and Energy Minister Gwede Mantashe has announced as from Wednesday, 2 September, both 95 and 93 octane petrol will cost you one cent more per litre, while the price of diesel will go down by 21 cents per litre. The price of paraffin will go down…
With the lockdown gradually easing, the annual consumer price index (CPI) rose to 3.2%, up from 2.2% in June. The increase was the biggest monthly rise since February 2016, when the rate was 1.4%. In a statement, Statistics South Africa (Stats SA) said the monthly move in July was driven…
The National Credit Regulator (NCR) is urging those earning an income, but unable to make ends meet, to make use of debt counselling. “Although many sectors have been allowed to get back to work, many South African households are in significant financial hardship and others have been struggling to make…
Photo Credit:Gallo Images. The South African government has received more unsolicited interests from private sector funders, private equity investors and partners for a future restructured South African Airways (SAA) and its subsidiaries. As at the beginning of August, government – through the Department of Public Enterprises (DPE) - had received…
Photo Credit:Shutterstock. Experian South Africa said it had identified the suspect in the data breach reported on Wednesday and confirmed that was successful in obtaining and executing an Anton Piller order which resulted in the individual’s hardware being impounded and the misappropriated data being secured and deleted. Experian, a consumer…
Deferring repayments will add at least R20.7billion to South Africans’ debt. Payment holidays offered during the three-month period from April to June 2020 will cost an additional R20.7billion in debt for the estimated 1.6 million South African consumers who participated. This is according to calculations by DebtBusters, South Africa’s leading…
Government’s Level 2 announcement last night has brought long-awaited good news for the fitness industry that has been impacted by a four-month closure. Virgin Active, the country’s largest health club group, has confirmed that it is ready to re-open its clubs as soon as it receives the green light from…
Sun International welcomes the announcement by President Cyril Ramaphosa last night, that the country move to level two restrictions from midnight on Monday. In a televised address to the nation on Saturday, Ramaphosa announced that the country will be moving to level two of the lockdown allowing for inter-provincial travel.…
File Photo. South African Reserve Bank (SARB) Governor Lesetja Kganyago has warned the country against considering risky monetary policy changes. Kganyago sounded the alarm during a virtual keynote address, titled the shadow of COVID: lessons from 20 years of inflation targeting at the University of Pretoria on Wednesday. “We have…
The City of Cape Town’s COVID-19 Toolkit for SMMEs, a HelloFCB+ brainchild, is being used as a best practice model for post-lockdown workplace readiness in other parts of the world following its entry into ‘Cities Against COVID-19 Online Global Summit’. The Toolkit, distributed in South Africa in May, was submitted…
CAPTION: Cleo Bodibe-Lushaba, Gauteng Liquor Board, Director. The taverner industry in South Africa, a bedrock of economic activity in the informal sector, has been decimated by the ban on alcohol sales during the national Covid-19 lockdown. Among those most severely impacted are women, who make up the majority of the…
File Photo. Minister of Finance, Tito Mboweni, has published the Financial Sector Regulations amendments that are intended to simplify the process for appointing the Commissioner and Deputy-Commissioners of the Financial Sector Conduct Authority (FSCA). The amendments were published as Notice No.850 in Gazette No. 43581 in terms of sections 61(4),…
Photo Credit:Pixabay. South African consumers’ debt exposure to net income continued to deteriorate over the lockdown, with higher-income earners in particular under significant debt pressure. This is revealed in DebtBusters’ debt index for Q2 2020. The quarterly analysis tracks client trends quarter-on-quarter and over the past four years. There were…
File Photo. The Department of Energy and Mineral Resources (DMRE) has confirmed another fuel price hike on Wednesday, for South African motorists. Both grades of petrol would go up by 5 cents per litre, while diesel would cost motorists 45 cents more. Illuminating paraffin would go up by 39 cents.…
File Photo. Comair’s business rescue practitioners have asked creditors to extend the date for the publication of a business rescue plan by a month. The request for an extension until 28 August 2020 is so the practitioners can negotiate short-term bridging funding as post-commencement finance and advance two offers from…
Photo Credit:Moneyweb. SA’s largest short-term insurer, Santam, pledged R1bn in relief for small and medium-sized leisure, hospitality and nonessential retail businesses as the insurance industry pushes back against paying out claims related to Covid-19 business disruptions. In a statement issued on Sunday, Santam CEO, Lizé Lambrechts said the insurer's relief…
Photo Credit:Reuters. Stats SA has announced that retail sales for April plummeted to the largest decline on record. Sales were down 50.4% for April 2020 compared to the same month in 2019. "Seasonally adjusted sales at current prices slumped by almost 50% under level 5 lockdown in April, compared with…
Photo Credit:@justsamkedotcom. Women in South Africa are the backbone of the economy. According to a Flux Trends Report on the Worth of Women, they contribute over 48% to SA's GDP, despite earning 27% less than men. They play primary roles in their families and society, yet are still unfortunately not…
South Africa’s headline consumer inflation slowed to 2.1% year-on-year in May, its lowest in more than 15 years, from 3.0% in April, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, the consumer price index was at -0.6% in May from a 0.5% decrease the previous month.…
Photo Credit:Gallo Images. The Department of Public Enterprises (DPE) has confirmed that the majority of creditors have voted in favour of the business rescue plan for South African Airways (SAA). “The Interim CEO will be Mr Phillip Saunders, an experienced airline executive with a strong commercial background, and he will…
Photo Credit: Werner Hills. The Foschini Group (TFG) has submitted a conditional offer to acquire Edcon's business rescue practitioners to acquire some of the stores and assets of JET. TFG offered Edcon R480 million to acquire a minimum of 371 commercially viable JET stores. Edcon, which owns Edgars and Jet…
Photo Credit:Gallo Images. Labour unions, representatives of non-unionised managers and ground staff have agreed to accept the South African Airways (SAA) voluntary severance packages (VSPs). The severance packages will be supported by a social plan and skills development programme for employees who will be retrenched. During a Labour Consultative Forum…
Consumer confidence plunged to record lows in 35 years during the second quarter of 2020 due to the halt in economic activity in the three months to June. The FNB/BER Consumer Confidence Index (CCI) plummeted from an already depressed level of -9 in the first quarter of 2020 to a…
File Photo. Comair’s creditors have granted its business rescue practitioners an extension to publish the business rescue plan after an interested investor group requested more time to progress its offer. “We’ve been clear from the outset that for this business rescue to succeed, funding will be required. We’ve made significant…
Restaurants and hairdressers are reopening, and life may be returning to a semblance of normal as restrictions are eased, but South African consumers would be well advised to try and avoid falling into pre-lockdown spending habits. DebtBusters’ quarterly debt index for Q1 2020 showed that even before the lockdown South…
Photo Credit:Cooper Neil. Nike Inc warned of job cuts as the world’s largest footwear-maker ramps up efforts to sell directly to customers through its online and retail channels. The planned layoffs come after the company reported a $790 million quarterly net loss, its first in more the two years, as…
Photo Credit: Reuters. Public Investment Corporation (PIC) has expressed its supports to the proposed Edcon business rescue plan (BRP). In a statement issued on Tuesday, the PIC said the proposed plan seeks to support job and creditor sustainability and a higher recovery dividend for the Unemployment Insurance Fund (UIF), compared…
File Photo. Comair’s business rescue practitioners’ discussions with potential funders have resulted in a non-binding expression of interest for cash funding. Earlier this month (2 June) the business rescue practitioners confirmed they were in discussions with funders to recapitalise the airline in order to resume domestic passenger operations by 1…
Photo Credit:Reuters. International e-commerce giant Amazon has announced that it will be hiring for 3,000 new customer-service jobs in South Africa. "We are thrilled with the talent in South Africa and we are excited… to help keep people working during this unprecedented time," said the company in a statement. Amazon…
Sun International said it welcomed the announcement by the President that it could soon reopen its Resorts, Hotels, Casinos and Restaurants. The company said that it was well prepared to reopen its operations. Anthony Leeming, Sun International CEO said, “Once government has announced the dates we will stagger the reopening…
Photo Credit:Waldo Swiegers. The Department of Environment, Forestry and Fisheries has welcomed a R3.6 million fine handed to a major steel producing company after it admitted to contravening sections of the Air Quality Act by exceeding the minimum hydrogen sulphide emissions standards. The judgment, said the Department in a statement…
Photo Credit:Reuters. The retail group Edcon has sent retrenchment notices to all staff after it has failed to field concrete offers from potential buyers. The group said that it has sent Section 189 retrenchment notices to 22,000 workers. Edcon, which owns retailers Edgars, CNA and Jet, currently employs approximately 17,000…
Photo Credit:Gallo Images. A restructured SAA could start domestic operations as early as this month in Level 3 with full domestic operations in January 2021, followed by regional and then international operations under Level 1. This is according to SAA’s Business Rescue Plan (BRP), published by SAA business rescue practitioners, …
This Father’s Day may not be much of a celebration for dads and their families facing financial challenges as a result of the Covid-19 pandemic. Data from South Africa’s leading debt counsellor, backed by anecdotal evidence, suggests that while things are very difficult, there’s a positive shift in sentiment when…
Whether you’re a business or a private individual, it seems that no one has been spared from the economic impact of the COVID-19 pandemic. In early June, the National Treasury estimated that between 690 000 and 1.79 million people could lose their jobs because of the impact of the virus…
The V&A Waterfront is partnering with one of South Africa’s leading Click and Collect service providers, to offer an alternative for shoppers who want to avoid possible exposure to COVID-19 by queuing in shops, but who still want to collect their own goods. The new Click and Collect Drive Through …
Photo Credit:Sun International. Sun International has paid over R2-million to the Solidarity Fund, after more than 15,000 members of its loyalty programme pledged their leisure points for this purpose. At the start of the national lockdown the company froze all leisure and casino points accumulated by its Most Value Guests…
Photo Credit:Reuters. The business rescue practitioners for Edcon announced that the only way to save the company and the livelihoods of its thousands of employees is through "accelerated sales" of the clothing retailer's divisions to interested parties. The business rescue plan by Piers Marsden and Lance Schapiro, was completed on…
Photo Credit:Gallo Images. SA Express will remain in provisional liquidation for the next three months. This follows an extension that has been granted by the High Court to allow for the provisional liquidators to investigate affairs at the airline further. The team of provisional liquidators, led by Aviwe Ndyamara, believe…
Photo Credit:BP. BP will cut 10,000 jobs as coronavirus hits the UK oil major’s finances and accelerates a strategic shift to become a “leaner” company under its new chief executive. The pandemic has dealt a large blow to oil demand and BP’s earnings, with widespread financial damage across the energy…
Picture Supplied. Reserve Bank Governor Lesetja Kganyago said South Africa’s failure to rebuild the fiscal buffers it that had in place when the global financial crisis struck has weighed on the country’s ability to respond to the coronavirus pandemic. In April, the government announced a R500 billion support package aimed…
Photo Credit:Getty Images. Facebook CEO Mark Zuckerberg on Friday said he would consider changes to the policy that led the company to leave up controversial posts by President Donald Trump during recent demonstrations protesting the death of an unarmed black man while in police custody. Zuckerberg did not promise specific…
DebtBusters’ quarterly debt index shows that even before the lockdown South Africans were facing increased financial strain, taking on more debt to supplement incomes that had declined in real terms. The report for the first quarter of 2020 found that consumers who signed up for debt counselling had nominal incomes…
Reserve Bank governor Lesetja Kganyago. Picture: Supplied. Reserve Bank Governor, Lesetja Kganyago said the central bank will release apartheid-era records following a recent court ruling. The Supreme Court of Appeal has ordered the release of decades-old records which could shine a light on “significant corruption and fraud” under apartheid. Judge…
File Photo. Comair is unlikely to start operating again before November this year, notwithstanding the easing of restrictions on air travel as the airline requires a substantial cash injection,the company’s business rescue practitioners have told creditors and employee representatives. The aircraft are currently in a preservation programme to ensure that…
Image Supplied. BP Southern Africa announced the appointment of Taelo Mojapelo as its new chief executive officer. She steps into the role on 1 June 2020, as Priscillah Mabelane has elected to leave bp to pursue another opportunity. Mojapelo succeeds Mabelane who was notably the first woman in South Africa’s…
File Photo. Petrol prices are set to increase drastically from Wednesday,03rd of June. Fuel prices are increasing across the board, according to a statement from the Department of Mineral resources and energy. Petrol (both 93 ULP and LRP): 118c/l Petrol (both 95 ULP and LRP): 118c/l Diesel (0.05% sulphur): 22c/l…
MiX Telematics (JSE: MIX, NYSE: MIXT) a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), released statistics that indicate that the lockdown has had a positive effect on vehicle crime and road-related incidents mainly due to the 74% decline in vehicle usage and the…
Photo Credit:@flysaa_care/Twitter. South African Airways (SAA) is making preparations for the resumption of domestic air flights, between Johannesburg and Cape Town,with effect from mid-June 2020. This position will be reviewed on an ongoing basis, it said. At the same time, SAA said it is cancelling all planned scheduled flights on…
Photo Credit:Shutterstock. Car-rental giant Hertz filed for bankruptcy Friday night after it was unable to reach an agreement with its biggest lenders. Hertz filed for Chapter 11 protections in the US Bankruptcy Court in Wilmington, Delaware, making it one of the largest corporate casualties of the coronavirus pandemic's widespread economic…
Fullview: Partner-Content (Advertorial Supplied). Stay healthy at home and get rewarded with Discovery Vitality. Discovery's Vitality programme has been adapted to allow South Africans to maintain a healthy body – and mind – online. Dinesh Govender, Vitality CEO says Discovery's comprehensive behavioural change programme has been continuing remotely since the…
Godfrey Sono and Sibusiso Vilakazi have successfully launched mo-Wash, their mobile hand washing units into the market. This stand-alone, fully automatic portable unit requires no plumbing or drainage, providing a cost-effective hygiene solution at functions such as funerals, weddings and outdoor events. The budding entrepreneurs saw a gap in the…
South African Reserve Bank Governor Lesetja Kganyago. Picture: @SAReserveBank/Twitter. South African Reserve Bank Governer, Lesetja Kganyago announced the bank's latest decision on interest rates for the country. The Reserve Bank's monetary policy committee has voted to reduce the repo rate for the fourth time this year, from 4.25% to 3.75%.…
South African banks are now ready to accept loan applications from COVID-19 distressed businesses. This was revealed on Tuesday by the National Treasury, the South African Reserve Bank and the Banking Association of South Africa. The development comes after the loan guarantee scheme announced by President Cyril Ramaphosa in April…
File Image. Group Five Limited have advised shareholders that the company has made the application to the Johannesburg Stock Exchange to delist. The delisting application was approved by the JSE on the 6th of May 2020. The last day of trading for the company will be on June 9, with…
Burger King today announced, in line with Government’s Level 4 lockdown guidelines, that it will be opening select restaurants around the country to deliver its full menu locally as of Wednesday, 6 May 2020. This service will be launched in partnership with Mr D Food and Uber Eats. Ezelna Jones,…
Photo Credit:@flysaa_care/Twitter. The Department of Public Enterprises says South African Airways(SAA) is set to be restructured into a new airline. In a statement released on Friday, the department said it is bringing in strategic partners with the sale of non-core assets and the government will continue to play a key…
Image Supplied. There will probably never be a Workers' Day, celebrated annually on 1 May, more poignant than this one. This year it comes amidst the COVID-19 pandemic, which is compelling essential workers in South Africa and across the globe to literally put their lives on the line for their…
Image Courtesy of Reuters. Retail Group Edcon has started with voluntary business rescue proceedings after losing R2bn in turnover during SA’s lockdown, it said in a statement,on Wednesday. Edcon, which owns around 900 Edgars and Jet stores countrywide, confirmed in a statement on Wednesday morning that it would “file for…
Getty Images. Motorists enjoyed one of the biggest fuel price decreases ever in April, with petrol falling by up to R1.88 and diesel by R1.35, although most people didn't feel the benefit due to the nationwide lockdown. However, there is further good news for May, with late-month data from the…
Image Supplied. MySchool MyVillage My Planet has announced that it is extending its funding efforts to mitigate the negative impact of COVID-19, adding a further R500 000 for South African animal welfare organisations to its donations to date. The community loyalty programme has already donated R500 000 to the Solidarity…
SAA business rescue practitioners said if they cannot reach an agreement with unions about the termination of workers employment contracts, they would have to make an urgent court application to place the airline into liquidation. In a notice to affected parties, practitioners Les Matuson and Siviwe Dongwana said that if…
Image Courtesy of Foodbev. Heineken said that coronavirus containment measures strangled sales which dropped by 14% by volume during March. The world’s second-largest brewer said the current quarter would be worse and the impact of the pandemic would still be felt in the second half of the year, sending the…
Sibanye-Stillwater is the first mining company to follow in the steps of the country’s president, Cyril Ramaphosa, by donating a third of its executive team’s salaries to the COVID-19 Solidarity Fund. The company also said it would resume limited operations from its South African gold and platinum group metal (PGM)…
South African Reserve Bank Governor Lesetja Kganyago. Picture: @SAReserveBank/Twitter. The South African Reserve Bank (Sarb) has announced a further 100 basis point cut to the repo rate, bringing it down to 4.25%. This comes after the reserve bank announced a 100 basis point cut in March that brought the rate…
Gauteng Liquor Forum representing about 20 000 micro and small businesses has written to the President Cyril Ramaphosa demanding that the total ban on alcohol sales be lifted or face a court challenge. A forum said in its letter,that the lockdown regulations breach their members constitutional right to choose their…
FirstRand Bank head offices. Photo: Google Earth/Streetview. FirstRand Limited, that owns FNB, RMB and WesBank, announced that the group’s CEO, COO and CF O, and the CEOs of its largest businesses will donate 30% of their salaries for three months to the solidarity fund. FirstRand CEO, Alan Pullinger, said the…
File photo of African Rainbow Minerals founder and executive chairperson Patrice Motsepe. Photo: AFP. Forbes Magazine has released its 2020 list of the world’s richest people and four South Africans have been featured. Nicky Oppenheimer and his family’s remains South Africa’s richest, with a net worth of $7.4 billion (just…
Insurance Company Liberty Life has confirmed that its retrenchment cover is no longer open for new business. "Liberty confirms the temporary suspension of the sale of retrenchment and the shorter-term insurance benefits covering loss of income. Given the uncertainty related to the Covid-19 pandemic, it is very difficult to assess…
In a show of unity and caring through action, MySchool MyVillage MyPlanet announced a R500 000 donation to the South African government's Solidarity Fund. This follows a R500 000 donation by MySchool MyVillage MyPlanet and Woolworths to Gift of the Givers, a disaster response organisation that is supporting frontline medical…
Standard Bank Insurance has announced it will be implementing a 25 percent cash back relief on its car insurance premiums. Nolwandle Mbalo from Standard Bank Insurance said "During these challenging times we are here to help protect our clients and what matters most to them. South Africa is under lockdown,…
South African Reserve Bank Governor Lesetja Kganyago. Picture: @SAReserveBank/Twitter. The South African Reserve Bank said South Africa's economy may contract between 2% and 4% this year as a result of the coronavirus pandemic. The COVID-19 pandemic is the biggest disruption to the global economy since the bankruptcy of Lehman Brothers…
The rating agency Fitch announced its decision to downgrade South Africa from ‘BB+’ to ‘BB’, placing the country further into non-investment grade. In a statement, government said it has noted the decision by the agency and has emphasised its commitment to implement structural economic reforms. In its decision, Fitch cited…
Image Supplied. Fitch Ratings has downgraded South Africa's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Outlook is Negative. The agency cited “the lack of a clear path towards government debt stabilisation as well as the expected impact of the COVID-19 shock on public finances and growth”…
The National Credit Regulator (NCR) has advised consumers to make use of their credit life insurance, which can provide some relief for those unable to earn an income as a result of COVID-19. “As South Africa is battling with the impact of COVID-19 on the economy, many consumers have been…
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) and Viability Ratings (VRs) of five South African banks - Absa Bank Limited, FirstRand Bank Limited, Investec Bank Limited, Nedbank Limited and The Standard Bank of South Africa Limited - to 'BB' and 'bb', respectively. The Outlook on all the…
Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy already in recession and battered by Africa's worst coronavirus outbreak. Two other major international rating agencies Fitch and S&P had cut the credit rating of Africa's most developed economy sub-investment level in 2017. The…
As South Africa prepares for the nation-wide lockdown declared by President Cyril Ramaphosa this week to contain the spread of the COVID-19 pandemic, black entrepreneurs can look forward to funding of between R500 000 and R10 million in concessionary loans to purchase machinery, equipment and raw materials and to fund…
SA motorists will see the largest fuel price decrease on record from the first of April,the Department of Energy said. Oil prices have crashed in 2020 due to a price war between Saudi Arabia and Russia, which has more than offset a weaker rand, while demand for oil has also…
Ebrahim Patel, Minister of Economic Development of South Africa, during the Job Creation session at the World Economic Forum on Africa 2011 held in Cape Town, South Africa, 4-6 May 2011.World Economic Forum (www.weforum.org)/Photo. All businesses that will be allowed to provide essential services during the 21-day COVID-19 lockdown will…
The Supreme Court of Appeal has dismissed with costs the application by Old Mutual's former CEO, Peter Moyo, for leave to appeal the 14 January Full Court judgment in favour of Old Mutual. The January judgment had overturned an earlier interim order granted by Mr Justice Mashile to temporarily reinstate…
South African Airways (SAA) has announced the suspension of regional flights after suspending all the international flights. The suspension of both international and regional flights is in response to government’s travel ban aimed at stopping the transmission of COVID-19. In a statement, the airline said due to the suspension of…
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