Business

Telkom has confirmed that it is in discussions with Cell C to acquire mobile network. “Telkom has substantially concluded its due diligence, however, discussions are at a preliminary stage,” said Telkom in a statement. “The Potential Acquisition will be subject to Cell C completing a financial restructuring to ensure that…
SAB readies to wind up B-BBEE scheme which will have generated almost R14-billion in value at maturity in 2020 Scheme has disbursed R4-billion to shareholders since 2010 Beneficiaries’ participation rights to be transferred into shares in AB InBev at scheme’s maturity SAB Zenzele remains biggest scheme in the FMCG sector…
Art enthusiasts from Sasolburg and surrounding areas now have an opportunity to nurture their skills following an opening of a mobile art studio today – all thanks to a partnership between Nestlé and one of South Africa’s talented artists, Ennock Mlangeni. Mlangeni, popularly known as “Coffee Bae” gained prominence after…
South African Airways (SAA) has informed all its 5146 employees that it is embarking on a restructuring process which may lead to job losses. Acting Chief Executive Officer, Zuks Ramasia said the airline has commenced a consultation process with all employees in line with section 189 of the Labour Relations…
Allan Gray (Allan WB Gray) was born in 1938 in East London, South Africa. He was a business entrepreneur and philanthropist. He was also the founder and non executive director of Allan Gray Limited and Orbis Group. Education Background He attended Selborne College for his high school. He obtained degree…
Statistics South Africa released data indicating that manufacturing production decreased by 2.4% in September compared to the same period last year. On a month-on-month basis factory production also decreased 2.4% in September and contracted by 0.9% on a quarterly basis, Stats SA said. Nine in 10 divisions in the industry…
Motorists will pay a little less for fuel on Wednesday, as lower oil prices offset a depreciating rand in October. In Gauteng, 95 and 93 octane unleaded petrol will drop by 13c a litre, while diesel will decrease by 14c-16c. Illuminating paraffin will cost 23c less. Lower oil prices offset…
Image: AP. McDonald's has fired CEO Steve Easterbrook due to what the company described as a "recent consensual relationship with an employee" that violated company policy. Easterbrook, who became CEO in 2015, "demonstrated poor judgment involving a recent consensual relationship with an employee," McDonald's said in a statement. He has…
Transformation in asset management is more than just about transforming the face of the sector. It is about delivering value to all South Africans and playing a role in meeting the investment needs of the economy, said 27four Investment Managers managing director Fatima Vawda. For just over a decade the…
Shine studios in Johannesburg was transformed last night when the proudly South Africa sneaker brand, Bathu – which means a shoe in the township ‘lingo’ - invited SA’s cream of the crop and industry leaders to witness this milestone as they launched the #YamaSupa brand campaign. A very first in…
On Thursday, October 31, KFC officially unveiled its new concept restaurant located in the CBD of Africa, Sandton City. KFC’s Grayston restaurant presents the brand with the ultimate opportunity to stay ahead of curb - literally - by leading the way in QSR. KFC is one of the world’s most-loved…
South Africa will find out today whether Moody's will downgrade the country to junk status. Finance minister Tito Mboweni’s medium-term budget policy statement (MTBPS) shows that the risk of a ratings downgrade has increased due to low economic growth and rising public debt. Moody’s is the only ratings agency still…
Old Mutual's appeal against the order to reinstate axed CEO Peter Moyo has been set for December 4, and the insurer said it will also apply for recusal of the judge Brian Mashile,who ruled favour of Moyo. The battle between the two parties began when Moyo was suspended as CEO…
Fuel prices are expected to drop across the board in October, according to the AA, which was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF). The AA said that the change in value of the Rand would have a minimal impact on the price…
Sasol joint CEOs Bongani Nqwababa and Stephen Cornell have resigned following a review of its Lake Charles Chemicals Project (LCCP) in the US, which has been hit by delays and rising costs. The chemicals company said both CEOs, have not been found to have committed misconduct nor incompetence, would step…
The South African Banking Risk Information Centre (Sabric) has warned that local banks are under sustained distributed denial-of-service (DDoS) attacks, targeting “various public-facing services”. The attacks began on Wednesday, 23 October, Sabric said in a statement. “These attacks started with a ransom note that was delivered via e-mail to both…
Billionaire Patrice Motsepe's Foundation, together with 33 religious and faith-based organisations (RFBOs) launched a R100-million Job Creation, Skills and Training Fund. Motsepe said this was in response to South Africa’s 29% unemployment rate and 55% youth unemployment rate. He stated that there was a lot of outstanding creativity and talent…
South Africa’s headline consumer inflation slowed to 4.1 percent in September, down from 4,3 percent in August as shown by the consumer price index (CPI). Statistics South Africa (StatsSA) said the main contributors to the the 4,1 percent annual inflation rate were food and non-alcoholic beverages; housing and utilities; and…
To celebrate National Marine month in October, Pick n Pay will host a People n Planet Clean Up in partnership with WESSA Schools Programme on Saturday 26 October 2019 in Johannesburg. Together they will clean the Klipspruit River in Orlando East, Soweto. National Marine month aims to create awareness about…
After a decade of commitment to addressing child hunger and poverty in South Africa, KFC has reinforced its commitment to the communities that it operates in and to help bring an end to the injustice that is childhood hunger. In recognition of World Hunger Month in October, KFC Add Hope…
Minister of Finance Tito Mboweni has announced that the date for the mid-term budget policy statement has been changed again from October 30 to October 29 in order to accommodate President Cyril Ramaphosa’s schedule. He made the announcement this morning during his opening remarks for the third colloquium on the…
Entrepreneurs across the continent are championing a new season of how to break into business markets, create investment opportunities for trade and capitalize on business networks and ecosystems that share a common vision. Tropics Business Summit, has pulled out all the stops to create a platform attracting Prominent African and…
Cell C has put core parts of the business up for sale as it struggles with R9bn of debt. According to the reports, their fibre network and base of billed customers are up for grabs and the sale has attracted interest from MTN, Vodacom and Telkom but all three refused…
CAPTION: The SAB Foundation Social Innovation & Disability Empowerment Awards winners at last night's awards held in Johannesburg. A total amount of R13 650 000 in funding was awarded to twenty finalists at the Social Innovation and Disability Empowerment Awards 2019. The R1,3-million winners are Regenize, a free recycling service…
Denel has reported an operating loss of R1.9 billion and net loss of R1.75 billion for the year to March 31, with revenue dropping 36% over the last financial year. In its annual report for the period 1 April 2018 to 31 March 2019, published on 4 October, the company…
A plan to fix Eskom is still a work in progress and should be completed by month-end, when Finance Minister Tito Mboweni is scheduled to deliver his mid-term budget, said Enoch Godongwana, the ANC’s head of economic transformation. The ANC does back a proposal, announced by President Cyril Ramaphosa in…
Old Mutual CEO Peter Moyo has served the company with summons seeking damages of R250 million should he not be reinstated. He was first dismissed over his alleged failure to disclose a conflict of interest related to NMT Capital. In July, both parties headed to court in Moyo's bid to…
Fuel prices are set to increase in October, according to the AA. The predictions are follows: 95 Petrol – 19 cents increase Diesel – 25 cents increase 93 Petrol – 4 cents decrease The AA said "the landed price of fuels in South Africa jumped by as much as a…
Bulgarian economist Kristalina Georgieva has been selected as the new managing director of the International Monetary Fund. Ms. Kristalina Georgieva issued the following statement after the Executive Board of the International Monetary Fund (IMF) selected her as the IMF’s next Managing Director—the 12th since the Fund’s inception in 1944—for a…
The Association of Mineworkers and Construction Union (AMCU) said it will oppose any retrenchments by Sibanye-Stillwater. The union said it is still studying the notice of intention to cut more than 5,000 jobs. In a statement, Sibanye-Stillwater said the Section 189 process follows a detailed three-month review of the Marikana…
The Court ruled that the planned banking sector strike would be unprotected after Business Unity South Africa (BUSA) launched an urgent court application to interdict the strike. At least 50 000 people were expected to join a banking sector national strike led by the finance union Sasbo. Busa was seeking…
Business Unity South Africa (BUSA) will head to court tomorrow in a bid to halt the planned protest action by workers in the banking sector this coming Friday and argues that SASBO did not follow the right procedure for the strike. BUSA will file the court application to interdict against…
Peter Moyo was granted leave to add evidence to a contempt of court charge he brought against Old Mutual. He is now adding the second letter to the contempt of court application filed when Old Mutual prevented him from reporting for duty. In August, the insurer issued Moyo with a…
South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced this afternoon that the repo rate will remain unchanged at 6.5%. The repo rate is the benchmark interest rate at which central bank lends money to commercial banks. The decision follows this week's Monetary Policy Committee meeting. In July,the Reserve…
South Africa’s headline consumer inflation quickened to 4.3% year-on-year in August from 4.0% in July, Statistics South Africa reported. On a month-on-month basis, inflation rose 0.3%, after rising 0.4% in the previous month. Core inflation, which excludes prices of food, non-alcoholic beverages, petrol and energy was at 4.3% year-on-year in…
Motorists can expect a drop in the petrol price in October. In a statement,AA said it expects the price of a litre of 95 octane petrol to drop by 5 cents, and a litre of 93 octane by 20 cents. And it expects the price of diesel to increase by…
Old Mutual has approached Peter Moyo’s legal team, Mabuza Attorneys stating it intention to halt further court proceedings relating to his second letter of termination. The letter sent to Mabuza Attorneys by Old Mutual’s lawyers Bowmans,read as follows: “Our client [Old Mutual] has since reconsidered its stance. It has now…
A new online shopping business which uses global sourcing to bring more than half a million branded goods to South Africans at cheaper prices, plans to challenge the supply and pricing paradigm of the country’s retail sector. Allsale Club is a members-only online shopping business which aims to save consumers…
CAPTION (left to right): Zone President, SAB & AB InBev Africa, Ricardo Moreira; Female Farmer of the Year winner, Vivian Gosekwang Pico; Young Farmer of the Year winner, Lovedalia Njabulo Mbokane; Barley Farmer of the Year winner, Matthews Monapula Senokwane; Deputy Minister of Agriculture, Mcebisi Skwatsha; SAB Director of Agricultural…
The plans to merge SAA,Mango and SA express are at an advanced stage and could come before Cabinet for approval as early as next week, Parliament has been told. On May 24,Public Enterprises Minister Pravin Gordhan announced the possible merger and He further said that all three airlines currently fly…
CAPTION (left to right): Executive Director of Kevali Chemicals Group, Funeka Khumalo; SAB Supply and Development Manager, Vikesh Singh; and Graduate Management Trainee, Gaopalelwe Mekwa at the Kevali Chemicals plant in Harrismith Since entering the African market at the end of 2016, AB InBev Africa has supported more than 200…
Ratings agency Moody’s said that fiscal risks and political constraints to economic reform in South Africa were reflected in its current credit rating of one notch above speculative grade but maintaining that the level depended on how quickly government can implement promised reforms. “A lot of the deterioration we have…
Alibaba chairman Jack Ma is due to step down from the e-commerce giant, marking the end of an era for the firm. He co-founded Alibaba in 1999 and it has become one of the world's biggest internet firms. Ma's success and colourful style has made him one of China's most…
The SAB Foundation has selected 17 finalists in its 9th annual Social Innovation Awards 2019 and 3 finalists in its 4th annual Disability Empowerment Awards.The final winners will be announced at an official awards ceremony on Wednesday, 09 October 2019. Grants will also be awarded to other deserving innovation finalists.…
Old Mutual says despite the court dismissing its application, Peter Moyo would not be returning to work on Monday because he didn't challenge the legality of his second axing. “Mr Moyo has not challenged the contractual validity of the further notice of termination given on August 21. He will not…
Minister of Mineral Resources and Energy said petrol will increase by 11c per litre for both 93 and 95, while diesel will also increase by 26c per litre from Wednesday. Illuminating paraffin will be increasing by 24c per litre wholesale. He further said,the main reason for the fuel price increase…
Noelene established her own event management company, Sho-Sho-Lo-Za Marketing in 1995. With over 30 years’ experience in the industry, Noelene has assisted in the organisation of small and large conferences, launch functions, road shows and trade forums, both locally and internationally, counting among her clients many of South Africa’s largest…
The SABC is technically insolvent and is struggling to honour payments to the service providers. SABC Group Chief Financial Officer Yolande van Biljon said that the SABC’s financial position has since worsened and that it ended the previous financial year with a cash balance of only R72 million. “There are…
Minister in the Presidency Jackson Mthembu said that Cabinet expected to receive a paper detailing Eskom's outlook in the next Cabinet’s meeting. He added that the consideration of the Eskom paper would be an "integrated Cabinet discussion", taking into account various issues related to Eskom, such as the economy and…
Old Mutual has to fired,its chief executive Peter Moyo in an open letter to shareholders, after a court ruled last month that he should be reinstated. The insurer has appealed the High Court ruling ordering Moyo’s temporary reinstatement and has said it will not allow him to return to work…
This Women’s Month, SAB is launching BOLD BREW – a beer that is designed and brewed entirely by women, and that embodies what it means to be a woman in South Africa today. The beer will be available to the public from 13 August 2019 at the SAB World of…
The annual headline consumer price inflation has decreased to 4% for July, down from 4.5% in June 2019, according to Statistics South Africa. This is slightly lower than the projections of analysts, and within the target range of between 3% and 6% set by the South African Reserve Bank. July…
Image: Reuters. It’s been more than 10 years since the U.S. economy experienced a recession. More signs are popping up that another one could be on the horizon. A number of U.S. economists are concerned about the risks of some of President Donald Trump’s economic policies that they expect a…
Sharon Gordon aka @SaSexpert - www.sharongordon.co.za Entrepreneur, Keynote Speaker & Fearless Teller of Necessary Truths. Sharon is one of the most driven, independent and fearless women you will ever meet. She will change how you see yourself, your business and your potential. Never afraid of challenging perceptions and taboos Sharon…
Round two of the biggest legal battle is expected to play out at the South Gauteng Court on Friday when Old Mutual seeks to get clarity on the reinstatement of its former CEO Peter Moyo, who is fighting to get his job back. Not only will the court hear arguments…
Moody's rating agency says government transfers to Eskom of R105bn over the next two years cannot do more than stabilise the company’s debt burden. The rating agency underlined the urgency of a turnaround plan for Eskom and said that until this was in place the government will have to keep…
South Africa’s biggest financial union (SASBO) is threatening to disrupt the country’s banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century. The planned two-day walkout will target lenders that have consulted staff over job cuts…
The jobless rate in South Africa rose to the highest in at least 11 years, according to Statistics South Africa’s current data series that starts in 2008 and is based on a quarterly survey. It gets worse: earlier biannual data published by the agency suggests that unemployment is now at…
Japan’s biggest automaker,Toyota posted an 8.7% rise in operating profit to 741.9 billion yen ($6.93 billion) in the April-June quarter, its highest since the September 2015 quarter, helped by a slight increase in vehicle sales. But it lowered its forecast for annual operating profit to 2.4 trillion yen from a…
Woolworths bought David Jones in 2014 with aim of creating a Southern Hemisphere retail giant and diversifying beyond a sluggish trading environment at home. By then they told its investors that for a price at the time equivalent to R21.4 billion, it would "create a leading southern hemisphere retailer" and…
The United States Federal Reserve is set to launch its fifth interest rate-cutting campaign since 1995. The long-awaited decision comes despite many strengths in the American economy. Policymakers at the US central bank have said repeatedly that the nation's labour market looks robust. A so-called "Insurance Cut" might be sufficient…
Old Mutual said it would appeal the judgement by the High Court in Johannesburg which ordered the company to reinstate its axed CEO Peter Moyo. The court found that Moyo's axing was unlawful and that he should be reinstated temporarily. It also ruled that the insurer could not take steps…
Acting Eskom board chairman Jabu Mabuza has announced that the entity has incurred a loss of R20.7 billion in the 2018/2019 financial year. Eskom's management was briefing the media on the state-owned enterprise's annual financial results this afternoon in Johannesburg. This was the last set of financial results being released…
Axed Old Mutual CEO Peter Moyo has won his legal battle against his former employer,Old Mutual to be reinstated. The Gauteng High Court in Johannesburg found that he should return to his position with immediate effect. The judgment was delayed by more than an hour after Judge Brian Mashile was…
The AA has predicted that petrol prices will increase and diesel prices will decrease in August. It was commenting on unaudited month-end fuel price data released by the Central Energy Fund. “International oil prices have steadily trended upwards since the start of June, although there has been a slight pullback…
Rating agency Fitch has revised its outlook for South Africa to negative but it has affirmed its rating at BB+. It said it had revised its outlook on South Africa's long-term foreign-currency rating to negative from stable. Fitch cited lower GDP growth and increased spending on State-Owned Entities (SOE's) as…
Momentum has acquired the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand, the two companies said. Momentum further said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a…
(Bloomberg) -- South Africa’s decision to more than double its financial support for Eskom Holdings SOC Ltd. is “credit negative” for the sovereign rating as it’s an additional drain on the budget, Moody’s Investors Service said. While the government may try absorb some the costs of the plan to help…
The Chairperson of the Select Committee on Trade and Industry, Economic Development, Small Business Development, Tourism, Employment and Labour, Mr Mandla Rayi says the Department of Trade and Industry (DTI) should be at the forefront of South Africa’s economic growth initiatives. “DTI should implement all its programmes in order to…
Japanese automaker Nissan plans to cut more than 10 000 jobs globally as it looks to turn around its business, Kyodo News reported. The additional job reductions, which include early retirement options,come after the automaker said in May it will slash about 4800 jobs worldwide. Nissan has about 139000 employees…
More than 500 000 Volvo Cars are being recalled worldwide, including 70 000 in the UK, because of a fire risk in the engine. The manufacturer said a plastic part in the engine has,in rare cases, been liable to melt and deform, resulting in a possible engine fire. The affected…
The Gautrain Management Agency is planning to spend up to R2 billion to acquire second hand additional rolling stock from the United Kingdom to deal with the capacity constraints on the high-speed train network. Jack van der Merwe, chief executive of the Gautrain Management Agency, said a team has just…
Old Mutual declined an offer to settle the case with its former CEO Peter Moyo. He wants reinstatement, and it could take as long as his tenure at Old Mutual would’ve been. More to follow
The SA Reserve Bank's monetary policy committee has cut the benchmark repo rate by 25 basis points to 6.5% from 6.75%. This is the first time since March 2018 that the benchmark interest rate has been cut. 
Automaker Ford says it will be adding 1 200 jobs to its Silverton plant in order to meet growing international and local demand for the New Ranger, Ranger Raptor and Everest. In a statement, the Ford Motor Company of Southern Africa said it would, in August, be introducing a third…