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By Lehlohonolo Lehana. Vodacom group says it has filed papers to apply for leave to appeal at the Constitutional Court over its ongoing saga with Nkosana Makate and the Please Call Me service. The SCA ruled earlier this month that Nkosana Kenneth Makate should be compensated within a range between…
By Lehlohonolo Lehana. Retail giant Woolworths did not grow interim sales volumes in any of its businesses due to the weak economic environment, but its food business remains the best performer, with its SA clothing divisions maintaining high profit margins. Woolworths Food saw turnover and concession sales grow by 8.4%…
By Lehlohonolo Lehana. Photo Credit: Nigel Sibanda. Budget 2024 avoided direct tax increases but a lack of inflation adjustments to Personal Income Tax brackets will indirectly extract more taxes from households. Minister of Finance Enoch Godongwana delivered his Budget Speech 2024 to Parliament and the nation on 21 February. A…
Partner Content. Meetings Africa proudly unveils the diverse lineup of 20 vendors set to showcase their unique and sustainable products at the 2024 edition of the trade show. The Sustainability Village offers delegates, from across the world an immersive experience, fostering support for local artisans.The products at the sustainability village…
By Lehlohonolo Lehana. Finance Minister Enoch Godongwana in his 2024 Budget Speech announced, sin taxes on alcohol will rise by between 6.7% and 7.2% over the next year to help the government raise additional revenue to close its massive deficit. Tobacco products will also increase by between 4.7% and 8.2%.…
By Ntando Thukwana and S'thembile Cele. Finance Minister Enoch Godongwana tapped the country's gold and foreign-exchange reserves to steady its eye-watering debt, while boosting spending on teachers, nurses and welfare in a critical election year. In his last budget before the May 29 vote, in which the ruling African National…
By Lehlohonolo Lehana. After much speculation about where and how the government was planning to raise an additional R15-billion in tax revenue, it turns out the burden falls squarely on the consumers. "Most of the additional R15 billion in revenue collected in the R1.73 trillion 2024-25 budget to "alleviate immediate…
By Lehlohonolo Lehana. The Annual consumer price inflation rose to 5.3% in January from 5.1% in December last year, the first jump after two-consecutive months of moderation. This is marginally higher that the 5.2% rise expected by 18 economists surveyed by Bloomberg. The latest headline consumer inflation was announced by…
By Lehlohonolo Lehana. Telecommunications group Telkom has provided an update on its potential sale of Swiftnet today, saying it is currently in exclusive negotiations with a preferred bidder about the potential disposal of its masts and towers business housed in Swiftnet. The group released a trading update for the quarter…
By Lehlohonolo Lehana. Anglo American Platinum (Amplats) announced on Monday, it has commenced a Section 189A process that is likely to result in the retrenchment of 3,700 employees across its platinum metals mining business. The move comes amid a 35% decline in average platinum group metal prices last year which…
By Lehlohonolo Lehana. Former Eskom chairman and distinguished businessman Reuel Khoza has become a shareholder in shopping centre investor and developer Flanagan & Gerard Property Group. Flanagan & Gerard develops and invests in dominant regional shopping centres and high-end niche community centres. It co-owns Ballito Junction Regional Mall in KwaZulu-Natal…
By Lehlohonolo Lehana. The latest data from the Minerals Council South Africa is showing that the mining sector's contribution to the country's GDP crashed 12% over the year due to the electricity and logistics crises. However, data published by StatsSA has shown that the industry saw marginal but evident growth…
By Lehlohonolo Lehana. The Minister of Public Enterprises, Pravin Gordhan, failed to meet the deadline set by the High Court to decide on the proposed sale of low-cost airline Mango. On September 6, the Pretoria High Court had ordered Gordhan to decide on the sale of Mango, as proposed by…
By Ntando Thukwana. South African Reserve Bank Governor Lesetja Kganyago defended the independence of the monetary authority, which has faced repeated calls for its mandate to be expanded ahead of elections this year. "Central bank independence came about because we tried central bank dependence, and it did not work," Kganyago…
By Lehlohonolo Lehana. South African Revenue Service (SARS) commissioner Edward Kieswetter will remain as the head of the tax agency beyond April 30 when his term expires. Kieswetter's five-year contract expires at the end of April. He indicated last year that he wasn't open to serving another term. However, The…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy (DRME) has published the official fuel price adjustments for February 2024, showing a jump for both petrol and diesel. Price adjustments will come into effect on Wednesday, 7 February 2024. Unleaded petrol of both grades (93 and 95) will rise…
By Lehlohonolo Lehana. Retail real-estate investment trust Vukile's South African and Spanish retail property portfolios delivered impressive increases in performance in November and December 2023, signalling a successful Black Friday and holiday trading period. Vukile is a consumer-focused specialist retail real estate investment trust (REIT) that holds a defensive portfolio…
By Lehlohonolo Lehana. Multichoice Group has rejected a bid by France's Groupe Canal+ to buy out the JSE-listed parent of DStv and Showmax, saying the R105/share indicative offer price undervalues the business. Last week, Canal+ said it would offer shareholders a cash payment of R105 per MultiChoice ordinary share, a…
By Lehlohonolo Lehana. JSE-listed telecommunications group Vodacom has topped 200 million customers for the first time – doubling from 100 million in 2018. This was revealed by Vodacom Group CEO Shameel Joosub in a trading update for the quarter ended 31 December 2023 (Q3 FY24). Joosub said that group revenue…
By Lehlohonolo Lehana. The Absa Purchasing Managers Index (PMI), a key gauge of manufacturing activity, slid to 43.6 points in January from 50.9 in December. Absa attributes the decline to a sharp deterioration in demand and activity, and points out that the index has only fallen to this low level…
By Lehlohonolo Lehana. Former Dis-Chem CEO Ivan Saltzman sold shares worth R1.425 billion to the asset manager Coronation, which now owns almost 30% of the company. The company said on Wednesday its founder and outgoing CEO, Ivan Saltzman, sold R1.4bn of shares, while his son Saul sold R87.9m of shares.…
By Lehlohonolo Lehana. France's Canal+ Group, which has in recent years been buying up a significant stake in JSE-listed MultiChoice Group on the open market, is now moving to take control of the South African pay-television group. In a statement released on Thursday (01 February), Canal+ has confirmed that it…
By Lehlohonolo Lehana. Banking group Absa has opened a nonbanking subsidiary in Beijing, to allow the group to support domestic Chinese clients who are in pursuit of deals in Africa. This is part of a wider commitment from Absa to expand its operations with international representative offices in strategic markets…
By Ntando Thukwana. The International Monetary Fund downgraded its economic-growth forecasts for South Africa, warning that logistical challenges are constraining activity and acting as a drag on the entire region. Africa's most-industrialized economy will likely grow a meagre 1% this year, significantly slower than the IMF's forecast in October, when…
By Paul Burkhardt. Shipments from South Africa's biggest coal export facility dropped to the lowest in over three decades in 2023 as rail disruptions weighed on deliveries from mines. Richards Bay Coal Terminal (RBCT) shipped 47.2 million tons of coal last year, the lowest amount since at least 1992, Chief…
By Lehlohonolo Lehana. The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) kept interest rates on hold at 8.25% in its first meeting of the year, having left the benchmark rate unchanged at a 14-year high for the past nine months. This was in line with economists' expectations. The…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana will table 2024/2025 budget in parliament on Wednesday February 21, the National Treasury confirmed. In a statetement Treasury said, "The National Budget announces government's spending, tax and borrowing plans for the next three years." Godongwana has extended an invitation to the public at…
By Lehlohonolo Lehana. The monthly inflation rate eased again in December, dropping 0.4 percentage points to 5.1 percent as food price hikes slowed, official data showed Wednesday. The median expectation of a Bloomberg survey of economists was 5.2%. The average inflation rate for 2023 was 6.0 percent, 0.9 percentage points…
By Lehlohonolo Lehana. Embattled Economist Thabi Leoka has resigned from the board of Anglo American Platinum amidst allegations that she lied about obtaining a PhD from the London School of Economics (LSE). In a note to shareholders, Amplats said Leoka had resigned with immediate effect to "attend to her health…
By Lehlohonolo Lehana. The international credit rating agency Fitch Ratings on Friday, has kept South Africa's credit rating unchanged, predicting that load shedding will ease in 2024. Fitch's rating remains at 'BB-' with a stable outlook, which is in line with S&P's rating (also BB-). Moody's rates South Africa slightly…
By Ntando Thukwana. South African Central Bank (SARB) Governor Lesetja Kganyago ruled out cutting interest rates while inflation remains persistent. "Our real rates are not particularly high, and inflation has come down – it's within target – but it is not quite where we would like to see it," Kganyago…
By S'thembile Cele. Finance Minister Enoch Godongwana played down the likelihood of a decision soon to tap a R497-billion contingency fund held on behalf of the country by the central bank. "For the moment there is not a deal and there is no pressure on us or the central bank,"…
By Lehlohonolo Lehana. State owned power utility Eskom has announced that it has appointed directors to the board of the National Transmission Company of South Africa (NTCSA). Transmission is first of the Eskom's three divisions to achieve legal separation, with the NTCSA already registered and received approval for the requisite…
By Lehlohonolo Lehana. The Absa Purchasing Managers's Index (PMI) rose by 2.7 points to 50.9 index points – above the neutral reading of 50 – in December 2023, partially due to the encouraging increase in business activity. Absa said, that part of the uptick could be attributed to an encouraging…
By Lehlohonolo Lehana. The business rescue practitioners of sugar producer Tongaat Hulett on Tuesday, 02 Junuary 2024, released amended plans for the company, setting a date of 10 January for a vote on the changes. In December, the Durban High Court ordered that the two rescue plans could not be…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy (DRME) has published the official fuel price adjustments for January 2024, showing another sizeable cut for both petrol and diesel to start the new year. Both grades of petrol will decrease by 62c and 76c per litre, while diesel will…
By Lehlohonolo Lehana. State-owned logistics company Transnet has recorded a R1.6bn loss for the six months to end-September citing lower port and rail volumes. The company recorded a profit of R159m during the same period in 2022. Rail utility, a key player in the country's railway, ports, and pipeline networks,…
By Lehlohonolo Lehana. Ratings agency Moody's Investors Service affirmed Telkom's corporate family rating of Ba2 but downgraded its national scale rating (NSR) to Aa2.za from Aa1.za. The NSR downgrade is reflective of Telkom's weakly positioned Ba2 rating in comparison to similar rated South African companies. Moody's also affirmed Telkom's baseline…
By Lehlohonolo Lehana. SunExpress, a joint venture between Lufthansa and Turkish Airlines, and SAA entered into a 'damp' lease agreement which allows SAA to operate flights using two SunExpress aircraft for a six-month period. In a press release, SAA said that the first of the two aircraft was received on…
By Lehlohonolo Lehana. JSE-listed Casino, gaming and hotel group Sun International is set to buy the Peermont Group and its flagship Emperors Palace resort in Kempton Park for R7.3bn. The company, valued at about R11bn on the JSE, said in Monday's announcement that 62.54% of its shareholders have provided support…
By Ana Monteiro. State-owned ports and rail company withdrew a request for quotes for an operating lease on a freight-rail artery that connects its biggest port with its industrial hub because changes in the nation’s transport policy have affected the scope of the project. Transnet first issued the call for…
By Carol Paton. Minister of Public Enterprises Pravin Gordhan has refused to provide two crucial documents on the sale of SAA to Parliament, with the matter now referred to the Speaker to decide further action. Gordhan, who handled the sale of 51% of SAA to the Takatso Consortium singlehandedly, without…
By Lehlohonolo Lehana. South Africa's headline consumer inflation fell to 5.5% year on year in November from 5.9% in October, statistics agency data showed on Wednesday. Core inflation, which excludes food and fuel prices, rose to 4.5% year-on-year in November from 4.4% in October, the agency said. November's headline reading…
By Alister Bull. South African mining and manufacturing production rose by more than expected in October in rare positive news for an economy battling shortcomings at its state-run power and logistics utilities. Mining production climbed 3.9% October from a year earlier after shrinking 1.9% in September. That beat forecasts for…
By Lehlohonolo Lehana. The National Regulator for Compulsory Specifications (NRCS) is recalling the Econo Cement CEMV/AS-V32.5N product from all distributors and retail outlets across South Africa. NRCS acting CEO Dr Duncan Mutengwe briefed the media briefing on December 11, saying it has failed to meet the requirements of the compulsory…
By Lehlohonolo Lehana. The Bureau for Economic Research's (BER) latest Retail Survey, released on Monday, shows retailer business confidence recovered during the fourth quarter of 2023. The BER said that the improvement in confidence appears to be driven by improvements in profitability and general business conditions – with load shedding…
By Lehlohonolo Lehana. The National Assembly (NA) has adopted the Eskom Debt Relief Amendment Bill on Wednesday, despite opposition parties pushing back against what they say is another "bailout". The bill aims to make amendments to the struggling power utility's R250 billion debt relief plan. It will give the Minister…
By Lehlohonolo Lehana. MTN Group COO Jens Schulte-Bockum is preparing to step down from his roles following the conclusion of his fixed-term contract on March 31, 2024. Schulte-Bockum will continue to serve as a nonexecutive director on the boards of MTN South Africa, MTN Nigeria and Bayobab. Selorm Adadevoh, who…
By Lehlohonolo Lehana. South Africa's gross domestic product (GDP) contracted by 0.2% in Q3 2023 after two successive quarters of growth, Statistics South Africa announced on Tuesday. The drop is broadly in line with economists' expectations after a difficult three months for several industries. Analysts polled by Reuters had predicted…
By Lehlohonolo Lehana. Photo Credit: Russell Roberts. South African businessman, investor and founder of Ellerine Furniture Company, Eric Ellerine, has passed away at the age of 90. This sad news has been confirmed by close family friends, who reflected on the significant impact and indelible legacy he left on South…
By Lehlohonolo Lehana. Manufacturing activity contracted at a slower pace in November, with survey respondents flagging congestion at the ports and power cuts among constraints. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) rose to 48.2 points in November from 45.4 in October, staying below the 50-point mark that separates expansion…
By Lehlohonolo Lehana. The iconic Eyethu Theatre in Mofolo Central, Soweto has been revitalised and transformed into a contemporary community hub while preserving a local legacy. The Theatre was originally built by Ephraim Tshabalala in 1969. It was one of the first black-owned movie theatres in the country. Born in…
By Lehlohonolo Lehana. Standard Bank has denied manipulating the value of the rand and having any involvement in anticompetitive or criminal conduct, despite admitting fault before the Competition Tribunal and a follow-up statement issued by the National Treasury. Treasury spelled out government's concern regarding the admission of misconduct relating to…
By Lehlohonolo Lehana. Telecommunications group Cell C has provided insight into its financial performance and promised significant improvements in the coming years following a strategic overhaul. Cell C published a trading update for its operational performance for the period from January to September 2023 (YTD September 2023) and July to…
By Lehlohonolo Lehana. Photo Credit: Freddy Mavunda. Nedbank banking group has announced Jason Quinn as chief executive-designate to replace retiring CEO Mike Brown next year. Quinn resigned from his position at Absa with immediate effect on Wednesday afternoon. Nedbank said his appointment is subject to regulatory approval. This includes getting…
By Lehlohonolo Lehana. Investec launched its Clarity investing platform to the public, promising easy and affordable access to financial markets. It will compete head-on with EasyEquities. "Retail investors and traders looking for a simple and cost-effective platform to grow their portfolios in their own way can now do so with…
By Lehlohonolo Lehana. South African Breweries (SAB), one of the country's most prominent beer manufacturers, has effectively utilized its R5.8 billion investment to bolster the capacity of two of its plants. The Department of Trade, Industry and Competition (dtic) affirmed this development on Thursday, marking a significant stride in the…
By Lehlohonolo Lehana. The South African Reserve Bank's (SARB's) Monetary Policy Committee (MPC) has voted to hold interest rates for the third consecutive meeting. This keeps the repo rate at 8.25%, with the prime lending rate at 11.75%. "The decision was unanimous," "At the current repurchase rate level, policy is…
By Lehlohonolo Lehana. Photo Credit: Linkedin. Visa Inc., a world leader in digital payments, revealed its Holiday Edition Threats Report, which anticipates heightened scam activity during the holiday season across both card-present (CP) and card-not-present (CNP) transactions. The new report identifies popular fraud tactics expected between November 2023 and January…
By Lehlohonolo Lehana. South Africa's headline consumer inflation rose to 5.9% year-on-year in October from 5.4% in September, Statistics South Africa data showed on Wednesday. According to Stats SA, consumer inflation increased for a third consecutive month in October, with prices increasing on average by 0.9% between September and October…
By Lehlohonolo Lehana. Telkom wants the next spectrum auction to be pushed back to 2025. The company disclosed the request this morning, when it announced its interim financial results for the six months ended 30 September. The Independent Communications Authority of South Africa (ICASA) had earmarked 2024 to conclude the…
By Lehlohonolo Lehana. Windhoek Beer has announced its exciting brand refresh, celebrating the essence of being 100% real. In a world where conformity often prevails, the brand is taking a stand, encouraging everyone to embrace their authentic selves and remain true to their unique identities. Windhoek Beer's dedication to authenticity…
By Lehlohonolo Lehana. S&P Global Rating Agency affirmed the South Africa's credit ratings and maintained a stable outlook, despite the daunting fiscal challenges confronting South Africa. The decision comes amid an economic landscape marked by escalating levels of debt and fiscal deficits. The government's debt, driven by consistent budget deficits…
By Lehlohonolo Lehana. Woolworths South Africa (Woolies) has decided to remove a sole Israeli product from its shelves, after threats to boycott the retailer intensified. In a statement released on Friday, Woolworths set the record straight. The company says it decided to suspend the sale of the only product it…
By Lehlohonolo Lehana. Sasol Ltd (SSL), an integrated chemical and energy company, announced the appointment of Simon Baloyi as its president and chief executive officer, effective April 1, 2024. He succeeds Fleetwood Grobler, who will continue with the company as an executive advisor until December 31, 2024 to ensure a…
By Vuyani Ndaba. The South African Reserve Bank (Sarb) will keep its repo rate unchanged on November 23 and wait until May 2024 before cutting it, a Reuters poll found, as policymakers try to navigate risks to inflation and the timing of when global interest rates will start to fall.…
By Lehlohonolo Lehana. MultiChoice group lost nearly half a million DStv subscribers in South Africa in the past year, according to the company's latest interim results (1H FY2023). In its interim results, published on Wednesday, the pay-television group said the decline in subscriber numbers would have been less severe if…
Business Reporter. Competition watchdog said on Wednesday it has reached a settlement agreement with British bank Standard Chartered over accusations it colluded with other lenders to manipulate the rand. The Competition Commission said Standard Chartered (SCB) admitted liability in the case and agreed to pay a fine of almost 43…
By Lehlohonolo Lehana. AngloGold Ashanti will pay the South African Revenue Service (Sars) a total of R4.5 billion in taxes as part of the transaction to move its corporate domicile to the UK and primary listing to the New York Stock Exchange (NYSE). The transaction will take place before Tuesday…
By Lehlohonolo Lehana. Multimedia group Multichoice has warned shareholders to expect a headline loss when it reports its finances for the six months ending 30 September. The company is set to release its interim trading statement next week. It blamed weakening currencies, particularly the Nigerian naira, and increased investment in…
By Lehlohonolo Lehana. Deputy minister of communications Philly Mapulane has told parliament that the SABC is not only technically insolvent but owes broadcasting signal distributor Sentech more than R700-million. Mapulane told parliament that the money the SABC owes to Sentech is "significant" and, if the situation is allowed to continue…
By Lehlohonolo Lehana. Fitch Ratings Agency has affirmed the state-owned Rand Water's National Long-Term Rating at 'AA+(zaf)' with a Stable Outlook. "The rating affirmation reflects continued strong links between Rand Water and the South African state (BB-/Stable), as per our Government-Related Entities (GRE) Rating Criteria," said Fitch in a statement.…
By Lehlohonolo Lehana. Photo Credit: CFOSA. Pharmacy group Dis-Chem reported a 17.2% decline in half-year earnings on Friday, 3 November, hit by the constrained economic environment, higher interest rates and ongoing power cuts. Dischem said it is satisfied with its performance during the period, "notwithstanding a tough trading environment". "The…
By Adelaide Changole and Colleen Goko. South Africa's new budget confirms the already-cautious assessment by Moody's Investors Service that underpins its stable outlook for the country's credit rating while highlighting key risks. "What we've seen is in line with our expectation of the macroeconomic performance for this year, "said Aurelien…
By Lehlohonolo Lehana. South Africa's medium term economic growth remains weak as a result of the cumulative cost of "power outages", the poor performance of the logistics sector, high inflation, rising borrowing costs and a weaker global environment. This according to Finance Minister Enoch Godongwana who delivered the Medium Term…
By Lehlohonolo Lehana. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) fell to 45.4 points in October from an upwardly revised 46.2 in September, further below the 50-point mark that separates expansion from contraction. Absa, which sponsors the PMI survey, said in a statement that it was "perplexing" the index had…
By Lehlohonolo Lehana. State owned power utility Eskom said on Tuesday that its net loss in the financial year that ended in March 2023 had widened to R23.9-billion. That's from a revised R11.9-billion in the previous year. Eskom interim CEO Calib Cassim said the 2023 financial results reflect the company's…
By Lehlohonolo Lehana. Department of Mineral Resources and Energy (DRME) has published the official petrol and diesel price changes for November 2023. The price of both grades of unleaded petrol (93 and 95) will be lowered by R1.78 a litre on Wednesday, while diesel wholesale prices will be cut by…
By Lehlohonolo Lehana. The minister of Finance Enoch Godongwana will need to make tough choices about how the 2023/2024 fiscal revenue gap (which we estimate at up to R30bn) and a more conservative income outlook for the rest of the medium term will be addressed. Godongwana has been hard at…
By Lehlohonolo Lehana. Deputy governor of the South African Reserve Bank (SARB) and former head of the Prudential Authority Kuben Naidoo has resigned. Naidoo was re-appointed by President Cyril Ramaphosa as the governor for his second term at the Bank in March 2020. His second five-year contract was due to…
By Lehlohonolo Lehana. South Africa's top food producer Tiger Brands announced today that its current CEO CEO Noel Doyle is stepping down, will be replaced by Tjaart Kruger. Tiger Brand's shares jumped almost 12% early on Friday after it said Doyle would step down. In a statement the group, said…
By Lehlohonolo Lehana. Vodacom Group has agreed to a secondary listing on the A2X stock exchange. The listing will take place next Thursday, 26 October, with ordinary shares tradeable from that date. The group will retain its primary listing on the JSE and its issued share capital will be unaffected…
By Lehlohonolo Lehana. @EOH. JSE-listed information and communications technology services company EOH has announced that CEO Stephen Van Coller will step down as chief executive and retire from the company's board on 31 March 2024. In a statement, EOH said: "Over the last five years, Stephen has successfully led the…
By Lehlohonolo Lehana. Headline consumer inflation rose to a three-month high in September, strengthening the case for the central bank to hold borrowing costs higher for longer. Annual inflation accelerated to 5.4% from 4.8% in August, Statistics South Africa said Wednesday. This is an increase of 0.6% between August and…
By Lehlohonolo Lehana. Amazon has announced that it will launch amazon.co.za, the company's online marketplace, in 2024, making it only the second African country after Egypt where the U.S. e-commerce giant has set up a locally-dedicated website. "We look forward to launching amazon.co.za in South Africa, providing local sellers, brand…
By Lehlohonolo Lehana. The Competition Commission on Tuesday officially launched its Media and Digital Platforms Market Inquiry (MDPMI) after publishing the final terms of reference (ToRs) a month ago. The MDPMI will investigate the distribution of media content on South Africa's digital platforms, including search, social media and news aggregation…
By Lehlohonolo Lehana. File:South32’s president and chief operating officer, Mike Fraser, at the BHP Billiton spin-off’s listing on the JSE in 2015. Picture: Martin Rhodes. JSE-listed gold producer Gold Fields has appointed Michael Fraser as its newest CEO and executive director from January 2024. Fraser will take over from Martin…
By Lehlohonolo Lehana. Minister of Finance Enoch Godongwana says his position still stands that they will not extend the basket of food items to be zero-rated in a bid to mitigate the cost of living for the poor. The call to expand the country's zero-VAT-rated basket of food items comes…
By Adelaide Changole. South Africa might not secure a quick exit from the global financial watchdog's dirty money list by 2025 because its reforms are moving too slowly. "At the pace that we are moving at, it's unlikely that we are going to be able to get off that grey…
By Karl Gernetzky. The liquidators of Steinhoff International have set a liquidation date of 13 October, after which it will delist and its shares shall cease to exist. Steinhoff's shareholders had voted to dissolve the company and delist it from the Johannesburg and Frankfurt stock exchanges in July, with around…
By Lehlohonolo Lehana. JSE-listed FirstRand Group has appointed Chief Operating Officer (COO) Mary Vilakazi as its new CEO, effective from April next year. Vilakazi, also becomes the group's second black leader after Sizwe Nxasana. The financial services giant which is the holding company of one of the country's big four…
By Carol Paton. Four state-owned enterprises – Eskom, SA Airways, Denel, and Alexkor – as well as the UIF, the Compensation Fund, and the National Student Financial Aid Scheme (NSFAS) have missed the deadline to file their annual financial statements in Parliament. Under the Public Finance Management Act (PFMA), state…
By Lehlohonolo Lehana. The Foschini Group (TFG) announced today that the company's ordinary shares will be listed on A2X Markets with effect from 10 October 2023. A2X is a licensed stock exchange that provides a secondary platform for companies to list their shares for trade. Other well-known retailers with secondary…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy (DRME) has published the official petrol and diesel price changes for October. Petrol prices will be going up by R1.08 and R1.14 per litre, and diesel will be hiked by between R1.94 and R1.97 a litre A litre of 95…
Business Reporter. Kaizer Chiefs Football Club has surprisingly revealed a new range of chips, with a decent selection of flavours available. "Our vision was clear - to deliver a snack range that embodies the boldness and vibrancy of the Kaizer Chiefs brand, "says Kaizer Chiefs Marketing and Commercial Director, Jessica…
By Lehlohonolo Lehana. South African manufacturing activity shrank for the eighth month in a row in September, at a faster pace than in the previous month as demand was depressed and production constrained. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) fell to 45.4 points in September from 49.7 points in…
By Lehlohonolo Lehana. The Department of Public Enterprises (DPE) says it will be appealing a court ruling that gave it 30 days to approve the sale of Mango Airlines. The decision to apply for leave to appeal against the September judgment was based on legal advice, the department said in…
By Lehlohonolo Lehana. Pick n Pay CEO Pieter Boone has resigned from his position with immediate effect after years at the helm of the JSE-listed grocery retail giant, the group announced on Monday. Boone, who was appointed to the position in April 2021, will be replaced by former Pick n…
By Garth Theunissen. Former Absa non-executive director Sipho Pityana, who was removed from the bank’s board in November 2021, has lost a court case in which he sought to compel the banking group to hand over documents related to that decision. At the heart of Pityana's legal wrangles with Absa…
By Lehlohonolo Lehana. South African Broadcasting Corporation (SABC) has presented its 2022/23 Annual Report in Parliament on Friday with a net loss of over R1 billion – with revenue down nearly 8%. The report notes that the SABC faced challenges from funding models and internal and external factors affecting financial…
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