Business

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…
Standard Bank has announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic. We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than 20M a 3-…
Mobile operator MTN drops data prices by 50%. MTN SA CEO Godfrey Motsa said the cost of a 1GB monthly data bundle, which has been the subject of much scrutiny by commission authorities, will fall from R149 to R99. “We won’t charge more than that,” he said. In terms of…
Axed Old Mutual boss Peter Moyo has resigned from his post on the board of Nedbank. Moyo,who had been a non-executive director at Nedbank, has been battling with Old Mutual over his sacking since he was dismissed following a dispute over a conflict of interest in June 2019. Nedbank Group…
Retail Group Massmart, said it will continue to consult with the Commission for Conciliation, Mediation and Arbitration (CCMA) over retrenchments at their Dion-Wired stores. Massmart initiated retrenchment consultations in January regarding the possible closure of 34 "persistently unprofitable stores" which include the 23 Dion-Wired stores and 11 Masscash stores. In…
The SA Reserve Bank’s monetary policy committee cut the repo rate by 100 basis points, or one percentage point, from 6.25% to 5.25. The Reserve Bank is under pressure to help arrest the economy’s downward spiral. South Africa is already in recession, and the fall-out from business disruption due to…
This year customers also have an opportunity to take part in this exciting competition, by simply sharing stories on what they love most about Mzansi to culminate in this year’s theme, “A STORY IN EVERY CUP.” Launched in 2019, Wild bean Café piloted the Design a Cup campaign with Vega…
The employees at 82 Dominos Pizza locations across South Africa will be left jobless as the pizza joint closes its doors in the country. Taste Holdings, owner of Starbucks and Dominos, has announced plans to liquidate its food businesses in the country with immediate effect. The decision comes after they…
The South African Banking Risk Information Centre has warned South Africans that panic over the novel coronavirus is the new favourite tool of cyber-criminals in their search for valuable banking information. The wave of "panic buying" of toilet paper, sanitary products and hand sanitisers yesterday at various retail centres across…
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…
Image:Kulula.com. South Africa has declared a national disaster and announced a ban on travel from the worst-affected countries. In an address to the nation on Sunday, President Cyril Ramaphosa declared a national disaster. South Africa will revoke nearly 10,000 visas issued this year to people from China and Iran, and…
Image:@ShuterRob. MTN mobile operator has reported a healthy rise in revenue for the year ended December 2019, despite challenging macroeconomic conditions, particularly in South Africa. The group also announced chief executive officer, Rob Shuter, will be stepping down at the end of his contract in March 2021. “The board thanks…
Vodacom has reached an agreement with the competition commission to reduce its mobile data prices. The mobile operator said as part of the range of initiatives to address societal challenges, it would slash the price of its 1GB of data by 34 percent to R99 from R149 on all channels,from…
Sasol problems intensified after its share price sank 45% following plummeting oil prices,down 30% and sending world markets into a spin. Shares in Sasol were 45% weaker valuing the company at just under R55bn and taking share losses for the year to nigh on 79%. Oil prices were on track…
Moody’s credit ratings agency has lowered its growth forecast for SA to 0.4% down from 0.7%, as it revised down its expectations across the G20 countries, in the wake of the coronavirus outbreak. “The global spread of the coronavirus is resulting in simultaneous supply and demand shocks,” Moody’s senior credit…
Anglo American Platinum (Amplats) has shut the processing facilities at its Waterval smelter complex in Rustenburg. The decision to close the Waterval processing facilities follows an explosion in the Anglo Converter Plant (ACP) phase A on February 10 which resulted in its temporary closure whilst repairs took place – estimated…
The SA Post Office expects to make a loss of about R1 billion for the financial year ending 31 March 2020. This is despite having received R8-billion in government bailouts over the past four years. The Post Office took over the social grant payments from Cash Paymaster Services two years…
The Minister of Mineral Resources and Energy, Gwede Mantashe has announced the adjustment of fuel prices for March based on current local and international factors. The Deparmtent of Mineral Resources and Energy, said the main reason for the fuel prices changes "is the lower crude oil prices during the period…
The business rescue practitioners of South African Airways (SAA) have been granted an extension until March to publish their plan to save the embattled flag carrier from liquidation. SAA was placed under business rescue in December and the plan detailing the turnaround was set to be published before the end…
MTN South Africa has this week launched MTN Traveller Bundles. These bundles allow tourists to stay connected with their family, friends and business associates whilst visiting South Africa with a local SIM rather than roaming. The cost-effective bundles are exclusive to new Prepaid tourist customers and will be made available…
Anglo American Platinum (Amplats) has appointed Natascha Viljoen as CEO following the resignation of Chris Griffith. Viljoen, a former Lonmin executive, is currently head of Amplats’ processing division, a role she has held since 2014. Her appointed will be effective April. She said after her appointment that it was “……
South Africa's headline consumer price inflation quickened to 4.5% year on year in January, from 4.0% in December, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, price growth was at 0.3% in January, the same rate as in the previous month. Core inflation, which excludes prices…
Chris Griffith, CEO, Anglo American Platinum. Image:Miningmx. Chris Griffith, CEO of Anglo American Platinum (Amplats), has resigned after seven year stint as CEO of the company. His resignation is effective April. Amplats said Griffiths’ replacement would be an internal appointment. Griffiths goes out on a high after taking over at…
The Competition Commission conditionally approved PepsiCo's takeover of food and drinks producer Pioneer Foods. Pioneer Foods is a South African producer and distributor of a range of branded food and beverage products. It operates mainly in South Africa, providing wholesale, retail and informal trade customers with its products and exports…
Sun International has announced that it has appointed Brett Hoppé to the position of General Manager for its Sun City resort. Hoppé is no stranger to Sun City, having previously served as the Resort’s General Manager of the Soho Hotel (formerly the Sun City Hotel and Casino) between 2008 until…
KLEINE ZALZE wine estate in Stellenbosch has made a key appointment in line with its premiumisation strategy with marketing and sales specialist and wine industry veteran Carina Gous to join its team. She will be part of the senior management team at Kleine Zalze, in the position of Executive Manager:…
Arcelor Mittal SA plans to shed hundreds of jobs as it battles low steel demand and rising costs. CEO Kobus Verster said the Africa’s largest steelmaker could retrench 400 employees from the Newcastle operations in KwaZulu-Natal. ArcelorMittal SA has been struggling with weak demand and rising electricity, rail and port…
Strauss & Co achieved a prestigious white-glove sale when every one of the 164 lots at last night’s Monarch Hotel auction found a buyer. This accomplishment –in a highly challenging economy –was driven by Strauss & Co’s reputation for bringing to market top quality collections that are backed by the…
Motorists can expect a decrease in both the petrol and diesel price as from Wednesday (5 February 2020). The drop is primarily due to an appreciation of the rand and a decrease in international petrol price during the period under review, the Department of Energy said in a statement. Because…
MTN SA CEO, Godfrey Motsa, Chief Officer Fintech MTN SA, Felix Kamenga and Ubank CEO, Luthando Vutula at the launch of MTN MoMo in Ferreirasdorp, Johannesburg. The frustration experienced by around 11 million South Africans who do not have access to financial services will now be a thing of the…
Cell C has defaulted on almost R3bn of debt, sending the share price of its largest shareholder, Blue Label Telecoms plunging more than 13% on Tuesday,(28 January 2020). The failure to pay interest on its R274bn bond, as well as loans and interest to lenders, including Nedbank and the Development…
Tiger Brands have announced that it current chief financial officer, Noel Doyle, has been appointed its new CEO with effect from February 1. The current CEO Lawrence MacDougall has reached the company’s mandatory retirement age of 63, and will be replaced by current CFO Noel Doyle, the company said. He…
The beginning of a new school year often presents excitement for families whose children are going to school for the first time or proceeding to the next grade. Whilst most parents understand the ever-increasing cost of education, families often struggle to prepare for the year of school ahead, including the…
South Africa’s inflation remained well below the midpoint of the central bank’s target range in December, even as the rate rose for the first time in four months. Consumer-price growth quickened to 4% compared with 3.6% in November, Statistics South Africa said Wednesday. It matched market forecasts, with a Bloomberg…
SAB and AB InBev Africa’s breweries across South Africa will have onsite solar facilities by the end of this month. This kicks off a multi-billion rand investment with the goal to purchase 100% of the business’s electricity requirements at manufacturing sites across Africa by 2025. Onsite solar power at its…
Reserve Bank governor Lesetja Kganyago has announced an interest rate cut of 25bps this afternoon. The cut which takes the repo rate to 6.25%, was a possibility given the fact that SA’s growth has flagged and inflation has slowed to its lowest levels since December 2010. The repo rate is…
Woolworths has appointed Roy Bagattini as its new group CEO with effect from February 17, replacing Ian Moir who spent over nine years at the helm of the David Jones owner. Current CEO Ian Moir will step down as group CEO and executive director on February 16. In August last…
One of the biggest retailers,Massmart Holdings has started consulting with unions about store closures and jobs cuts, as the South African unit of Walmart Inc. battles to recover from an earnings slump. Massmart, which owns Game, DionWired and Makro among other brands announced the plan to shut the 23-store Dion-Wired…
In the spirit of International Volunteer Day for Economic and Social Development and on the 10th anniversary of Kentucky Fried Chicken’s Add Hope initiative, all roads – for the fast-food brands representatives, personnel of publicity company, Edelman and the ubiquitous media corps – lead to Sizanani Home-based Caregivers in Meadowlands,…
The Department of Mineral Resources and Energy has announced a petrol price hike of 22c per litre, while the price of diesel is set to decrease by 14.95c per litre for the festive season. The hikes are set to take effect on Wednesday. In a statement, the department says diesel…
The economy shrank 0.6% in the third quarter of 2019, Statistics SA said on Tuesday. This is the second time this year that SA's economy has contracted. In the second quarter of the year the economy grew by 3.1 % after shrinking by 3.2% in the first quarter. The outcome,…
JANE INHERITED HER TEMBISA TAVERN FROM HER MOTHER Thanks to SAB Zenzele, Jane has a further legacy to leave her children Nomthandazo Jane Makhanya was born and raised in Ecaleni, Tembisa, in the home in which she still lives. Jane, as she’s more popularly known, runs Gettie’s Tavern, the business…
The National Consumer Commission has fined the Ford Motor Company R35 million for the Kuga SUV fires. During was briefing the media in Pretoria, Acting commissioner Thezi Mabuza said Ford and the commission entered into a settlement agreement which will be made an order of the Tribunal. “FMCSA (Ford SA)…
Eskom made a surprise 1.3 billion rand profit from April to end September,double the amount made in the same period last year, due to higher tariffs. The power utility’s financial performance is typically stronger in the first half (April-Sept) of the year, as it sells more electricity during winter season…
Incidence of femicide in South Africa is five times the global average and one in five women are assaulted by their partner. Despite this, domestic violence remains one of the most taboo crimes in our society. The country’s biggest brewer, SAB, has launched a #NoExcuse Domestic Violence Policy to assist…
S&P Global Ratings changed its outlook on South Africa's sovereign credit rating to negative, citing low GDP growth, rising fiscal deficits and a growing debt burden. However the rating agency did not downgrade SA further into junk and It warned that it may lower the rating if it observed continued…
SAB is one of the only businesses in the world, and the first in South Africa, to introduce environmentally friendly Core Linerless Solutions® labels for its product packaging. The labels, which have no release liner, were developed in partnership with Ritrama, and completely suppress the waste of the release liner…
South African Reserve Bank (Sarb) governor Lesetja Kganyago has announced that the repo rate will remain unchanged at 6.5%. This comes after Stats SA announced that the headline consumer price index fell to 3.7% in October, down from 4.1% the month before. The Bank’s monetary policy committee (MPC) left the…
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…
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