Business

By Markus Wong and Netty Ismail. The most popular trade in emerging markets this year – betting on commodity-exporting nations – is losing its appeal. The currencies and bonds of Brazil to Mexico and South Africa were the best performers among developing-nation peers in the first five months of 2022…
Business Reporter. Qantas says it will significantly boost its international network from Perth with flights to Johannesburg set to take off later this year. The routes are the latest of eight new international services the national carrier has announced since Australia’s international borders re-opened in November 2021, the group said…
By Lehlohonolo Lehana. South African-led investment plan that maps out investments required to achieve a just energy transition and help guide the use of funds. This is according to the Head of the Presidential Climate Finance Task Team, Daniel Mminele, who - together with the United Kingdom’s COP26 Envoy and…
By Lehlohonolo Lehana. Tensions are rising at Eskom, with the struggling power utility Eskom confirming protests at a number of power plants following a breakdown in wage negotiations. Groups at six coal-fired stations "have blocked roads leading to some of the power stations, which hampers the movement of people and…
By Lehlohonolo Lehana. The ongoing war in Ukraine, intensifying international sanctions, and adverse local weather all point to South Africa seeing higher prices and inflation levels for longer than originally forecast. Both global and local inflation is high, and price pressures are expected to remain heady over Q2 2022, and…
By Barbara Curson. In a bold move, the South African Revenue Service (Sars) appealed an adverse Tax Court decision directly to the Supreme Court of Appeal (SCA), which overturned the Tax Court decision with costs, including the costs of two counsel. The SCA judgment was handed down on 21 June.…
By Lehlohonolo Lehana. The COP President Alok Sharma and a delegation of Ministers from the South African government has welcomed the progress made thus far in advancing the long-term Just Energy Transition Partnership (JETP). Following an engagement between the Conference of the Parties (COP26) President and the Head of the…
By Lehlohonolo Lehana. Statistics South Africa has published its latest consumer price index, showing that annual consumer price inflation has broken through the upper limit of the Reserve Bank’s target range. Inflation was recorded at 6.5% in May 2022, up from 5.9% in April 2022. This is the highest reading…
By Lehlohonolo Lehana. Recently appointed Managing Partner of Baker McKenzie in Johannesburg, Lerisha Naidu, plans to implement a new way of working in the legal sector, ensuring that all contributors to the working environment are able to show up as their true selves. Naidu started her career wanting to be…
By Lehlohonolo Lehana. Investec chief economist Annabel Bishop says the US Federal Reserve’s decision to hike interest rates by 75bp on Thursday (16 June) reinforces the likelihood of higher rate hikes in South Africa. Bishop said the US interest rate move reinforces the likelihood of a 50bp instead of a…
Business Reporter. Absa has published a trading update for the five months ended 31 May, with the group seeing positive growth in both revenue and customer numbers. Total revenue growth for the five months improved strongly, increasing by low double digits year-on-year, the group said. "Reflecting solid loan growth and…
By Lehlohonolo Lehana. The economists at the Bureau for Economic Research (BER) says South Africa’s most important economic release this week will be the consumer inflation (CPI) print by Statistics South Africa on Wednesday (22 June). "After remaining unchanged at 5.9% y-o-y in April, we expect inflation to accelerate to…
By Lehlohonolo Lehana. Telkom on Tuesday (14 June) published its annual results for the year ended March 2022, showing a marginal decline in revenue. The group cited a sluggish economy, global supply chain challenges, and chip shortages for the slip. It said that the impact of the post-pandemic recovery is…
Business Reporter. The rand continued to get battered in trade on Monday (13 June), losing further ground to the major currencies following a sell-off on Friday, as investors rushed to buy ‘safe haven’ dollars amid data that showed US inflation accelerated in May. The rand relinquished all its recent gains,…
By Paul Burkhardt. African Rainbow Energy and Power, backed by billionaire Patrice Motsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent. The Johannesburg-based company ultimately has a target of adding as much as 5,000 megawatts of assets. It’s…
By Lehlohonolo Lehana. Standard Bank has asked some of its customers to re-register for Apple Pay services as it makes changes to its backend as part of an ongoing maintenance programme. "We hope that you are enjoying Apple Pay and the security it provides that allows you to safely make…
By Lehlohonolo Lehana. Listed entertainment company MultiChoice Group on Thursday (9 June), reported results for the year ended March 2022, showing a difficult consumer climate in South Africa. The company that operates DStv said its business faced an increasingly difficult consumer climate, with FY22 growth rates impacted by rising unemployment…
By Carin Smith. Comair's business rescue practitioners have lodged a court application on Thursday to convert the business rescue proceedings into liquidation proceedings. This is because the company could not raise the necessary funding to continue with operations. In a notice, published on Thursday, the BRPs advised creditors that they…
By Lehlohonolo Lehana. Finance Minister Enoch Godongwana announced on Wednesday that long-serving Treasury official Ismail Momoniat has been appointed as acting director-general. He takes over the reins following the departure of Dondo Mogajane on June 7. The Ministry said Momoniat brings a wealth of experience to the position, having served…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) says that South Africa's economy should be benefitting from a commodity price boom – but instead, it is frozen in a low-growth climate due to slow reform and policy integration from the government, and persistent problems with state-owned companies. The global financier…
By Lehlohonolo Lehana. The Council for Scientific and Industrial Research (CSIR) has published its annual statistics on power generation in South Africa for 2021, providing a breakdown of load shedding over the period. The data shows 2021 overtook 2020 as the most intensive load shedding year yet, based on the…
By Lehlohonolo Lehana. South African gross domestic product (GDP) expanded by 1.9% in the first quarter of 2022, representing a second consecutive quarter of upward growth. The size of the economy is now at pre-pandemic levels, with real GDP slightly higher than what it was before the Covid-19 pandemic, Statistics…
Business Reporter. The South African Revenue Services (SARS) has announced that taxpayers will be able to file their tax returns from 1 July 2022. SARS said that the other important dates that taxpayers should be aware of the following deadlines: For companies, within 12 months of their financial year-ends; For…
By Lehlohonolo Lehana. The economists at the Bureau for Economic Research (BER) while the extension of the fuel levy relief curtails near-term domestic inflationary pressure somewhat, consumer price (CPI) inflation is still set to come out higher this year than previously estimated. In a note on Monday (6 June), the…
By Lehlohonolo Lehana. The Competition Commission of South Africa says it is monitoring airline ticket prices in the country following the announcement made by Comair to effectively suspend all British Airways and kulula.com flights with immediate effect Comair, which owns kulula.com and operates British Airways locally under a licence agreement,…
By Lehlohonolo Lehana. Standard Bank's chief engineering officer Alpheus Mangale, who is responsible for the stability of the group's IT systems, has resigned with immediate effect following a series of banking system outages in recent months. "Over the past two months, the Standard Bank Group has had a series of…
By Lehlohonolo Lehana. Financial services group Discovery says it will help customers impacted by Comair's flight groundings by giving them access to funds, which will allow them to make alternative arrangements. Comair, which operates Kulula and domestic British Airways flights in South Africa, has suspended all of its flights in…
By Lehlohonolo Lehana. Aviation company Comair has suspended all of its flights in South Africa as it looks for additional funding. The airline which owns and operates Kulula.com flights also acts as a domestic franchise partner of British Airways in the country. "Comair regrets to advise its flights have been…
Business Reporter. Restaurant group Famous Brands says South Africa's post-Covid-19 restaurant environment will look entirely different from before, and for the better. Famous Brands reported a 568% rise in headline earnings per share (Heps) to 365 cents for the year ended February 28, coming off a low base in 2021…
Business Reporter. (Bloomberg) - The UK is considering guaranteeing at least $1 billion (R15.6 billion) of South African debt as part of a deal designed to cut the nation's reliance on coal and drive a shift to green energy. Further negotiations are taking place over how the guarantee will work,…
By Lehlohonolo Lehana. Statistics South Africa (Stats SA) on Tuesday (31 May), said the official unemployment rate retreated from a record high of 35.3% in the fourth quarter of 2021 to 34.5% in the first quarter of 2022 The official unemployment rate was 34.5% in the first quarter of 2022,…
By Lehlohonolo Lehana. The South African Petroleum Industry Association (SAPIA) has warned against making wholesale changes to petrol prices amid growing calls to review how they are calculated in the country. SAPIA is a trade group representing major petroleum retailers and refiners, including BP, Engen, Shell, Astron Energy and Sasol.…
Business Reporter. Listed financial services group Momentum Metropolitan on Monday (30 May), reported a 26% rise in operating profit for the nine months ended March 2022, to R1.74 billion, supported by good earnings growth in Momentum Life, Momentum Corporate, Momentum Metropolitan Health and Guardrisk. The group saw normalised headline earnings…
By Sharon Cho. Oil climbed at the week's open as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude. Brent crude topped $120 a barrel, then pared some gains, after the benchmark jumped more than 6% last week to post the highest…
By Lehlohonolo Lehana. South African Reserve Bank (SARB) says the country remains vulnerable to spillover effects of global events, particularly the Russia-Ukraine war and global stagflation concerns. Presenting its latest financial stability review on Wednesday (25 May), the central bank noted that the most likely channels through which South African…
By Paul Burkhardt. Almost a quarter of South Africa's R340 billion worth of strategic infrastructure projects have been delayed or put on hold, according to Standard Bank. The government in Africa's most-industrialized economy has officially announced 62 energy, water, sanitation and other projects, known as SIPs. While eight have been…
By Lehlohonolo Lehana. Shoprite Checkers have on Wednesday 25 May 2022 reached a settlement agreement to pay a fine of more than R11 million. This follows the Competition Commission's finding that the ticket dispensing company had entered into exclusive agreements with the majority of its product providers between 2013 and…
By Lehlohonolo Lehana. Unlisted retail banking group African Bank has announced a deal to purchase Grindrod Bank and its holding company Grindrod Financial Holdings. Grindrod Bank is an investment bank established 26 years ago, which specialises in managing cash deposits, corporate and investment banking. It has typically been a niche…
By Lehlohonolo Lehana. The Congress of South African Trade Unions (Cosatu) has again thrown its support behind the introduction of a new basic income grant in South Africa. The country's largest trade federation was presenting its resolutions following its central executive committee meeting on Thursday (26 May). It added that…
By Lehlohonolo Lehana. In 2021 Liberty paid out a total of R10.12 billion in claims under its flagship Lifestyle Protector policy to 43 600 individual clients and their beneficiaries. These payments represent a 59.6% increase from the previous year, 2020, when Liberty paid out R6.43 billion in claims. The substantial…
By Lehlohonolo Lehana. Eskom and Mpumalanga Provincial Government signed a Memorandum of Agreement (MoA) to strengthen cooperation and to provide a framework that will enable the roll-out of identified initiatives determined through the Mpumalanga Economic Reconstruction and Recovery Plan and the Eskom Turnaround Plan. Eskom CEO, Andre de Ruyter, said…
By Lehlohonolo Lehana. Tiger Brands chief executive Noel Doyle says his company is working hard to limit the impact of supply-chain and inflation costs, but it is inevitable that some costs are going to be passed on to South Africans in the coming months. Doyle was speaking on the group’s…
Business Reporter. Civil society groups and opposition parties have urged the government to step in ahead of a record petrol price hike increase on 1 June. The latest data from the Central Energy Fund (CEF) shows an under-recovery (increase) of between R2.27 and R2.36/litre for petrol from next week. This…
By Lehlohonolo Lehana. @GettyImages. Listed food manufacturing company, RFG Holdings says it is investing in renewable energy infrastructure to reduce the impact of load shedding and related water supply interruptions on certain of the group's facilities. The company, with brands including Rhodes, Bull Brand, Squish, and Bisto, and an annual…
Business Reporter. Telecommunications group Telkom has announced a new mandatory vaccine policy for all employees and non-employees looking to access any of its non-store premises. In a statement sent to all service providers, the group said that from 1 June 2022, any people looking to access any of its premises…
By Lehlohonolo Lehana. African Bank Holdings on Tuesday (24 May) published its financial results for the six months ended March 2022 showing a significant improvement in African Bank's profits compared to a year ago. The bank reported a net profit after tax of R257 million against a R135 million loss…
By Lehlohonolo Lehana The National Energy Regulator of South Africa (Nersa) has registered two new 100MW solar projects. It follows the landmark regulatory change announced by president Cyril Ramaphosa in August 2021, where Schedule 2 of the Electricity Regulation Act was amended to extend the limit over which a private…
By Lehlohonolo Lehana. Steinhoff International Holdings is set to appeal a ruling ordering it to share a forensic probe into accounting fraud with amaBhungane and Tiso Blackstar now known as Arena Holdings. Earlier this month media houses won a court case for access to Steinhoff's 3 000-page investigation into the…
Business Reporter. Image Supplied. Pharmacy retailer Dis-Chem has reported strong revenue growth of 15.7% for the 12 months ended February 2022, exceeding R30 billion for the first time (R30.4 billion), with consumers resuming their pre-pandemic routines and shopping habits. Retail revenue grew by 15.6% to R27.1 billion with comparable store…
By Lehlohonolo Lehana. Motorists are in for a fuel price shock in June as oil prices continue to climb, and the government's temporary relief on fuel taxes comes to an end. In April, finance minister Enoch Godongwana announced a temporary reduction in the general fuel levy by R1.50 per litre…
By Lehlohonolo Lehana. Power utility Eskom has moved to stage 4 load shedding on Saturday (21 May), as demand is higher than anticipated, while some units have tripped, it said. In a statement on Twitter, the embattled power utility announced that they would need to move from Stage 2 load…
By Lehlohonolo Lehana. Photo Credit:Reuters. Credit rating agency S&P Global has upgraded its outlook for South Africa to "positive" from "stable". "Recent favourable terms of trade in South Africa have improved the external and fiscal trajectory, while the country's reasonably large net external asset position, flexible currency and deep domestic…
By Lehlohonolo Lehana. Power utility Eskom has been hit yet again by an act of sabotage which further limits its capacity to keep the lights on. Public enterprises minister Pravin Gordhan disclosed in his budget vote speech in parliament on Friday that a critical cable at the Hendrina power station…
By Lehlohonolo Lehana. The Monetary Policy Committee (MPC) increased the repo rate by 50 basis points to 4.75%, following on from its prior three 25 basis point hikes since embarking on the current hiking cycle. Four MPC members voted in favour, with one preferring a 25 basis point increase. The…
By Lehlohonolo Lehana. The South African Reserve Bank's Monetary Policy Committee (MPC) has voted to hike interest rates by 50 basis points, taking the repo rate to 4.75% per annum. The hike was in line with most analysts 'forecasts, while a forecast report from Finder, citing 22 economists, academics, and…
Business Reporter. Massmart on Thursday (19 May) reported a marginal decline (0.2%) in group sales for the 19-week period ended 8 May 2022, amounting to R30.4 billion, while comparable-store sales increased by 2.3% over the same period. Comparable stores sales excluded the impact of those stores opened or closed during…
By Prinesha Naidoo. South Africa's inflation rate held steady near the ceiling of the central bank's target range on the eve of what’s expected to be the biggest interest-rate hike in more than six years. Annual inflation was 5.9% in April, unchanged from the prior month, Statistics South Africa said…
Business Reporter. Global investment manager Ninety One on Wednesday (18 May) reported a 31% increase in profit before tax for the year ended March 2022, to a record £267.1 million – R5.3 billion. Established in South Africa in 1991 as Investec Asset Management, the firm started offering domestic investments in…
By Maxwell Adler. Twitter Inc's board unanimously recommended that shareholders approve Elon Musk's bid to take the social media company private in a $44 billion deal, eight days before they are scheduled to vote and as the billionaire entrepreneur seems to be seeking to back out or renegotiate his offer.…
Business Reporter. @JohannBotha. Retailer Pick n Pay has announced plans to take on Shoprite and Woolworths across three main market segments with the launch of "Project Red". In a strategy presentation to investors today, Pick n Pay said that its mainline store brand is currently competing in three distinct consumer…
By Lehlohonolo Lehana. The High Court dismissed the applications by Peter Moyo (former CEO of Old Mutual) to have the non-executive members of Old Mutual board declared delinquent and in contempt of court. Moyo, fired in June 2019, despite a full bench court ruling in 2020 that his dismissal was…
By Lehlohonolo Lehana. Mid-month data from the Central Energy Fund points to major fuel price pain for diesel and petrol vehicle owners in June. The data, which serves as a snapshot of market conditions as of 13 May 2022, shows that the petrol price could increase by as much as…
By Lehlohonolo Lehana. South Africa's central bank governor Lesetja Kganyago said on Monday it has placed lender Ubank under a curatorship, with immediate effect. Kganyago said the move by SARB’s Prudential Authority is aimed at protecting the bank's depositors, after the Ubank's capital adequacy ratio had fallen to around just…
By Lehlohonolo Lehana. Vodacom Group on Monday (16 May) reported a 4.5% increase in revenue to R102.7 billion for the year ended March 2022, and delivered a dividend of R8.50 per share, up marginally from the prior year. The group said that headline earnings per share improved by 3.4% to…
By Lehlohonolo Lehana. The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) is set to increase the repo rate this week – with consensus among most analysts and economists that the hike will be larger than at previous meetings. The MPC will sit for its May meeting from 17…
By Lehlohonolo Lehana. JSE-listed technology company Altron has announced its financial results for the year to February 2022, during which both revenue and operating income gained. Revenue grew 5.7% to R7.9 billion while operating income grew in the double digits at 34.2% to R498 million compared to the previous year,…
By Lehlohonolo Lehana. The South African Revenue Service has published its annual performance plan for 2022/23, outlining its strategies and biggest risks for revenue collection over the next few years. SARS commissioner Edward Kieswetter has had to contend with an extremely constrained economy due to two years of the Covid-19…
By Mike Cohen and Paul Vecchiatto. South Africa must accelerate plans to generate more electricity itself, buy more energy from private producers and make it easier for power-hungry mining companies to build their own plants, according to a draft economic policy document compiled by the nation's governing party. Projects outlined…
By Lehlohonolo Lehana. MTN Group says it delivered a solid Q1 2022 performance, with double-digit service revenue growth in a challenging macroeconomic environment. "Many of our markets have also experienced rising inflation and interest rates, and pressure on consumer spending driven by recent global events impacting food and energy prices…
By Anthony Sguazzin. South Africa will need to attract investment of $14 billion if it is to develop a substantial green hydrogen industry, the head of the government's climate finance task team said. An initial amount of $1 billion would be needed to create an industry that could export 20,000…
Business Reporter. An already fragile rand was back on the ropes in trade on Thursday (12 May), put there by a strong dollar benefitting from risk aversion. Bloomberg reported that Wednesday's hotter-than-expected US inflation reading has revived concerns of a 75 basis-point rate increase by the Fed, rather than the…
Business Reporter. MTN South Africa says it will ramp up its investment in Gauteng to meet increasing demand, while the group will also extend its reach into township areas. The fight against battery theft and vandalism remains a key priority in 2022, the group said in a statement on Wednesday…
By Lehlohonolo Lehana. Vodacom Group has appointed Sitho Mdlalose as managing director (MD) of Vodacom South Africa, effective 01 July 2022. Mdlalose is currently the managing director of Vodacom Tanzania, a position he has held since August 2021. He returns to Vodacom South Africa to assume the role held by…
Business Reporter. Irish food company, The Kerry Group has opened a new €38 million (R650 million) plant in KwaZulu-Natal aimed at producing sustainable food for the continent. Located in Hammarsdale, KwaZulu-Natal, the new 10,000 sqm facility is one of the company’s most environmentally-efficient manufacturing sites with numerous sustainability features including…
By Lehlohonolo Lehana. South Africa is likely to see another interest rate hike next week, although the increase could be larger than previously forecast, say economists at the Bureau for Economic Research (BER). "Against the global backdrop of more rapid policy normalisation and, importantly, the associated recent sharp weakening of…
Business Reporter. Government is on track to lower the sulfur content allowed in diesel fuel, which may force some oil refineries to upgrade to meet the standards. The changes, which were gazetted for public comment at the end of 2021, state that diesel grades allowed for sale may not exceed…
By Lehlohonolo Lehana. South Africa faces a R1.50/litre petrol price increase in June as the government's intervention to ease the cost of high fuel prices comes to an end. In March 2022, finance minister Enoch Godongwana said that using the country’s reserves would allow it to reduce the general fuel…
By Paul Burkhardt. South Africa's monthly petroleum product imports are expected to as much as triple by next year from pre-pandemic levels as domestic refineries close, according to energy consultant Citac. Africa's biggest industrialised nation already relies on imports to meet up to 60% of its fuel demand, and any…
By Lehlohonolo Lehana. National Treasury launched Phase II of the Southern Africa – Towards Inclusive Economic Development (SA-TIED) programme, following what was noted as a successful first phase, with the aim of tackling challenges facing the country's economy and guiding policy making with quality research. The SA-TIED programme supports policy-making…
By Lehlohonolo Lehana. Anglo American on Friday unveiled the world's biggest green-hydrogen powered truck at a platinum mine in northeast South Africa where it aims to replace a fleet of 40 diesel-fueled vehicles that each use about a million liters of the fossil fuel every year. President Cyril Ramaphosa will…
By Lehlohonolo Lehana. Image Supplied. Rand Merchant Bank (RMB), the corporate and investment banking business of FirstRand, on Thursday (5 May) announced that Emrie Brown has been appointed chief executive effective 1 October 2022. Brown will take over from current chief executive, James Formby, who will hand over the role…
By Lehlohonolo Lehana. Labour unions representing 1.3 million state workers demanded 10% pay increases to help them offset soaring electricity, transport and food costs. The unions are also pushing for a single-year pay deal because they no longer trust the government to honour longer-term accords, according to a presentation they…
By Lehlohonolo Lehana. Credit rating agency Moody's forecasts South Africa's interest rate will hit 8% in 2022 – well above the South African Reserve Bank's target band. "South Africa's most direct exposure to the Russia-Ukraine military conflict is through higher inflation and related fiscal pressure stemming from social demands," the…
Business Reporter. EOH Holdings Chief Executive Officer Stephen Van Coller is considering a sale of the graft-tainted South African IT firm after returning the group to profitability, according to people familiar with the matter. The former Absa Group and MTN Group executive is seeking advice on how to price the…
By Anthony Sguazzin. South Africa's planned $8.5-billion climate finance deal with some of the world’s richest nations could serve as a blueprint for other coal-dependent countries, the head of its negotiating team said. The potential funding, which will be made available over three to five years, was announced at the…
By Lehlohonolo Lehana. Insurers Sanlam and Allianz have agreed to combine their current and future operations across Africa in a joint venture that will house the business units of both companies in the African countries where one or both companies have a presence. Namibia will be included at a later…
By Lehlohonolo Lehana. Eskom CEO Andre De Ruyter said while they are working to return broken down units to service there is no promise load shedding will end sooner than next week Monday. Eskom implemented stage 2 load shedding on Tuesday saying it was battling to meet supply demands due…
Staff Reporter. Low-cost airline FlySafair has launched its R8 flight sale for 2022. The company's website states 30,000 tickets will go on sale at 09h00 on Wednesday morning (4 May), ending at 17h00, or when all tickets are sold out. The airline said that the following procedures will be followed…
By Lehlohonolo Lehana. South Africa's energy supply appears to be worse than previously anticipated and is already on track for another record year of outages, say economists at Absa bank "To put this into context, 2021 was the worst year ever for load shedding, but in the first four months…
By Lehlohonolo Lehana. While the adjusted fuel prices for May show a decrease in the cost of both grades of petrol, the Automobile Association (AA) has warned that much of this is being offset by government support. The government has announced that the May fuel prices will see a 12c/litre…
By Lehlohonolo Lehana. A gauge measuring manufacturing sentiment dropped the most in nine months in April after the worst flooding in almost three decades left more than 400 people dead, damaged businesses and halted operations at the nation’s biggest port. Absa Group Ltd's purchasing managers' index, compiled by the Bureau…
By Lehlohonolo Lehana. The Department of Energy has published the fuel price adjustments for May 2022, showing a slight decline for petrol, while diesel vehicle owners in South Africa are not so lucky. The fuel price adjustments take into account the emergency interventions announced by National Treasury in cooperation with…
Business Reporter. @GettyImages. Billionaire investor Warren Buffett has again criticized cryptocurrency Bitcoin, saying he wouldn't buy all of it for $25. Speaking at the Berkshire Hathaway annual shareholder meeting on Saturday (30 April) in Omaha, Nebraska, Buffett said: "If you offered me all the Bitcoin in the world, and you…
By Jess Shankleman. As they prepare for the next round of global climate talks in November, officials from rich countries are trying to pull together a series of multibillion-dollar packages to help poor countries phase out coal. But negotiations have been snarled by national politics and Russia’s war in Ukraine,…
Business Reporter. (Bloomberg) - Amazon.com Inc shares collapsed on Friday, with a loss in market value that ranks as one of the worst in Wall Street history after it gave an outlook that was seen as disappointing. The stock sank 14% in its biggest one-day drop since July 2006, with…
By Lehlohonolo Lehana. The South African Revenue Service (SARS) is intensifying collaboration with international tax authorities to identify non-compliant South African taxpayers, says André Daniels, legal manager of tax controversy and dispute resolution at Tax Consulting SA. Daniels pointed to a recent collaboration with the Irish Tax Authority (ITA) to…
Business Reporter. (Bloomberg) - Elon Musk sold about $4 billion worth of Tesla Inc stock after clinching a blockbuster $44 billion deal to buy Twitter Inc. Tesla’s chief executive officer offloaded 4.4 million shares on April 26 and April 27, filings showed late Thursday. Wall Street analysts and investors in…
By Lehlohonolo Lehana. Month-end data from the Central Energy Fund shows that petrol prices are likely to come down slightly in May – but diesel car owners are in for another big hike. The data, which serves as a snapshot of market conditions as of 27 April 2022, shows that…
By Lehlohonolo Lehana. South African Airways (SAA) Interim CEO Thomas Kgokolo is to leave the airline at the end of April 2022. Kgokolo was appointed in April last year on an interim basis when SAA exited business rescue. He also leaves behind unanswered questions about the SAA Alpha Floor incident…
Business Reporter. Retailer Dis-Chem Pharmacies has partnered with chat commerce specialist Clickatell, to enable WhatsApp as its customer communication channel to engage with its customers. Dis-Chem customers can now quickly and easily access various services through WhatsApp by sending "Hi" to 0860 347 243. The menu then allows shoppers to…
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