Business

By Lehlohonolo Lehana. The government's efforts to address historical imbalances and promote transformation have effectively stalled since 2009, says finance minister Enoch Godongwana. Addressing a Black Management Forum event this week, Godongwana said that this was due to state capture and a lack of political will. "The latest report released…
By Lehlohonolo Lehana. The De Beers' Cullinan blue diamond has been auctioned for HK$450.9 million (R911 million) at Sotheby’s in Hong Kong. The 15.1 carat, fancy vivid blue diamond was sold Wednesday evening to an unnamed buyer. The step-cut gem, recovered from the Cullinan mine in South Africa, is the…
By Lehlohonolo Lehana. The huge amounts of money earned by CEOs are regarded as obscene by many ordinary working people, not just in South Africa but around the world. Neal Froneman, CEO of Sibanye-Stillwater was awarded R300 million in 2021, according to the company's annual report. The group's recently released…
By Lehlohonolo Lehana. The National Treasury has announced the commencement of the Bounce Bank Support Scheme aimed at providing additional funding to qualifying businesses in order to grow the South African economy and to facilitate job creation. The Scheme was first signalled in Finance Minister Enoch Godongwana's Budget Speech in…
By Lehlohonolo Lehana. Image Supplied. MTN Group paid its president and chief executive officer, Ralph Mupita, R84.2 million in the 2021 financial year amid continued solid earnings and a strong rally in the group's share price. "In the 2021 financial year, Ralph received awarded remuneration of R84.2 million. The difference…
By Lehlohonolo Lehana. Sasol has declared force majeure on the export of certain chemical products as the heavy rainfall and floods in KwaZulu-Natal have impacted the business. The group, a producer of synthetic fuels and chemicals, said its quarterly volume outlook may also be impacted "subject to the extent of…
Business Reporter. (Bloomberg) - Billionaire entrepreneur Elon Musk agreed to buy Twitter for $44 billion (R689 billion), using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over…
By Will Wade. (Bloomberg) - In Germany and Italy, coal-fired power plants that were once decommissioned are now being considered for a second life. In South Africa, more coal-laden ships are embarking on what’s typically a quiet route around the Cape of Good Hope toward Europe. Coal-burning in the US…
By Lehlohonolo Lehana. Image Supplied. PSG Group says that if all goes according to plan, its restructuring and value-unlocking initiative should be concluded successfully by the end of August this year. This follows an announcement on 1 March 2022 that the group is to pursue a major restructuring as a…
By Antony Sguazzin. TotalEnergies SE and Shell Plc are seeking to drill oil exploration wells off South Africa’s southwest coast months after two attempts to conduct seismic surveys in the country's waters were thwarted by legal challenges. TotalEnergies is seeking comments from "interested and affected" parties and has invited them…
By Lehlohonolo Lehana. Mining company Sibanye-Stillwater on Friday gave gold mine workers a higher wage offer, a month and a half into a strike at its gold operations in the country. The three-year offer will result in category four to eight employees receiving an increase of R850 in year 1,…
By Robert Brand. @GettyImages. South Africa's rand is heading for its biggest weekly slump since the pandemic as global markets come to terms with the prospect of the most aggressive Federal Reserve tightening cycle in recent history. There may be worse to come, with the cost of hedging against further…
By Lehlohonolo Lehana. Rosebank, Johannesburg - Bacardi, the largest privately held spirits company in the world, is bringing Shake Your Future - its free, professional bartender training programme for disadvantaged young adults – to South Africa for the first-time. Participants of the programme will receive training to develop a career…
By Lehlohonolo Lehana. While South African March headline CPI came in slightly below consensus at 5.9%, inflation is expected to breach the South African Reserve Bank's 6% threshold and prompt further rate hikes. The major takeaway from the March CPI print is the faster pick up in core inflation, says…
Business Reporter. The South African Reserve Bank (SARB) says Tuesday, April 19, 2022 marks 100 years since it issued its first banknotes. The banknotes were issued 10 months after the SARB was established on 30 June 1921, the Bank said in a statement. "Prior to that, South Africa had no…
By Alexander Winning. South Africa's consumer inflation rose to 5.9% year on year in March from 5.7% in February, data from Statistics South Africa showed on Wednesday, slightly less than the 6.0% that analysts had forecast. March consumer inflation was 1.0% from 0.6% in February, in line with economists' predictions.…
By Lehlohonolo Lehana. Eskom has seen a slight recovery in generating capacity in the last 24 hours. The power utility is now hopeful of lifting some load shedding from Thursday (21 April), says chief executive Andre de Ruyter. In a media briefing on Wednesday morning, de Ruyter said Eskom is…
Business Reporter. Sasol has launched a new customer rewards programme which it says will offer savings on fuel purchases and other benefits. Called Sasol Rewards, the programme will let customers earn points from fuel purchases that can be easily redeemed against fuel and in-store purchases at any participating retail convenience…
By Lehlohonolo Lehana. Eskom chief executive Andre De Ruyter says South Africa faces a bleak energy outlook, with load shedding expected to continue for much of the week. In a media briefing on Tuesday morning (19 April), De Ruyter said the power utility has total unplanned outages of 15,672MW –…
By Lehlohonolo Lehana RMB chief executive James Formby has warned that South Africa's localisation rules are making renewable energy more expensive and should be waived. "Local material content rules increase the cost of wind and solar energy production. And import tariffs, such as those on imported steel, are making renewable…
By Lehlohonolo Lehana. South Africa's major banks are increasingly leveraging existing non-bank infrastructure to broaden their customer reach in an efficient and affordable way, a new study by Genesis Analytics and the Financial Sector Conduct Authority (FSCA) shows. Genesis Analytics noted that retail stores have become increasingly popular as a…
Business Reporter. @GettyImages. (Bloomberg) - Twitter has brought on a second investment bank, JPMorgan Chase & Co. to help it respond to Elon Musk's hostile bid, according to people familiar with the matter. The largest US bank started work recently to assist Twitter in talks with potential buyers, the people…
By Lehlohonolo Lehana. Mid-month data from the Central Energy fund points to a slight reprieve for petrol users in May 2022 – but diesel drivers can expect more pain. The data, which serves as a snapshot of market conditions as of 13 April 2022, shows that the petrol price could…
Business Reporter. (Bloomberg) - Elon Musk has made a "best and final" offer to buy Twitter, saying the company has extraordinary potential and he is the person to unlock it. The world's richest person will offer $54.20 (R795) per share in cash, representing a 54% premium over the 28 Janaury…
By Lehlohonolo Lehana. Domestic inflation could surprise higher in the coming months if the hostilities in Ukraine continue to intensify or if oil and gas supplies are additionally constrained, says the South African Reserve Bank (SARB). Commenting in its Monetary Policy Review document for April, the central bank said the…
Business Reporter. (Bloomberg) - Sasol will no longer consider gas supply from a planned pipeline stretching from fields in northern Mozambique to its South African operations because it doesn’t want to get stuck with the infrastructure as the world shifts away from fossil fuels, chief executive officer Fleetwood Grobler said.…
Business Reporter. (Bloomberg) - Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply. West Texas Intermediate surged 6.7% on Tuesday, the most in three weeks. Putin said…
Business Reporter. Retailer Mr Price says it has entered into a transaction agreement to acquire 70% of Blue Falcon, which owns the Studio 88 group of businesses, from RMB Ventures and the current management of the Studio 88 Group, for R3.3 billion. The transaction will be fully funded through the…
By Lehlohonolo Lehana. South African government has raised $3 billion in two new sovereign bonds in international markets, in a sign of continued investor confidence in the country's macroeconomic policy, the National Treasury said on Tuesday. The issuance comes on the heels of Moody's revising South Africa's outlook to "stable"…
By Lehlohonolo Lehana. Eskom has issued a request for proposal (RFP) for leasing parcels of its land in Mpumalanga to independent power producers (IPPs) for the addition of new renewable generation capacity. The commercial process is based on auctioning suitable land at or near power stations for the development of…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana has given his view on the state of governance in South Africa and what metrics are used in deciding whether the country is now a failed state. Godongwana was responding in a recent parliamentary Q&A after outgoing director-general Dondo Mogajane recently warned that…
By Lehlohonolo Lehana. Eskom says that the risk of continued load shedding remains high for the rest of the week, with some relief expected ahead of the Easter weekend as more units are brought online. In a media briefing on Tuesday (12 April), chief executive Andre de Ruyter said the…
By Lehlohonolo Lehana. The Western Cape government will approach the court for leave to appeal the interdict order to stop the River Club development. The R4.6 billion development, which is set to be the new home of retail giant Amazon in Africa, was temporarily halted after the High Court ordered…
By Sarah Frier. Twitter Inc said Elon Musk has decided not to join its board, a stunning twist to a week-long saga that’s captivated the tech community and touched off renewed speculation about the company's future. Musk held "many discussions" with Twitter's directors but the entrepreneur ultimately declined their offer…
By Lehlohonolo Lehana. Absa's first black CEO Daniel Mminele, who stepped down in April 2021 over differences with the board, was paid R30.47m in a "no-fault" termination agreement with the bank. According to the banking group's 2021 remuneration report, there was a "mutual separation agreement" between the board and Mminele…
By Lehlohonolo Lehana. Telkom and Icasa have reached an out-of-court settlement, bringing to an end the legal wrangling over the licensing of high-demand spectrum. Communications Regulator Icasa and Telkom were due to face off in the high court next week. The decision is a significant victory for both Icasa and…
By Lehlohonolo Lehana. National Treasury Director-general Dondo Mogajane will leave his post at the National Treasury on June 7 after deciding not to extend his contract. He has decided to "pursue new opportunities outside the public sector", the Treasury said in a statement on Thursday. In a statement , Finance…
By Lehlohonolo Lehana. Moody's has maintained its rating of Eskom at Caa1 with a negative outlook, warning that the power utility continues to be in a precarious position despite prolonged financial support. Eskom has been a major beneficiary of government support having received equity injections of almost R137 billion over…
By Lehlohonolo Lehana. Members affiliated to the National Union of Metal Workers (NUM) and the Association of Mineworkers and Construction Union (Amcu) are still on strike at Sibanye-Stillwater. The strike, which has entered its fourth week has halted operations at one of the country's largest metal producers. Sibanye Stillwater CEO…
By Lehlohonolo Lehana. MTN Group on Wednesday (6 April) moved to extinguish yet another fire in Nigeria, which spooked investors leading to a big decline in the group's share price in Johannesburg. The Nigerian Communications Commission (NCC) announced earlier this week that all operators are required to restrict outgoing calls…
Business Reporter. @GettyImages. Elon Musk has taken a 9.2% stake in Twitter to become the platform's biggest shareholder, a week after hinting he might shake up the social media industry. Twitter shares surged about 26% in premarket trading after the regulatory filing released Monday detailing Musk buying the holding. The…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy has published the official fuel price adjustments for April 2022. The fuel price adjustments take into account the emergency interventions announced by National Treasury in cooperation with the energy department whereby the General Fuel Levy will be reduced by R1.50…
By Lehlohonolo Lehana. The National Treasury has taken the first step to deregulate South Africa’s petrol price, which could allow retailers to compete on price and offer motorists discounts and special offers to fill up at their stations, the Sunday Times reports. Speaking to the newspaper, finance minister Enoch Godongwana…
By Lehlohonolo Lehana. @GettyImages. Moody’s Rating Agency upgraded its outlook on South Africa’s credit rating as high commodity prices support the government’s efforts to rein in debt and reduce budget deficits. The company kept the nation’s foreign- and local-currency ratings at Ba2, two levels below investment grade, and changed the…
By Lehlohonolo Lehana. South Africa's preliminary tax collection exceeded its budget estimate for a second consecutive year, buoyed by windfall mining-company profits and the easing of coronavirus lockdown measures. The South African Revenue Service collected R1.56 trillion in the fiscal year through March 31 2022, Commissioner Edward Kieswetter told reporters…
Business Reporter. Transnet has invited bids from the private sector to operate sections of its freight network as it seeks to improve deteriorating infrastructure that is damaging the country’s mining sector. Transnet, whose rail infrastructure has been underperforming after years of underinvestment, widespread copper cable theft and vandalism, will be…
By Lehlohonolo Lehana. The Public Investment Corporation, Africa’s biggest fund manager, criticised Absa Group, one of largest banks, for appointing a white chief executive officer. Absa on Tuesday (29 March) said it had appointed Arrie Rautenbach as chief executive, almost a year after Daniel Mminele, the bank's first black chief…
By Lehlohonolo Lehana. @GettyImages. Moody’s Investor Services is scheduled to release its credit rating review for South Africa on Friday (1 April), the first of three rating decisions expected in the coming weeks, says Nedbank. S&P Global Ratings is scheduled to publish its ratings review on 20 May, while Fitch…
By Lehlohonolo Lehana. The government will intervene to soften record-high petrol price in April, says finance minister Enoch Godongwana. Addressing parliament on Thursday (31 March), Godongwana said this would be done by temporarily reducing the general fuel levy (GFL) included in the Basic Fuel Price by R1.50/litre for the period…
Business Reporter. @UberBrand. Fuel retailer BP has signed a global partnership with Uber to make more than 3,000 retail locations available on Uber Eats by 2025. The partnership extends current local arrangements in Australia, New Zealand, Poland, South Africa and the west coast of US, adding the UK and eastern…
By Lehlohonolo Lehana. The Congress of South African Trade Unions (Cosatu) has raised alarm bells over South Africa’s record high unemployment rate which is steadily creeping towards the 50% mark. Data published by Statistics South Africa on Tuesday (29 March) shows that the country’s official unemployment rate rose 0.4 percentage…
Business Reporter. Oil slumped as Russia said it was taking steps to "de-escalate" the conflict in Ukraine, while floating the possibility of a meeting between Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. West Texas Intermediate erased earlier gains to trade down as much as 7.1%, below $100 in New…
By Lehlohonolo Lehana. @ABSA. Financial services firm Absa has appointed Arrie Rautenbach as chief executive officer (CEO) and executive director of Absa Group and Absa Bank, effective immediately. Rautenbach is currently Absa’s chief executive: Retail and Business Banking (RBB). He joined Absa in 1997 and has held several senior roles…
By Lehlohonolo Lehana. The National Energy Regulator of South Africa has awarded a private electricity trading licence for the first time in over 12 years, as the country looks to move away from Eskom’s power monopoly. The license enables Enpower Trading to source competitively-priced, predominantly renewable power from multiple independent…
By Lehlohonolo Lehana. Discovery Health Medical Scheme, the country’s largest private medical aid scheme, has announced that it will defer its 2022 price increases until even later this year. In a notice sent to clients this week, the group said it will now increase prices from October 2022, after originally…
Business Reporter. Tiger Brands' Venture Capital Fund has made its first investment in Herbivore Earthfoods, a Cape Town-based business specialising in manufacturing and selling plant-based and vegan products. "The African plant protein market, of which South Africa represents 57%, is estimated to grow at a compound annual growth rate [CAGR]…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana says the government is in talks to cushion the impact of record petrol price hikes over the coming months. Responding to oral questions in parliament on Wednesday (23 March), Godongwana said that this intervention would likely be temporary, with the National Treasury and…
By Lehlohonolo Lehana. The SAB head office in Johannesburg. SAB, now controlled by Belgian-based global brewing giant AB InBev, is eyeing job cuts in SA. Image: Supplied. The South African Breweries (SAB) has reaffirmed its commitment to the South African economy through a R920 million investment into Prospecton and Ibhayi…
By Lehlohonolo Lehana. The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate to 4.25% per annum. Reserve Bank governor Lesetja Kganyago said in a statement on Thursday afternoon (24 March), that the rate hike comes against a backdrop of higher global and local…
By Lehlohonolo Lehana. Netflix has pledged over R900 million at the 4th Annual South African Investment Conference as a contribution to the South African creative industry. The commitment will cover four productions – one international and three local – which will be filmed in South Africa over 2022 and 2023,…
Business Reporter. One of the only ways that South Africa can reliably lower the cost of fuel is by localising its energy production over the long term, says Mineral Resources and Energy minister Gwede Mantashe. Mantashe was responding in a recent parliamentary Q&A in which he was asked about his…
By Lehlohonolo Lehana. Any large permanent increases in spending, such as a new basic income grant, cannot be accommodated without matching permanent increases in revenue, says the National Treasury. Presenting to parliament on Tuesday (22 March), Treasury’s Ismail Momoniat explained that this type of recurring spending cannot be funded by…
By Lehlohonolo Lehana. Comair has announced that, as a pre-emptive precaution, it has transferred the line maintenance of its fleet to South African Airways Technical (SAAT) from the South African operation of Lufthansa Technik. This was because the South African Civil Aviation Authority (SACAA) had made a number of findings…
Business Reporter. Photo: Supplied by African Bank. The South African Reserve Bank (SARB) says it is considering taking its African Bank shares public after failing to find a suitable buyer. On 1 June 2021, the SARB announced it had begun the process to dispose of its 50% shareholding in African…
By Lehlohonolo Lehana. The South African Reserve Bank is likely to hike interest rates by a further 25 basis points this week to 4.25% in an attempt to slow inflation, say economists. A Reuters poll of economists said prices could rise faster than they had expected before Russia’s invasion of…
By Saket Sundria. Oil rose for a third straight day as the war in Ukraine neared the end of its first month with no end in sight, and Iranian-backed rebels attacked energy facilities in key exporter Saudi Arabia. West Texas Intermediate climbed above $108 a barrel, and the US benchmark…
By Lehlohonolo Lehana. President Cyril Ramaphosa says government plans to establish a centralised shareholding company to help control its existing state-owned enterprises. Responding to questions in parliament on Thursday (17 March), Ramaphosa said he views state-owned enterprises are critical drivers of inclusive economic growth and social development in the country.…
By Lehlohonolo Lehana. Investment management firm Prudential Financial, in partnership with LeapFrog Investments, intends to acquire a strategic minority interest in Alexander Forbes Group. The firms will acquire 200 800 000 Alexander Forbes shares, representing 14.8% of the issued share capital or 15.1% net of current treasury shares held by…
By Lehlohonolo Lehana. South African Revenue Service (SARS) Commissioner, Edward Kieswetter, has committed the organisation to promoting the use of historically marginalised official languages in the tax and customs environment. The Commissioner made the commitment while addressing the launch of the SARS multilingual tax terminology publication. The document contains 450…
By Lehlohonolo Lehana. Embattled power utility expects running costs for its diesel-fed turbines, which are used to keep the lights on when coal-powered plants break down, to surge as it struggles to keep up with maintenance. Eskom Holdings sees about a third of its coal-fired capacity being unavailable at any…
By Lehlohonolo Lehana. Comair CEO Glenn Orsmond listens to demands made by the National Union of Metalworkers of South Africa (Numsa) outside the Comair offices in Kempton Park, 15 March 2022. The Civil Aviation Authority recently suspended Comair's operating licence indefinitely. Picture: Michel Bega. The South African Civil Aviation Authority…
By Lehlohonolo Lehana. Rand Merchant Investment Holdings (RMI) says it will list its OUTsurance business in the next six to 12 months. RMI, which owns 89% of the short-term insurer, said it conducted a detailed country and company analysis to identify potential target investments. "Currently there are no actionable investment…
By Lehlohonolo Lehana. @OldMutual. Old Mutual says high infection rates from the second and third wave of Covid-19 continued to impact its business and employees. In publishing its annual results for the year ended December 2021, Old Mutual said its mortality experience "has been worse than anticipated, with R6.8 billion…
Business Reporter. Discovery is starting to sell private health cover at about a third of the price of its prior entry-level product, a move to attract new customers and tap into pandemic-heightened concerns about health. The administrator of the country’s largest medical-insurance provider, which has more than 40% market share,…
By Lehlohonolo Lehana. Absa Group said Monday that headline earnings of R18.6 billion for the period ended December 2021 was more than double the earnings generated a year ago. The group, which operates in 15 countries, and boasts 35,267 employees, said that diluted headline earnings per share (DHEPS) grew 193%…
By Lehlohonolo Lehana. The South African Civil Aviation Authority (SACAA) has grounded all Comair flights in South Africa. In a statement on Saturday (12 March), Comair said its Kulula and British Airways flights have been suspended, with the grounding expected to last for 24 hours. "Comair regrets that our flights…
By Lehlohonolo Lehana. Standard Bank has published its annual results for the year ended 31 December 2021, with the group reporting a 57% increase in profits to R25 billion as the economy recovered from Covid-19. Headline earnings per share increased to 1,573 cents, compared with 1,002.6 cents a year earlier,…
By Lehlohonolo Lehana. @Reuters. Eskom Holdings SOC Ltd chief executive officer Andre de Ruyter traveled to the World Bank’s headquarters earlier this week to hold discussions with the bank as it explores options for transitioning from coal-fired stations to cleaner sources of energy. The utility supplies more than 90% of…
By Lehlohonolo Lehana. Nedbank Group says it delivered a strong financial performance for the year ended December 2021 with headline earnings up by 115% to R11.7 billion from the prior period, but still 7% below 2019 levels. Headline earnings growth was driven by significantly lower impairments, a higher net interest…
By Lehlohonolo Lehana. South Africa’s gross domestic product (GDP) increased by 4.9% in 2021, rising significantly from a low base following the Covid pandemic and associated lockdowns restrictions which saw the economy contract by 6.4% in 2020. Mining, agriculture and manufacturing recorded the highest growth rates in 2021, with finance,…
By Lehlohonolo Lehana. Russia’s invasion of Ukraine and its impact on the global economy will have a knock-on effect on Eskom and electricity supply in South Africa, the power utility’s executives said in a media briefing on Tuesday (8 March). Chief financial officer Calib Cassim said the invasion had led…
By Lehlohonolo Lehana. Retailer Massmart, the owner of Makro and Game, says it aims to grow its store footprint over the next five years to generate additional sales. It follows its latest financial performance showing extended losses over the past year. On Monday (7 March), the group reported a 65%…
By Lehlohonolo Lehana. Eskom has announced the deferral of a project to replace three steam generators at Koeberg Unit 2 to August 2023 following a review, conducted together with Framatome, which indicated that the replacements were unlikely to be completed within the six-month timeframe. COO Jan Oberholzer said that certain…
By Lehlohonolo Lehana. MultiChoice Group Ltd, Africa’s biggest pay-TV provider, stopped showing the Russia Today news channel after European Union sanctions against the country stopped the global distributor from providing the broadcast. Russia Today, owned by the Russian government, won't be shown until further notice, MultiChoice said in a statement.…
By Lehlohonolo Lehana. Professional services firm PwC says both businesses and individuals should carefully consider whether to fix their interest rates ahead of an expected round of hikes in the coming years. South African Reserve Bank (SARB) governor Lesetja Kganyago announced on 27 January that the central bank’s Monetary Policy…
By Lehlohonolo Lehana. The Johannesburg Stock Exchange (JSE) has announced its results for the full year ended December 2021, showing a 3% growth in operating revenue to R2.52 billion. The record low interest rate environment did impact net profit, however, with headline earnings per share (HEPS) slipping 6% to 878.9…
By Lehlohonolo Lehana. Nedbank chief executive Mike Brown says a lack of leadership, including political leadership, remains a key concern for South Africa. Writing in a new report published by the Institute of Risk Management South Africa (IRMSA), Brown said it was now particularly important for the government and private…
By Lehlohonolo Lehana. Russia’s invasion of Ukraine has led to turmoil in the global markets but is unlikely to have a major impact on the broader growth impact on South Africa, say economists at the Bureau for Economic Research (BER). In a research note on Monday (28 February), the group…
By Lehlohonolo Lehana. Finance Minister Enoch Godongwana has shown that he recognises the stress ordinary households are under by subduing tax rises and repositioning other personal taxes. Sheila-Ann Robey, a Liberty Financial Adviser, believes that the Minister is very aware that many families are struggling to cover their living costs…
By Lehlohonolo Lehana. Old Mutual Insure (OM Insure) has acquired a 51% stake in ONE Financial Services, a South African short-term insurance service provider, for R500 million. "This transaction supports our strategic ambitions of growing our business, strengthening our distribution capabilities and non-insurance revenue streams," said Garth Napier, MD of…
By Lehlohonolo Lehana. @Discovery. Discovery has published its interim financial results for the period 31 December 2021, with the financial services group seeing continued growth in its health business, while banking losses were lower than expected. Group operating profit increased 8% to R4.6 billion over the period, while headline earnings…
By Lehlohonolo Lehana. The sale and purchase process of a majority stake in South African Airways (SAA) has now been concluded and signed by the Department of Public Enterprises (DPE) and its strategic equity partner for the airline, the Takatso Consortium. In a statement following an ordinary meeting held on…
By Lehlohonolo Lehana. Eskom CEO Andre de Ruyter says the power utility has decreased its debt by at least 15% over the past financial year and predicts that it will half its net loss from R18 billion last year to some R9.1 billion this year. The power utility has incurred…
By Lehlohonolo Lehana. Credit rating agency Fitch Ratings has warned that South Africa is not doing enough to contain its rising debt, despite better than expected revenue windfalls. In a research note published after the national budget on Wednesday (23 February), Fitch said that South Africa continues to breach its…
By Lehlohonolo Lehana. When Finance Minister Enoch Godongwana tables his maiden Budget Speech today, all the focus will be on his proposals to bolster the health of the public purse, and what that will mean to the taxpayer’s pocket. This after Godongwana said during the Medium-Term Budget in November that…
By Lehlohonolo Lehana. DStv will limit streaming from March 2022 in a bid to clamp down on account sharing. In a notice published on its website, the media group said that password sharing and piracy are challenges for streaming providers globally. "As part of our ongoing efforts to counteract password…
By Lehlohonolo Lehana. This week's budget speech is expected to yield few surprises in terms of tax relief and assistance to under pressure consumers say, economists. As the country recovers more slowly than expected from the COVID-19 pandemic, rising prices are hitting ordinary families hard. According to Liberty Financial Adviser,…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana is expected to provide clarity on Gauteng’s e-toll scheme in his inaugural budget address on Wednesday (23 February). In a November 2021 media briefing, Transport minister Fikile Mbalula said that a decision on the controversial tolling scheme has been delayed due to an…
By Lehlohonolo Lehana. Former chief executive officer of the South African Post Office, Mark Barnes says that a private sector partnership with the government can revive the country’s postal service. "There is a groundswell of private sector eagerness, waiting to partner with government," Barnes said in an interview with ENCA …
By Lehlohonolo Lehana. Distell’s shareholders overwhelmingly approved Heineken's R40.1bn purchase of SA’s biggest alcoholic drinks maker, taking the Dutch brewer one step closer to creating an African alcohol powerhouse. The merger is now subject to approval by competition authorities in South Africa and abroad. The approval follows Distell’s extraordinary general…
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